TIINDIA Q3 FY25 earnings call.
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Revenue
₹4,812 Cr
verified against source
Revenue YoY
0.63%
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 a flat Q3 FY25 with standalone revenue of INR 1,910 crore (vs INR 1,898 crore YoY) as the engineering business faced headwinds from muted metal prices despite 7-8% volume growth. The consolidated picture was stronger at INR 4,812 crore (+15% YoY) driven by CG Power and Shanthi Gears. The EV mobility business (TICMPL) saw Q3 revenue decline to INR 127 crore from INR 146 crore in Q2 due to subsidy reduction (INR 23,000/vehicle impact) and lower three-wheeler volumes, while truck deliveries fell to 36 units from 42 in Q2. Management targets operational break-even for EV operations by next fiscal year. Capital expenditure of INR 293 crore has been deployed YTD, with INR 300 crore planned for EV capacity expansion next year. ROIC declined to 43% from 54% in the prior 10-year period. The $1 billion revenue target by 2029 for the EV business remains intact, but export opportunities and new product launches (e-LCV, cargo variants) face execution risks amid intensifying competition from incumbents like Mahindra and Bajaj in the three-wheeler segment.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets achieving operating break-even in the EV mobility business (three-wheeler and truck operations) by next financial year, factoring in reduced subsidy expectations.
- The $1 billion revenue target for the EV business by 2029 remains intact, with focus on achieving stated internal market share targets in truck (year-plus as sole player) and three-wheeler segments.
- Small commercial vehicle (e-LCV) and cargo variants will begin full commercial sales from April 2025, with seeding to begin in Q4 FY25. Dealer LOIs have been issued for SCV business.
- The company plans approximately INR 300 crore of capacity capex across all four EV businesses (three-wheelers, trucks, SCV, tractors) for the upcoming year.
Risks flagged
- The PM E-DRIVE incentive benefit has reduced by INR 23,000 per vehicle with eligible vehicle quantum exhausted. Industry-wide profitability challenge as subsidies decline, forcing cost optimization.
- Incumbents like Mahindra and Bajaj have entered the three-wheeler EV segment, challenging TI's market share ambitions. Management acknowledges dealer network disadvantage but remains confident on technology and cost advantages.
- Moshine (electronics) has failed to scale due to China-controlled supply chains. Optical lens faces limited customer base willing to source at lens level from India, with in-house camera module ambitions stalled by inability to match Chinese pricing.
- Engineering exports (35-40% to US) face uncertainty from potential tariff changes. Approximately half of US business is OEM-approved long-cycle products (lower risk), while distributor business faces exposure.
Key quotes
- We feel very comfortable that we have enough runway for at least two more years with the funds we have it.
- My bandwidth question has always been asked. I think in all honesty, the bandwidth question was asked even when we were growing one company at a particular pace. But I think the opportunity that the country offers today is that level of growth. And if we are growing as leaders, we have to be able to handle additional bandwidth.
- The PM E-DRIVE incentive benefit got reduced by INR 23,000 per vehicle as the quantum of eligible vehicle got exhausted. So there was a reduction in incentive benefit.
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