TIINDIA Q4 FY25 earnings call.
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Revenue
₹5,150 Cr
verified against source
Revenue YoY
14.7%
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.
TI India delivered 14.7% YoY consolidated revenue growth to INR 5,150 crore in Q4 FY25, driven by strong performance in Mobility (+21% YoY) and Metal Form (+4.4% YoY), though Engineering revenue declined 3.7% due to new Nashik facility ramp-up. The EV segment (TICMPL) remains a drag, posting INR 107 crore operational PBIT loss in Q4 (INR 412 crore full-year loss), despite Jalaj Gupta confirming Q4 was its best quarter ever with 1,662 three-wheeler units and 65 heavy truck deployments. The company signed a landmark INR 8,000 crore, 7-year railway bogie contract starting Q4 FY26, which management expects to revive Metal Form margins. Management targets operational break-even for two of four EV businesses in FY26 while pursuing a $1 billion TICMPL revenue target in 3-4 years. Cash position of INR 940 crore at TICMPL is sufficient for 1.5-2 years. Key risk: intensifying three-wheeler EV competition as L&T enters heavy trucks and lower-battery-capacity variants proliferate from competitors.
Colored figures show movement against the previous available record.
Guidance to track
- At least two of the four EV businesses (three-wheelers, trucks, SCV, tractors) to achieve operational break-even within current financial year, driven by revenue scale-up and fixed cost absorption.
- The EV mobility business targets $1 billion total size including exports, representing the primary revenue milestone for the division.
- Seven-year contract for railway bogies awarded to MFPD division, expected to start in Q4 of current financial year and revive railway contribution to original levels.
- Core engineering and metal form businesses to receive approximately INR 300 crore capex investment, with additional investments for TI Medical and CDMO as opportunities arise.
Risks flagged
- Competitors are introducing lower battery capacity variants (vs TI's 10.2 kWh offering) enabling lower pricing. TI plans to launch refresh version and add battery variants to address this, but margin compression is possible.
- New CRSS facility at Nashik has just started with low utilization pending customer approvals (expected 3-4 months). Revenue and margin contribution delayed; utilization was approximately 80% for engineering division excluding this new plant.
- CE certification for European exports was expected in Q1 FY26 but has been delayed; management acknowledges the business is not growing to potential. Revenue ramp-up contingent on certification completion.
- Export revenue (approximately 15% of total sales) faces short-term uncertainty according to management, though long-term customer relationships remain intact. No quantitative impact disclosed.
Key quotes
- Out of 206 trucks deployed in the country [for heavy EV trucks in FY25], 172 trucks were deployed by IPL Tech. That's the kind of lead that IPL Tech has taken in the heavy electric commercial vehicles.
- The plan is that for both these businesses [three-wheelers and trucks], the attempt would be within this financial year to achieve an operational break even.
- We have signed a INR 8,000 crore contract for the next seven years' period of time, which is expected to start in Q4 of this year. Railway business, we expect to revive it back starting next year.
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