Tube Investments of India LimitedDiversifiedTIINDIA
Q1 FY27 earnings callTube Investments of India Limited
While standalone margins were pressured by steel inflation with a lagged price pass-through, volume growth was strong across engineering, mobility, and the core cycle business, and the EV segment showed significant volume traction and moved past peak quarterly losses.
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 PBIT | Rs.153 Crores | — | |
| Consolidated Revenue | Rs.6,215 Crores | — | |
| Consolidated PBT (pre JV share & exceptions) | Rs.461 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 but PBT declined to Rs 213 Cr due to steel price inflation.
- Management expects full recovery of steel price increases with a 2-3 quarter lag.
- Engineering segment volume grew 17%, with a bullish outlook for the next couple of quarters.
- EV mobility segment recorded highest-ever turnover of ~Rs 240 Cr; volumes improved across trucks, 3-wheelers, and small commercial vehicles.
- Management stated the EV business is directionally past its peak quarterly losses, with one business expected to breakeven this year.
- Consolidated revenue (including CG Power) grew to Rs 6,215 Cr.
Said on the call
“So we are confident on the steel price increase particularly. We will be able to recover fully and you will see the margin neutralization will happen in the coming quarters.”
From the Q&A
| Topic | What management said |
|---|---|
| Margin Pressure & Price Recovery | Management confirmed that steel price increases caused lower margins in Q1, but they will fully recover the costs, including the Q1 under-recovery, with a typical lag of 2-3 quarters. |
| EV Business Traction & Breakeven | EV segment posted record turnover; management said directionally they are past peak quarterly losses, with one business expected to breakeven this year and two more next financial year. |
| Engineering Segment Demand | Volume grew 17% in Q1; management is bullish for the next 1-2 quarters, with strong demand across vehicle categories and double-digit export growth. |
| Capital Infusion & Capex | Rs 250 Cr was infused in Q4 FY26, another Rs 250 Cr is anticipated in Q3 FY27, with total guidance of ~Rs 750 Cr over time. Group capex (ex-CG Power) is ~Rs 600-700 Cr. |
| Cell Price Challenge for EVs | Rising cell prices are a genuine challenge expected to last 2-3 quarters; the company is mitigating by pre-booking orders and locking prices with suppliers. |
Guidance
- EBIT margin to grow in double digits 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.
Source
Summary written from the transcript filed by Tube Investments of India Limited for the call held on 17 Aug 2026; published 20 Aug 2026, 19:05 IST.