NSE: TIL · BSE: 505196
TIL LTD
Manufactures mobile cranes and container-handling equipment at two West Bengal plants — Kamarhati (10-100 ton cranes) and Kharagpur (cranes above 150 tons). Operates under OEM partnerships with Hyster-Yale (5-year renewed, manufacturing ReachStackers), Manitowoc, and Snorkel (aerial work platforms for Southeast Asia). Sells roughly half its output to defense customers (Indian Army and Air Force — ₹110 cr in orders during FY26), with the balance to container-handling customers like CONCOR (₹66.75 cr ReachStacker order), plus construction, mining and logistics operators, and exports. Machine sales reached ₹265.33 cr in FY26, up 4% year-on-year, on operational revenue of ₹323.25 cr. Took a 60% stake in Tulip Compression, entering clean-energy equipment manufacturing for LNG and hydrogen. Materials are the largest cost at 59.3% of revenue, followed by employees at 16.2% and other operating expenses at 18.6%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Defense (47%), Container handling (ReachStackers), Mobile and heavy cranes, Aftermarket and O&M, Clean energy equipment. Cyclical, asset-heavy construction equipment and defense manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 66 | 44 | 67 | 315 | 323 |
| EBITDA (ex other income) | (383) | (56) | 226 | 12 | (1) |
| margin % | (578.0) | (128.3) | 338.5 | 3.9 | (0.4) |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | (429.87) | (90.75) | 222.27 | 0.43 | (4.58) |
| ROE % · ROCE % | 214.5 · 4016.4 | 31.1 · 46.4 | 803.7 · 155.1 | 3.5 · 12.6 | (27.7) · 2.3 |
| Debt / equity (x) | (1.98) | (1.37) | 4.98 | 3.26 | 3.30 |
| Cash from operations | (27) | 6 | (83) | (131) | (88) |
| Capex | (0) | 0 | (1) | (6) | (6) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 68 | 79 | 102 | 63 | 78 | 73 | 109 | 117 |
| Profit before tax | (2) | (4) | 13 | (10) | (9) | (9) | (12) | (7) |
| Net profit | (2) | (4) | 10 | (6) | (8) | (7) | (10) | (5) |
| EPS (₹) | (0.32) | (0.56) | 1.47 | (0.93) | (1.16) | (1.03) | (1.46) | (0.69) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BEML LIMITED | 17,440 | 77.0 | 5.95 | 54.0 | 4.8 | 4.8 | 4.1 | 0.4 |
| ACTION CONST EQUIP LTD | 14,625 | 33.5 | 7.27 | 23.7 | 20.6 | 27.4 | 21.7 | 22.0 |
| AJAX ENGINEERING LIMITED | 6,428 | 28.2 | 4.62 | — | 16.2 | 21.4 | — | 16.3 |
| TIL LTD ◆ | 2,035 | — | 18.33 | 184.8 | (27.7) | (16.4) | 0.6 | 5.9 |
| INDO FARM EQUIPMENT LTD | 689 | 27.6 | 1.24 | 11.8 | 4.4 | 5.6 | — | 14.1 |
| BRADY & MORRIS ENGINEERING CO. | 148 | 30.7 | 2.79 | — | 10.5 | 13.4 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 18.3 | 5.1 | 11 of 11 | 0% |
| ROCE | (16.4) | 12.3 | 11 of 11 | 0% |
| ROE | (27.7) | 16.2 | 11 of 11 | 0% |
| Debt / Equity | 3.3 | 0.3 | 10 of 11 | 10% |
| EBITDA margin | 5.9 | 15.2 | 10 of 12 | 18% |
| Revenue growth | 86.2 | 20.1 | 1 of 11 | 100% |
| Profit growth | 12.4 | 7.3 | 4 of 10 | 67% |
| Market cap | 2035 | 7892 | 9 of 12 | 27% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 19 Aug 2026 · 2nd reminder for call money payment on partly paid rights shares | corporate actions | low | — | — |
| 19 Aug 2026 · Transcript of Q1 FY27 earnings call with margin and growth guidance | investor communications | medium | — | — |
| 14 Aug 2026 · Monitoring Agency Report on Rights Issue proceeds for Q1FY27 | compliance | minimal | — | — |
| 14 Aug 2026 · TIL Q1 FY27: 66% revenue growth on TCPL consolidation, EBITDA margins improve sharply | investor communications | medium | — | — |
| 13 Aug 2026 · TIL Q1 results: revenue up 25 percent, losses persist; new RTA appointed | results | high | — | — |
| 13 Aug 2026 · TIL Ltd submits Jun 2026 quarter results to NSE | results | high | — | — |
| 11 Aug 2026 · TIL Q1 FY27 earnings call on 14 August - revised dial-in details | board shareholder meetings | low | — | — |
| 11 Aug 2026 · TIL Ltd Q1 FY27 earnings call scheduled for 14 August 2026 | board shareholder meetings | low | — | — |
| 4 Aug 2026 · TIL board meeting on 13 Aug 2026 to approve Q1 FY27 unaudited results | results | low | — | — |
| 31 Jul 2026 · Public shareholders sell 3.65 percent stake in TIL Ltd via bulk deal | ownership changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.