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

• Revenue from operations for Q2 FY26 was ₹7,893 crore, up from ₹7,611 crore in Q2 FY25.

• Standalone PAT for Q2 FY26 was ₹186.75 crore, up from ₹167.80 crore year-over-year.

• Consolidated PAT for Q2 FY26 was ₹302.05 crore, up from ₹299.17 crore year-over-year.

• Basic EPS (consolidated) for Q2 FY26 was ₹9.65; standalone EPS was also ₹9.65.

• Free cash flow to PAT ratio remained high at 99% in Q2 FY26.

Outlook and guidance

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

• Core business PBT growth targeted at 12%-15% for 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.

• Additional investments of ₹400 crore for TI Medical and Triyom, and ₹200-300 crore for potential M&A.