TIMKEN · Capital Goods
Timken India Ltd. reported revenue of ₹940 cr for January to March 2025, +4.7% on the year and +40.1% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹3,148 cr, +8.2% on the four before.
Operating profit (EBITDA) was ₹210 cr, a margin of 22.3%, +18 bps on the year and +639 bps on the quarter. It is the widest margin of the last 8 quarters (range 15.9% to 22.3%). Operating costs grew +4.4%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹187 cr, +32.6% on the year and +152.7% on the quarter, with earnings per share of ₹24.84. Profit before other income, one-offs and tax grew 6.8%, so 26 points of the headline growth came from outside the core business. The tax rate was 7% against an average of 26% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹447 cr, +14.0% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹59.48 over the last four quarters, the stock at ₹3,014.20 trades at 50.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Quarterly statements
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹612 cr | ₹898 cr | ₹784 cr | ₹753 cr | ₹671 cr | ₹940 cr | ₹809 cr | ₹773 cr | ₹764 cr | ₹1,073 cr | ₹929 cr | ₹969 cr |
| YoY | — | — | +9% | +10% | +10% | +5% | +3% | +3% | +14% | +14% | +15% | +25% |
| EBITDA margin | 16.7% | 22.2% | 18.0% | 17.7% | 15.9% | 22.3% | 17.6% | 17.9% | 12.6% | 21.9% | 18.5% | 18.4% |
| Other income, % of PBT | 12% | 6% | 9% | 10% | 13% | 7% | 8% | 8% | 8% | 1% | 7% | 5% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 24% | 26% | 27% | 24% | 7% | 20% | 26% | 31% | 25% | 23% | 26% |
| Net profit | ₹68.0 cr | ₹141 cr | ₹96.0 cr | ₹90.0 cr | ₹74.0 cr | ₹187 cr | ₹104 cr | ₹89.0 cr | ₹50.0 cr | ₹155 cr | ₹115 cr | ₹116 cr |
| YoY | — | — | +7% | −3% | +9% | +33% | +8% | −1% | −32% | −17% | +11% | +30% |
| Core profit YoY | — | — | +4% | −2% | +6% | +7% | +2% | −1% | −22% | +9% | +17% | +33% |
| EPS | ₹8.98 | ₹18.80 | ₹12.80 | ₹11.96 | ₹9.88 | ₹24.84 | ₹13.86 | ₹11.89 | ₹6.63 | ₹20.58 | ₹15.31 | ₹15.43 |
| Flags | · | · | ✓ | ✓ | ✓ | 2 | ✓ | ✓ | 1 | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Timken India Ltd. reported revenue of ₹940 cr (+4.7% on the year) and net profit of ₹187 cr (+32.6% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +6.8% on the year, against +32.6% for reported profit.
2 checks raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.