EV adoption slowdown due to GST on ICE vehicles
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.
TIINDIA / Q2-FY26 / risks
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Tube Investments of India · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Competitive intensity in electric truck segment
7-8 players now active in electric HCV market, though TI maintains 50%+ market share. Pricing pressure and market share defense remain concerns.
US export slowdown
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 business revenue recognition delayed
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.