Tube Investments of India / Q1-FY26

TIINDIA Q1 FY26 earnings call.

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WatchCall date pendingBack to TIINDIA

Revenue

₹5,309 Cr

verified against source

Revenue YoY

16%

reported change

EBITDA

Pending

latest reported figure

Source

screener in enriched

record provenance

Actual signal trajectory

Where this quarter sits.

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Revenue (₹ Cr)PositiveWatchNegative
12 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 3,898 · Watch source sentiment · 2023-07-26Q1 FY24Q2 FY24: 4,306 · Positive source sentiment · 2023-11-02Q2 FY24Q3 FY24: 4,197 · Watch source sentimentQ3 FY24Q4 FY24: 4,490 · Watch source sentimentQ4 FY24Q1 FY25: 4,578 · Positive source sentiment · 2024-07-01Q1 FY25Q2 FY25: 4,925 · Watch source sentimentQ2 FY25Q3 FY25: 4,812 · Watch source sentimentQ3 FY25Q4 FY25: 5,150 · Watch source sentimentQ4 FY25Q1 FY26: 5,309 · Watch source sentimentQ1 FY26Q2 FY26: 5,523 · Watch source sentiment · 2025-10-30Q2 FY26Q3 FY26: 5,801 · Watch source sentiment · 2026-01-XXQ3 FY26Q4 FY26: 6,215 · Positive source sentimentQ4 FY266,2153,898
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Tube Investments of India reported Q1 FY26 consolidated revenue of INR 5,309 crores, up 16% YoY driven by strong performance at CG Power (INR 2,878 crores, +29% YoY) and recovery in the Cycles/Mobility division (+9.4% YoY). However, consolidated PBT before exceptional items declined to INR 449 crores from INR 470 crores YoY, primarily due to higher losses at TI Clean Mobility (e-3W and e-truck). Management admitted they will not achieve the previously guided operational break-even in the EV business this year, citing volume shortfalls and lack of government policy support (FAME successor). On the positive side, standalone EBITDA grew 6.7% YoY to INR 222 crores with free cash flow of INR 82 crores. The Engineering division (65% of standalone revenue) delivered 10% volume growth. Key risks include increasing competition in the 3-wheeler EV segment, near-zero gross margins in e-trucks pending indigenization and battery pack localization, and US tariff uncertainty impacting 4% of revenue. Capital allocation remains focused on doubling down in three strategic growth areas: TI Clean Mobility, TI Medical, and 3xper CDMO.

Colored figures show movement against the previous available record.

Guidance to track

  • Management maintained confidence in achieving double-digit EBITDA growth for the standalone business in FY2026, excluding the EV startup losses, supported by 10% volume growth in Engineering and cost efficiency measures.
  • Management explicitly withdrew the previously guided operational break-even for the three-wheeler and FCV (truck) business for FY2026, citing lower-than-expected volumes and unfavorable policy environment.
  • Target to increase EV 3-wheeler dealership network from current 91 to 125 by end of FY2026 to improve market coverage and compete more effectively against established ICE-to-EV converted competitors.
  • TI Clean Mobility plans to apply for eligibility under the government's PMV Drive (PM E-Drive) scheme in Q2 FY2026, with product qualification work underway; application expected to be filed before next investor call.

Risks flagged

  • Management admitted the previously guided operational break-even for the EV passenger and truck segments will not be achieved in FY2026. The lack of FAME III policy support and slower-than-expected volume ramp-up continues to weigh on profitability in what remains a loss-making division.
  • The e-truck division has near-zero gross margins currently. While management cited indigenization and volume ramp as the levers for margin recovery, the timeline for meaningful improvement remains uncertain amid increasing competition from larger OEMs entering the segment.
  • An analyst explicitly asked about media reports regarding a family issue within the Murugappa Group and its potential impact on minority shareholders. Management declined to comment, stating family matters are not discussed publicly. This leaves uncertainty unresolved for investors.
  • While steel prices have increased, management acknowledged that the recovery from customers (pass-through) is yet to happen and will be fully realized only in the next 1-2 quarters. This creates a timing mismatch where input costs have risen but pricing power hasn't been fully exercised, temporarily compressing margins.

Key quotes

  • At this stage, I would say that, though we did give that guidance, I don't believe we will hit [operational break-even] this year.
  • One is the refresh model, which is we are well on our way, and quarter two will see the launch of the same. Second is that one new subsegment seems to have emerged, which is on the higher battery pack side.
  • I don't think there's anything to discuss from that perspective. We don't first anyway discuss any of the family issues in the public domain.
  • If lithium-ion starts moving up, everybody will increase prices. Because it is the largest component of everybody's cost structure.

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