Construction Vehicles · Founded 1974 · www.tilindia.in · BSE 505196 · NSE TIL LTD. · ISIN INE806C01018
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Business
TIL Ltd. is an India-based manufacturer and marketer of a wide range of material handling equipment, road construction equipment, and port equipment. Its core business model involves both manufacturing its own branded equipment (such as mobile cranes, reach stackers, and road pavers) and distributing and providing after-sales service for global equipment brands in India (e.g., Hyster-Yale for forklifts, Manitowoc for crawler and truck cranes, Astec for crushing and screening equipment). The company generates revenue through the sale of new equipment, spare parts, and providing maintenance and repair services to its customers, primarily in the infrastructure, construction, manufacturing, and logistics sectors.
Revenue Mix
TIL Ltd. primarily operates through two broad segments:
Material Handling Solutions: This segment includes manufacturing and sales of mobile cranes, reach stackers, forklifts, and other port and warehousing equipment. It also covers the distribution of global brands in these categories.
Road Building & Construction Solutions: This segment focuses on manufacturing and sales of road construction equipment like asphalt pavers, asphalt plants, and crushers. It also involves the distribution of other construction and mining equipment from international partners.
While specific revenue contributions can vary by fiscal year, both segments are crucial to TIL's overall business, reflecting its comprehensive offerings across infrastructure and industrial needs.
Industry
The construction and material handling equipment industry in India is cyclical, driven largely by government infrastructure spending, industrial growth, and private sector capital expenditure. It features a mix of global OEMs, domestic manufacturers, and distributors. TIL Ltd. is a well-established player in the Indian market, particularly known for its material handling and road construction equipment. It holds a unique position as both an indigenous manufacturer with its own brand and manufacturing capabilities, and a trusted distributor and service partner for several leading international equipment brands. This dual strategy allows it to offer a broader product portfolio and cater to diverse customer needs, competing with both specialized domestic players and other international brands operating in India.
MOAT
TIL Ltd. possesses several competitive advantages:
Established Brand and Reputation: Decades of operation have built a strong brand reputation in the Indian market for reliability and quality, particularly in material handling and road construction equipment.
Extensive Distribution & Service Network: A widespread sales, service, and spare parts network across India is crucial for heavy equipment, ensuring uptime for customers and reducing total cost of ownership. This network is a significant barrier to entry for new players.
Strategic Partnerships: Long-standing partnerships with leading global OEMs provide access to advanced technology and a broader product portfolio, complementing its indigenous manufacturing capabilities.
Local Manufacturing Capabilities: The ability to manufacture equipment locally allows for customization, faster delivery, and potential cost advantages over pure importers.
Growth Drivers
Key factors that can drive TIL Ltd.'s growth over the next 3-5 years include:
Increased Infrastructure Spending: Continued focus by the Indian government on large-scale infrastructure projects (roads, ports, airports, railways) will drive demand for construction and material handling equipment.
Industrial Growth & Logistics Expansion: Growth in manufacturing, e-commerce, and the overall logistics sector will boost demand for material handling equipment like forklifts and reach stackers.
Urbanization & Real Estate Development: Growing urbanization fuels demand for construction equipment in housing and commercial property development.
Technological Upgrades & Electrification: Adoption of newer, more efficient, and often electrified equipment (e.g., electric forklifts) provides opportunities for product innovation and market penetration.
Aftermarket Services & Parts: A growing installed base of equipment ensures sustained revenue from maintenance contracts, spare parts sales, and refurbishments.
Risks
Key business risks for TIL Ltd. include:
Economic Cyclicality: The construction and capital goods sectors are highly cyclical and susceptible to economic downturns, impacting demand for equipment.
Government Policy & Spending Fluctuations: Delays or reductions in government infrastructure spending can directly affect order books.
Raw Material Price Volatility: Fluctuations in prices of steel, components, and other raw materials can impact manufacturing costs and profit margins.
Intense Competition: The market is competitive with both domestic and international players, leading to pricing pressures and the need for continuous innovation.
Foreign Exchange Fluctuations: As a distributor of international brands and potentially importing components, adverse movements in foreign exchange rates can affect profitability.
Technological Obsolescence: Rapid advancements in equipment technology require continuous investment in R&D and upgrades to remain competitive.
Management & Ownership
TIL Ltd. is promoted by the Bangur family, a prominent Indian business group with a history in various industries. The company's management team typically comprises experienced professionals with deep knowledge of the heavy equipment and engineering sectors. The ownership structure generally includes a significant promoter holding, alongside institutional investors and public shareholders, typical for an established listed Indian company. The promoter group's long-term involvement provides stability and a clear strategic direction.
Outlook
TIL Ltd. is positioned to benefit from India's long-term infrastructure development and industrial growth story. The bull case rests on sustained government spending, revival in private capital expenditure, and the company's strong brand, widespread service network, and diverse product portfolio (both manufactured and distributed) allowing it to capture a significant share of the growing market. Its ability to offer integrated solutions from manufacturing to after-sales service is a key advantage. The bear case, however, highlights the cyclical nature of its business, potential slowdowns in economic activity, intense competition leading to pricing pressures, and the impact of volatile raw material costs. Furthermore, changes in government policy or infrastructure project execution delays could impede growth. While the market for construction and material handling equipment is expected to grow, TIL's ability to navigate these challenges and efficiently manage its dual role as a manufacturer and distributor will be critical for future performance.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 12 | 31 | 67 | 68 | 79 | 102 | 63 | 78 | 73 | 109 |
| Other Income | 1 | 1 | 10 | 5 | 4 | 9 | 8 | 3 | 3 | 1 |
| Total Income | 13 | 33 | 77 | 73 | 83 | 111 | 71 | 81 | 76 | 109 |
| Total Expenditure | 30 | 60 | 72 | 65 | 77 | 89 | 70 | 78 | 72 | 99 |
| Operating Profit | -18 | -27 | 5 | 7 | 6 | 21 | 1 | 3 | 4 | 10 |
| Interest | 2 | 5 | 6 | 8 | 8 | 7 | 10 | 11 | 11 | 15 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Exceptional Income / Expenses | 140 | 134 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6 |
| Profit Before Tax | 118 | 100 | -3 | -2 | -4 | 13 | -10 | -9 | -9 | -12 |
| Provision for Tax | 14 | -69 | -2 | -0 | 0 | 3 | -4 | -2 | -3 | -2 |
| Profit After Tax | 105 | 169 | -1 | -2 | -4 | 10 | -6 | -8 | -7 | -10 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 105 | 169 | -1 | -2 | -4 | 10 | -6 | -8 | -7 | -10 |
| Adjusted Earnings Per Share | 28.3 | 94.5 | -0.2 | -0.3 | -0.5 | 1.4 | -0.9 | -1.1 | -1 | -1.4 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1472 | 1736 | 325 | 343 | 439 | 377 | 313 | 66 | 44 | 67 | 315 | 323 |
| Other Income | 6 | 9 | 19 | 6 | 9 | 82 | 7 | 72 | 7 | 2 | 28 | 15 |
| Total Income | 1477 | 1745 | 344 | 349 | 448 | 459 | 321 | 138 | 51 | 69 | 343 | 337 |
| Total Expenditure | 1321 | 1629 | 299 | 305 | 388 | 445 | 344 | 249 | 99 | 141 | 302 | 319 |
| Operating Profit | 157 | 116 | 46 | 44 | 60 | 13 | -24 | -111 | -48 | -72 | 41 | 18 |
| Interest | 94 | 104 | 27 | 21 | 27 | 34 | 38 | 38 | 37 | 27 | 30 | 47 |
| Depreciation | 40 | 39 | 11 | 12 | 12 | 13 | 12 | 10 | 9 | 7 | 7 | 8 |
| Exceptional Income / Expenses | 0 | 0 | 33 | 0 | 0 | 0 | 2 | -260 | 0 | 303 | 0 | -6 |
| Profit Before Tax | 22 | -27 | 40 | 11 | 21 | -34 | -71 | -418 | -95 | 196 | 4 | -40 |
| Provision for Tax | 17 | 16 | 16 | 4 | -2 | -15 | -3 | 13 | -4 | -58 | 1 | -11 |
| Profit After Tax | 5 | -44 | 25 | 8 | 23 | -19 | -68 | -431 | -91 | 254 | 3 | -31 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -1 | -1 | 1 | 0 | 0 |
| Profit After Adjustments | 5 | -44 | 25 | 8 | 23 | -19 | -69 | -432 | -92 | 255 | 3 | -31 |
| Adjusted Earnings Per Share | 1.3 | -11.8 | 6.7 | 2.1 | 6.3 | -5 | -18.6 | -116.8 | -24.8 | 142.7 | 0.4 | -4.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 370% | 68% | -4% | -14% |
| Operating Profit CAGR | 0% | 0% | 26% | -13% |
| PAT CAGR | -99% | 0% | 0% | -5% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -50% | 76% | 30% | 10% |
| ROE Average | 5% | 2% | -601% | -273% |
| ROCE Average | 13% | 42% | 5% | 7% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 330 | 287 | 300 | 300 | 318 | 299 | 230 | -201 | -292 | 32 | 82 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 161 | 26 | 15 | 1 | 1 | 41 | 118 | 178 | 152 | 89 | 159 |
| Other Non-Current Liabilities | 150 | 107 | -16 | -14 | -22 | -35 | -37 | -15 | -12 | -14 | -50 |
| Total Current Liabilities | 751 | 476 | 229 | 338 | 391 | 390 | 383 | 389 | 470 | 271 | 259 |
| Total Liabilities | 1392 | 897 | 528 | 624 | 687 | 694 | 693 | 351 | 318 | 377 | 450 |
| Fixed Assets | 300 | 196 | 143 | 137 | 128 | 167 | 120 | 119 | 106 | 104 | 99 |
| Other Non-Current Assets | 189 | 127 | 70 | 62 | 78 | 22 | 19 | 17 | 15 | 70 | 33 |
| Total Current Assets | 903 | 574 | 315 | 426 | 481 | 504 | 518 | 215 | 192 | 204 | 319 |
| Total Assets | 1392 | 897 | 528 | 624 | 687 | 694 | 693 | 351 | 318 | 377 | 450 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 44 | 38 | 10 | 15 | 18 | 8 | 10 | 0 | 1 | 1 | 6 |
| Cash Flow from Operating Activities | 7 | 71 | -45 | -83 | 26 | -46 | -61 | -27 | 6 | -83 | -131 |
| Cash Flow from Investing Activities | -39 | -55 | 325 | 2 | -25 | -17 | 5 | 77 | 9 | 30 | -6 |
| Cash Flow from Financing Activities | 26 | -45 | -275 | 85 | -12 | 64 | 47 | -50 | -14 | 59 | 131 |
| Net Cash Inflow / Outflow | -6 | -28 | 5 | 4 | -11 | 1 | -9 | 1 | 0 | 5 | -6 |
| Closing Cash & Cash Equivalent | 38 | 10 | 15 | 18 | 8 | 10 | 0 | 1 | 1 | 6 | 1 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.28 | -11.79 | 6.69 | 2.05 | 6.27 | -5.01 | -18.55 | -116.79 | -24.82 | 142.7 | 0.45 |
| CEPS(Rs) | 12.17 | -1.27 | 9.62 | 5.2 | 9.62 | -1.43 | -15.32 | -113.96 | -22.2 | 146.25 | 1.45 |
| DPS(Rs) | 0 | 0 | 0.81 | 0.95 | 0.47 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 87.49 | 75.97 | 81.27 | 81.19 | 86.01 | 80.93 | 62.2 | -54.38 | -79.1 | 17.7 | 12.15 |
| Core EBITDA Margin(%) | 10.05 | 6.09 | 7.64 | 10.92 | 11.7 | -18.13 | -9.93 | -276.54 | -125.48 | -111.46 | 4.27 |
| EBIT Margin(%) | 7.76 | 4.38 | 19.4 | 9.16 | 10.82 | -0.01 | -10.68 | -574.55 | -130.62 | 333.33 | 10.87 |
| Pre Tax Margin(%) | 1.48 | -1.56 | 11.56 | 3.24 | 4.77 | -8.92 | -22.8 | -631.28 | -216.11 | 292.41 | 1.31 |
| PAT Margin (%) | 0.31 | -2.48 | 7.07 | 2.17 | 5.28 | -4.91 | -21.86 | -650.92 | -207.67 | 379.47 | 0.9 |
| Cash Profit Margin (%) | 3 | -0.27 | 10.15 | 5.5 | 8.1 | -1.4 | -18.07 | -635.9 | -187.25 | 390.08 | 3.1 |
| ROA(%) | 0.35 | -3.81 | 3.47 | 1.32 | 3.53 | -2.68 | -9.87 | -82.58 | -27.22 | 73.07 | 0.69 |
| ROE(%) | 1.39 | -14.43 | 8.51 | 2.52 | 7.49 | -6 | -25.89 | -2981.81 | 0 | 0 | 5.02 |
| ROCE(%) | 11.74 | 9.43 | 14.03 | 7.61 | 9.68 | -0.01 | -5.63 | -95.31 | -37.5 | 150.37 | 12.73 |
| Receivable days | 68.45 | 44.55 | 111.21 | 102.83 | 127.06 | 191.65 | 261.83 | 728.26 | 234.38 | 181.68 | 98.76 |
| Inventory Days | 92.52 | 59.71 | 187.37 | 225.07 | 207.38 | 236.34 | 263.35 | 1050.73 | 1269.88 | 730.22 | 146.09 |
| Payable days | 38.2 | 27.86 | 153.6 | 147.13 | 131.94 | 143.75 | 157.53 | 974.9 | 1030.89 | 702.02 | 153.92 |
| PER(x) | 101.81 | 0 | 11.89 | 58.86 | 10.93 | 0 | 0 | 0 | 0 | 1.16 | 517.25 |
| Price/Book(x) | 1.49 | 1.22 | 0.98 | 1.49 | 0.8 | 0.34 | 0.66 | -0.51 | -0.5 | 9.32 | 19.03 |
| Dividend Yield(%) | 0 | 0 | 1.02 | 0.79 | 0.69 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.78 | 0.36 | 1.06 | 1.74 | 0.98 | 1 | 1.65 | 7.49 | 12.45 | 6.6 | 5.8 |
| EV/Core EBITDA(x) | 7.34 | 5.45 | 7.56 | 13.71 | 7.16 | 28.53 | -21.67 | -4.46 | -11.3 | -6.1 | 44.26 |
| Net Sales Growth(%) | 12.11 | 17.99 | -81.26 | 5.49 | 27.92 | -14.12 | -16.92 | -78.85 | -33.83 | 52.66 | 371.2 |
| EBIT Growth(%) | 25.8 | -33.87 | -11.84 | -52.87 | 48.5 | -100.11 | 0 | -1037.42 | 84.96 | 489.57 | -84.59 |
| PAT Growth(%) | -52.47 | -1023.52 | 156.76 | -69.36 | 205.54 | -179.88 | -270.16 | -529.63 | 78.89 | 378.95 | -98.87 |
| EPS Growth(%) | -52.47 | -1023.51 | 156.76 | -69.36 | 205.54 | -179.88 | -270.7 | -529.45 | 78.75 | 674.87 | -99.69 |
| Debt/Equity(x) | 2.19 | 1.14 | 0.22 | 0.58 | 0.6 | 0.97 | 1.61 | -1.98 | -1.37 | 4.98 | 3.26 |
| Current Ratio(x) | 1.2 | 1.21 | 1.38 | 1.26 | 1.23 | 1.29 | 1.35 | 0.55 | 0.41 | 0.75 | 1.23 |
| Quick Ratio(x) | 0.67 | 0.84 | 0.57 | 0.53 | 0.58 | 0.69 | 0.79 | 0.13 | 0.11 | 0.28 | 0.74 |
| Interest Cover(x) | 1.24 | 0.74 | 2.47 | 1.55 | 1.79 | -0 | -0.88 | -10.13 | -1.53 | 8.15 | 1.14 |
| Total Debt/Mcap(x) | 1.48 | 0.94 | 0.23 | 0.39 | 0.75 | 2.85 | 2.46 | 3.9 | 2.72 | 0.14 | 0.17 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 56.3 | 74.99 | 68.43 | 68.43 | 68.43 | 68.43 | 68.43 | 68.43 | 68.43 | 70.12 |
| FII | 0 | 0 | 0 | 0.01 | 0.01 | 0.09 | 0.09 | 0.04 | 0.04 | 0.03 |
| DII | 5.77 | 3.3 | 0.87 | 0.87 | 0.87 | 0.87 | 1.11 | 1.11 | 0.87 | 0.73 |
| Public | 37.94 | 21.71 | 30.7 | 30.69 | 30.69 | 30.61 | 30.37 | 30.42 | 30.66 | 29.12 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.56 | 1.31 | 4.56 | 4.56 | 4.56 | 4.56 | 4.56 | 4.56 | 4.56 | 4.93 |
| FII | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0 | 0 | 0 |
| DII | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.06 | 0.05 |
| Public | 0.38 | 0.38 | 2.04 | 2.04 | 2.04 | 2.04 | 2.02 | 2.03 | 2.04 | 2.05 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1 | 1.75 | 6.66 | 6.66 | 6.66 | 6.66 | 6.66 | 6.66 | 6.66 | 7.04 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +370% | +68% | -4% | -14% |
| Operating Profit CAGR | — | — | +26% | -13% |
| PAT CAGR | -99% | — | — | -5% |
| Share Price CAGR | -50% | +76% | +30% | +10% |
| ROE Average | +5% | +2% | -601% | -273% |
| ROCE Average | +13% | +42% | +5% | +7% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 56.3 | 74.99 | 68.43 | 68.43 | 68.43 | 68.43 | 68.43 | 68.43 | 68.43 | 70.12 |
| FII | 0 | 0 | 0 | 0.01 | 0.01 | 0.09 | 0.09 | 0.04 | 0.04 | 0.03 |
| DII | 5.77 | 3.3 | 0.87 | 0.87 | 0.87 | 0.87 | 1.11 | 1.11 | 0.87 | 0.73 |
| Public | 43.7 | 25.01 | 31.57 | 31.57 | 31.57 | 31.57 | 31.57 | 31.57 | 31.57 | 29.88 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.56 | 1.31 | 4.56 | 4.56 | 4.56 | 4.56 | 4.56 | 4.56 | 4.56 | 4.93 |
| FII | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0 | 0 | 0 |
| DII | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.06 | 0.05 |
| Public | 0.44 | 0.44 | 2.1 | 2.1 | 2.1 | 2.1 | 2.1 | 2.1 | 2.1 | 2.1 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1 | 1.75 | 6.66 | 6.66 | 6.66 | 6.66 | 6.66 | 6.66 | 6.66 | 7.04 |
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