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Timken India Limited

TIMKEN.NS
48
Industrial - Machinery · Industrials
Price
₹3268.00
+33.00 (+1.02%)
Market Cap
₹245.81B
Exchange
National Stock Exchange of India
Winston Score
48
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 13, 2026 · filings through Jun 30, 2026

Timken India Limited makes bearings and related mechanical parts used in heavy machinery, railways, steel plants, and vehicles. Bearings are small but critical components that help machines spin smoothly with less friction. The company is a subsidiary of the US-based Timken Company, one of the world's largest bearing manufacturers, and serves industrial customers across India in sectors like mining, cement, power, and transportation.

Timken India earns revenue by selling engineered bearings, steel products, and related services directly to manufacturers and industrial end-users. It operates primarily within India, with manufacturing facilities in Jamshedpur and other locations, and benefits from its parent company's global engineering expertise and brand reputation as a meaningful competitive advantage. The key growth driver is India's expanding infrastructure and manufacturing sector, including railway modernization and industrial automation, though the business faces risk from raw material cost pressures and competition from lower-cost domestic and Chinese bearing producers.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-15.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

54.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$0 cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Timken India Limited is a rare growth stock that's already generating positive cash flow while growing at 16%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 75.2M (2022) → 75.2M (2026)

Score breakdown

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Quality

Gross Margin
31.4%
Modest — 31.4% gross margin
Operating Margin
15.5%
Healthy — 15.5% operating margin
ROCE
5.0%
Weak — 5.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY
+13.0%
Fast-growing sales (+13.0% YoY)
EPS YoY
-7.3%
Earnings shrinking (-7.3% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
56%
Weak — only 56% of profit becomes cash
FCF Margin
2.6%
Thin free cash flow (2.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.00
Conservative — low debt load (0.00)
Interest Cover
163.20x
Comfortably covers interest (163.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
58.3x
Expensive — P/E 58.3

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+19.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (58.3 → 38.7)

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Dividends

Dividend Yield
0.08%
Small dividend — 0.08% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
-20.2%
Dividend cut (-20.2% YoY) — warning sign

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