Tube Investments of India (TIINDIA) Q2 25/26 earnings summary

Executive summary

• Standalone Q2 FY26 revenue reached ₹2,119 crore, up from ₹2,065 crore year-over-year; EBIT grew 11.5% to ₹250 crore.

• Consolidated Q2 FY26 revenue was ₹5,523 crore, up from ₹4,925 crore year-over-year; profit before tax rose to ₹459 crore from ₹426 crore.

• Achieved strong growth in market capitalization, with a CAGR of 44% from Mar'18 to Sep'25, reaching ₹72,267 crore.

• Free cash flow for the quarter was ₹183 crore; ROIC stood at 44%.

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

Financial highlights

• Engineering revenue for Q2 FY26 was ₹1,382 crore (up from ₹1,323 crore); EBIT at ₹164 crore (up from ₹162 crore).

• Metal Formed Products Q2 revenue was ₹408 crore (up from ₹404 crore); EBIT at ₹44 crore (down from ₹46 crore).

• Mobility Q2 revenue was ₹194 crore (up from ₹168 crore); EBIT at ₹4 crore (vs. loss of ₹0.36 crore last year).

• CG Power Q2 revenue was ₹2,923 crore (up from ₹2,413 crore); profit at ₹388 crore (up from ₹294 crore).

• Shanthi Gears Q2 revenue was ₹132 crore (down from ₹155 crore); EBIT at ₹29 crore (down from ₹34 crore).

Outlook and guidance

• Management expects strong demand to continue post-GST rate cuts, especially during the festival season.

• Core business revenue and PBT are projected to grow 12%-15% next year; standalone CapEx planned at ₹300-400 crore.

• Continued investments in electric mobility and semiconductor businesses signal a focus on future growth sectors.

• Expansion of OSAT facility in Gujarat expected to commence commercial production in 2026.

• Medical division targets 15%-25% growth, with new verticals planned.