TIL Ltd: ₹2,048 Cr Market Cap & 49 Models Later — Still Craning Its Neck for Profit
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 the material handling & lifting solutions game. This means:
The idea: Sell high-value machines and lock customers into multi-year service and spares contracts. The reality: Intense competition + working capital drag = volatile revenues.
4. Financials Overview
FY25 (Consolidated):
Revenue: ₹315 Cr (up from ₹67 Cr in FY24 — big rebound, but still below pre-2020 levels)
EBITDA: ₹12 Cr (margin ~4%)
PAT: ₹3 Cr (margin ~1%)
ROE: 5.02%
ROCE: 11.7%
Q1 FY26:
Revenue: ₹62.9 Cr (↓ from ₹101.5 Cr in Mar’25)
EBITDA: -₹6.75 Cr (margin -10.7%)
PAT: -₹6.2 Cr
EPS: -₹0.93
The good: Debtor days improved to 156 from 199 last year. The bad: Losses return in Q1, debt up, interest coverage is razor-thin.
5. Valuation (Fair Value RANGE only)
Method
Metric Used
Multiple Applied
FV (₹/share)
P/E
EPS FY25 ₹0.43
20x – 25x
₹8.6 – ₹10.8
EV/EBITDA
EBITDA ₹12 Cr
12x – 15x
₹25 – ₹31
P/B
Book Value ₹12.4
1.5x – 2.0x
₹18.6 – ₹24.8
Fair Value Range:₹9 – ₹31
This FV range is for educational purposes only and is not investment advice.
