Tube Investments of India (TIINDIA) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 consolidated revenue reached ₹7,893 crore, up from ₹7,611 crore in FY24, with standalone revenue at ₹2,007 crore and free cash flow of ₹82 crore.

• Achieved 44% CAGR in market capitalization from Mar'18 to Jun'25, reaching ₹72,267 crore.

• EBITDA for the quarter stood at ₹222 crore, up from ₹208 crore year-over-year.

• Promoter and promoter group hold 44% of shareholding as of June 2025.

Financial highlights

• Q1 FY26 profit before tax (before exceptional items & FV gain) at ₹970 crore; standalone PBT margin at 11.1%.

• Standalone PAT for Q1 FY26 was ₹168.09 crore, up from ₹154.47 crore year-over-year; consolidated PAT at ₹303.19 crore.

• Free cash flow (FCF) for Q1 FY26 at ₹82 crore, FCF/PAT at 49%.

• CG Power Q1 revenue at ₹2,878 crore, PAT ₹267 crore; Shanthi Gears Q1 revenue at ₹135 crore, PBT ₹31 crore.

• Standalone net worth at ₹5,191 crore; consolidated net worth at ₹8,058 crore as of June 30, 2025.

Outlook and guidance

• Double-digit growth targeted for standalone business, with EBITDA growth expected as cost efficiencies improve.

• Focus on expanding EV business through investments in TICMPL and subsidiaries, and continued investments in medical devices and contract manufacturing.

• Export orders for the next quarter are intact, but longer-term outlook is uncertain due to global trade conditions.

• Operational break-even for the EV business is unlikely this year due to lower-than-expected volumes.

• Full recovery of steel price increases from customers is expected in the current and next quarter, which should restore margins.