TIL Ltd Q2FY26: From Crane Chaos to Defence Dreams – The 2000 Crore Makeover Saga
1. At a Glance
Once the grand old crane-maker of Kolkata, TIL Ltd is now scripting what might be one of the most dramatic corporate comebacks in Indian manufacturing. After flirting with bankruptcy and battling component shortages, it’s suddenly talking about ₹2,000 crore in defence orders, a new promoter, a fresh board, and a revitalization plan that sounds like a Bollywood redemption arc.
At ₹266 a share (as of 13 Nov 2025), the company commands a market cap of ₹1,773 crore — yes, nearly 26 times sales of ₹67 crore in FY24. Sounds absurd? Wait till you see the turnaround. In FY25, revenue jumped 398% to ₹343 crore, EBITDA turned positive at ₹40 crore, and FY26 Q2 clocked ₹81.45 crore topline (up 12% YoY). Still loss-making (₹–7.7 crore PAT), but not the disaster it once was.
Promoters now own 68.4% — the Gainwell group, led by Sunil Kumar Chaturvedi, has officially taken over from the Mazumder era. With ₹317 crore debt, ₹12.5 book value, and a P/B of 21x, the numbers scream “overheated optimism.” But the story? Oh, it’s deliciously chaotic.
Can this ex-zombie of Bengal really become a “Make in India” defence player? Let’s dig.
2. Introduction – The Fall, the Rise, and the Rebirth
Picture this: once upon a time, TIL cranes lifted half the ports, power plants, and refineries in India. Then came the perfect storm — falling demand, supply bottlenecks, and debt that ballooned faster than a crane boom. Revenue fell off a cliff from ₹377 crore in FY20 to ₹67 crore in FY24.
The balance sheet looked like an obituary. Tax disputes? ₹93 crore. Losses? Piled up like uncollected steel beams. Banks? Tapping their pens nervously.
Then, 2024 happened. The Gainwell Group, known for mining and engineering prowess, swooped in like corporate paramedics — buying control for ₹120 crore, injecting ₹70 crore via preferential issue, and appointing a new board. Overnight, TIL had a pulse again.
Within a year, the new team launched a Defence vertical, signed a partnership with Snorkel Europe Ltd to sell aerial platforms across Northern and Eastern India, and announced a ₹200 crore incremental revenue target by FY28.
For a company that was once a case study in industrial decay, this is like watching a zombie do yoga.
3. Business Model – WTF Do They Even Do?
TIL makes material handling, lifting, port, and road construction equipment. Think of it as the desi cousin of Manitowoc or Liebherr — but with more drama and less cash.
Its portfolio includes over 49 models — from truck cranes, rough-terrain cranes, and reach stackers, to forklifts, container handlers, and even specialized defence lifting gear.
Basically, if something heavy needs to move, TIL tries to sell you the machine to move it.
Revenue Mix FY24:
Manufactured Goods: 83%
Traded Goods: 16%
Services: 1%
Geographically, 99% of revenue now comes from India, because exports (1%) have fallen off like a loose bolt.
Its clientele list is a corporate hall of fame — Bharat Dynamics, ONGC, Coal India, Adani, NTPC, Tata Steel, and Ultratech. Which means TIL has touched almost every Indian industrial project — just not profitably in recent years.
But here’s the kicker: the new promoter has created a Defence SBU (Strategic Business Unit) under the “TIL Defence” banner. With orders and partnerships for military-grade equipment, it’s betting on the ₹2,000 crore “Atmanirbhar Bharat” wave.
So yes, TIL is now that uncle who suddenly joined the gym after 20 years of eating rasgullas.
4. Financials Overview – From Flatline to ECG Blips
Metric (₹ Cr)
Sep Q2FY26
Sep Q2FY25
Jun Q1FY26
YoY %
QoQ %
Revenue
81.45
72.74
62.91
+12.0%
+29.4%
EBITDA
0.08
2.37
-6.75
-96.6%
N/A
PAT
-7.73
-2.14
-6.22
-261%
-24.2%
EPS (₹)
-1.16
-0.32
-0.93
-261%
-24.7%
EBITDA barely positive, PAT still in the red — but hey, this is post-turnaround recovery mode. The quarterly numbers resemble a patient learning to walk again.
