Timken India Limited (TIMKEN.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-39.4%

₹1,802.25

vs ₹2,973.20 price

Levered DCF

₹3,444.52

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

19.26

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	58.47×	44.82×	55.91×	53.04×	49.23×	68.09×	23.45×	29.43×
P/B	8.32×	7.05×	9.07×	10.17×	9.72×	7.26×	3.66×	3.26×
P/S	6.97×	6.37×	7.53×	7.38×	7.31×	6.91×	3.57×	2.63×
EV / EBITDA	36.23×	33.16×	37.64×	36.6×	31.43×	36.97×	14.55×	15.01×
Gross margin	30.4%	38.6%	40.0%	39.8%	44.6%	43.0%	45.7%	43.1%
Operating margin	15.1%	33.0%	34.2%	34.0%	38.0%	34.2%	37.7%	35.1%
Net margin	11.9%	14.2%	13.5%	13.9%	14.8%	10.2%	15.2%	8.9%
Current ratio	2.97×	3.82×	3.91×	3.77×	2.89×	2.16×	3.62×	2.83×
Debt / equity	0×	0.01×	0.01×	0.01×	0.02×	0.03×	0.01×	0.02×
Interest coverage	140.87×	242.54×	262.53×	338.81×	342.36×	334.72×	221.78×	332.3×
Dividend yield	1.1%	0.1%	0.1%	0.1%	0.1%	3.9%	0.2%	0.2%
Payout ratio	65.3%	4.2%	2.9%	2.9%	3.4%	262.6%	3.7%	5.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.2%	15.7%	16.2%	19.2%	19.7%	10.7%	15.6%	11.1%
Return on invested capital	13.1%	28.7%	29.3%	32.8%	34.8%	23.7%	28.5%	25.8%
Return on assets	11.2%	13.0%	13.1%	15.2%	14.9%	7.5%	12.4%	8.3%
Free cash flow yield	0.7%	0.0%	0.4%	1.3%	-0.3%	1.1%	4.0%	3.0%
Earnings yield	1.7%	2.2%	1.8%	1.9%	2.0%	1.5%	4.3%	3.4%
Enterprise value	₹240B	₹196.7B	₹216.2B	₹206B	₹161.2B	₹96.1B	₹53.8B	₹43.8B
Net debt / EBITDA	-0.39×	-0.64×	-0.53×	-0.23×	0.03×	-0.53×	-1.07×	0×
Cash conversion cycle (days)	112	133	142	125	160	114	101	103