Tube Investments of India (TIINDIA) Q1 26/27 earnings summary

Executive summary

• Standalone Q1 FY27 revenue reached ₹2,366 crore, up from ₹2,007 crore year-over-year; consolidated revenue rose to ₹6,215 crore from ₹5,309 crore year-over-year.

• Standalone PBT was ₹213 crore, slightly down from ₹222 crore year-over-year; consolidated PBT before exceptional items at ₹461 crore versus ₹449 crore last year.

• Free cash flow for the quarter was ₹174 crore; FCF/PAT ratio improved to 109% in Q1 FY27.

• Standalone PAT for Q1 FY27 was ₹159 crore, down from ₹168 crore; consolidated PAT was ₹294 crore, down from ₹303 crore.

• Standalone and consolidated annualized ROIC stood at 41%, up from 39% year-over-year.

Financial highlights

• Market capitalization reached ₹72,267 crore as of June 2026, with a 36% CAGR since Mar'18.

• CG Power subsidiary revenue grew to ₹3,281 crore (from ₹2,878 crore), PBT at ₹423 crore (from ₹364 crore); PAT at ₹308 crore in Q1 FY27.

• Shanthi Gears revenue declined to ₹115 crore (from ₹135 crore), PBT at ₹14 crore (from ₹31 crore).

• Standalone EPS for Q1 FY27 was ₹8.19; consolidated EPS was ₹8.71 (basic) and ₹8.70 (diluted).

• Networth at quarter-end: standalone ₹5,968 crore; consolidated ₹7,751 crore.

Outlook and guidance

• Management expects full recovery of steel price increases in coming quarters, with margin normalization anticipated.

• Double-digit margin improvement is expected post price recovery.

• TI Medical targets 20% annual revenue growth with sustained double-digit profitability.

• Engineering segment demand and export momentum expected to remain strong for next 1-2 quarters.

• Management continues to monitor the impact of new labour codes and will adjust accounting as clarifications are issued.