TIINDIA Q3 FY26 earnings call.
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Revenue
₹5,801 Cr
verified against source
Revenue YoY
20.55%
reported change
EBITDA
Pending
latest reported figure
Source
screener in enriched
record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Tube Investments delivered strong consolidated Q3 FY26 results with revenue of ₹5,801 crore (+21% YoY), driven by robust performance in the engineering segment and turnaround in mobility. Standalone revenue of ₹2,152 crore (+13% YoY) with PBT growth of 26%. Engineering PBIT rose to ₹196 crore on double-digit volume growth, while MFPD remained flat. TI Clean Mobility losses narrowed to ₹164 crore with PBIT turning positive at ₹4 crore. CG Power contributed ₹420 crore profit (+25% YoY), offsetting Shanthi Gears' decline. Management signaled continued EV investment (₹500-750 crore additional), with break-even expected in 12-18 months for heavy vehicles and three-wheelers. New plant expansions face 6-9 month delays. The core TI-1 businesses remain cash-generative, funding TI-2 patience. Key risks: prolonged EV losses, Shanthi Gears margin pressure from competitive intensity, and 3Xper's delayed ramp-up.
Colored figures show movement against the previous available record.
Guidance to track
- Management committed to INR 500-750 crore incremental investment from parent balance sheet to fund EV business toward EBITDA/cash flow breakeven in 12-18 months for heavy vehicles and three-wheelers, followed by SCV and tractor.
- CG Power targeting services revenue growth from 1-2% to 30% range; recruiting 1-2 key hires to drive this expansion, with team expected on board in Q1 FY27.
- Railway project delayed from Q4 FY26; prototype samples now targeted for March-April submission with FY2027 expected to be the meaningful revenue year.
- Engineering division capacity sufficient for FY2027; CapEx decisions for FY2028 will be based on demand assessment and capacity utilization review.
Risks flagged
- TI Clean Mobility reported ₹164 crore losses in Q3 with break-even pushed beyond initial timelines. Management acknowledged underestimating build-out complexity and committed additional ₹500-750 crore. Three-wheeler segment facing aggressive competition from Mahindra and Piaggio.
- Revenue declined to ₹117 crore from ₹158 crore YoY with order book weakness for 4-6 quarters. Management prioritizing margin protection over volume, indicating structural competitive challenges in the precision gears business.
- U.S. Section 232 duty remains at 50% with no indication of reduction. European FTA benefits are 12-15 months away and face CBAM/NTB barriers. European market weakness impacting MFPD exports. India domestic growth compensating but limits diversification.
- CDMO business 3Xper delayed 18+ months due to Andhra Pradesh facility permissions. Manufacturing capacity now available but certification cycle is lengthy, seeding revenue slower than anticipated.
Key quotes
- I would actually say that now is the time to double down on that business. It's not the time to kind of back off. And because the fundamental thesis, Sujit, to me, is still intact, right? Which is like all of the IC components and IC products in these businesses are going to get replaced over time.
- I made some mistakes, kind of, you know, I've not, perhaps performed as well as we could have in certain segments. And perhaps I also underthought a bit as to kind of what it would take to kind of build out the business.
- It's unlikely we'll do anything significant in TI-2 anymore, right? So I think TI-3 is just TI-3, if something were there, it's, we're still be open to, but I would say definitely there's no thinking of doing so much significant in TI-2 anymore.
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