Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we attach herewith transcript of Post Results Conference Call Q3 FY 2025-26 held on Monday, 9 February 2026. A copy of the same is also available on the website of the Company.
TIMKEN · price
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Timken India reported Q3 FY26 revenue of INR 764 crores, up 13.8% year-on-year but down ~1% sequentially due to seasonality in the rail business. Profit before tax was INR 71.9 crores, impacted by three one-time/transitional items: the new Labour Code (around 60 bps), reduced other income after capital allocation for dividend and GGB acquisition (around 120 bps), and Bharuch plant ramp-up costs (around 170 bps). Excluding these, underlying PBT margin would have been close to 13%. Nine-month revenue grew nearly 6% YoY to INR 2,346 crores. The Bharuch SRB/CRB plant has been fully capitalised, currently running at ~30% utilization (vs earlier 45% target), with management aiming for over 50% by Q1 FY27. Management guided that margins should normalise toward the 17-18% range as ramp-up costs moderate and the plant loads up. Management also flagged the India-US and India-EU trade deals as potential positives for export opportunities and accelerating plant loading, though fine prints are still being evaluated.
Near-term margin pressure is largely transitional (Labour Code, new plant depreciation) and should ease as Bharuch utilization scales up, supporting an earnings recovery into FY27. The stock could see positive sentiment on confirmation of a margin recovery path and incremental export opportunity from the trade deals, though execution of the Bharuch ramp-up remains the key swing factor.