Tube Investments of India Limited has informed the Exchange about Transcript
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Tube Investments reported Q1 FY26 standalone revenue of Rs. 2,007 Crores (vs Rs. 1,960 Crores YoY) and PBT of Rs. 222 Crores (vs Rs. 208 Crores). Consolidated revenue grew to Rs. 5,309 Crores, with subsidiary CG Power contributing Rs. 2,878 Crores. ROIC fell to 39% from 47% YoY. Management said steel price pass-through to customers will complete in the current and next quarter, after which margins should normalize. Volume growth in engineering was ~10% and in metal formed products 3-4%. Capex for the standalone business is pegged at Rs. 350 Crores, with the battery packaging plant at Manesar expected to be operational by end of FY26 and a railway order ramp-up from next year. The three priority growth areas are TI Clean Mobility, TI Medical, and CDMO 3Xper.
Mixed signals for shareholders: management acknowledged that the EV business will miss its operational breakeven target for three-wheelers and heavy commercial vehicles by year-end due to weak volumes and unfavorable policy, and ROIC has declined sharply. However, margins in the core engineering and metal formed businesses are expected to recover in the next 1-2 quarters once steel cost pass-through is complete, and the company reaffirmed confidence in double-digit EBITDA growth.