TIL financials: balance sheet, profit and loss, cash flow

NSE: TILBSE: 505196Agricultural, Commercial & Construction VehiclesSmall Cap

TIL Limited · Face value ₹10 · Listed Jan 1986 on BSE, Sep 1995 on NSE

₹201.95₹5.60 (2.85%)BSE ₹201.05

Share price at the NSE close on 27 Oct 2026. Previous close ₹196.35.

27 Oct: open ₹195.85, high ₹206.00, low ₹190.00

52-week range of traded prices to 27 Oct 2026

₹161.25Low, 30 Mar 2026₹316.40High, 29 Oct 2025

Delivery only: shares bought must be paid for in full, with no selling on the same day.

Market cap: ₹1,665 Cr1,293rd largest listed
P/E: Lossover the last 12 months
P/B: Shares changed
Dividend yield: Nonein the last 12 months
ROE: −31.8%
ROE without one-offs: −25.5%
ROCE: 2.1%
Debt to equity: 3.30
Volume, NSE: 27,439

TIL's financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.TIL annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹439 Cr, year to Mar 2019; lowest ₹44 Cr, year to Mar 2023A loss in the year to Mar 2026, −₹31 Cr

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue323
Materials and goods−206
Employee costs−52
Other expenses−60
Operating profit4.4
Depreciation−7.4
Other income+14
One-off items−5.6
Finance costs−46
Profit before tax−41
Tax+9.9
Net profit−31

What the company owns

Plant, investments and other assets₹271 Cr
Receivables₹211 Cr
Inventory₹184 Cr
Cash and bank₹17 Cr
Current investments₹5 Cr

What pays for it: net worth and liabilities

Borrowings₹366 Cr
Net worth₹111 Cr
Owed to suppliers₹108 Cr
Other liabilities₹101 Cr

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.TIL quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 28 May	Jun 2026Twelve monthsFiled 13 Aug
Revenue from operations	308	349	439	377	313	66	44	67	315	323	377
	280	314	390	447	348	190	100	143	303	319	359
Materials and goods bought	189	196	265	289	221	31	31	46	203	206	233
Employee costs	49	–	71	72	55	55	37	31	42	52	56
Other expenses	42	–	55	86	72	103	32	66	57	60	70
Operating profit before depreciation	28	35	49	−70	−34	−123	−56	−76	12	4	18
Operating margin	9.0%	10.1%	11.1%	−18.6%	−11.0%	−186.2%	−128.3%	−113.7%	3.9%	1.4%	4.8%
Materials, % of revenue	61.5%	–	60.3%	76.7%	70.4%	46.8%	70.4%	68.2%	64.5%	63.8%	61.8%
Employee costs, % of revenue	16.0%	–	16.2%	19.0%	17.6%	83.6%	83.8%	46.8%	13.4%	16.2%	14.8%
Other expenses, % of revenue	13.5%	–	12.4%	22.9%	22.9%	155.9%	74.1%	98.7%	18.2%	18.6%	18.6%
Depreciation and amortisation	11	12	12	13	12	10	9	7	7	7	8
Operating profit after depreciation	17	24	36	−83	−46	−133	−65	−83	5	−3	10
Other income	14	6	9	82	7	11	7	2	28	14	7
Finance costs	21	18	24	32	35	36	36	26	29	46	48
Profit before one-off items and tax	9	11	21	−34	−74	−159	−95	−107	4	−35	−32
One-off items	−122	0	0	0	2	−260	0	303	0	−6	−6
Profit before tax	−113	11	21	−34	−71	−418	−95	196	4	−41	−38
	2	4	−2	−15	−3	13	−4	−58	1	−10	−8
Current tax	–	–	4	0	0	2	0	0	1	0	1
Deferred tax	–	–	−7	−15	−3	11	−4	−58	1	−10	−9
	26	8	23	−19	−68	−431	−91	254	3	−31	−30
Belonging to the company's shareholders	26	8	23	−19	−68	−431	−91	254	3	−31	−31
Belonging to outside owners of subsidiaries	–	–	–	0	0	0	0	0	0	0	1
Other comprehensive income	–	–	–	2	−1	0	0	1	0	0	0
Total comprehensive income	–	–	–	−17	−69	−431	−91	255	3	−31	−30
Net margin	8.6%	2.2%	5.3%	−4.9%	−21.9%	−650.9%	−207.7%	379.5%	0.9%	−9.5%	−7.9%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 28 May
	299	230	−201	−292	32	82	111
Share capital	10	10	10	10	18	67	70
Reserves	289	220	−211	−302	14	16	41
	281	358	398	400	157	269	366
Repayable after a year	30	118	178	152	89	159	114
Repayable within a year	250	240	221	249	69	110	253
	400	383	389	476	271	259	438
Trade payables	118	81	93	126	94	77	108
Other financial liabilities	10	14	5	26	38	25	21
Other liabilities	20	45	70	75	70	46	55
Provisions	2	2	0	1	1	1	2
	37	126	191	166	111	181	138
Other financial liabilities	0	2	9	10	14	14	15
Other liabilities	2	0	0	0	0	0	–
Provisions	5	6	5	5	9	8	9
	737	739	380	350	414	522	687
Held for sale or for a demerger	–	36	–	4	–	–	–
	260	184	159	147	210	204	218
Plant in use, after depreciation	165	118	118	106	104	99	93
Plant being built	7	2	0	0	0	0	0
Intangible assets	2	1	0	0	0	0	3
Intangible assets being developed	–	–	0	0	0	1	2
Property held to earn rent	28	0	0	0	0	0	0
Other financial assets	4	7	6	1	1	1	5
Deferred tax	43	46	35	39	97	96	107
Other assets	12	10	0	0	8	6	7
	476	518	220	199	204	319	470
Inventories	235	217	164	141	127	126	184
Trade receivables	211	238	26	30	36	135	211
Cash and cash equivalents	10	0	1	1	6	1	5
Other bank balances	4	5	4	0	4	7	12
Current investments	0	35	1	1	1	1	5
Loans given	5	0	0	0	0	0	0
Other financial assets	11	4	3	3	3	6	5
Tax paid in advance	0	–	4	7	0	0	0
Other assets	0	18	17	17	27	44	48
Net debt	266	317	393	398	146	260	345

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2019, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 28 May
	−61	−27	6	−83	−131	−88
	−59	−26	8	−83	−134	−89
	−29	87	57	−9	−170	−102
Receivables	−71	41	−15	−36	−127	−89
Inventories	16	−46	24	8	6	−60
Payables	−10	39	43	−13	−38	50
Other working capital	36	54	5	32	−12	−3
Tax paid	−2	0	−2	0	3	0
Capital spending	2	0	0	1	6	6
Free cash flow	−63	−27	6	−84	−137	−94
	5	77	9	30	−6	−17
Plant and property sold	9	40	0	33	3	0
Interest received	0	1	0	0	0	1
Dividends received	1	0	0	0	0	0
	47	−50	−14	59	131	110
Borrowings raised	116	0	2	71	170	130
Borrowings repaid	−33	−18	0	−74	−60	−35
Interest paid	−35	−32	−14	−7	−25	−43
Lease payments	0	−1	−1	0	−1	−2
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	69	49	60
Net change in cash	−9	1	0	5	−6	4

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.TIL dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 28 May
	–	–	–	–	–	–	–	₹222.27	₹0.43	−₹4.58
As stated that year	–	₹7.56	₹23.09	−₹18.44	−₹68.27	−₹429.87	−₹90.75	₹222.27	₹0.43	−₹4.58
	–	–	–	–	–	–	–	₹222.27	₹0.43	−₹4.58
As stated that year	–	₹7.56	₹23.09	−₹18.44	−₹68.27	−₹429.87	−₹90.75	₹222.27	₹0.43	−₹4.58
	–	–	–	–	–	–	–	–	–	–
As declared that year	₹3.00	₹3.50	₹1.75	–	–	–	–	–	–	–
	–	–	–	–	–	–	–	₹18.02	₹12.37	₹15.78
On that year's share count	–	–	–	₹298.25	₹229.21	−₹200.38	−₹291.49	₹18.02	₹12.37	₹15.78
Dividend payout	11.4%	46.3%	7.6%	–	–	–	–	–	–	–
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	−24.2%	−3.1%	−5.2%
Market cap at the year end (₹ crore)	292	448	260	100	152	102	146	286	1,561	1,151

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. As stated that year and earnings per share are left blank for the year to Mar 2017: the earnings per share stated has the opposite sign to the profit stated beside it, so it is not shown.

Ratios

Consolidated, years to March.TIL PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 28 May
Revenue growth	−82.3%	13.3%	25.7%	−14.1%	−16.9%	−78.9%	−33.8%	52.7%	371.2%	2.5%
Operating profit growth	−73.2%	27.0%	38.8%	–	–	–	–	–	–	−64.2%
Net profit growth	–	−71.3%	205.5%	–	–	–	–	–	−98.9%	–
Earnings per share growth	–	–	–	–	–	–	–	–	−99.8%	–
	–	–	–	−6.2%	−25.9%	−2,981.8%	36.9%	−194.7%	5.0%	−31.8%
	–	–	–	–	−19.7 pts	−2,955.9 pts	3,018.7 pts	−231.6 pts	199.8 pts	−36.8 pts
From the net margin	–	–	–	–	−21.4 pts	−744.9 pts	2,030.5 pts	−104.3 pts	194.3 pts	−57.7 pts
From asset turnover	–	–	–	–	4.7 pts	555.8 pts	−13.1 pts	−30.9 pts	−1.3 pts	10.9 pts
From borrowing	–	–	–	–	−3.0 pts	−2,766.8 pts	1,001.3 pts	−96.4 pts	6.8 pts	10.0 pts
Return on capital employed	–	–	–	−14.4%	−7.9%	−67.5%	−60.5%	−44.1%	1.5%	−0.6%
Cash conversion	–	–	–	–	–	–	–	−32.8%	−4,568.9%	–
Interest cover	0.8	1.3	1.5	–	–	–	–	–	0.2	–
Debt to equity	–	–	–	0.94	1.56	–	–	4.98	3.26	3.30
Receivable days	–	–	–	204	278	144	251	199	156	239
Inventory days	–	–	–	296	359	1,935	1,664	1,017	226	325
Payable days	–	–	–	149	134	1,095	1,485	753	139	192
Cash conversion cycle, days	–	–	–	352	503	983	430	462	243	372
Working capital days	–	–	–	302	391	255	−254	−52	186	296
Asset turnover	–	–	–	0.51	0.42	0.12	0.12	0.18	0.67	0.53
Assets per rupee of net worth	–	–	–	2.46	2.79	38.67	−1.48	−2.93	8.21	6.25
Sales per rupee of plant	–	–	–	2.28	2.64	0.56	0.41	0.65	3.20	3.48
Capital spending to depreciation	–	–	–	–	0.15	0.00	0.00	0.08	0.85	0.75
Plant being built, % of plant in use	–	–	–	4.1%	1.9%	0.2%	0.3%	0.3%	0.3%	0.3%

Interest cover is left blank for the years to Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the years to Mar 2022 and Mar 2023: net worth is below zero, so there is no shareholders' money to set the borrowings against. No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2019, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −5.1%
Cash from operations against operating profit: −1,991.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−15.5%	0.6%	94.7%
Return on equity, average	–	−633.3%	−73.8%
Return on capital employed, average	–	−34.2%	−14.4%
Operating margin, average	−42.2%	−84.6%	−36.1%
Net margin, average	−49.8%	−97.5%	123.6%
Asset turnover, average	–	0.32	0.46
Cash conversion cycle, days, average	–	498	359
Debt to equity, average	–	–	3.85

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−323	−302	−88
Cash from investing	92	6	−17
Cash from financing	236	300	110
Capital spending	12	12	6
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	178	178	60
Borrowings raised	372	370	130
Borrowings repaid	186	169	35

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	3	6	6	4	2
Altman Z-scorePublished threshold 1.81	–	–	1.31	1.08	−4.35	−2.45	2.23	3.12	1.83
Beneish M-scorePublished threshold −1.78	–	–	–	−2.48	−10.10	−2.90	2.21	1.83	−1.71
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−1.62	−86.16	−28.80	80.55	29.86	12.43
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	−1.26	−1.34
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	29.74	−10.19	49.50	−32.02	−101.57	54.38
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	16.13	61.64	−13.92	−57.46	−346.97	44.59
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	3.38	3.55	4.70	4.41	6.39	1.12
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	0.03	–	0.06	0.14	0.16
Effective tax ratePublished threshold 17.16 per cent	33.04	−10.65	–	–	–	–	−29.77	31.08	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	−30.01	−43.37	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
23 Jun 2026	Infomerics Valuation and Ratings Private Limited	NCD	IVR BBB-Review, Re-affirm	Stable	37.68
23 Jun 2026	Infomerics Valuation and Ratings Private Limited	Long Term Rating	IVR BBB-Review, Re-affirm	Stable	226.38
23 Jun 2026	Infomerics Valuation and Ratings Private Limited	Short Term Rating	IVR A3Review, Re-affirm		135
16 Mar 2026	Infomerics Valuation and Ratings Private Limited	Short Term Bank Facilities	IVR A3Review, Re-affirm		80
16 Mar 2026	Infomerics Valuation and Ratings Private Limited	Non-Convertible Debentures	IVR BBB-Review, Re-affirm	Stable	37.68
16 Mar 2026	Infomerics Valuation and Ratings Private Limited	Long Term Bank Facilities	IVR BBB-Review, Re-affirm	Stable	244.25

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.