TIINDIA Q2 FY26 earnings call.
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Revenue
₹5,523 Cr
verified against source
Revenue YoY
12%
reported change
EBITDA
Pending
latest reported figure
Source
screener in enriched
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tube Investments reported Q2 FY26 consolidated revenue of INR 5,523 crore (+12% YoY), with PBT at INR 459 crore (+8% YoY). The 12% revenue growth was driven by strong performance at CG Power (INR 2,923 crore, +21% YoY) and mobility division (+15% YoY). Standalone revenue was INR 2,119 crore (+2.6% YoY), with engineering division delivering 10% volume growth but flat revenue at INR 1,382 crore. Metal Formed Products remained flat at INR 408 crore. Management targets 12-14% PBT growth for standalone going forward. EV business showed modest volumes (3-wheelers: 2,082 units, HCV trucks: 44 units) with management maintaining 50%+ market share in electric HCV segment. Capital allocation plans include INR 300-400 crore for standalone, INR 400 crore for TI Medical/Three Expert, and INR 200-300 crore for potential M&A. Key risks include competitive intensity in EV trucks, GST-driven ICE vs EV price parity shift affecting three-wheeler adoption, and US export slowdown (~10% impact on 4-5% revenue exposure). Railway business revenue recognition delayed by one quarter to Q1 FY27.
Colored figures show movement against the previous available record.
Guidance to track
- Management projects standalone PBT growth in the 12-14% range, requiring INR 300-400 crore capital expenditure to support expansion.
- Base business capital expenditure planned at INR 300-400 crore for FY27 to drive the targeted 12-14% PBT growth.
- Greenfield and expansion investments planned for TI Medical and Three Expert ventures, with INR 400 crore allocated across these businesses.
- TI Medical targeting 15%+ growth in sutures/surgical business, with additional new vertical launch planned to accelerate growth toward 25%.
Risks flagged
- GST reduction on ICE vehicles (INR 20,000 price advantage for three-wheelers) is driving ICE growth faster than EV, with highest impact on three-wheeler segment.
- 7-8 players now active in electric HCV market, though TI maintains 50%+ market share. Pricing pressure and market share defense remain concerns.
- Q2 saw ~10% slowdown in US business (4-5% of total revenue) following tariff increase to 50%. OEM-supplied segments remain sticky, distributor markets affected.
- Railway revenue expected to start in Q1 FY27 (delayed from Q4 FY26) as other suppliers' supply chains are not yet ready, while TI is prepared.
Key quotes
- We have carefully and we have purposefully chosen not to go this route [retrofits] because we are convinced that, grounds up, EV is any day a better bet as compared to a retrofit on any of the vehicles.
- If we look at the CapEx side... [it] depends on how we kind of get in. If it's kind of a new line of business, if it requires anything that's inorganic, then that requires more capital. Otherwise, it'll be more operational.
- The fundamental thesis of these businesses kind of remains... good long-term growth in both these businesses... What we have to look at is... ensure that these businesses basically give us the growth and the profitability we need.
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