TIL Limited

Industrials — Farm & Heavy Construction Machinery · NSE

₹229.00+₹0.15 (+0.07%)

DalalBaazaar Score

30 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, negative free cash flow, the company is currently loss-making.

In simple words: The company is currently losing money, though profits are falling even as sales grow. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:27 pm

Understanding the Business

Company site ↗

The 60-second version of TIL Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

TIL Limited, together with its subsidiary, TIL Overseas PTE Limited, provides materials handling solutions in India and internationally.

IndustryFarm & Heavy Construction Machinery

SectorIndustrials

Employees355

Annual revenue₹321 Cr

How does it make money?

Turns over ₹321 Cr a year. Of every ₹100 of sales, about ₹-10 reaches shareholders as profit, with ₹4 left at the operating level before interest, tax and depreciation. Each of its 355 employees supports ₹90.3 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹90.3 lakh

Who are its competitors?

The closest listed comparisons in its industry are MAHINDRA & MAHINDRA LTD, ASHOK LEYLAND LTD, TATA MOTORS LIMITED, LARSEN & TOUBRO LTD.. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of -0.4% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE24.4%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +631% while net margin moved -95% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+631%

Margin effect-95%

DalalBaazaar Score

30/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative

Quality vs. Valuation

Company Quality

32/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

20/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

201.2x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Margins are improving
EBITDA margin is up from -114.4% to 3.5% over 3 years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

6 items require attention · 4 high · 2 watch

🔴High leverageFinancial
Debt/Equity of 3.44x — earnings must service borrowings before shareholders see anything.
🔴Thin interest coverageFinancial
Operating profit covers interest only -0.0x — little room if earnings dip.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴The company is lossmakingFinancial
Net profit of -₹31 Cr in the latest reported year.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 1.2x to -0.0x.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 90% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -114.4% to 3.5%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 34.0x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
4 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 71% a year✓ 94.1% CAGR
Latest reported year was 86.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 2%✓ 3.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 34.0x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹94 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✗ -0.0x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

5 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

1 good · 2 neutral · 8 weak

Market Cap

₹1,888 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

14.51x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹-4.29

Loss-making

Negative earnings per share — the business is losing money

ROE

-27.7%

Weak

Weak capital efficiency

ROCE

-0.4%

Weak

Low return on total capital employed

Debt/Equity

3.44x

High

High leverage

Revenue Growth (YoY)

86.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-1175.9%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹94 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

P/E (Forward)

3.6x

Operating Margin

4.1%

Weak

Thin margins leave little room for error

Net Margin

-8.1%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.07

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.88

Market-like

Moves roughly in line with the market

52W Range Position

43%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

244.0 / 241.5

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

31.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹44 Cr	₹67 Cr	₹314 Cr	₹321 Cr	+94.1%
EBITDA	-₹50 Cr	-₹72 Cr	₹35 Cr	₹11 Cr	—
EBITDA Margin	-114.4%	-108.5%	11.0%	3.5%	—
PAT (Net Profit)	-₹91 Cr	₹254 Cr	₹3 Cr	-₹31 Cr	—
EPS	₹-24.63	₹16.66	₹0.42	₹-4.58	—
ROE	—	803.7%	3.5%	-27.7%	—
ROCE	—	154.7%	11.3%	-0.4%	—
Total Debt	₹411 Cr	₹172 Cr	₹284 Cr	₹382 Cr	-2.4%
Free Cash Flow	₹6 Cr	-₹84 Cr	-₹137 Cr	-₹94 Cr	—

🟢 Revenue has grown at 94.1% a year over 3 years.

🟢 EBITDA has turned positive, from -₹50 Cr to ₹11 Cr.

🟢 EBITDA Margin has risen from -114.4% to 3.5% over 3 years (+117.9 pts).

🔴 ROE has fallen from 803.7% to -27.7% over 3 years (-831.5 pts).

🔴 ROCE has fallen from 154.7% to -0.4% over 3 years (-155.0 pts).

🟢 Total Debt has shrunk at 2.4% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹6 Cr to -₹94 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹687 Cr

Total Liabilities

₹576 Cr

Cash & Equivalents

₹5 Cr

Operating Cash Flow

-₹88 Cr

Capex

-₹6 Cr

Shareholding (proxy)

Institutional Holding

1.7%

Insider Holding

71.5%

Corporate Actions

Ex-Dividend Date

06 Aug 2019

Peer Comparison

Company	P/E	ROE
MAHINDRA & MAHINDRA LTD	17.8x	19.7%
ASHOK LEYLAND LTD	25.2x	24.4%
TATA MOTORS LIMITED	37.1x	32.8%
LARSEN & TOUBRO LTD.	30.1x	15.2%

Recent News

1 mixed5 general

TIL Share Price Outlook: Where It Could Be in 3 Years

Univest, 04 Aug

Why We're Not Concerned About TIL Limited's (NSE:TIL) Share Price

Simply Wall Street, 22 Jan

TIL Share Price Hits 20% Upper Circuit On Fundraising Plan | Stock Market Today

Samco, 19 Feb

TIL FY26 net loss of ₹30.86 crore, Q4 shows strong recovery

scanx.trade, 07 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Til | Stock Share Price Live

MarketSmith India, 14 May

Tilray Brands, Inc. (TLRY.TO) Stock Price, News, Quote & History

Yahoo! Finance Canada, 16 Oct

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongGrowth

WeakBusiness Quality · Financial Health · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 4 high-severity red flags sit above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; Interest cover stays above 3x · see Key things to watch ↑