Tube Investments of India LtdDiversifiedTIINDIA
Q1 FY26 earnings callTube Investments of India Ltd
Revenue growth across standalone segments was strong, especially in engineering and mobility, with management confident of full recovery of steel price inflation and continued traction in the EV business.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Standalone Revenue | Rs.2,366 Crores | — | |
| Standalone PBT | Rs.213 Crores | — | |
| ROIC (annualized) | 41% | — | |
| Free Cash Flow | Rs.174 Crores | — | |
| Engineering Revenue | Rs.1,566 Crores | — | |
| Engineering PBIT | Rs.153 Crores | — | |
| Metal Formed Product Revenue | Rs.408 Crores | — | |
| Mobility Revenue | Rs.250 Crores | — |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹4,812.22 Cr+14.7% YoY-2.3% QoQ | ₹280.15 Cr-66% YoY-6.4% QoQ | ₹10.01-8.4% YoY-6.4% QoQ |
| Q2 FY25 | ₹4,924.55 Cr+14.4% YoY+7.6% QoQ | ₹299.17 Cr-12.3% YoY-4.6% QoQ | ₹10.69-25.2% YoY-8.2% QoQ |
| Q1 FY25 | ₹4,577.92 Cr+17.5% YoY+2% QoQ | ₹313.65 Cr+10.6% YoY+15.6% QoQ | ₹11.64+6.6% YoY+18.8% QoQ |
| Q4 FY24 | ₹4,490.11 Cr+18.8% YoY+7% QoQ | ₹271.31 Cr-43.2% YoY-67.1% QoQ | ₹9.80-39.4% YoY-10.3% QoQ |
| Q3 FY24 | ₹4,196.94 Cr+14.5% YoY-2.5% QoQ | ₹823.86 Cr+153.6% YoY+141.6% QoQ | ₹10.93-10.5% YoY-23.5% QoQ |
TL;DR
- Standalone revenue grew to Rs 2,366 Cr; PBT was Rs 213 Cr, impacted by steel price inflation with a lag in price pass-through.
- Management expects to fully recover steel price increases, including the Q1 under-recovery, in the coming quarters.
- Engineering segment volume grew 17%, with a bullish outlook for the next couple of quarters.
- Mobility segment recorded its highest-ever turnover of close to Rs 240 Cr, with volume traction across trucks, 3-wheelers, and small commercial vehicles.
- Directionally, the EV business is past its peak quarterly losses, with one business expected to breakeven this year and two more next financial year.
- Consolidated revenue (including CG Power) grew to Rs 6,215 Cr.
What changed
The EV business delivered its highest-ever turnover of ~Rs 240 Cr, with volumes showing strong sequential improvement; management explicitly confirmed the business is directionally past its peak quarterly losses, and one business is expected to breakeven this year.
Said on the call
“Directionally as we see our volumes increasing quarter on quarter, your first statement regarding us being behind or us beyond the peak losses for a quarter is a correct one.”
From the Q&A
| Topic | What management said |
|---|---|
| Steel Price Recovery | Management confirmed they will fully recover steel price increases, including the under-recovery from Q1, with a lag of 2-3 quarters, and expect double-digit EBIT margin growth post-recovery. |
| EV Business Traction and Breakeven | Management stated the EV business is directionally past its peak quarterly losses, with one business expected to breakeven this year and two more next financial year; volumes grew significantly across segments. |
| Engineering Volume Growth and Outlook | Engineering segment volume grew 17% in Q1; management is bullish on demand for the next couple of quarters, and exports also showed strong double-digit growth. |
| TI Medical and CDMO (3xper) Progress | TI Medical core business grew almost 20% in Q1; the acquired Medicura business is expected to start generating revenue from Q2. The 200 KL CDMO reactor capacity is commissioned, validation batches are ongoing, and an inspection is expected next financial year. |
| Capital Infusion Plan | Management reiterated a plan for a total capital infusion of ~Rs 750 Cr over time, with Rs 250 Cr already infused in the previous Q4 and another Rs 250 Cr anticipated in Q3 of the current financial year. |
| Cycle Business Margin Target | Management expects to improve the cycle business margin by 5 percentage points for the full year, building on strong seasonal Q1 performance. |
Guidance
- Will fully recover steel price increases, including Q1 under-recovery, with a lag of 2-3 quarters.
- Expect double-digit EBIT margin growth post price recovery.
- TI Medical core business targeted for 20% revenue growth year-on-year with double-digit profitability.
- Cycle business margin expected to improve by 5 percentage points for the full year.
- One EV business to breakeven this year, two more next financial year.
- Total capital infusion of ~Rs 750 Cr planned over a period of time, with the next Rs 250 Cr tranche in Q3.
Source
Summary written from the transcript filed by Tube Investments of India Ltd for the call held on 17 Aug 2026; published 20 Aug 2026, 19:38 IST.