TIL Q2 FY27: Rev ₹117.1 Cr

Investor Takeaways

Consolidated revenue rose to INR117.1 crores from INR78.6 crores standalone in Q1 FY27

PAT remained negative at INR5.5 crores consolidated and INR7.2 crores standalone

Order book increased to INR211 crores with INR373 crores pipeline

Tulip stake target raised to 74% with INR50 crores equity infusion planned

EBITDA margin target set at 15-16% long-term through aftermarket expansion and localization

EBITDA margin improved to 6.2% in Q1 FY27 from prior quarters

Capacity utilization at Kharagpur plant highlighted as a growth enabler

Defense exports and indigenization targets of 75-80%+ cited as key growth drivers

Market Cap: ₹1,392.34 Cr | P/E Ratio: 8.61

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹117.1 Cr	Increased from ₹78.6 Cr standalone
Net Profit	₹-5.5 Cr	Negative consolidated; INR7.2 Cr standalone
EBITDA	₹7.3 Cr	Margin: 6.2%
EPS	₹-0.56	Q1 FY27 EPS negative
OPM	6.2%	Improved from prior quarters

What Changed

Consolidated revenue increased to INR117.1 crores in Q1 FY27 from INR78.6 crores in standalone operations, reflecting integration progress of Tulip Compression. Net profit remained negative at INR5.5 crores consolidated and INR7.2 crores standalone, indicating ongoing restructuring costs or operational investments. The order book grew to INR211 crores with a pipeline of INR373 crores, signaling strong future demand visibility. TIL announced plans to increase its stake in Tulip from 60% to 74% through an INR50 crores equity infusion, reinforcing strategic commitment to the energy segment. EBITDA margin improved to 6.2% in Q1 FY27, up from negative or low single-digit margins in previous quarters. Long-term EBITDA margin target of 15-16% is being pursued through aftermarket expansion, localization, and growth in defense and energy segments including hydrogen and LNG. Capacity utilization at the Kharagpur plant and indigenization targets of 75-80%+ are cited as enablers for margin improvement. The company is targeting 3x revenue growth over 5-7 years, supported by defense exports and new product development beyond the INR700-750 crore turnover threshold. Working capital cycle normalization, including DSO reduction to 60-75 days, is expected to improve cash flow. Capex is being directed toward new capabilities rather than sustaining existing operations.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
TIL Limited	8.61	N/A	N/A	1,392.34
Bharat Electronics Limited (BEL)	62.03	N/A	N/A	3,09,678.78
Hindustan Aeronautics Limited (HAL)	33.73	N/A	N/A	2,93,338.09
Cummins India Limited (CUMMINSIND)	74.38	N/A	N/A	1,49,466.24

TIL trades at a significantly lower P/E multiple compared to BEL, HAL, and Cummins India, suggesting potential undervaluation or lower market expectations despite similar sector exposure.

Risks & Concerns

Negative PAT of INR5.5 crores consolidated and INR7.2 crores standalone in Q1 FY27

High equity infusion of INR50 crores planned for Tulip stake increase, which may pressure near-term cash flows

Dependence on defense exports and indigenization targets for growth momentum

Execution risk in achieving 15-16% EBITDA margin target amid ongoing integration and margin pressure

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	₹79.14	₹-3.7	3.34%
Q2FY25	₹67.64	₹-2.14	3.5%
Q1FY25	₹66.98	₹-1.06	-7.08%
Q4FY24	₹31.43	₹168.59	-89.66%

The consolidated revenue in Q1 FY27 (₹117.1 Cr) shows a significant sequential and year-on-year increase compared to prior quarters, driven by integration and scale. However, profitability remains negative in consolidated terms, with OPM improving to 6.2% from negative levels in Q1 FY25. The sharp improvement in Q4 FY24 profit (₹168.59 Cr) appears to be an outlier, likely due to non-recurring gains or accounting adjustments, as OPM was -89.66% that quarter. The current trajectory reflects a turnaround in scale but not yet in profitability.

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About TIL Limited (TIL)

Capital Goods · Capital Goods-Non Electrical Equipment · Listed on NSE

Market Cap: ₹1,976.18 Cr ROE: -26.4% ROCE: 2.4%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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