TIINDIA Q1 FY25 earnings call.
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Revenue
₹4,578 Cr
verified against source
Revenue YoY
17.7%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tube Investments reported consolidated revenue of INR 4,434 crore (+17.7% YoY) and PAT of INR 464 crore (+17.2% YoY) for Q1 FY25. Standalone revenue stood at INR 1,960 crore (+10.1% YoY) with PBT of INR 208 crore. The engineering segment drove performance with revenue of INR 1,265 crore and PBIT of INR 157 crore, while mobility showed early traction with PBIT of INR 2 crore. CG Power (58% stake) delivered strong numbers with revenue of INR 2,228 crore (+18.9% YoY) and PBT of INR 336 crore. EV business (TI Clean Mobility) is scaling with three-wheelers contributing ~67% and heavy trucks ~33% of revenues; first 50-truck order received from a steel customer validates product-market fit. Management targets double-digit growth across core businesses and aims for 20-25% market share in each EV segment. Key risks include supply chain constraints for EV components (largely China-sourced), slower-than-expected ramp in electronics/lens business, and dependency on government EV subsidies. Capital allocation will prioritize TI Medical and one new sector identified for TI-2.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects double-digit growth in engineering and metal formed segments driven by construction/non-auto demand, EV weight reduction opportunities (high-strength metals), and export market penetration where current global market share is minimal.
- Currently operating 17 dealers for electric three-wheelers, with plans to expand to 150 pan-India dealers by fiscal year-end to support market share growth in North markets from current 4-5%.
- Second variant of 55-ton 6x4 heavy commercial truck to launch in September-October 2024, with combined portfolio expected to address ~20% of total industry volume (TIV) in the segment.
- Greenfield plant in Noida for medical consumables (TI Medical) currently in land acquisition phase; expected to commence commercial production approximately one year from now, i.e., Q2 FY26.
Risks flagged
- Management explicitly acknowledged that supply chain for EV components (electronics, control units, battery cells) is largely sourced from China, creating vulnerability to geopolitical disruptions and logistics delays. A customer order of 50 trucks already experiencing slight supply chain lags.
- Analyst raised concern about lack of material progress in electronics (lens, camera modules) segment despite acquisition to save licensing time. Management admitted progress is 'a bit slow' and the 'jury is still out' on whether they can break into the Chinese-dominated supply chain.
- Three-wheeler EV business performance is dependent on EMPS scheme continuation and potential FAME III announcement. Without subsidy, unit economics become challenging, particularly for price-sensitive markets.
- Railway margins under pressure due to selective participation in tender business. Combined with PV segment slowdown (50% of metal formed revenue), this created the single-digit growth quarter. Management expects resolution in 1-2 quarters.
Key quotes
- The encouraging thing is that it's not just the vehicle performance, but basically it's the economics as well, which is the customers that have begun to deploy have basically begun to see at least a 10%-15% reduction in overall logistics costs.
- We've taken any capital needs off TI CMPL off the table... after all the factories are built out, we will still have a significant amount of that portion in the bank, in excess of INR 1,000 crores, more like INR 1,100+ crores in the bank after everything is built out.
- We are looking for double-digit growth... growth will be driven by construction, non-auto which is really showing good growth in the country; EV battery weight reduction opportunities where we have metallurgical and engineering strength; and exports where we hardly have any global market share.
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