TIMKEN - Timken India Ltd Share Price

Question 1: "If you could give us the mix in the first quarter? How much was from railways and the other segments?"

Answer: In Q1 FY '26, the revenue mix was as follows: Rail contributed INR196.5 crores (24%), Mobile INR156 crores (19%), Distribution INR146 crores (18%), Process INR142 crores (18%), and Exports at INR164 crores (20%). Overall, we achieved revenues of INR808.8 crores.

Question 2: "Could you kind of give an update on the new plant utilization plans? Does that stay the same or is there some change to that estimate?"

Answer: We expect to maintain our target of reaching about 45% utilization by year-end. The first line has been capitalized, and other lines will follow shortly. We are focused on training our team and qualifying new lines, so a slight variation in percentage may occur, but we're on track for our previous estimate.

Question 3: "What are your expectations for the rail and process markets? Which will influence growth more?"

Answer: Rail is expected to grow steadily but not explosively; we anticipate high single-digit growth, as it's cyclical. The process market is mixed. While sectors like wind are doing well, mining and steel are sluggish. Infrastructure spending will be key, but overall, I remain cautiously optimistic about both sectors.

Question 4: "Is it reasonable to assume that rail probably grows in double digits and process maybe in high single, mid-single?"

Answer: I don't believe rail can achieve double-digit growth, but both rail and process could see growth in the high single digits. The overall economic forecast suggests a modest trend as we advance into FY '26.

Question 5: "What are your thoughts on the CV industry growth expectations? What has changed?"

Answer: The CV industry growth outlook remains unclear. Typically, it could range from 0-9%. There are various scenarios"”poor, average, or optimistic. The economic climate will largely dictate the growth trajectory in this sector.

Question 6: "Regarding Bharuch ramp-up, would it be fair to assume that current billing is primarily for export markets?"

Answer: Yes, that's correct. The billing initiated in July focused primarily on export markets, which aligns with our strategy of rooting for increased export capacity from the Bharuch facility.

Question 7: "Can you share our geographical mix of exports and how tariffs might affect pass-through?"

Answer: Our export mix is about 50% towards North America, primarily in heavy trucks and rail, with other markets like Europe and Asia also significant. Regarding tariffs, they are factored into our pricing strategy, but the key concern is the broader economic context in the U.S.

Question 8: "Any order visibility for CRB and SRB in the domestic market?"

Answer: Yes, we're working on customer qualifications (PPAPs) and have received the first order for locomotive applications from Indian Railways. We have strong visibility and anticipate gaining further traction in domestic markets.

Question 9: "What is your expectation for FY '26 capex?"

Answer: For FY '26, we expect capex of around INR120 crores for rail expansion and approximately INR35 crores for the first phase of plain bearings. The total immediate expansion capex will be about INR150 crores, including maintenance that will follow standard norms.

Each of the answers is concise and follows the character limit while retaining critical figures and forward guidance.