Timken India (522113) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue was INR 764 crore, up 13.8% year-over-year, but down 1% sequentially due to seasonality in the Rail business.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.

• Profit before tax (PBT) for the quarter was INR 719 million, lower both year-over-year and sequentially, impacted by one-time items including Labour Code changes, reduced other income, and ramp-up costs at the new Bharuch plant.

• Nine-month revenue reached INR 2,346 crore, reflecting nearly 6% year-over-year growth, with all segments contributing.

• Acquisition of 100% equity in Timken GGB Technology Private Limited completed in December 2025.

Financial highlights

• Q3 revenue: INR 764 crore, +13.8% YoY, -1% QoQ.

• Standalone Q3 FY26 revenue: ₹7,643.77 million, up from ₹6,714.32 million in Q3 FY25.

• Consolidated Q3 FY26 revenue: ₹7,796.69 million, up from ₹6,833.51 million in Q3 FY25.

• Q3 PBT: INR 719 million, impacted by one-time items; adjusted PBT margin would have been close to 13%.

• Consolidated net profit after tax for Q3 FY26: ₹545.56 million, compared to ₹782.08 million in Q3 FY25.

Outlook and guidance

• Expectation of margin normalization as new plant ramp-up costs moderate.

• Positive medium- to long-term outlook due to favorable trade developments between India, US, and EU, supporting export opportunities.

• Company continues to monitor regulatory changes, especially regarding new Labour Codes, and will adjust accounting as needed.

• Rail business expected to see steady growth, with Q4 typically being stronger due to government spending.

• Commercial vehicle segment shows strong volume-driven growth, expected to continue into Q4.