Tube Investments of India (TIINDIA) Q4 24/25 earnings summary

Executive summary

• Board approved FY25 results, with consolidated revenue rising to ₹19,465 Cr from ₹16,890 Cr YoY and standalone revenue at ₹7,893 Cr, up from ₹7,611 Cr.

• Final dividend of Rs.3.50/share for FY25, including interim and final payouts, subject to AGM approval.

• Achieved strong growth through strategic acquisitions in semiconductors (Axiro), HVAC (Kcaltech), and medical consumables, and expanded electric mobility offerings.

• Board approved long-term borrowing up to Rs.300 Cr for FY26 funding needs.

• Ms. Shelina Pranav Parikh appointed as Independent Director for 3 years, subject to AGM approval.

Financial highlights

• Standalone Q4 revenue at Rs.1,957 Cr (flat YoY); FY25 revenue at Rs.7,893 Cr; consolidated Q4 revenue at Rs.5,150 Cr (up YoY); consolidated FY25 revenue at Rs.19,465 Cr (up YoY).

• Standalone Q4 PBT before exceptional items and CCPS gain at Rs.327 Cr (Rs.318 Cr YoY); FY25 at Rs.975 Cr (Rs.970 Cr YoY).

• Recognized Rs.569 Cr fair value gain on CCPS investment in TI Clean Mobility in standalone results.

• Free cash flow for FY25 at Rs.397 Cr, 55% of PAT, excluding fair value gain.

• ROIC for FY25 at 44%, down from 54% in FY24.

Outlook and guidance

• Engineering division expects double-digit growth and margin improvement in H2 FY26 as new capacity ramps up.

• Railway business to revive with a new Rs.1,000 Cr order over seven years, expected to boost growth and margins from Q4 FY25.

• EV business targets operational break-even in at least two out of four businesses in FY26.

• CDMO plant construction to complete by Q3/Q4 FY26, with commercial ramp-up expected next year.

• Focus on expanding electric mobility and semiconductor business, with continued R&D investment.