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Timken India Ltd Earnings Release 2026
61027_rns_2026-05-18_3170896a-38b1-4247-a64a-4bf61c09a718.pdf
Earnings Release
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TIMKEN
Mandar Vasmatkar
Company Secretary & Chief-Compliance
[email protected]
18 May, 2026
National Stock Exchange of India Limited
Exchange Plaza, Plot No. C/1,
G-Block, Bandra- Kurla Complex,
Bandra (E),
Mumbai- 400 051.
BSE Limited
Phiroze Jeejeebhoy Towers,
Dalal Street, Fort,
Mumbai- 400 001.
NSE Symbol- TIMKEN
Scrip Code- 522113
Dear Sir/Madam,
Sub: Outcome of the Board Meeting held on 18 May, 2026
Pursuant to Regulations 30 and 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we write to inform you that:
- Audited Financial Results:
The Board has approved Audited Financial Results Standalone and Consolidated for the quarter and year ended 31 March, 2026. Copy of Audited Financial Results for the quarter and year ended 31 March, 2026 along with Audit Reports is enclosed herewith.
We confirm that Deloitte Haskins & Sells LLP, Statutory Auditors of the Company have issued Audit Reports with unmodified opinion on said Financial Results.
Further, with reference to the SEBI Circular SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated 19 October, 2023 on fund raising by issuance of Debt Securities by Large Corporates, we would like to inform you that our Company is not a Large Corporate as per framework provided in the aforesaid circular.
- Dividend:
The Board has recommended dividend of Rs. 2.50/- per equity share of Rs. 10 each fully paid up for the year ended 31 March, 2026. This dividend will be paid to eligible shareholders after obtaining approval of the Members of the Company at ensuing Annual General Meeting.
- Change in Management
Mr. Gajanan Bidkar, General Manager – India SCM & Global Sourcing and Mr. Himanshu Kumar Mishra, General Manager – Plant Operations, Jamshedpur have been appointed as Senior Management Persons. For more details, please see Annexure - A.
Engineered Bearings | Mechanical Power Transmission Products | Industrial Services
Registered office:
Timken India Limited
39-42, Electronic City, Phase II, Hosur Road, Bangalore 560 100.
Tel: +91(80) 41362000, Fax: +91(80) 41362010, Website: www.timken.com/en-in/
CIN:L29130KA1996PLC04B230
- Amalgamation of Timken GGB Technology Private Limited with the Company
The Board has approved, subject to approval of shareholders, creditors and National Company Law Tribunal (NCLT) and such other approvals as may be required, a Scheme of Amalgamation amongst Timken India Limited and Timken GGB Technology Private Limited (a wholly owned subsidiary) and their respective shareholders and creditors (“Scheme”) for amalgamation of Timken GGB Technology Private Limited into Timken India Limited on the terms and conditions contemplated in the Scheme.
Additional information required to be disclosed in connection with Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been set out under Annexure - B.
Time of commencement of the Board Meeting: 6.30 PM.
Time of conclusion of Board Meeting: 8.04 PM.
Kindly request you to take this on record.
Thanking you.
Yours faithfully,
For TIMKEN INDIA LIMITED
MANDAR
Onghally signed by
MANDAR MOHANIRAJ
MOHANIRAJ
VASMATKAR
Date: 2026.05.18 21:09:20
+05'30'
Mandar Vasmatkar
Company Secretary
& Chief – Compliance
TIMKEN
2
Annexure -A
Additional information required to be disclosed in connection with Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
| Sl. No. | Particulars | Mr. Gajanan Bidkar | Mr. Himanshu Kumar Mishra |
|---|---|---|---|
| 1. | Reason for change viz. appointment, re-appointment, resignation, removal, death or otherwise | Appointment | Appointment |
| 2. | Date of appointment/re-appointment/cessation (as applicable) & term of appointment/re-appointment | 18 May, 2026 | |
| Until retirement age (60 years) unless separation/resignation occurs earlier as per Company Rules | 18 May, 2026 | ||
| Until retirement age (60 years) unless separation/resignation occurs earlier as per Company Rules | |||
| 3. | Brief profile (in case of appointment) | Refer Annexure A-1 | Refer Annexure A-1 |
| 4. | Disclosure of relationships | Not related to any Director or KMP of the Company | Not related to any Director or KMP of the Company |
TIMKEN
Annexure A-1
BRIEF PROFILE OF MR. GAJANAN BIDKAR
Mr. Gajanan Bidkar, General Manager- India Supply Chain Management (ISCM) and Global Sourcing is responsible for managing Supply chain for India Business, He is broadly responsible for Strategic Sourcing, Supplier Management, Strategic planning, Inventory Management, and leading logistics teams to ensure operational performance.
He joined Timken in 2014 as a Sourcing Manager and held various leadership positions including leading India and Global Sourcing.
Before joining Timken, Mr. Gajanan Bidkar worked with Cummins India and Served in Indian Defence Force (Navy).
Qualifications:
- Bachelor's Degree in Mechanical Engineering.
- Post Graduate Certificate in Business Management from MDI, Gurgaon.
BRIEF PROFILE OF MR. HIMANSHU KUMAR MISHRA
Mr. Himanshu Kumar Mishra, General Manager Jamshedpur Plant, is responsible for operations of Jamshedpur facility. He has worked in Timken across two stints (2007-2011 and 2012-Till date).
During his tenure at Timken, he has handled multiple roles before being named to his current position:
- Plant Metallurgist at Jamshedpur Plant.
- Head – Operations (Raipur Plant) and was instrumental in setting up the Green Field project for Timken Raipur facility.
- DM- SCM where he was responsible for supply chain function for Jamshedpur which included Purchasing of Direct/Indirect material, Manufacturing Planning and EXIM.
- AGM Operations & Lean Manufacturing at Jamshedpur Plant.
Mr. Himanshu holds an Engineering degree in Metallurgy and Material science from BIT and was a gold medalist (2001-2005 Batch). He later completed his MBA from the prestigious Indian Institute of Management (IIM) Calcutta (2011-12).
TIMKEN
Annexure - B
Additional information required to be disclosed in connection with Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
| Name of the entity(ies) forming part of the amalgamation/merger, details in brief such as, size, turnover etc. | Timken GGB Technology Private Limited (“Transferor Company”) is a wholly owned subsidiary of Timken India Limited (“Transferee Company”).
Brief details of turnover and size of entities are as follows:
Transferor Company
Paid up capital as on 31 March, 2026 – INR : 9,72,28,820/-
Turnover for FY 2025-26– INR : 58,71,30,191/-
Transferee Company
Paid up capital as on 31 March, 2026 – INR : 75,21,87,340/-
Turnover for FY 2025-26 – INR : 34,19,31,56,873/- |
| --- | --- |
| Whether amalgamation would fall within related party transaction(s)? if yes, whether the same is done at “arm’s length” | Yes.
Proposed amalgamation is between holding company and wholly owned subsidiary company. This transaction does not attract requirements of Section 188 of the Companies Act, 2013 and Regulation 23 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. |
| Area of business of the entity(ies) | Transferor Company - trading of different types of sealing products and bearings.
Transferee Company - mainly manufacturing and sale of bearings and components. |
| Rationale for amalgamation/merger | Rationale for amalgamation is summarized below:
(i) Simplified management structure, leading to better administration and reduction in costs from more focused operational efforts, rationalisation, standardisation and simplification of business processes, |
TIMKEN
| | and the elimination of duplication and rationalisation of administrative expenses;
(ii) Cost savings are expected to flow from more focused operational efforts, rationalisation, usage of common resource pools like human resource, administration, finance, accounting, legal, technology and other related functions, leading to elimination of duplication and rationalisation of administrative expenses;
(iii) Greater integration and greater financial strength and flexibility for the Transferee Company, which would result in maximizing overall shareholder value;
(iv) Creation of a single unified entity with a wider and stronger capital and asset base, having greater capacity for conducting its operations more efficiently and competitively;
(v) Efficient use of infrastructure facilities and optimum utilisation of the available resources resulting in substantial reduction in statutory compliances;
(vi) Greater efficiency in cash management of the Transferee Company and unfettered access to cash flow generated by the combined business which can be deployed more efficiently to fund growth opportunities, to maximise shareholder value;
(vii) Simplification of group structure by eliminating multiple companies resulting in better clarity for external stakeholders, especially shareholders.
(viii) The amalgamation will enable integration and standardisation of the business operations, including alignment of transfer pricing methodologies, documentation and related party transaction policies of the Transferor Company with those of the Transferee Company, thereby ensuring a consistent group-wide framework in accordance with applicable law. |
| --- | --- |
| Consideration -whether cash consideration or share swap or any other form and details of the same | No cash consideration is involved in the Scheme. |
TIMKEN
6
| Transferor Company is a wholly owned subsidiary of Transferee Company. Upon the Scheme coming into effect investment made by Transferee Company in Transferor Company shall stand cancelled. No shares are proposed to be issued and no consideration is payable by Transferee Company pursuant to the Scheme. | |
|---|---|
| Brief details of change in Shareholding Pattern (if any) of the Company | There will be no change in the Shareholding pattern of the Transferee Company pursuant to the Scheme. |
TIMKEN
7
TIMKEN INDIA LIMITED
Regd. Office: 39-42, Electronic City Phase II, Hosur Road, Bangalore - 560 100
Tel: +91 80 4136 2000 Fax: +91 80 4136 2010
CIN: L29130KA1996PLC048230 Website: www.timken.com/en-in.
| STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER &YEAR ENDED MARCH 31, 2026 | ||||||
|---|---|---|---|---|---|---|
| (If in Million except as otherwise stated) | ||||||
| SI. No. | Particulars | Three months ended | Financial Year ended | Financial Year ended | ||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | ||
| (refer note 4) | Unaudited | (refer note 4) | Audited | Audited | ||
| 1 | Income | |||||
| (a) Revenue from operations | 10,731.35 | 7,643.76 | 9,397.91 | 34,193.16 | 31,478.10 | |
| (b) Other Income | 26.38 | 56.99 | 138.55 | 280.01 | 501.81 | |
| Total Income | 10,757.73 | 7,700.75 | 9,536.46 | 34,473.17 | 31,979.91 | |
| 2 | Expenses | |||||
| (a) Cost of materials consumed | 2,243.25 | 2,793.90 | 2,718.39 | 10,127.58 | 9,571.98 | |
| (b) Purchases of Stock-in-Trade | 3,081.93 | 3,185.54 | 2,357.35 | 11,176.67 | 9,012.76 | |
| (c) Changes in inventories of finished goods, Stock-in-Trade and work-in-progress | 1,137.50 | (1,071.63) | 527.66 | (339.77) | 419.19 | |
| (d) Employee benefits expenses | 479.73 | 482.14 | 430.39 | 1,824.93 | 1,700.23 | |
| (e) Finance costs | 9.64 | 7.81 | 11.92 | 36.83 | 42.89 | |
| (f) Depreciation & amortization expenses | 295.34 | 288.01 | 208.67 | 1,057.28 | 847.70 | |
| (g) Other expenses | 1,436.58 | 1,295.63 | 1,266.76 | 5,285.73 | 4,857.87 | |
| Total Expenses | 8,683.97 | 6,981.38 | 7,021.14 | 29,169.25 | 26,453.02 | |
| 3 | Profit before tax (1-2) | 2,073.76 | 719.37 | 2,015.32 | 5,303.92 | 5,527.29 |
| 4 | Tax Expenses | |||||
| - Current tax (includes reversal relating to earlier years) | 486.16 | 198.87 | 144.64 | 1,167.43 | 1,069.60 | |
| - Deferred tax charge / (credit) | 39.99 | 22.01 | 2.39 | 153.16 | (16.17) | |
| Total tax expenses | 525.92 | 220.88 | 147.03 | 1,320.59 | 1,003.43 | |
| Net Profit after tax (3-4) | 1,547.94 | 498.49 | 1,866.29 | 3,983.33 | 4,473.86 | |
| 5 | Other comprehensive income | |||||
| Items not to be reclassified to profit or loss : | ||||||
| - (i) Re-measurement gains/ (losses) on defined benefit plans | 21.18 | (7.59) | (4.99) | 14.61 | (13.14) | |
| (ii) Income tax effect on above | (5.33) | 1.91 | 1.26 | (3.68) | 3.31 | |
| Total other comprehensive income / (loss) | 10.80 | (5.68) | (3.73) | 10.93 | (9.83) | |
| 6 | Total comprehensive income (5+6) | 1,563.79 | 492.81 | 1,864.56 | 3,994.26 | 4,464.03 |
| Paid-up equity share capital - (of Rs 10/- each) | 752.19 | 752.19 | 752.19 | 752.19 | 752.19 | |
| Other Equity | 28,982.85 | 27,696.46 | ||||
| Earnings per Share (of Rs 10/- each) (Basic & Diluted) Rs. | 20.58 | 6.63 | 24.94 | 52.96 | 59.48 | |
| Not annualised | Not annualised | Not annualised | Annualised | Annualised |
Notes:
(1) The above standalone financial results of Timken India Limited ("the Company") as reviewed by the Audit Committee have been approved by the Board of Directors at its meeting held on May 18, 2026. The results for the year ended March 31, 2026 have been audited and the results for the quarter ended March 31, 2026 have been reviewed by Deloitte Haskins & Sells LLP, the statutory auditors of the Company. The statutory auditors of the Company have expressed an unmodified opinion on the standalone financial results for the year ended March 31, 2026 and have issued an unmodified conclusion in respect of the limited review for the quarter ended March 31, 2026.
(2) The Company has only one reportable primary segment, viz. 'Bearings and allied goods & services'. Accordingly, no separate disclosure of segment information has been made.
(3) The Standalone Statement of Assets and Liabilities as at March 31, 2026 is given as Annexure - A and Standalone Statement of Cash Flows for the year ended March 31, 2026 is given as Annexure - B.
(4) The figures for the quarters ended March 31, 2026 and March 31, 2025 are balancing figures between audited figures in respect of full financial years ended March 31, 2026 and March 31, 2025 respectively and the unaudited published year to date figures upto December 31, 2025 and December 31, 2024 respectively, being the end of the third quarter of the respective financial years, which were subjected to Limited Review by the statutory auditors.
(5) The Board has recommended, subject to approval of the members of the Company at ensuing Annual General Meeting, payment of dividend of ₹ 2.50 (PY ₹ 36.00) per equity share of Rs. 10 each fully paid.
(6) These Standalone financial results of the Company have been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with relevant rules issued thereunder ("IND AS") and other accounting principles generally accepted in India and guidelines issued by the Securities and Exchange Board of India ("SEBI").
(7) On November 21, 2025, the Government of India notified four Labour Codes effective immediately, replacing the existing 29 labour laws. In accordance with Ind AS 19 - Employee benefits, changes to employee benefit plans arising from legislative amendments are treated as plan amendments, requiring immediate recognition of past service cost in the Statement of Profit and Loss and this approach is consistent with the guidance issued by the Institute of Chartered Accountants of India. The Company has considered restructured compensation of its employees with effect from April 1, 2026, and assessed the impact of the changes, which has been recognised as an employee benefit expense in the year ended March 31, 2026. The Company continues to monitor the finalisation of Central and State Rules, as well as Government clarifications on other aspects of the Labour Codes and will incorporate appropriate accounting treatment based on these developments as required.
(8) The Company acquired 100% equity shares of Timken GGB Technology Private Limited ("GGB") from Timken Europe B.V., Netherlands and The Timken Company, USA through execution of a Share Purchase Agreement dated November 21, 2025 for a consideration of ₹ 1,288 Million. The consideration was paid on December 01, 2025. Consequently, GGB is a wholly owned subsidiary of the Company.
(9) On March 16, 2026, The Company has invested Rs 7 Million to acquire 26.1% of equity in Sunstream Green Energy C & I Three Private Limited to secure electricity from renewable sources as per Group Captive Scheme.
May 18, 2026
Bangalore
TIMKEN INDIA LIMITED
Regd. Office: 39-42, Electronic City Phase II, Hosur Road, Bangalore - 560 100
Tel : +91 80 4136 2000 Fax : +91 80 4136 2010
CIN : L29130KA1996PLC048230 Website: www.timken.com/en-in.
TIMKEN
Annexure - A
STANDALONE STATEMENT OF ASSETS & LIABILITIES AS AT MARCH 31, 2026
| (If in Million except as otherwise stated) | |||
|---|---|---|---|
| Particulars | As at | As at | |
| March 31, 2026 | March 31, 2025 | ||
| (Audited) | (Audited) | ||
| ASSETS | |||
| 1 Non-current assets | |||
| (a) | Property, Plant and Equipment | 11,111.05 | 4,648.79 |
| (b) | Right-of-use assets | 1,083.15 | 1,125.55 |
| (c) | Capital work-in-progress | 1,007.22 | 5,916.58 |
| (d) | Investment property | 94.18 | 96.23 |
| (e) | Goodwill | 1,813.11 | 1,813.11 |
| (f) | Other intangible assets | 355.88 | 402.71 |
| (g) | Financial assets | ||
| (i) | Investments | 1,295.39 | 0.30 |
| (j) | Loans | 0.47 | 0.60 |
| (k) | Other financial assets | 251.29 | 218.11 |
| (l) | Non-current tax assets (net) | 124.52 | 138.12 |
| (m) | Other non-current assets | 462.36 | 367.72 |
| Total non-current assets | 17,598.62 | 14,727.82 | |
| 2 Current assets | |||
| (a) | Inventories | 7,783.35 | 6,446.61 |
| (b) | Financial assets | ||
| (i) | Investments | 507.24 | 1,171.00 |
| (j) | Trade receivables | 7,977.21 | 6,998.24 |
| (k) | Cash and Cash equivalents | 2,174.70 | 3,943.49 |
| (l) | Other bank balances | 69.65 | 31.27 |
| (l) | Loans | 0.88 | 1.27 |
| (m) | Other financial assets | 247.26 | 145.92 |
| (n) | Other current assets | 1,155.33 | 787.94 |
| Total current assets | 19,915.62 | 19,525.74 | |
| Total assets | 37,514.24 | 34,253.56 | |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| (a) | Equity share capital | 752.19 | 752.19 |
| (b) | Other Equity | 28,982.85 | 27,696.46 |
| Equity attributable to owners of the Company | 29,735.04 | 28,448.65 | |
| Liabilities | |||
| 1 Non-current liabilities | |||
| (a) | Financial liabilities | ||
| (i) | Lease liabilities | 117.23 | 136.95 |
| (j) | Other financial liabilities | 2.40 | 2.40 |
| (b) | Provisions | 106.17 | 100.94 |
| (c) | Deferred tax liabilities (net) | 362.92 | 209.76 |
| (d) | Other non-current liabilities | 298.77 | 237.68 |
| Total non-current liabilities | 887.49 | 687.73 | |
| 2 Current liabilities | |||
| (a) | Financial liabilities | ||
| (i) | Lease liabilities | 28.39 | 29.22 |
| (j) | Trade payables | ||
| Total outstanding dues of micro enterprises and small enterprises | 894.19 | 460.59 | |
| Total outstanding dues of creditors other than micro enterprises and small enterprises | 5,140.76 | 3,509.49 | |
| (k) | Other financial liabilities | 383.38 | 646.88 |
| (l) | Other current liabilities | 204.27 | 86.83 |
| (m) | Provisions | 133.43 | 77.33 |
| (n) | Current tax liabilities (net) | 107.29 | 306.84 |
| Total current liabilities | 6,891.71 | 5,117.18 | |
| Total liabilities | 7,779.20 | 5,804.91 | |
| Total Equity and Liabilities | 37,514.24 | 34,253.56 |
CITY OF CENTRAL SKINS & WELLS
CHARTERED ACCOUNTANTS
39-42 Electronic City Phase -II Hosur Road
RANGALORE INDIA LTD
TIMKEN
| TIMKEN INDIA LIMITED Regd. Office: 39-42, Electronic City Phase II, Hosur Road, Bangalore - 560 100 Tel: +91 80 4136 2000 Fax: +91 80 4136 2010 CIN: L29130KA1996PLC048230 Website: www.timken.com/en-in. | ||||
|---|---|---|---|---|
| STANDALONE STATEMENT OF CASH FLOWS (If in Million except as otherwise stated) | ||||
| Particulars | Year ended | |||
| March 31, 2026 | March 31, 2025 | |||
| (Audited) | (Audited) | |||
| A. Cash Flow from Operating Activities : | ||||
| Profit for the year | 3,983.33 | 4,473.86 | ||
| Adjustments for : | ||||
| Income tax expenses | 1,320.59 | 1,053.43 | ||
| Depreciation and amortisation expenses | 1,057.28 | 847.70 | ||
| Interest income | (167.07) | (220.49) | ||
| Finance costs | 36.83 | 42.89 | ||
| Dividend income on current investments- Non trade | (54.93) | (141.93) | ||
| (Profit)/Loss on disposal of Property, Plant & Equipment (Net) | 0.62 | (18.23) | ||
| Deferred government grant income | (16.95) | (18.59) | ||
| Unrealised foreign exchange loss / (gain) | 47.06 | (15.55) | ||
| Operating profit before working capital changes | 2,223.43 | 1,529.23 | ||
| Changes in working capital | 6,206.76 | 6,003.09 | ||
| Trade receivables | (907.52) | (492.02) | ||
| Loans, other financial assets and other assets | (453.03) | (586.41) | ||
| Inventories | (1,336.74) | 220.25 | ||
| Trade payables | 1,924.00 | 138.24 | ||
| Short term borrowings | (60.43) | |||
| Other financial liabilities, other liabilities & provisions | 297.86 | 59.45 | ||
| (475.43) | (720.92) | |||
| Cash generated from Operations | 5,731.33 | 5,282.17 | ||
| Direct taxes paid (net of refund) | (1,357.06) | (1,409.19) | ||
| Net Cash generated from Operating Activities (A) | 4,374.27 | 3,872.98 | ||
| B. Cash Flow from Investing Activities : | ||||
| Purchase of Property, Plant & Equipment including capital work in progress and capital advances | (2,970.68) | (3,775.48) | ||
| Proceeds from disposal of property, plant & equipment | 0.99 | 37.51 | ||
| Dividend received | 54.93 | 141.93 | ||
| Interest received | 167.07 | 220.49 | ||
| Investment in equity | (1,295.09) | - | ||
| Net Cash used in Investing Activities (B) | (4,042.78) | (3,375.55) | ||
| C. Cash Flow from Financing Activities : | ||||
| Interest paid | (36.83) | (42.89) | ||
| Repayment of lease liabilities | (41.74) | (42.37) | ||
| Dividend paid | (2,707.87) | (188.02) | ||
| Net Cash used in Financing Activities (C) | (2,786.44) | (273.28) | ||
| Net increase / (decrease) in Cash and Cash equivalents (A) +(B) +(C) | (2,454.95) | 224.15 | ||
| Cash and Cash equivalents - Opening Balance | 5,114.49 | 4,887.00 | ||
| Effect of exchange differences on restatement of foreign currency cash & cash equivalents | 22.40 | 3.34 | ||
| Cash and Cash equivalents - Closing Balance | 2,681.94 | 5,114.49 | ||
| Reconciliation of Cash and Cash equivalents with the Balance Sheet : | ||||
| Particulars | As at March 31, 2026 | As at March 31, 2025 | ||
| Cash and Cash equivalents as per Balance Sheet comprises : | ||||
| Balance with banks | 2,174.70 | 3,943.49 | ||
| Short term Investments | 507.24 | 1,171.00 | ||
| Cash and Cash equivalents | 2,681.94 | 5,114.49 |
CHURCH OF ASKINS & ASSOCIATES
39-42
Electronic City
Phase -II
Hosur Road
BANGALORE
Deloitte Haskins & Sells LLP
Chartered Accountants
Prestige Trade Tower, Level 19
46, Palace Road, High Grounds
Bengaluru - 560 001
Karnataka, India
Tel: +91 80 6188 6000
Fax: +91 80 6188 6011
INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF TIMKEN INDIA LIMITED
Opinion and Conclusion
We have (a) audited the Standalone Financial Results for the year ended March 31, 2026 and (b) reviewed the Standalone Financial Results for the quarter ended March 31, 2026 (refer 'Other Matters' section below), which were subject to limited review by us, both included in the accompanying "Statement of standalone financial results for the quarter and year ended March 31, 2026" of TIMKEN INDIA LIMITED (the "Company") (the "Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "LODR Regulations").
(a) Opinion on Annual Standalone Financial Results
In our opinion and to the best of our information and according to the explanations given to us, the Standalone Financial Results for the year ended March 31, 2026:
i. are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
ii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information of the Company for the year then ended.
(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended March 31, 2026
With respect to the Standalone Financial Results for the quarter ended March 31, 2026, based on our review conducted as stated in paragraph (b) of Auditor's Responsibilities section below, nothing has come to our attention that causes us to believe that the Standalone Financial Results for the quarter ended March 31, 2026, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
Regd. Office: One International Center, Tower 3, 31st Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013, Maharashtra, India
Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP Identification No. AAB-8737
Deloitte Haskins & Sells LLP
Basis for Opinion on the Audited Standalone Financial Results for the year ended March 31, 2026
We conducted our audit in accordance with the Standards on Auditing ("SA"s) specified under Section 143(10) of the Companies Act, 2013 (the "Act"). Our responsibilities under those Standards are further described in paragraph (a) of Auditor's Responsibilities section below. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (the "ICAI") together with the ethical
requirements that are relevant to our audit of the Standalone Financial Results for the year ended March 31, 2026 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.
Management's and Board of Directors' Responsibilities for the Statement
This Statement which includes the Standalone Financial Results is the responsibility of the Company's Board of Directors and has been approved by them for the issuance. The Standalone Financial Results for the year ended March 31, 2026 has been compiled from the related audited financial statements. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter and year ended March 31, 2026 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the LODR Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the Standalone Financial Results, the Board of Directors is responsible for assessing the Company's ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the financial reporting process of the Company.
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Deloitte
Haskins & Sells LLP
Auditor's Responsibilities
(a) Audit of the Standalone Financial Results for the year ended March 31, 2026
Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results for the year ended March 31, 2026 as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Standalone Financial Results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Annual Standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
- Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the LODR Regulations.
- Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
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Deloitte Haskins & Sells LLP
- Evaluate the overall presentation, structure and content of the Annual Standalone Financial Results, including the disclosures, and whether the Annual Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of the Company to express an opinion on the Annual Standalone Financial Results.
Materiality is the magnitude of misstatements in the Annual Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Standalone Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Standalone Financial Results.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
(b) Review of the Standalone Financial Results for the quarter ended March 31, 2026
We conducted our review of the Standalone Financial Results for the quarter ended March 31, 2026 in accordance with the Standard on Review Engagements ("SRE") 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the ICAI. A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with SAs specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
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Deloitte Haskins & Sells LLP
Other Matters
The Statement includes the results for the Quarter ended March 31, 2026 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us.
Our report on the Statement is not modified in respect of this matter.
For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm's Registration No. 117366W/W-100018)
ANKIT DAGA
Digitally signed by ANKIT DAGA
Date: 2026.05.18
21:01:57 +05'30'
Ankit Daga
(Partner)
(Membership No. 512486)
UDIN:26512486NOKLFC7024
Place: Bengaluru
Date: May 18, 2026
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Deloitte
Haskins & Sells LLP
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TIMKEN INDIA LIMITED
Regd. Office: 39-42, Electronic City Phase II, Hosur Road, Bangalore - 560 100
Tel: +91 80 4136 2000 Fax: +91 80 4136 2010
C/N: L29130KA1996PLC048230 Website: www.timken.com/en-in.
TIMKEN
STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER &YEAR ENDED MARCH 31, 2020
| Sl. No. | Particulars | Three months ended | Financial Year ended | Financial Year ended | ||
|---|---|---|---|---|---|---|
| March 31, 2020 | December 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 | ||
| (refer note 4) | Unaudited | (refer note 4 & 9) | Audited | (refer note 6) | ||
| 1 | Income | |||||
| (a) Revenue from operations | 10,898.26 | 7,796.69 | 9,514.57 | 34,780.29 | 31,971.96 | |
| (b) Other Income | 8.16 | 71.53 | 142.25 | 300.61 | 509.62 | |
| Total Income | 10,906.42 | 7,868.22 | 9,556.82 | 35,080.90 | 32,481.56 | |
| 2 | Expenses | |||||
| (a) Cost of materials consumed | 2,262.86 | 2,878.56 | 2,767.44 | 10,356.31 | 9,753.60 | |
| (b) Purchases of Stock-in-Trade | 3,096.68 | 3,215.22 | 2,372.50 | 11,256.83 | 9,075.43 | |
| (c) Changes in inventories of finished goods, Stock-in-Trade and work-in-progress | 1,159.78 | (1,098.95) | 521.11 | (341.65) | 414.80 | |
| (d) Employee benefits expenses | 489.94 | 492.20 | 439.40 | 1,865.05 | 1,736.35 | |
| (e) Finance costs | 9.64 | 7.97 | 12.12 | 37.38 | 43.75 | |
| (f) Depreciation & amortization expenses | 296.02 | 288.85 | 209.48 | 1,060.46 | 851.13 | |
| (g) Other expenses | 1,451.24 | 1,301.93 | 1,272.58 | 5,320.23 | 4,879.71 | |
| Total Expenses | 6,766.14 | 7,085.78 | 7,564.62 | 26,554.50 | 26,754.77 | |
| 3 | Profit before tax (1-2) | 2,120.26 | 782.44 | 2,062.19 | 5,526.31 | 5,726.81 |
| 4 | Tax Expenses | |||||
| - Current tax (includes reversal relating to earlier years) | 497.66 | 215.19 | 156.98 | 1,224.22 | 1,121.64 | |
| - Deferred tax charge / (credit) | 39.57 | 21.69 | 2.14 | 153.24 | (16.77) | |
| Total tax expenses | 537.23 | 236.98 | 150.12 | 1,377.48 | 1,104.87 | |
| 5 | Net Profit after tax (3-4) | 1,383.05 | 545.56 | 1,903.07 | 4,148.85 | 4,021.94 |
| 6 | Other comprehensive income | |||||
| Items not to be reclassified to profit or loss : | ||||||
| - (i) Re-measurement gains/ (losses) on defined benefit plans | 21.29 | (7.54) | (4.96) | 14.88 | (13.03) | |
| (ii) Income tax effect on above | (0.36) | 1.80 | 1.25 | (3.75) | 3.27 | |
| Total other comprehensive income / (loss) | 15.63 | (5.64) | (3.71) | 11.13 | (9.75) | |
| 7 | Total comprehensive income (5+6) | 1,598.98 | 539.92 | 1,899.36 | 4,159.98 | 4,012.19 |
| 8 | Paid-up equity share capital - (of Rs 10/- each) | 752.19 | 752.19 | 752.19 | 752.19 | 752.19 |
| 9 | Other Equity | 28,393.56 | 28,229.54 | |||
| 10 | Earnings per Share (of Rs 10/- each) (Basic & Diluted) Rs. | 21.05 | 7.25 | 25.30 | 55.16 | 61.45 |
| Not annualised | Not annualised | Not annualised | Annualised | Annualised |
Notes:
(1) The above consolidated financial results of Timken India Limited ("the Group") as reviewed by the Audit Committee have been approved by the Board of Directors at its meeting held on May 18, 2026. The results for the year ended March 31, 2026 have been audited and the results for the quarter ended March 31, 2026 have been reviewed by Deloitte Haskins & Sells LLP, the statutory auditors of the group. The statutory auditors of the group have expressed an unmodified opinion on the consolidated financial results for the year ended March 31, 2026 and have issued an unmodified conclusion in respect of the limited review for the quarter ended March 31, 2026.
(2) The group has only one reportable primary segment, viz. 'Bearings and allied goods & services'. Accordingly, no separate disclosure of segment information has been made.
(3) The Consolidated Statement of Assets and Liabilities as at March 31, 2025 is given as Annexure - A and Consolidated Statement of Cash Flows for the year ended March 31, 2025 is given as Annexure - B.
(4) The figures for the quarters ended March 31, 2025 and March 31, 2025 are balancing figures between audited figures in respect of full financial years ended March 31, 2026 and March 31, 2025, respectively and the unaudited published year to date figures upto December 31, 2025 and December 31, 2024 respectively, being the end of the third quarter of the respective financial years, which were subjected to Limited Review by the statutory auditors.
(5) The Board has recommended, subject to approval of the members of Timken India Limited at ensuing Annual General Meeting, payment of dividend of ₹ 2.50 (PY ₹ 36.00) per equity share of Rs. 10 each fully paid.
(6) These consolidated financial results of the group have been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with relevant rules issued thereunder ('IND AS') and other accounting principles generally accepted in India and guidelines issued by the Securities and Exchange Board of India ("SEBI").
(7) On November 21, 2025, the Government of India notified four Labour Codes effective immediately, replacing the existing 29 labour laws. In accordance with Ind AS 19 - Employee benefits, changes to employee benefit plans arising from legislative amendments are treated as plan amendments, requiring immediate recognition of past service cost in the Statement of Profit and Loss and this approach is consistent with the guidance issued by the Institute of Chartered Accountants of India. The group has considered restructured compensation of its employees with effect from April 1, 2026, and assessed the impact of the changes, which has been recognised as an employee benefit expense in the year ended March 31, 2026. The group continues to monitor the finalisation of Central and State Rules, as well as Government clarifications on other aspects of the Labour Codes and will incorporate appropriate accounting treatment based on these developments as required.
(8) Timken India Limited acquired 100% equity shares of Timken GGB Technology Private Limited ("GGB") from Timken Europe B.V., Netherlands and The Timken Company, USA through execution of a Share Purchase Agreement dated November 21, 2025 for a consideration of ₹ 1,286 Million. The total consideration was paid on December 01, 2025. Consequently, GGB has become a wholly owned subsidiary of Timken India Limited.
The transaction being a "Common control business combination" as defined under Ind AS 103 - Business Combinations, accounting has been carried out from the first day of the preceding period i.e. April 1, 2024 and under the pooling of interest method, as prescribed Appendix C of Ind AS 103. Accordingly, assets, liabilities, income and expenses of GGB have been accounted in the consolidated books of account at their carrying amounts.
The comparative consolidated financial results for the quarter and year ended March 31, 2025 are presented solely based on the information compiled by the management and have not been reviewed by the statutory auditor except to the extent it relates to the Parent and adjustments made to the financial information of the Subsidiary to comply with Indian Accounting Standards. The financial statements of the subsidiary for the year ended March 31, 2025 considered for consolidation, were audited by another auditor who expressed an unmodified opinion vide their report dated September 19, 2025.
(9) On March 16, 2026, Timken India Limited has invested Rs 7 Million to acquire 26.1% of equity in Sunstream Green Energy C & I Three Private Limited to secure electricity from renewable sources as per Group Captive Scheme.
May 18, 2026
Bangalore
TIMKEN INDIA LIMITED
Regd. Office: 39-42, Electronic City Phase II, Hosur Road, Bangalore - 560 100
Tel : +91 80 4136 2000 Fax : +91 80 4136 2010
CIN : L29130KA1996PLC048230 Website: www.timken.com/en-in.
| CONSOLIDATED STATEMENT OF ASSETS & LIABILITIES AS AT MARCH 31, 2026 | ||
|---|---|---|
| (If in Million except as otherwise stated) | ||
| Particulars | As at | As at |
| March 31, 2026 | March 31, 2025 | |
| Audited | (refer Note 8) | |
| ASSETS | ||
| 1 Non-current assets | ||
| (a) Property, Plant and Equipment | 11,115.03 | 4,653.48 |
| (b) Right-of-use assets | 1,083.15 | 1,134.44 |
| (c) Capital work-in-progress | 1,007.22 | 5,916.58 |
| (d) Investment property | 94.18 | 96.23 |
| (e) Goodwill | 1,813.11 | 1,813.11 |
| (f) Other intangible assets | 355.88 | 402.71 |
| (g) Financial assets | ||
| (i) Investments | 7.30 | 0.30 |
| (j) Loans | 0.47 | 0.60 |
| (k) Other financial assets | 264.66 | 232.03 |
| (h) Non-current tax assets (net) | 128.84 | 138.12 |
| (i) Deferred tax assets (net) | 9.25 | 9.34 |
| (j) Other non-current assets | 462.36 | 367.72 |
| Total non-current assets | 16,341.40 | 14,764.66 |
| 2 Current assets | ||
| (a) Inventories | 7,882.63 | 6,525.23 |
| (b) Financial assets | ||
| (i) Investments | 507.24 | 1,171.00 |
| (ii) Trade receivables | 8,112.61 | 7,087.88 |
| (iii) Cash and Cash equivalents | 2,684.71 | 4,356.73 |
| (iv) Other bank balances | 69.65 | 31.27 |
| (v) Loans | 0.88 | 1.27 |
| (vi) Other financial assets | 247.42 | 146.08 |
| (vii) Other current assets | 1,156.75 | 795.05 |
| Total current assets | 20,661.89 | 20,114.51 |
| Total assets | 37,003.34 | 34,879.17 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| (a) Equity share capital | 752.19 | 752.19 |
| (b) Other Equity | 28,393.56 | 28,229.54 |
| Equity attributable to owners of the Company | 29,145.75 | 28,981.73 |
| Liabilities | ||
| 1 Non-current liabilities | ||
| (a) Financial liabilities | ||
| (i) Lease liabilities | 117.23 | 144.76 |
| (ii) Other financial liabilities | 2.40 | 2.40 |
| (b) Provisions | 109.99 | 104.33 |
| (c) Deferred tax liabilities (net) | 362.92 | 209.76 |
| (d) Other non-current liabilities | 298.77 | 237.68 |
| Total non-current liabilities | 891.31 | 698.93 |
| 2 Current liabilities | ||
| (a) Financial liabilities | ||
| (i) Lease liabilities | 28.39 | 31.56 |
| (ii) Trade payables | ||
| Total outstanding dues of micro enterprises and small enterprises | 896.06 | 460.59 |
| Total outstanding dues of creditors other than micro enterprises and small enterprises | 5,208.41 | 3,574.53 |
| (iii) Other financial liabilities | 383.38 | 646.88 |
| (b) Other current liabilities | 208.72 | 88.06 |
| (c) Provisions | 134.03 | 77.88 |
| (d) Current tax liabilities (net) | 107.29 | 319.01 |
| Total current liabilities | 6,966.28 | 5,198.51 |
| Total liabilities | 7,857.50 | 5,997.44 |
| Total Equity and Liabilities | 37,003.34 | 34,879.17 |
CHARTERED ACCOUNTANTS & DEPT
39-42 Electronic City Phase-III Hosur Road
TIMKEN
TIMKEN
| TIMKEN INDIA LIMITED Regd. Office: 39-42, Electronic City Phase II, Hosur Road, Bangalore - 560 100 Tel: +91 80 4136 2000 Fax: +91 80 4136 2010 CIN: L29130KA1996PLC048230 Website: www.timken.com/en-in. | ||||
|---|---|---|---|---|
| CONSOLIDATED STATEMENT OF CASH FLOWS (If in Million except as otherwise stated) | ||||
| Particulars | Year ended | |||
| March 31, 2026 | March 31, 2025 | |||
| Audited | (refer Note 8) | |||
| A. Cash Flow from Operating Activities : | ||||
| Profit for the year | 4,148.85 | 4,621.94 | ||
| Adjustments for : | ||||
| Income tax expenses | 1,377.46 | 1,104.87 | ||
| Depreciation and amortisation expenses | 1,060.46 | 851.13 | ||
| Interest income | (186.25) | (228.12) | ||
| Finance costs | 37.36 | 43.75 | ||
| Dividend income on current investments- Non trade | (54.93) | (141.93) | ||
| (Profit)/Loss on disposal of Property, Plant & Equipment (Net) | 1.23 | (18.23) | ||
| Deferred government grant income | (16.95) | (18.59) | ||
| Unrealised foreign exchange loss / (gain) | 50.94 | (13.10) | ||
| 2,269.32 | 1,579.78 | |||
| Operating profit before working capital changes | 6,418.17 | 6,201.72 | ||
| Changes in working capital | ||||
| Trade receivables | (953.32) | (496.93) | ||
| Loans, other financial assets and other assets | (446.59) | (605.69) | ||
| Inventories | (1,357.40) | 206.74 | ||
| Trade payables | 1,924.64 | 144.33 | ||
| Short term borrowings | (60.43) | |||
| Other financial liabilities, other liabilities & provisions | 300.70 | 48.04 | ||
| (531.97) | (763.94) | |||
| Cash generated from Operations | 5,886.20 | 5,437.78 | ||
| Direct taxes paid (net of refund) | (1,430.33) | (1,451.02) | ||
| Net Cash generated from Operating Activities (A) | 4,455.87 | 3,986.76 | ||
| B. Cash Flow from Investing Activities : | ||||
| Purchase of Property, Plant & Equipment including capital work in progress and capital advances | (2,971.71) | (3,775.68) | ||
| Proceeds from disposal of property, plant & equipment | 1.30 | 37.51 | ||
| Dividend received | 54.93 | 141.93 | ||
| Interest received | 186.25 | 228.12 | ||
| Investment in equity | (1,295.09) | |||
| Net Cash used in Investing Activities (B) | (4,024.32) | (3,368.12) | ||
| C. Cash Flow from Financing Activities : | ||||
| Interest paid | (37.36) | (43.75) | ||
| Repayment of lease liabilities | (44.50) | (45.13) | ||
| Dividend paid | (2,707.87) | (188.02) | ||
| Net Cash used in Financing Activities (C) | (2,789.73) | (276.90) | ||
| Net increase / (decrease) in Cash and Cash equivalents (A) + (B) + (C) | (2,358.18) | 341.74 | ||
| Cash and Cash equivalents - Opening Balance | 5,527.73 | 5,182.65 | ||
| Effect of exchange differences on restatement of foreign currency cash & cash equivalents | 22.40 | 3.34 | ||
| Cash and Cash equivalents - Closing Balance | 3,191.95 | 5,527.73 | ||
| Reconciliation of Cash and Cash equivalents with the Balance Sheet : | ||||
| Particulars | As at March 31, 2026 | As at March 31, 2025 (refer Note 8) | ||
| Cash and Cash equivalents as per Balance Sheet comprises : | ||||
| Balance with banks | 2,684.71 | 4,356.73 | ||
| Short term Investments | 507.24 | 1,171.00 | ||
| Cash and Cash equivalents | 3,191.95 | 5,527.73 |
CHARTERED ACCOUNTANTS
29-42 Electronic City Phase-II Hosur Road
Deloitte Haskins & Sells LLP
Chartered Accountants
Prestige Trade Tower, Level 19
46, Palace Road, High Grounds
Bengaluru - 560 001
Karnataka, India
Tel: +91 80 6188 6000
Fax: +91 80 6188 6011
INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF TIMKEN INDIA LIMITED
Opinion and Conclusion
We have (a) audited the Consolidated Financial Results for the year ended March 31, 2026 and (b) reviewed the Consolidated Financial Results for the quarter ended March 31, 2026 (refer 'Other Matters' section below), which were subject to limited review by us, both included in the accompanying "Statement of Consolidated Financial Results for the quarter and year ended March 31, 2026" of TIMKEN INDIA LIMITED (the "Parent") and its subsidiary (the Parent and its subsidiary together referred to as the "Group"), (the "Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "LODR Regulations").
(a) Opinion on Annual Consolidated Financial Results
In our opinion and to the best of our information and according to the explanations given to us, the Consolidated Financial Results for the year ended March 31, 2026:
(i) includes the financial results of the following entities:
| SL no | Name of entity | Relationship |
|---|---|---|
| 1 | Timken India Limited | Parent |
| 2 | Timken GGB Technologies Private Limited | Wholly owned Subsidiary |
(ii) are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
(iii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group for the year ended March 31, 2026.
(b) Conclusion on Unaudited Consolidated Financial Results for the quarter ended March 31, 2026
With respect to the Consolidated Financial Results for the quarter ended March 31, 2026, based on our review conducted and procedures performed as stated in paragraph (b) of Auditor's Responsibilities section below, nothing has come to our attention that causes us to believe that the Consolidated Financial Results for the quarter ended March 31, 2026, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and
Regd. Office: One International Center, Tower 3, 31st Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013, Maharashtra, India
Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP Identification No. AAB-8737
Deloitte Haskins & Sells LLP
Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
Basis for Opinion on the Audited Consolidated Financial Results for the year ended March 31, 2026
We conducted our audit in accordance with the Standards on Auditing ("SA"s) specified under Section 143(10) of the Companies Act, 2013 (the "Act"). Our responsibilities under those Standards are further described in paragraph (a) of Auditor's Responsibilities section below. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (the "ICAI") together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results for the year ended March 31, 2026 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.
Management's and Board of Directors' Responsibilities for the Statement
This Statement, which includes the Consolidated Financial Results is the responsibility of the Parent's Board of Directors and has been approved by them for the issuance. The Consolidated Financial Results for the year ended March 31, 2026, has been compiled from the related audited consolidated financial statements. This responsibility includes the preparation and presentation of the Consolidated Financial Results for the quarter and year ended March 31, 2026 that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the LODR Regulations.
The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of this Consolidated Financial Results by the Directors of the Parent, as aforesaid.
In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.
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Haskins & Sells LLP
The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.
Auditor's Responsibilities
(a) Audit of the Consolidated Financial Results for the year ended March 31, 2026
Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the year ended March 31, 2026 as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Consolidated Financial Results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Annual Consolidated Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
- Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the LODR Regulations.
- Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Consolidated Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
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Haskins & Sells LLP
- Evaluate the overall presentation, structure and content of the Annual Consolidated Financial Results, including the disclosures, and whether the Annual Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of the entities within the Group to express an opinion on the Annual Consolidated Financial Results.
Materiality is the magnitude of misstatements in the Annual Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Consolidated Financial Results.
We communicate with those charged with governance of the Parent and such other entities included in the Consolidated Financial Results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
(b) Review of the Consolidated Financial Results for the quarter ended March 31, 2026
We conducted our review of the Consolidated Financial Results for the quarter ended March 31, 2026 in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the ICAI. A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with SAs specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
The Statement includes the results of the entities as listed under paragraph (a)(i) of Opinion and Conclusion section above.
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Deloitte Haskins & Sells LLP
Other Matters
(a) The Statement includes the results for the Quarter ended March 31, 2026 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us.
(b) As stated in Note 5 of the Statement, the Consolidated financial information relating to the quarter ended March 31, 2025 and for the year ended March 31, 2025 to the extent it relates to the Parent and adjustments made to the financial information of the Subsidiary to comply with Indian Accounting Standards only has been subjected to review by us.
Our report on the Statement is not modified in respect of these matters.
For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)
ANKIT DAGA
Digitally signed by
ANKIT DAGA
Date: 2026.05.18
20:57:57 +05'30'
Ankit Daga
(Partner)
(Membership No. 512486)
UDIN:26512486TFDFRE2843
Place: Bengaluru
Date: May 18, 2026
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