1. At a Glance – The Crane That Refuses to Die
TIL Ltd is currently priced at ₹230 with a market cap of ₹1,624 Cr. The stock is down 17% in the last 3 months, yet up 27.5% in the last year — classic “confused but hopeful” behaviour.
Q3 FY26 numbers? Sales of ₹73.23 Cr and a net loss of ₹6.85 Cr. Operating margin? A thin 1.67%. EPS? -₹1.03 for the quarter.
Debt stands at ₹317 Cr. Debt-to-equity is 3.79. Interest coverage? 0.58. That’s not coverage. That’s emotional support.
But here’s the masala — order book of ₹214 Cr (70% defence), ₹200 Cr proposed equity raise, acquisition of 60% in Tulip Compression, and management promising ₹800–1,000 Cr revenue over 3–4 years.
Is this a dying crane company?
Or a comeback story wearing safety boots?
Let’s investigate.
2. Introduction – From ICU to Intensive Gym Training
TIL Limited used to be a serious player in cranes and material handling. Then life happened.
Revenue fell from ₹377 Cr in FY20 to ₹67 Cr in FY24. That’s not decline. That’s a cliff dive without parachute.
Supply chain bottlenecks. Liquidity issues. Working capital mess. Inventory days went above 1,000. Yes, you read that right — 1,061 days.
Then in January 2024, Gainwell Group entered like a Bollywood interval entry scene. New board. New CEO. New strategy. New money.
FY25 saw revenue jump to ₹343 Cr. EBITDA turned positive at ₹40 Cr. PAT turned positive after 6 years.
But Q3 FY26? Loss again.
So is turnaround permanent? Or was FY25 a “clean-up and one-off magic” year?
Let’s break it down calmly, like auditors who drink strong filter coffee.
3. Business Model – WTF Do They Even Do?
TIL manufactures:
- Rough terrain cranes
- Truck cranes
- Crawler cranes
- Reach stackers
- Forklifts
- Defence handling equipment
Basically, if something heavy needs lifting — TIL wants to lift it.
They have 49+ models across material
