Timken India Q2 FY27 results: net profit ₹120.89 crore

How did Timken India perform in Q2 FY27?

Timken India reported consolidated revenue of ₹986.04 crore for the July–September 2026 quarter, against ₹943.32 crore in Q1 FY27, a rise of ₹42.72 crore or 4.5%. Other income was ₹8.56 crore and total expenses were ₹831.73 crore, up ₹33.92 crore or 4.3%. EBITDA was ₹184.22 crore, up ₹6.60 crore or 3.7%, and the EBITDA margin was 18.7% against 18.8%.

Profit before tax was ₹162.87 crore, up ₹6.62 crore or 4.2% from ₹156.25 crore, and tax was ₹41.98 crore. Net profit was ₹120.89 crore against ₹119.66 crore, a rise of ₹1.23 crore or 1.0%, while basic EPS was ₹16.07 against ₹15.91. There was no exceptional item. On a standalone basis, revenue was ₹969.3 crore and profit after tax was ₹116.06 crore, with profit before tax at ₹89.47 crore.

On the consolidated basis, first-half FY27 revenue was ₹1929.36 crore and total income was ₹1948.66 crore. Profit before tax for the half-year was ₹319.12 crore and net profit was ₹240.55 crore, with basic EPS of ₹31.98. Revenue has risen in each of the last four reported quarters, from ₹779.67 crore in Q3 FY26 to ₹1089.83 crore in Q4 FY26, ₹943.32 crore in Q1 FY27 and ₹986.04 crore in Q2 FY27.

What do the balance sheet and cash flow show?

As at 30 September 2026, total assets were ₹3920.8 crore against ₹3700.33 crore at 31 March 2026, and total equity was ₹3134.75 crore against ₹2914.57 crore. The company reported no borrowings at either date. Cash was ₹250.34 crore against ₹268.47 crore, while inventories were ₹837.2 crore against ₹788.26 crore. Trade receivables were ₹744.1 crore against ₹811.26 crore, and trade payables were ₹598.27 crore against ₹610.45 crore.

For the first half of FY27, operating cash flow was ₹269.12 crore, investing cash flow was negative ₹115.8 crore and financing cash flow was negative ₹22.53 crore. Capital expenditure was ₹113.69 crore. A year-earlier comparison for the cash flow figures was not provided in the filing data.

The board approved unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 on 29 October 2026, and Deloitte Haskins & Sells LLP issued limited review reports with unmodified opinion. The company also disclosed that it paid a final dividend of Rs. 2.50 per equity share during the quarter.

What did Timken India's management say?

Management said demand across major end markets supported double-digit growth, with exports contributing 27% of Q2 revenue and North American rail traction expected to build gradually. On the earnings call, Sanjay Koul said the Bharuch facility was progressing through its ramp-up phase and the company was focused on improving utilisation. Sujit Kumar Pattanaik said overall utilisation was close to 60%, with SRB lines at 70% and CRB lines below 60%. Management targets 70-75% overall Bharuch utilisation by FY27 year-end.

Management maintained that the Jamshedpur rail expansion was on track, with trial runs planned for November-December 2026 followed by PPAPs and customer qualification, and said tender orders were expected within roughly three weeks alongside interim wagon-builder orders. Management expects broad cost inflation to be passed through but acknowledged that pricing lags and automotive customers may delay recovery, and no formal revenue or margin range was provided. On the risk side, management cited input inflation in carbides, steel, fuel, gas and labour, customer MOCs and PPAPs for the Bharuch ramp, rail tender and qualification timelines, geopolitics and trade uncertainty.

On the earnings call, Koul said the amalgamation of Timken GGB Technology Private Limited with Timken India was progressing smoothly, with the regulatory process under way. Management said GGB's Bharuch localisation involves about INR 70 crore of investment and 1.5-2x asset turns. On depreciation, the CFO said: "That depreciation is a little bit of accounting noise, I would say." Koul said on capitalisation: "No. We have not yet capitalized. The machines are here. We still have to run them, and we are in the process of doing that." No analyst questions were recorded in the filing data.

How did Timken India shares react?

The results were filed after market on 29 October 2026. From the price when the filing appeared, the stock fell 3.2% after five minutes, 1.5% after 15 minutes and 1.7% after 30 minutes. On the reaction day, the stock rose 0.9% from its pre-results close of ₹2840. By the next day's close, the stock was up 6.3% from that same pre-results close.

On the reaction day, the median move of other stocks in the Abrasives & Bearings industry was negative 2.8%, so Timken India's 0.9% reaction-day move was 3.7 percentage points above the sector median. The Nifty Smallcap 250 fell 2.0% over the same close, and Timken India's excess move against the market was 3.7 percentage points. By the next day's close, the industry median had moved 0.9% and the market index had fallen 0.6%, leaving Timken India 5.5 percentage points above the sector median. No five-day move was available.

Earlier results-day moves were mixed. The stock rose 2.0% on 4 August 2026 and 2.4% on 18 May 2026, then fell 1.6% on 4 February 2026 and 0.6% on 3 November 2025. It rose 0.4% on 23 July 2025 and 5.1% on 23 May 2025, then fell 3.8% on 5 February 2025 and 1.4% on 5 November 2024.

How did other Abrasives & Bearings companies do?

Five other Abrasives & Bearings companies had filed results for this quarter as of 4 November 2026. Their median revenue growth was 19.8%. Of the peers with profit compared, three reported higher profit. No peer revenue-growth comparison counts against Timken India's own growth rate are provided in the filing data.