Timken India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Timken India Ltd filed with BSE on 22 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Timken India reported Q4 FY26 standalone revenue from operations of INR10,731 million, up 14.2% year-on-year, and crossed INR1,000 crores in quarterly revenue for the first time. Full-year FY26 standalone revenue reached an all-time high of INR31,478 million, an 8.6% increase, with PBT of INR5,304 million and EBITDA margin of 18.7%. Management discussed cost pressures from rising input prices, price-pass-through efforts, the Bharuch plant ramp-up, and the Jamshedpur rail expansion project.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue from operations: INR10,731 million (Q4 FY26)
p. 3
“revenue from operations stood at INR10,731 million, reflecting a 14.2% growth over the same period last year”
Sanjay Koul, page 3 of the filed PDF · View the filing
PBT: INR2,074 million (Q4 FY26)
p. 3
“PBT for the quarter stood at 2,074 million, INR207 crores”
Sanjay Koul, page 3 of the filed PDF · View the filing
PBT margin: 19.3% (Q4 FY26)
p. 3
“PBT margin was at 19.3% compared to a little bit less in Q3 FY26 and 21% in Q4 '25”
Sanjay Koul, page 3 of the filed PDF · View the filing
Consolidated revenue from operations: INR10,898 million (Q4 FY26)
p. 3
“consolidated revenue from operations stood at INR10,898 million for the quarter ended March 31, '26 and INR34,780 million for the whole year ended on March 31”
Sanjay Koul, page 3 of the filed PDF · View the filing
Standalone revenue: INR31,478 million (FY26)
p. 3
“the full financial numbers closed the year with all-time highest standalone revenue of INR31,478 million, representing an 8.6% growth over last year”
Sanjay Koul, page 3 of the filed PDF · View the filing
PBT: INR5,304 million (FY26)
p. 3
“PBT stood at INR5,304”
Sanjay Koul, page 3 of the filed PDF · View the filing
EBITDA margin: 18.7% (FY26)
p. 4
“with PBT margin at 15.5%, EBITDA at 18.7%”
Sanjay Koul, page 4 of the filed PDF · View the filing
Cash generated from operations: INR4,374 million (FY26)
p. 4
“Cash generated from operation at INR4,374 million improved from last year”
Sanjay Koul, page 4 of the filed PDF · View the filing
Capital advance: INR2,972 million, 8.7% of revenue (FY26)
p. 4
“Capital advance for the year at INR2,972 million, which was 8.7% of the revenue”
Sanjay Koul, page 4 of the filed PDF · View the filing
Export revenue: INR222 crores (Q4 FY26)
p. 5
“on the export side, the last quarter of the last financial year, we did INR222 crores, which was 21% of our pie which was INR222 crores compared to quarter 3, the previous quarter, it was INR160, INR159.2 crores exactly”
Sanjay Koul, page 5 of the filed PDF · View the filing
Rail revenue: INR278 crores (Q4 FY26)
p. 6
“Rail for us in Q4 '26 was INR278 crores and if you compare it to Q3 of FY26 was INR128 crores”
Sanjay Koul, page 6 of the filed PDF · View the filing
Mobile (CV and tractors) revenue: INR205 crores (Q4 FY26)
p. 6
“the mobile others for us, which CV and tractors are both put together, was INR205 crores, which was actually a jump of quarter-over-quarter, 22%”
Sanjay Koul, page 6 of the filed PDF · View the filing
Bharuch plant full-year revenue: INR80 crores (FY26)
p. 6
“So for the full year, it was almost INR80 crores revenue coming out of the new plant.”
Sujit Pattanaik, page 6 of the filed PDF · View the filing
GGB revenue: INR16.6 crores (Q4 FY26)
p. 12
“the revenue was INR16.6 crores and the profit before tax was INR4.6 crores”
Sujit Pattanaik, page 12 of the filed PDF · View the filing
Bharuch Q4 revenue: close to INR60 crores (Q4 FY26)
p. 11
“So total revenue for Q4 was very close to INR60 crores. So that is how it made INR80 crores for the full financial year.”
Sujit Pattanaik, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Price pass-through on cost increases — 90% remaining to be realized · this quarter and next quarter
stated conditionally by Sanjay Koul
p. 5
“So, we are at 10% as we talk. So, 90% has to be achieved on realizing this price. So, it will happen over next 2 quarters, this quarter and next quarter.”
Sanjay Koul, page 5 of the filed PDF · View the filing
Jamshedpur rail plant production start — first rail bearing production · November-December 2026
stated firmly by Sanjay Koul
p. 7
“So we should be able to produce by November this year, so by November this year.”
Sanjay Koul, page 7 of the filed PDF · View the filing
Bharuch plant utilization — about 70% utilization · July-August
stated conditionally by Sanjay Koul
p. 8
“Yes. So, I think with the PPAPs going on, we should be July, August, we should start seeing utilization of about 70%.”
Sanjay Koul, page 8 of the filed PDF · View the filing
Revenue and margin growth — more than market growth · FY27
stated as an aspiration by Sanjay Koul
p. 8
“So, margins and revenue both, we want to be more than the market growth. So, on the top line, we want to be more than the market growth.”
Sanjay Koul, page 8 of the filed PDF · View the filing
Capex — 8%, 9%, 10% of revenue · FY27
stated conditionally by Sanjay Koul
p. 10
“Similar lines 8%, 9%, 10%.”
Sanjay Koul, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said price pass-through had only achieved about 10% so far, with the rest expected to be realized over the next two quarters.
Answered by Sanjay Koul
Asked by Ankur Sharma: How much price hike has been taken versus needed to offset RM inflation, and could there be margin impact in coming quarters?
p. 5
“we have only begun passing it on, we are at 10% currently. So, the massive work is underway.”
Sanjay Koul, page 5 of the filed PDF · View the filing
Management declined to give a specific percentage but said they expect to outgrow the market.
Answered by Sanjay Koul
Asked by Varun Jain: Can you provide FY27 revenue growth and margin guidance?
p. 8
“I don't think we can give you a percentage guidance either on the bottom line or the top line. I can tell you we will outgrow the market.”
Sanjay Koul, page 8 of the filed PDF · View the filing
Management said the peak revenue would not reach INR1,000 crores and depends on product mix and asset turns of around 2x.
Answered by Sanjay Koul
Asked by Rishi Vora: What is the peak revenue potential of the CRB/SRB plant given the capex spent?
p. 9
“No, no. The mix is different. Obviously, the mix plays a big role. And as I said, asset turns of 2- ish.”
Sanjay Koul, page 9 of the filed PDF · View the filing
Management estimated the building cost at roughly INR300-350 crores out of the total ~INR720 crore investment.
Answered by Sujit Pattanaik
Asked by Rishi Vora: What is the capex breakdown between building/land and machinery for the Bharuch plant?
p. 9
“So total investment is roughly around INR720-odd crores including the forex and all the stuff.”
Sujit Pattanaik, page 9 of the filed PDF · View the filing
Management said demand was currently not a top worry, with North America the main export driver and commercial vehicle demand strong.
Answered by Sanjay Koul
Asked by Raghunandhan NL: How is demand and inquiry traction across industrial segments and export geographies for FY27?
p. 10
“So overall, for me, the current top three worries, demand is not a worry. Cost escalation and passing it on, obviously, is our top priority, ramping up Bharuch new plant, PPAP is second.”
Sanjay Koul, page 10 of the filed PDF · View the filing
Management acknowledged a slight delay due to heavy rains in Bharuch last year but said the plant was progressing well with all lines capitalized.
Answered by Sanjay Koul
Asked by Raghunandhan NL: Has there been any change in the Bharuch ramp-up timeline?
p. 11
“No, we are -- I think we are a little bit delayed. Obviously, we had massive rains last year in Bharuch -- that inundated the whole city there.”
Sanjay Koul, page 11 of the filed PDF · View the filing
Management explained the lower dividend reflects a decision to reinvest cash into growth rather than pay it out, while periodically paying larger dividends.
Answered by Sanjay Koul
Asked by Sisir Saha: Why was the dividend reduced this year compared to the prior year's INR36?
p. 12
“So, we want to make sure that we leverage our cash to invest more rather than pay it to the banks and the interest”
Sanjay Koul, page 12 of the filed PDF · View the filing
Management said process industry and distribution would grow faster, followed by mobile and rail, which would see slow and steady growth.
Answered by Sanjay Koul
Asked by Sabyasachi Mukerji: Which segments are expected to grow faster over the next 1-2 years?
p. 14
“definitely process distribution, these are going to be strong growth followed by rail and -- followed by mobile and rail.”
Sanjay Koul, page 14 of the filed PDF · View the filing
Risks flagged
Rising input costs and inflation trends entering the new financial year
p. 4
“as we enter the new financial year, we are beginning to see some inflation trends, as you must be fully aware, input costs are going up”
Sanjay Koul, page 4 of the filed PDF · View the filing
Currency deterioration affecting imported bearings and raw materials
p. 5
“currency deterioration is there, though we import finished bearings for trading”
Sanjay Koul, page 5 of the filed PDF · View the filing
Global macroeconomic uncertainty, slower growth trends, geopolitical developments and trade tensions
p. 4
“global condition continue to remain uncertain, as we all know, and slower growth trends, geopolitical developments are changing every day. Trade tensions are very much there.”
Sanjay Koul, page 4 of the filed PDF · View the filing
Delays in rail segment due to railway board and wagon builder timing and cash circulation issues
p. 6
“Sometimes there are delay from the railway board and sometimes the wagon builder has a delay. So all that and then the cash in circulation between the wagon builders and the railways.”
Sanjay Koul, page 6 of the filed PDF · View the filing
Slower steel MRO demand
p. 10
“steel MRO is a little bit slow, and you must have seen that the overall melt of last quarter was also a little bit lower than the previous quarters”
Sanjay Koul, page 10 of the filed PDF · View the filing
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