Intimation of Analyst/Investor Meet

Tube Investments of India Limited

  • The document contains the transcript of the Q1 FY2027 Earnings Call conference group call held on 17th August 2026, hosted by IIFL Capital Services Limited.
  • The call was scheduled after the earnings announcement, with the Board meeting having approved results on 14th August 2026.
  • Management participants included Mr. M.A.M. Arunachalam (Executive Chairman), Mr. Mukesh Ahuja (Managing Director), Mr. A.N. Meyyappan (Chief Financial Officer), and all divisional heads including Mr. Jalaj Gupta (EV business) and Mr. Govindarajan (CDMO business).
  • The transcript was uploaded to the company website pursuant to Regulations 30 & 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Highlights Discussed

Standalone Performance Q1 FY27:

  • Revenue: ₹2,366 Crores (vs. ₹2,007 Crores YoY, +18%)
  • PBT: ₹213 Crores (vs. ₹222 Crores YoY, -4%)
  • ROIC: 41% annualized (vs. 39% YoY)
  • Free Cash Flow: ₹174 Crores

Segmental Performance (Standalone):

  • Engineering: Revenue ₹1,566 Cr (vs. ₹1,298 Cr YoY), PBIT ₹153 Cr (flat YoY)
  • Metal Formed Products: Revenue ₹408 Cr (vs. ₹366 Cr YoY), PBIT ₹28 Cr (vs. ₹37 Cr YoY)
  • Mobility: Revenue ₹250 Cr (vs. ₹198 Cr YoY), PBIT ₹9 Cr (vs. ₹7 Cr YoY)
  • Others: Revenue ₹256 Cr (vs. ₹236 Cr YoY), PBIT ₹21 Cr (vs. ₹17 Cr YoY)

Consolidated Performance:

  • Revenue: ₹6,215 Crores (vs. ₹5,309 Crores YoY)
  • PBT (before share of JVs, exceptional items): ₹461 Crores (vs. ₹449 Crores YoY)

Subsidiary Performance:

  • CG Power (56.29% stake): Revenue ₹3,281 Cr (vs. ₹2,878 Cr YoY), PBT ₹423 Cr (vs. ₹364 Cr YoY)
  • Shanthi Gears (70.46% stake): Revenue ₹115 Cr (vs. ₹135 Cr YoY), PBT ₹14 Cr (vs. ₹31 Cr YoY)

Key Management Commentary

Margin Pressure & Recovery:

Management attributed margin compression primarily to steel price increases with a 2-3 quarter lag in price recovery from customers. They expressed confidence in full recovery of steel-related cost increases and maintained guidance for double-digit EBIT margin improvement.

EV Business (TI Clean Mobility):

  • Record quarterly revenue of approximately ₹240 Crores
  • Volume details: 86 big trucks, 1,924 three-wheelers, 347 small commercial vehicles, 22 tractors
  • Reduced losses with one business unit expected to breakeven in FY27 and two more in FY28
  • Export initiatives: 100+ three-wheelers shipped to Nepal; exploring Sri Lanka, Tanzania, Ethiopia
  • Battery cell supply challenges expected to continue for 2-3 quarters

Growth Initiatives:

  • TI Medical: 20% growth in core surgical business; IV cannula acquisition to contribute from Q2
  • CDMO (3xper): 200KL intermediate capacity commissioned; validation batches ongoing; clean room commissioning in 30-40 days
  • Capex: ₹350 Cr for TI standalone, ₹100 Cr for Shanthi Gears in FY27
  • Additional ₹250 Cr infusion planned in Q3 FY27 for subsidiaries (total ₹750 Cr guidance)

Other Business Updates:

  • Cycles business showed strong growth driven by seasonal demand (school/college openings)
  • Orange Koi (metal injection molding) acquired for additive manufacturing capability development
  • Jayem Auto diversifying into battery manufacturing for group consumption initially

Additional Notes

  • The document represents a verbatim transcript of the earnings conference call
  • The transcript was filed as a regulatory disclosure requirement