Timken India Ltd (Bearings) — fundamental analysis, earnings data, and key metrics. PE: 68.2. ROE: 14.3%. This stock is not currently in the Nifty 500 momentum outperformers list.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Bharuch Utilization: Targeting >50% by Q1 FY27
Impact: 170 bps PBT impact reversal
“So that has impacted in terms of the basis point very close to 170 basis point impact because of the ramp-up cost for the quarter.”
What: Export Revenue: ₹159 Cr
“So these developments, which have come in over the last couple of weeks, are expected to strengthen the export opportunities for engineering and industrial product companies.”
What: FRC Line Investment: ₹35 Cr
“So that project is at timeline, so the original plan was to install all the equipment by quarter 1 -- end of quarter 1 and beginning of quarter 2.”
Earnings deceleration risks from management commentary
Trigger: New Labor Codes effective November 21 impacted gratuity and other benefit valuations.
Impact: PAT impact: 60 bps
Management view: One-time transitional impact already accounted for in the quarter.
Monitor: labor
Trigger: Tariffs on certain products moved from below 50% to 50% in recent quarters.
Management view: Evaluating fine prints; management believes they are not dependent on trade deals but see them as an advantage.
Monitor: geopolitical
Key quotes from recent conference calls
“And I think we are guiding for 40%, 50% exit utilization at the end of this financial year. [Previous Bharuch Plant Utilization guidance]”
“So that is on this immediate expansion capex is around INR150-plus crores that is going to happen between now and next year. [Previous Capex guidance]”
“So that at least we had in a sizable percentage more than -- a little more than 50% utilization by then. [Initiative: Bharuch Plant Ramp-up]”
“Then on top of that, we had the Labor Code impact, which was very close to 60-odd basis points. [Risk (labor): MEDIUM]”
Headline numbers from the latest earnings call
Revenue
₹764.4 Cr
Why: Growth was driven by individual segments while the sequential dip was primarily due to seasonality in the rail business.
Revenue growth remains steady on a year-over-year basis despite sequential seasonal headwinds.
Other Highlights
• PBT impacted by 170 bps due to Bharuch ramp-up costs.
• Labor Code impact accounted for 60 basis points of margin compression.
• Other income reduced by 120 bps due to lower investable surplus.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Rail Segment Revenue
₹128.6 Cr
Why: Sequential decline driven by seasonality; YoY growth reflects steady government spending.
Mobile (CV) Revenue
₹157.1 Cr
Why: Acceleration in the commercial vehicle segment, both on-highway and off-highway.
Export Intercompany Revenue
₹159 Cr
Why: Exports remained flattish sequentially despite geopolitical dynamics.
Process Industry Revenue
₹167 Cr
Why: Steady momentum from stationary equipment OEs and steel plants.
Distribution Revenue
₹138 Cr
Why: Steady growth in both auto and industrial distribution pieces.
Bharuch Capacity Utilisation
30%
Why: Currently in the process of ramping up and completing customer PPAPs.
Bharuch Plant Revenue
₹12-15 Cr
Why: Moderated sales figure as the plant is in the early stages of commercial sales.
GGB Technology Revenue (3 months)
₹15 Cr
Why: Consolidated for the first time; revenue reflects a full 3-month contribution.
Forward-looking targets from management for Medium term
OPM Guidance
18%
Capex Plan
₹120 Cr
Management expects margins to return to the 17-18% range as Bharuch ramps up.
₹120 Cr
Jamshedpur rail expansion
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Timken India Ltd's latest quarterly results (Mar 2026) show
Timken India Ltd's current PE ratio is 68.2x.
Timken India Ltd's price-to-book ratio is 9.7x.
Timken India Ltd's fundamental strength based on key financial ratios
Timken India Ltd has a debt-to-equity ratio of N/A.
Timken India Ltd's return ratios over recent years
Timken India Ltd's operating cash flow is positive (FY2026).
Timken India Ltd's current dividend yield is 0.96%.
Timken India Ltd's shareholding pattern (Mar 2026)
Timken India Ltd's promoter holding has remained stable recently.
Timken India Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.
Timken India Ltd has 3 key growth catalysts identified from recent earnings analysis
Timken India Ltd has 2 key risks worth monitoring
In Q3 FY26, Timken India Ltd's management highlighted
Timken India Ltd's management has provided the following forward guidance for Medium term
Timken India Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Timken India Ltd may be worth studying
Timken India Ltd investment thesis summary:
Timken India Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
