TIL - TIL
📢 Recent Corporate Announcements
TIL Limited has announced the postponement of its Rights Issue Committee meeting, which was originally slated for March 10, 2026. The rescheduling is due to the company awaiting in-principle approval from the Stock Exchanges for the proposed Rights Issue. The meeting is now expected to take place on March 12 or March 13, 2026, contingent upon receiving the necessary regulatory clearances. This meeting is critical as it will finalize the issue price, entitlement ratio, and the record date for shareholders.
- Rights Issue Committee meeting postponed from the original date of March 10, 2026.
- Meeting rescheduled for March 12 or March 13, 2026, pending Stock Exchange approval.
- Agenda includes fixing the record date, issue price, and entitlement ratio for the Rights Issue.
- Delay is attributed specifically to pending in-principle approval from BSE and NSE.
- The Rights Issue is a key fundraising step for the company's capital requirements.
TIL Limited has announced that its Rights Issue Committee meeting is now rescheduled for March 10, 2026. The meeting was previously postponed due to pending in-principle approvals from the stock exchanges regarding the proposed fundraise. During this upcoming session, the committee will finalize critical parameters including the issue price, entitlement ratio, and the record date. This procedural step is essential for the company to proceed with its capital-raising plans through the rights offering.
- Rights Issue Committee meeting rescheduled to March 10, 2026.
- Delay was caused by pending in-principle approvals from BSE and NSE.
- Agenda includes fixing the record date, issue price, and entitlement ratio.
- The meeting will address all matters related to the proposed Rights Issue fundraise.
TIL Limited has announced the rescheduling of its Rights Issue Committee meeting from March 8, 2026, to March 9, 2026. The postponement is due to the pending in-principle approval from stock exchanges regarding the proposed rights issue. During the upcoming meeting, the committee is expected to finalize the issue price, entitlement ratio, and the record date for the fundraise. This follows previous adjournments mentioned in communications dated March 5 and March 7, 2026.
- Rights Issue Committee meeting rescheduled to Monday, March 9, 2026.
- Delay attributed to pending in-principle approval from BSE and NSE.
- Meeting agenda includes fixing the record date, issue price, and entitlement ratio.
- Follows a series of adjournments originally initiated around March 5, 2026.
TIL Limited has announced that its Rights Issue Committee meeting is now rescheduled for Sunday, March 8, 2026. This follows previous postponements on February 27 and March 5, 2026, which were necessitated by pending in-principle approvals from the stock exchanges. The committee is expected to finalize critical parameters including the issue price, entitlement ratio, and the record date for the proposed Rights Issue. Investors should note that this meeting will determine the final terms of the capital infusion.
- Rights Issue Committee meeting rescheduled to March 8, 2026, following previous adjournments.
- Agenda includes fixing the record date, issue price, and entitlement ratio for the Rights Issue.
- Previous delays were attributed to pending in-principle approvals from BSE and NSE.
- The meeting will finalize the terms for the company's proposed fundraising through equity issuance.
TIL Limited has called an Extraordinary General Meeting (EGM) on March 14, 2026, to seek shareholder approval for the acquisition of a 60% equity stake in Tulip Compression Private Limited. The transaction is a related party deal with Gainwell Commosales Private Limited, valued at approximately ₹119.01 Crores. Additionally, the company is seeking to significantly increase its borrowing limit to ₹600 Crores to support business expansion. This move indicates a major strategic shift and capital intensive growth phase for the company.
- Proposed acquisition of 60% stake (37,90,250 shares) in Tulip Compression Private Limited for up to ₹119,01,38,500.
- The acquisition is a Related Party Transaction involving Gainwell Commosales Private Limited.
- Resolution to enhance the company's borrowing limit to ₹600 Crores under Section 180(1)(c) of the Companies Act.
- The EGM is scheduled for March 14, 2026, with remote e-voting starting from March 10, 2026.
- The acquisition is subject to adjustments, escrow arrangements, and working capital conditions as per the Share Purchase Agreement.
TIL Limited's board has approved the acquisition of a 60% majority stake in Tulip Compression Private Limited (TCPL) from its affiliate, Gainwell Commosales, with an option to increase the stake to 74%. This strategic move marks TIL's entry into the clean energy manufacturing ecosystem, specifically targeting CNG, LNG, and Hydrogen fuel equipment. TCPL is a significant player in the gas compression market, having already delivered over 600 online CNG compressors to major Indian City Gas Distribution entities. The integration aims to leverage TIL's heavy manufacturing infrastructure in Kharagpur to internalize TCPL's production and accelerate growth in the energy recovery and storage sectors.
- Acquisition of 60% stake in TCPL with a future option to increase ownership to 74%.
- TCPL has a proven track record with 600+ Online CNG compressors delivered to public and private CGD sectors.
- Targeting annual production of 200+ compressor packages to meet PNGRB minimum work program requirements.
- Strategic expansion into LNG and Hydrogen powerpacks, cryogenic storage, and advanced oil and gas solutions.
- Synergy between TCPL's technology and TIL's 150-acre integrated manufacturing facility in Kharagpur for backward integration.
TIL Limited reported a 9% YoY decline in revenue to ₹7,577 Lakh for Q3FY26, though it achieved a sequential EBITDA growth of 15% to ₹376 Lakh. The company faced a net loss of ₹684 Lakh for the quarter, impacted by new labor code provisions and global headwinds. However, operational momentum is visible through landmark order wins exceeding ₹200 crores from CONCOR and the Indian Defence sectors. With a robust order pipeline of over ₹400 crores and the launch of three new indigenous products, management expects a stronger performance in Q4FY26.
- Revenue stood at ₹7,577 Lakh, a 9% YoY decline but showing sequential stability.
- EBITDA grew 15% QoQ to ₹376 Lakh, with margins improving from 4% to 5% sequentially.
- Secured ₹200+ crores in new orders, including ₹110 crores from the Indian Army and Air Force.
- Order pipeline remains strong at ₹400+ crores, supported by a new ₹30+ crore O&M contract from CONCOR.
- Launched three breakthrough indigenous products, including the CarryKing 515, targeting the high-volume pick-and-carry segment.
TIL Limited reported a net loss of ₹6.84 crore for the quarter ended December 31, 2025, widening from a loss of ₹3.70 crore in the same period last year. Revenue from operations saw a slight decline to ₹73.23 crore compared to ₹79.14 crore YoY. To support growth, the board has approved a significant fundraise of ₹200 crore and the acquisition of a 60% stake in Tulip Compression Private Limited. However, the company is currently navigating a substantial GST demand of ₹40.92 crore and a SEBI penalty, both of which are being contested.
- Net loss for Q3 FY26 widened to ₹6.84 crore from ₹3.70 crore in Q3 FY25.
- Board approved a capital raise of up to ₹200 crore via Rights, Preferential, or QIP modes.
- Proposed acquisition of 60% equity share capital of M/s. Tulip Compression Private Limited.
- Company is contesting a GST demand order of ₹4,092.32 lakhs including interest and penalties.
- Allotted 37,50,000 equity shares on January 26, 2026, following warrant conversions, increasing paid-up capital.
TIL Limited held an Extraordinary General Meeting on January 28, 2026, where shareholders overwhelmingly approved two key board appointments. Mr. Anurag Srivastava was appointed as a Non-Executive Director, and Mr. Vijay Singh Chauhan was appointed as an Independent Director for a five-year term. Both resolutions received 99.9986% support from the votes cast. A total of 56.14 million votes were polled, representing approximately 84.30% of the company's total outstanding shares.
- Appointment of Anurag Srivastava as Non-Executive Director approved with 99.9986% votes in favor.
- Vijay Singh Chauhan appointed as Independent Director for a 5-year term effective from December 22, 2025.
- Total voter turnout was 84.2971% of the 66,602,056 total shares held by 10,503 shareholders.
- Promoter group voted 100% in favor, contributing 45,577,433 votes to the resolutions.
- Only 804 votes (0.0014%) were cast against the resolutions by public non-institutional shareholders.
TIL Limited has approved the conversion of 37,50,000 share warrants into equity shares following the receipt of full consideration from the allottee. The shares were issued at a price of Rs. 160 each, including a premium of Rs. 150 per share. This conversion increases the company's paid-up equity share capital from Rs. 66.60 crore to Rs. 70.35 crore. The allottee is M/s. TIL Global Private Limited, formerly known as Indocrest Defence Solutions Pvt Ltd.
- Conversion of 37,50,000 warrants into equity shares of Rs. 10 face value each
- Issue price set at Rs. 160 per share, representing a premium of Rs. 150
- Paid-up equity capital increased by approximately Rs. 3.75 crore to Rs. 70.35 crore
- Full conversion completed within the stipulated time period by TIL Global Private Limited
TIL Limited conducted an Extraordinary General Meeting (EGM) on January 28, 2026, primarily to formalize the appointments of Mr. Anurag Srivastava and Mr. Vijay Singh Chauhan to the Board. Mr. Chauhan is proposed as an Independent Director for a 5-year term, while Mr. Srivastava joins as a Non-Executive Director. The Chairman also utilized the forum to brief shareholders on 3 new product introductions aimed at business expansion. The meeting saw participation from 64 shareholders through video conferencing.
- Proposed appointment of Mr. Vijay Singh Chauhan as Independent Director for a 5-year tenure
- Proposed appointment of Mr. Anurag Srivastava as Non-Executive Director, effective Nov 10, 2025
- Management highlighted the recent introduction of 3 new products to the company's portfolio
- 64 shareholders attended the meeting; voting results to be finalized by Jan 29, 2026
TIL Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by C B Management Services (P) Limited, confirms that dematerialization requests for the quarter ended December 31, 2025, were processed within prescribed timelines. It further verifies that physical share certificates were mutilated, cancelled, and the names of depositories were updated in the register of members. This is a standard administrative filing ensuring the company's adherence to depository regulations.
- Confirmation of compliance under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
- Covers the reporting period for the quarter ended December 31, 2025.
- Registrar and Share Transfer Agent (RTA) confirmed all dematerialization requests were handled as per regulatory timelines.
- Verification that physical certificates were mutilated and cancelled after being converted to electronic form.
TIL Limited has officially closed its trading window for all designated persons and their immediate relatives starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's upcoming financial disclosures. The closure pertains to the unaudited financial results for the third quarter and nine months ending December 31, 2025. The window will remain shut until 48 hours after the results are publicly declared.
- Trading window closed effective from January 1, 2026.
- Closure is for the purpose of declaring Q3 and nine-month financial results ended December 31, 2025.
- The restriction applies to all Designated Persons and their immediate relatives.
- Trading window will reopen 48 hours after the financial results are announced to the exchanges.
TIL Limited has convened an Extraordinary General Meeting (EGM) on January 28, 2026, to seek shareholder approval for key board appointments. The agenda includes the appointment of Mr. Anurag Srivastava as a Non-Executive Director and Mr. Vijay Singh Chauhan as an Independent Director for a five-year term. Shareholders holding stock as of the cut-off date, January 21, 2026, are eligible to participate in the electronic voting process. This meeting follows the board's earlier recommendations to strengthen the company's governance structure.
- Extraordinary General Meeting (EGM) scheduled for January 28, 2026, via Video Conferencing.
- Appointment of Mr. Anurag Srivastava as Non-Executive Director effective from November 10, 2025.
- Appointment of Mr. Vijay Singh Chauhan as Independent Director for a 5-year term effective December 22, 2025.
- Cut-off date for voting eligibility is January 21, 2026.
- Remote e-voting period runs from January 24, 2026, to January 27, 2026.
TIL Limited has scheduled an Extraordinary General Meeting (EGM) for January 28, 2026, to be conducted via video conferencing. The company has established December 31, 2025, as the record date for identifying shareholders eligible to receive the meeting notice. A cut-off date of January 21, 2026, has been set for determining voting rights. Remote e-voting will be available to shareholders from January 24 to January 27, 2026.
- Extraordinary General Meeting (EGM) scheduled for January 28, 2026, at 11:00 AM IST.
- Record date for dispatching EGM notice is fixed as December 31, 2025.
- Cut-off date for determining e-voting eligibility is January 21, 2026.
- Remote e-voting window opens on January 24, 2026 (9:00 AM) and closes on January 27, 2026 (5:00 PM).
Financial Performance
Revenue Growth by Segment
Total standalone revenue grew 398% YoY to INR 343.07 Cr in FY25. In Q4 FY25, the revenue split was 45% Defense and 55% Non-Defense. Q2 FY26 revenue reached INR 81.45 Cr, a 12% increase YoY.
Geographic Revenue Split
Not specifically disclosed in available documents, though the company is expanding export operations to mitigate domestic fluctuations.
Profitability Margins
The company turned profitable in FY25 with a Standalone PBT of INR 4.48 Cr (before exceptional items) compared to a loss of INR 106.88 Cr in FY24. Net Profit Ratio stood at 0.01% in FY25, down from 3.79% in FY24 due to high exceptional income from OTS in the previous year.
EBITDA Margin
EBITDA margin became positive for the first time in 6 years at 11.73% (INR 40 Cr) for FY25. Q4 FY25 EBITDA margin reached 19.4% (INR 21.5 Cr), while Q2 FY26 EBITDA rose 211% QoQ to INR 3.27 Cr.
Capital Expenditure
Not disclosed as a specific INR Cr figure, but the company is making strategic investments in product innovation and new product launches as of Q2 FY26.
Credit Rating & Borrowing
Ratings were reaffirmed following the Gainwell Group takeover. Finance costs for FY25 were INR 29.10 Cr, representing 8.5% of total revenue. Covenants require fund-based debt to remain below INR 250 Cr in FY25 and INR 300 Cr in FY26/27.
Operational Drivers
Raw Materials
Steel and imported components for crane manufacturing; specific % of total cost not disclosed, but reliance on imports is high enough to create significant foreign exchange risk.
Import Sources
Global markets; specific countries not listed, but the company notes exposure to global economic conditions and geopolitical shifts affecting procurement.
Capacity Expansion
Current capacity not disclosed in MT/units; however, profitability in FY25 was driven by improved capacity utilization and process optimization efforts.
Raw Material Costs
Cost of materials consumed in FY25 was INR 163.01 Cr, representing 47.5% of total revenue. In Q2 FY26, material costs were INR 48.64 Cr, up 14.5% from INR 42.47 Cr in the previous quarter.
Manufacturing Efficiency
Inventory days were significantly reduced by 78.6%, falling from 1061 days in FY24 to 227 days in FY25. Inventory turnover ratio improved 398% to 2.49.
Strategic Growth
Expected Growth Rate
38.50%
Growth Strategy
Growth is targeted through a multi-year program involving product range expansion (Manitowoc and Hyster ranges), process optimization, and capitalizing on synergies with Gainwell Group companies. The company aims to reach INR 475 Cr revenue in FY26.
Products & Services
Material handling and infrastructure equipment, specifically large cranes, Manitowoc range cranes, Hyster range equipment, and defense-grade material handling solutions.
Brand Portfolio
TIL, Manitowoc (collaboration), Hyster (collaboration).
New Products/Services
Ongoing project range expansion and new product launches in H2 FY26; specific revenue contribution % not disclosed.
Market Expansion
Expanding export operations and increasing the defense portfolio, which accounted for 45% of Q4 FY25 revenue.
Strategic Alliances
Technical collaborations with Manitowoc and Hyster; acquired by Gainwell Group via Indocrest Defence Solutions Private Limited.
External Factors
Industry Trends
Growing regulatory emphasis on sustainability and environmentally responsible products is requiring increased investment in compliance and reporting.
Competitive Landscape
Operates in a busy market for standard products but faces 'not too much competition' in the large crane segment.
Competitive Moat
Moat is built on technical collaborations with international leaders (Manitowoc, Hyster) and a strong presence in the defense sector. Sustainability is supported by the new management's ability to achieve a 4x revenue growth in one year.
Macro Economic Sensitivity
Highly sensitive to global economic conditions and geopolitical tensions which affect supply chains and product demand.
Consumer Behavior
Increased demand for infrastructure and defense equipment driven by government spending and industrial expansion.
Geopolitical Risks
Shifts in trade policy and geopolitical tensions are identified as primary threats to supply chain stability and export market access.
Regulatory & Governance
Industry Regulations
Subject to evolving regulatory requirements for licenses, permits, and sustainability standards; failure to adapt can negatively affect operations.
Environmental Compliance
Not disclosed as a specific INR Cr figure, but identified as a trend requiring increased investment for compliance.
Taxation Policy Impact
Effective tax expense of INR 1.29 Cr on PBT of INR 4.19 Cr in FY25 (approx. 30.8%).
Legal Contingencies
Ongoing legal matters involving the company, former promoters, or management are noted as risks for fines or operational restrictions; specific case values not disclosed.
Risk Analysis
Key Uncertainties
Failure to maintain capital adequacy for substantial working capital requirements could significantly impact liquidity and operations.
Geographic Concentration Risk
Not disclosed; however, the company is actively expanding exports to diversify geographic risk.
Third Party Dependencies
High dependency on international technical partners (Manitowoc, Hyster) for product range and technology.
Technology Obsolescence Risk
Technological advancements are cited as a factor that could materially differ actual results from projections if the company fails to adapt.
Credit & Counterparty Risk
Lower counterparty risk noted due to reputation of private and government clients in defense and mining, though government contracts involve procedural payment delays.