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Timken India Ltd

| Quarterly Financial Results Q3 FY 2025-26

NEUTRAL SENTIMENT

Report Source

⬤4th Feb 26

Summary : Timken India reported mixed Q3/9M 2025 results with revenue growth but declining profits, alongside a strategic acquisition and new director appointment, while navigating new Labour Code impacts.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Cost of materials consumed
  2. Purchases of Stock-in-Trade
  3. Changes in inventories of finished goods, Stock-in-Trade and work-in-progress
  4. Employee benefits expenses
  5. Finance costs
  6. Depreciation & amortization expenses
  7. Other expenses
  8. Revenue from operations (Standalone 9M: 23,461.80 Million; Consolidated 9M: 23,882.03 Million)
  9. Other Income (Standalone 9M: 253.63 Million; Consolidated 9M: 292.45 Million)
  10. Paid-up equity share capital (Rs 10/- each): 752.19 Million
  11. Other Equity (Standalone: 27,696.46 Million; Consolidated: 26,794.59 Million)
  12. Mr. Michael Discenza is not related to any Director of the Company.
  13. Both standalone and consolidated unaudited financial results are presented for the quarter and nine months ended December 31, 2025.

Corporate Overview

  1. India (Bangalore, Hosur Road)
  2. Implementation of new Labour Codes impacting employee benefit provisions.
  3. Engineered Bearings
  4. Mechanical Power Transmission Products
  5. Industrial Services
  6. Formal and compliant, reporting financial results and board changes.
  7. Bearings and allied goods & services
  8. Acquisition of 100% equity shares of Timken GGB Technology Private Limited for 1,288 Million.

Risk Factors

  1. Net profit and EPS declined.
  2. New Labour Codes impact employee benefits.
  3. Single primary segment dependency.
  4. Subsidiary financials not fully reviewed.

Key Drivers

  1. Acquired Timken GGB Technology Private Limited.
  2. Appointed experienced Non-Executive Director.
  3. Unmodified auditor's review report.
  4. Revenue from operations increased.

Auditor’s Report

  1. Unmodified opinion on both standalone and consolidated unaudited financial results.
  2. Reliance on management certified interim financial information for the subsidiary in consolidated results, not reviewed by their auditors.

Board Commentary

  1. Appointment of Mr. Michael Discenza as a Non-Executive Director, effective April 15, 2026, subject to shareholder approval.
  2. Re-appointment of Mr. Soumitra Hazra by postal ballot for shareholder approval.
  3. Increase of Rs 46.74 million (standalone) / Rs 47.41 million (consolidated) in provision for defined benefit obligation due to Labour Codes.
  4. Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  5. Impact of new Labour Codes on employee benefits, increasing defined benefit obligation.
  6. Acquisition of 100% equity shares of Timken GGB Technology Private Limited for 1,288 Million, paid on December 1, 2025.

Corporate Governance

  1. Appointment of Mr. Michael Discenza as a Non-Executive Director.
  2. No relationship disclosed between Mr. Discenza and other directors.
  3. Audit Committee reviewed the unaudited financial results.

Management Discussion & Analysis

Future Strategy

  1. Strategic acquisition of Timken GGB Technology Private Limited to expand operations.
  2. Appointment of experienced Non-Executive Director to strengthen board.

Operational Focus Areas

  1. Monitoring finalisation of Central and State Rules for new Labour Codes.

Performance Drivers

  1. Revenue from operations increased for the nine months ended December 31, 2025, both standalone and consolidated.

Risk Control Measures

  1. Incorporating appropriate accounting treatment based on Labour Code developments.

Critical Risks

  1. Impact of new Labour Codes on employee benefit obligations.
  2. Decline in net profit and earnings per share for the nine-month period.