Industrials
Til Limited (TIL) Q4fy26 & Full Year FY26: Strong Recovery in Machine Sales and Strategic Expansion into Clean Energy
TIL Limited (TIL) reports Q4FY26 & full year FY26 results with a strong recovery in machine sales and strategic expansion into clean energy.
TIL Limited (TIL) announced its Q4FY26 and full year FY26 financial results, marking a decisive strategic transition in its performance trajectory. Despite FY26 profitability being impacted by financing costs, currency pressure, and one-time settlement expenses, core machine sales and operational execution improved materially during H2, and the company closed FY26 with a board-approved acquisition that opens a new clean energy manufacturing vertical.
Strong H2 Recovery Driven by Machine Sales Growth
Overall revenue for FY26 stood at ₹337.36 Cr, reflecting a nominal decrease compared to ₹343.07 Cr in FY25. This reduction was driven primarily by a substantial decline in other income, while core operations remained relatively strong. Machine sales, the primary measure of operational health, grew 4% year-on-year to ₹265.33 Cr, reflecting the growing commercial momentum of TIL’s expanded product portfolio and improving order execution capability.
Sequential EBITDA Margin Expansion
The company also resolved legacy taxation-related disputes on account of entry tax, extinguishing a contingent liability of ₹23.12 Cr and VAT/CST related disputes, reducing another contingent liability of ₹21.68 Cr, bringing closure to long-pending cases and strengthening the balance sheet for the future. Operational income for FY26 grows to ₹323.25 Cr against ₹315.28 Cr for FY25.
Strategic Expansion into Clean Energy
The year also marked the company’s landmark entry into the clean energy space with the board’s approval for majority stake acquisition in Tulip Compression Private Limited (TCPL). The acquisition was concluded in May 2026 and will now give TIL access to LNG and Hydrogen powerpacks and opens specialised manufacturing markets across CNG, LNG, and Hydrogen equipment, large-scale cryogenic LNG storage, and oil and gas process vessels.
As India accelerates development, TIL is rebuilding itself as an Indian industrial engineering platform aligned to three national priorities of infrastructure, defence indigenisation, and energy transition.
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of TIL Limited
TIL Limited belongs to the Industrials › Farm & Heavy Construction Machinery sector. Here’s a quick read on where the business and the stock stand today.
TIL trades in the lower quarter of its 52-week range. Razor-thin margins below 5% make profitability extremely vulnerable — this business needs scale or pricing power urgently. 4 loss quarters over five years is a serious red flag — earnings quality is poor and recovery is not guaranteed. The stock sits at 15% of its 52-week range, close to annual lows. Historically, value investors build positions at these levels — though cheap stocks can stay cheap. Revenue grows at 68.8% yet the PEG reaches 99.00 — expensive for that growth. Furthermore, the stock drops 4.6% in three months. Neither value nor momentum supports this setup. It needs an earnings beat or a price reset first. Check Fundamentals of TIL Limited.
CEIGALL
Ceigall India Limited (NSE: Ceigall) Receives Completion Certificate for ₹1,659.84 Crore Delhi – Saharanpur Highway Project
Ceigall India Limited (NSE: CEIGALL) receives completion certificate for ₹1,659.84 crore Delhi-Saharanpur Highway project, marking a significant milestone.
Ceigall India Limited (NSE: CEIGALL), one of India’s leading infrastructure developers, has received the Completion Certificate for a key stretch of the Delhi – Saharanpur Highway in Uttar Pradesh. The certificate, dated October 12, 2026, certifies the completion of all highway works. The project involves the development of a six-lane, access-controlled section of National Highway 709B for the National Highways Authority of India (NHAI), from the Delhi/UP Border to the Eastern Peripheral Expressway (EPE) Junction.
Project Details
The project, with a revised estimated cost of ₹1,659.84 crore, forms part of the Economic Corridor under Phase I of Bharatmala Pariyojana, the Government of India’s flagship programme to improve highway connectivity across the country. The highway was declared fit for entry into operation with effect from September 12, 2024. Ceigall India will undertake Operation & Maintenance of the stretch at ₹2.88 crore per annum, plus escalation.
Significance
Commenting on the development, Ramneek Sehgal, Chairman & Managing Director, Ceigall India Limited, said, “The Completion Certificate for the Delhi –Saharanpur Highway is an important milestone for Ceigall. Access-controlled corridors such as this are critical to regional connectivity and to the faster movement of people and goods into the National Capital Region. The project adds to our track record of delivering large and complex highway works, and we will continue to serve the stretch through its operation and maintenance. We remain committed to building infrastructure that supports India’s long-term growth.”
The project was awarded on April 16, 2022, with a scheduled completion date of November 7, 2023, which was subsequently extended to August 15, 2024. The certificate adds to Ceigall’s record of completed highway projects as the Company continues to execute projects across roads, metro, renewable energy, and power transmission.
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of Ceigall India Limited
Ceigall India Limited belongs to the Industrials › Engineering & Construction sector. Here’s a quick read on where the business and the stock stand today.
Ceigall posts a 2.4% three-month gain, but softens in the last few weeks. Thin margins at 7.7% leave limited room for error — any demand softness or cost spike hits the bottom line hard. Revenue grows at 20.5% and profits at 23.1% CAGR. Both numbers are exceptional. Buyers show up with 2.2x the volume of sellers. Moreover, they dominated on 18 of recent sessions versus 12 for sellers — a healthy accumulation pattern. Both the business and the stock move in the right direction. Revenue grows at 20.5%, profits at 23.1%, and the PEG sits at 0.86 — below its growth rate. That combination is rare. Check Fundamentals of Ceigall India Limited.
Industrials
Polycab India Limited (polycab) Announces Appeal Against NCLT Order
Polycab India Limited (POLYCAB) announces appeal against NCLT order, expects no adverse impact on operations; appeal scheduled for October 26, 2026.
Polycab India Limited (POLYCAB) has announced that it has filed an appeal against the order of admission passed by the National Company Law Tribunal (NCLT) in Ahmedabad, which initiated the Corporate Insolvency Resolution Process (CIRP) against the company. The appeal has been filed before the Hon’ble National Company Law Appellate Tribunal (NCLAT) in New Delhi, and the tribunal has stayed and kept in abeyance the NCLT order.
Strong Financial Position
The company remains confident that there will be no adverse or material impact on its financial or business operations due to the NCLT order. Polycab continues to hold a zero-debt position with net cash position in excess of Rs.4,000 crores and a net worth of Rs.11,682 crores as per the audited financial statements for the year ended 31st March 2026.
Commitment to Transparency
Polycab spokesperson emphasized the company’s commitment to conducting its business operations with the highest standards of transparency, integrity, and governance. The appeal is scheduled for hearing on October 26, 2026, and the management continues to focus on its business operations across India and globally.
Polycab India Limited is India’s largest manufacturer of Wires and Cables and one of the fastest growing FMEG companies with a consolidated turnover of ₹285+ Bn in FY26. The company serves customers in 94 countries globally through a strong distribution network of 3,900+ authorized dealers and 190,000+ retail outlets.
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of Polycab India Limited
Polycab India Limited belongs to the Industrials › Electrical Equipment & Parts sector. Here’s a quick read on where the business and the stock stand today.
Polycab falls 11.8% over three months and has not found a floor yet. Thin margins at 9.2% leave limited room for error — any demand softness or cost spike hits the bottom line hard. Revenue grows at 26.6% and profits at 28.1% CAGR. Both numbers are exceptional. Sellers drive 1.5x the volume of buyers. Furthermore, they controlled 16 of recent sessions versus 14 for buyers — a clear distribution signal. Revenue grows at 26.6% and profits at 28.1% CAGR, with D/E of 0.15. Meanwhile, the stock dips 11.8% in three months without any fundamental deterioration. Consequently, the stock quietly becomes cheaper relative to earnings power. For long-term investors, that is a feature. Check Fundamentals of Polycab India Limited.
GREAVESCOT
Greaves Cotton Limited Appoints Mukul Kanchan as Executive Director & CEO
Greaves Cotton Limited appoints Mukul Kanchan as Executive Director & CEO to scale up Greaves Finance’s EV financing operations.
Greaves Cotton Limited (NSE: GREAVESCOT) has appointed Mukul Kanchan as its Executive Director & CEO, effective October 1, 2026, subject to necessary approvals. With nearly two decades of experience across lending, corporate finance, private equity, and M&A, Mukul joins from Bengaluru-based employee benefits platform Plum, where he served as CFO.
Leadership in EV Financing
Mukul will lead Greaves Finance Limited’s (GFL) next phase of growth, scaling tailored financing for electric two-wheeler buyers through ev.fin, its 100% EV-focused lending platform. ev.fin, launched in 2023, is GFL’s consumer finance technology platform for electric mobility, working with EV manufacturers and their dealer networks to offer financing at the point of sale, serving customers across 86 cities.
Strategic Vision for Scaling EV Financing
Commenting on his appointment, Mukul Kanchan, Executive Director & CEO, Greaves Finance Limited, said, “Electric two-wheelers are fast becoming the everyday choice for India’s commuters, gig workers, and small businesses, and access to simple, fair credit is often what turns that intent into ownership. ev.fin has built strong foundations with leading EV OEM’s across the country. I am delighted to join Greaves Finance, and I look forward to scaling the business responsibly, with sharp credit discipline, a diversified funding base, and partnerships that make EV ownership easier for more Indians.”
At GFL, Mukul will focus on deepening ev.fin’s partnerships with EV OEM’s, including brands like Ampere, broadening the company’s funding base, and building a scalable, well-governed lending franchise with strong credit discipline.
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of Greaves Cotton Limited
Greaves Cotton Limited belongs to the Industrials › Specialty Industrial Machinery sector. Here’s a quick read on where the business and the stock stand today.
Greaves falls 20.2% over three months and has not found a floor yet. The PEG stands at 4.43 — severely stretched. Any earnings miss could trigger a sharp de-rating. Razor-thin margins below 5% make profitability extremely vulnerable — this business needs scale or pricing power urgently. Buyers show up with 2.3x the volume of sellers. Moreover, they dominated on 15 of recent sessions versus 14 for sellers — a healthy accumulation pattern. The stock rises -20.2% in three months on 8.6% revenue growth. As a result, the market gives it more credit than the fundamentals strictly justify. Watch the next quarterly results. If growth accelerates, the move makes sense. If not, expect some gains to unwind. Check Fundamentals of Greaves Cotton Limited.
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