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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹1519 Cr.
Stock P/E
531.2
P/B
12.3
Current Price
₹184.3
Book Value
₹ 14.9
Face Value
10
52W High
₹397.8
52W Low
₹ 161
Dividend Yield
0%

TIL Overview

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.

TIL Share Price

Live · BSE / NSE · Inception: 1974
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

TIL Quarterly Results

#(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

TIL Profit & Loss

#(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

TIL Balance Sheet

#(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

TIL Cash Flow

#(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

TIL Ratios

# 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

Growth Rates

Compounded annual
# 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%

TIL Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 70.12 %
FII 0.03 %
DII (MF + Insurance) 0.73 %
Public (retail) 29.88 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 56.374.9968.4368.4368.4368.4368.4368.4368.4370.12
FII 0000.010.010.090.090.040.040.03
DII 5.773.30.870.870.870.871.111.110.870.73
Public 43.725.0131.5731.5731.5731.5731.5731.5731.5729.88
Others 0000000000
Total 100100100100100100100100100100

TIL Peer Comparison

Construction Vehicles Edit Columns

TIL Quarterly Price

10-year quarterly close · BSE
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News & Updates

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TIL Pros & Cons

Pros

  • Debtor days have improved from 702.02 to 153.92days.

Cons

  • Company has a low return on equity of 2% over the last 3 years.
  • Stock is trading at 12.3 times its book value.
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