1. At a Glance

TIL Ltd, a 50-year-old player in cranes, port, and material handling gear, is like that veteran Bollywood actor who’s done 100 films but still gets bit roles. Despite having a product catalogue fatter than most wedding menus, revenue collapsed from ₹377 Cr in FY20 to ₹67 Cr in FY24. FY25 showed a rebound (₹315 Cr sales) but Q1 FY26 already posted a ₹6.2 Cr loss. Promoters control 68.43%, debt is up to ₹284 Cr, and the P/B is an eye-watering 24.8x — meaning the market is paying champagne prices for a company that’s been sipping tap water.

2. Introduction

Once upon a time, TIL cranes were the de facto skyline-changers in India’s construction and port sectors. From lifting refinery modules to handling shipping containers, their machines were the muscle behind industrial India. But in the past decade, the script flipped: supply chain bottlenecks, liquidity freezes, and shrinking order books turned the company from a heavyweight to a corner fighter.

Now, they’re clawing back market presence with a “comprehensive portfolio” of 49+ crane models, forklifts, reach stackers, and other gear — a portfolio that would make an equipment catalogue editor cry with joy. The problem? Selling them consistently in a market that’s getting crowded with aggressive domestic and foreign competition.

Q1 FY26 tells us the recovery is far from secure: a loss despite “other income” padding, and OPM back in the red.

3. Business Model (WTF Do They Even Do?)

TIL is in thematerial handling & lifting solutionsgame. This means:

• Manufacturing: Cranes (truck-mounted, rough terrain, industrial, crawler, pick-and-carry), reach stackers, forklifts, container handlers.
• Port Equipment: Container handling systems for ports and logistics hubs.
• Road Construction Support Gear: Niche machinery for infrastructure projects.
• After-Sales Service: Spares, maintenance, refurbishments.

The idea: Sell high-value machines and lock customers into multi-year