TIL LimitedCapital Goods & EngineeringTIL
Q1 FY27 concall · earnings callTIL Limited
TIL delivered strong year-on-year growth in Q1 FY27, driven by execution of existing orders and the strategic acquisition of Tulip Compression, marking a visible step in its transformation journey.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue | ₹117.1 Cr | 86% over Q1FY26 | |
| Consolidated EBITDA | ₹7.3 Cr | — | |
| Consolidated EBITDA Margin | 6.2% | from 1.5% in Q1FY26 | |
| Standalone Revenue | ₹78.6 Cr | 25% over Q1 FY2026 | |
| Standalone EBITDA | ₹3.4 Cr | 223% YoY | |
| Standalone EBITDA Margin | 4.3% | from 1.5% | |
| TIL Core Order Book | ₹211 Cr | — | |
| TIL Core Order Pipeline | ₹373 Cr | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹79.14 Cr+556.2% YoY+17% QoQ | ₹-3.70 CrTurned loss-making YoYLoss widened QoQ | ₹-0.56Turned negative YoYLoss/share widened QoQ |
| Q2 FY25 | ₹67.64 Cr+238.9% YoY+1% QoQ | ₹-2.14 CrLoss narrowed YoYLoss widened QoQ | ₹-0.32Loss/share narrowed YoYLoss/share widened QoQ |
| Q1 FY25 | ₹66.98 Cr+1835.8% YoY+113.1% QoQ | ₹-1.06 CrTurned loss-making YoYTurned loss-making QoQ | ₹-0.26Turned negative YoYTurned negative QoQ |
| Q4 FY24 | ₹31.43 Cr+98.2% YoY+160.6% QoQ | ₹168.59 CrTurned profitable YoY+61% QoQ | ₹107.85Turned positive YoY+3.3% QoQ |
| Q3 FY24 | ₹12.06 Cr+8.6% YoY-39.6% QoQ | ₹104.71 CrTurned profitable YoYTurned profitable QoQ | ₹104.39Turned positive YoYTurned positive QoQ |
TL;DR
- Consolidated revenue grew 86% YoY to INR117.1 Cr, with EBITDA at INR7.3 Cr.
- Delivered nine ReachStackers, a key product for port handling, signaling improved execution.
- Acquired Tulip Compression, a clean energy infrastructure company, adding INR328 Cr order book.
- Core order book stands at INR211 Cr with a pipeline of ~INR373 Cr, aiming for significant turnover growth.
- Focus remains on converting order book, deepening aftermarket, localizing supply chain, and integrating Tulip.
Said on the call
“What you are seeing today is not the destination, it's just the beginning of a new phase of growth for TIL.”
From the Q&A
| Topic | What management said |
|---|---|
| ReachStacker Market Share & Orders | Management stated current market share is 38-40% in ReachStackers and is aiming to scale up. Q1 deliveries included orders beyond CONCOR, with retail and niche industrial applications growing. |
| Order Book Execution Timeline | Execution timelines vary from 3 to 9 months depending on product and customer, with the overall order book typically exhausting within about 9 months. Management expects a significant jump in turnover this year. |
| Margin Outlook and Localization | Current EBITDA margins vary by product. A project to optimize costs and localize the supply chain (targeting 75-80%+ localization) is underway but will take a few more quarters to materially fix margins, with defense customer approvals adding complexity. |
| Tulip Compression Business & Synergy | Tulip operates in CNG, LNG, and hydrogen compression, serving city gas distributors with ~1/3 market share. It grew 20-40% p.a. recently and is expected to provide 14-15% EBITDA margins long-term. TIL plans to increase stake to 74% and infuse up to INR50 Cr equity. |
| Product Portfolio & Synergy with Gainwell | TIL has a range of cranes and material handling equipment with varying market shares. Synergies with Gainwell Group include learning aftermarket practices and potential fabrication work. The goal is closer manufacturing alignment between group companies. |
| Defense Business Expansion | TIL has a significant share in missile handling platforms and is reviewing the negative import list for defense to add new products like missile launchers and torpedo launchers, supported by nudges from defense establishments. |
| Long-term Vision & Capacity | Management aims to triple standalone turnover in 5-7 years without significant capex until ~INR700-750 Cr revenue, utilizing existing plant capacity. Long-term EBITDA margin target is 15-16%, driven by aftermarket scale and localization. |
| Quarterly Margin Volatility | The drop in consolidated EBITDA margin to 6.2% from 9.6% in the prior quarter is attributed to the product mix sold in the quarter, as different products carry varied EBITDA profiles. |
Guidance
- Expect a significant jump in turnover in the current financial year.
- Target 75-80%+ localization for products like ReachStackers over time.
- Aim for long-term EBITDA margin of 15-16% for standalone TIL, driven by aftermarket scale.
- Tulip Compression is expected to deliver 14-15% EBITDA margins in the medium to long term.
- Plan to increase equity stake in Tulip Compression to 74%.
- Target aftermarket business to eventually constitute 40-45% of overall revenue.
- Envision tripling standalone turnover in 5 to 7 years.
Source
Summary written from the transcript filed by TIL Limited for the call held on 14 Aug 2026; published 20 Aug 2026, 19:06 IST.
More Q1 FY27 concalls ·How verification works ·Report an error