Timken India FY26 Revenue Hits Record ₹34.2 Billion

Revenue from operations reached all-time high of ₹34,193 million (Consolidated: ₹34,780 million), representing 8.6% growth (Consolidated: 8.7%) over previous year
Profit before tax (PBT) stood at ₹5,304 million (Consolidated: ₹5,526 million), declining by 2.1% (Consolidated: 2%) from previous year
Profit after tax (PAT) decreased to ₹3,983 million (Consolidated: ₹4,149 million) from ₹4,474 million (Consolidated: ₹4,622 million) in previous year
Earnings per share (EPS) reduced to ₹52.96 (Consolidated: ₹55.16) from ₹59.48 (Consolidated: ₹61.45) in previous year
Effective tax rate increased to 24.93% (FY26) from 19.29% (FY25)

Other income reduced by ₹222 million primarily due to lower interest and dividend income from reduced investable surplus
Total expenses increased by 10.3% to ₹29,169 million driven by 10.3% rise in net material cost, 7.3% increase in employee-related costs, and 8.8% rise in other expenses including depreciation for new Bharuch plant
Cash flow from operations improved to ₹4,374 million (Consolidated: ₹4,456 million) from ₹3,873 million (Consolidated: ₹3,987 million)

Gross PP&E increased from ₹10,409.21 million (Mar 31, 2025) to ₹17,799.17 million (Mar 31, 2026)
Additions during FY26: ₹7,422.07 million
Net carrying amount: ₹11,115.03 million (Mar 31, 2026) vs ₹4,653.48 million (Mar 31, 2025)
Depreciation charge: ₹957.27 million for FY26

Bharuch facility: New manufacturing plant for Spherical Roller Bearings and Cylindrical Roller Bearings commenced commercial production in Q2 FY26
Additional investment of ₹38 crores approved for plain bearings manufacturing line (GGB brand), expected commercial production in Q2 FY27
Jamshedpur rail facility: Investing approximately ₹120 crores to enhance bearing components capacity, expected completion in Q3 FY27
Capital work-in-progress stood at ₹1,007 million as of March 31, 2026

Acquisition of Timken GGB Technology Private Limited: Acquired 100% shares for cash consideration of ₹1,288 million, now wholly-owned subsidiary
Investment in renewable energy: Acquired 26% shareholding in Sunstream Green Energy C&I Three Private Limited for approximately ₹7 million to purchase power under group captive scheme

Board recommended final dividend of ₹2.5 per equity share (face value ₹10 each) for FY 2025-26, subject to shareholder approval
Dividend Distribution Policy revised with additional parameters, available on company website

Scheme of Amalgamation: Board approved draft scheme for amalgamation of Timken GGB Technology Private Limited with the company, subject to NCLT and shareholder approvals
No material changes or commitments affecting financial position between year-end and report date

India's bearing market valued at approximately USD 2.9 billion in FY26, growing at CAGR over 9.4%
Key segments showing growth: Railways (record production), Steel (10.7% production growth), PowerGen, Cement, Mining, Commercial Vehicles, and Tractors

Strong export sales with volume growth across geographical locations
Domestic revenue showed modest growth
Advancements in Process OEMs and Distribution segments
Received multiple awards including Champion of Manufacturing Award 2026, Best Organization to Work 2025

Inventories increased by ₹1,337 million primarily due to higher finished goods and work-in-progress aligning with business volumes
Trade receivables increased by ₹979 million due to higher revenue
Cash and investments decreased by ₹2,433 million to ₹2,682 million due to strategic allocation for capex, acquisitions, and dividends
Trade payables increased by ₹2,065 million due to higher procurement volumes
Debt-free balance sheet maintained throughout the year

All related party transactions were in ordinary course of business at arm's length. Material transactions with related parties:

The Timken Company: ₹843.56 million royalty, ₹599.29 million purchase of goods, ₹2,014.37 million sale of goods
The Timken Corporation: ₹3,590.42 million purchase of goods, ₹2,983.46 million sale of goods
Timken (Wuxi) Bearings Co. Ltd.: ₹4,794.95 million purchase of goods
Estimated related party transactions for FY 2026-27: The Timken Company (₹4,099 million), The Timken Corporation (₹13,427 million), Timken Wuxi Bearings (₹6,166 million)

Mr. Sumit Rathor appointed as Independent Director effective 1 October 2025
Dr. Lakshmi Lingam re-appointed as Independent Director effective 1 October 2025
Mr. Ajay Sood ceased as Independent Director effective 1 October 2025
Mr. Sujit Kumar Pattanaik appointed as CFO effective 1 April 2025 and Whole-time Director effective 30 September 2025
Mr. Soumitra Hazra re-appointed as Independent Director effective 31 May 2026
Mr. Michael Discenza appointed as Non-Executive Director effective 15 April 2026
Mr. Avishrant Keshava ceased as CFO effective 31 March 2025 and Whole-time Director effective 30 September 2025
Mr. Douglas Smith ceased as Non-Executive Director effective 15 December 2025

Statutory Auditors: Deloitte Haskins & Sells LLP continued, expressed unmodified opinion on financial statements
Cost Auditors: Shome and Banerjee re-appointed for FY27 with remuneration of ₹700,000 plus taxes
Internal Auditors: KPMG Assurance and Consulting Services LLP
Secretarial Auditor: Mr. Nagarjun Y G, submitted report without adverse remarks

Focus on localization and improvement in indigenous components sourcing
Execution of go-to-market strategy for other Timken associated brands
Continued participation in India's growth journey through infrastructure, manufacturing, and railway investments
Evaluating impact of amended Ind AS 1 and Ind AS 10 applicable from April 1, 2026
Expected contribution to gratuity fund: ₹88 million for FY 2026-27