Tube Investments of India (TIINDIA) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 standalone revenue reached INR 2,152 crore, up from INR 1,910 crore year-over-year, with PBT before exceptional items at INR 268 crore, a 26% increase.

• Board approved unaudited standalone and consolidated financial results for Q3 and nine months ended 31st December 2025.

• Consolidated revenue for the quarter was INR 5,801 crore, up from INR 4,812 crore year-over-year; consolidated profit before exceptional items and tax was INR 502 crore, up from INR 427 crore.

• Interim dividend of INR 2 per share declared for FY26, to be paid within 30 days of declaration; record date set as 10th February 2026.

• Reappointment of two independent directors for five-year terms, subject to member approval.

Financial highlights

• Engineering business revenue was INR 1,438 crore (vs. INR 1,212 crore), PBIT at INR 196 crore (vs. INR 156 crore).

• Metal Form revenue was INR 408 crore (vs. INR 400 crore), PBIT at INR 46 crore (vs. INR 40 crore).

• Mobility business revenue was INR 183 crore (vs. INR 142 crore), PBIT at INR 4 crore (vs. a loss of INR 0.8 crore).

• CG Power reported consolidated revenue of INR 3,175 crore (vs. INR 2,516 crore), profit at INR 420 crore (vs. INR 335 crore).

• Shanthi Gears revenue was INR 117 crore (vs. INR 158 crore), profit at INR 23 crore (vs. INR 35 crore).

Outlook and guidance

• Management remains committed to investing in TI Clean Mobility, 3Xper, and TI Medical, despite longer-than-expected timelines for profitability.

• Engineering and metal forming segments expected to continue strong domestic growth, with export growth constrained by tariffs and weak European demand.

• No significant new investments planned in TI-2; focus remains on scaling current businesses.

• Anticipated incremental investment of INR 500-750 crore in the EV business from the parent balance sheet.

• Interim dividend of INR 2 per share to be paid within 30 days of declaration; record date set as 10th February 2026.