Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Tube Investments of India Ltd (NSE: TIINDIA) Q4 2026 Earnings Call dated May. 13, 2026
Corporate Participants:
Unidentified Speaker
Jalaj Gupta — Chief Executive Officer
Analysts:
Joseph George — Analyst
Unidentified Participant
Rushab Shah — Analyst
Salil Desai — Analyst
Presentation:
Joseph George — Analyst
Thank you. And over to you, sir.
Unidentified Speaker
Thank you, Inga. On behalf of IFL Capital, I welcome you all to the 4QFY6 results conference call of Tube Investments of India Ltd. From the management, we have with us Mr. Mamachalam, Executive Chairman,
Unidentified Participant
Mr.
Unidentified Speaker
Mukesh Ahuja, Managing Director, Mr. A N Chief Financial Officer as well as all the divisional heads. I will now hand over the call to the management for opening remarks post which we will take you in.
Jalaj Gupta — Chief Executive Officer
So good evening. The Board of Directors of Tube Investments of India met today and approved the financial results of the quarter and year ended 31st March 2026. The board has declared and paid an interim dividend of 2 rupees per share in February 2026. The board has now recommended a final dividend of rupees 1 rupees 50 paisa per share for the financial year 2025 26. The standalone results for the quarter. The revenue in Q4 was 2279 crore compared to 1957 crore the same period previous year. The revenue for the full year was 8,556 crore against 7,893 crore of previous year.
PBT before exceptional items and fair value gain on CCPs for the quarter was at 361 crore compared to 327 crore of the same period the previous year. TVT before exceptional items and fair value gain on CCPs for the full year was 1099 crore as against 975 crores of previous year. ROIC stood at 44% for the year ended 31st March 2026 compared to 44% reported in the previous year. Free cash flow for the quarter was 313 crores. Accumulated free cash flow for the year was 8 to 6 crores. That is 100% of patients reviewing the businesses engineering.
The revenue for the quarter was 1499 crore compared to 12299 crore in the corresponding quarter of the previous year. Profit before interest and tax for the quarter was 176 crores against 142 crores in the corresponding quarter of the previous year. The revenue for the full year was 5612 crore compared with 5200 crores in the previous year. Profit before interest and tax for the full year was 689 crore compared to 617 crore in the previous year. Mental Farm Products the revenue for the quarter was 421 crore compared with 403 crore in the corresponding quarter of the previous year.
Profit before interest and tax for the quarter was 35 crores against 39 crores in the corresponding quarter of the previous year. Revenue for the full year was 1603 crore compared to 1565 crore in the previous year. Profit before interest and tax for the full year was 162 crores as against 161 crores in the previous year. Mobility Business revenue for the quarter was 208 crores compared to 181 crores in the corresponding quarter of the previous year. Profit before interest and tax for the quarter was 4 crores compared to 4 crores in the corresponding quarter of the previous year.
Revenue for the full year was 783 crores compared to 671 crore the previous year. Profit before interest and tax for the full year was 19 crore against a 5 crore in the previous year. The others revenue for the quarter was 246 crores compared with 244 crores in the corresponding quarter of the previous year. Profit before interest tax for this quarter was 16 crores against 13 crores in the corresponding quarter of the previous year. Revenue for the full year was 923 crores compared with 987 crores in the previous year.
PBIT was 70 crores against 48 crores in the previous year. Now the Consolidated Consolidated Results TII’s consolidated revenue for the quarter was 6215 cr against 5150 crore in the corresponding quarter of the previous year. The the PBIT before share of profit of Associate Joint Ventures exceptional items loss of loss on Fair values of CCPs and tax for the quarter was 516cr against 479 crore in the corresponding quarter of the previous year. For the year ended 31st March 2026. TIIIs consolidated revenue for the year was 22,847 crore against 19,465 crore in the previous year.
The profit before share of profit of Associate Joint Ventures exceptional items loss on Fair valuation of CCPs and tax was 1937 crores against 1801 crore in the previous year. CG Power Industrial Solutions Ltd. A subsidiary company in which the company holds 56% stakeholders, registered a consolidated revenue of 3442 crore during the quarter against 2753 crores in the corresponding quarter of the previous year. Profit for exceptional items and tax for the quarter was 490 crores against 384 crores in the corresponding quarter of the previous year.
For the year ended 31st March 2026. CG’s consolidated revenue for the year was 12,418 crores against 9,909 crores the previous year. The profit before exceptional items and tax was 1,662 cr as against 1,348 crore in the previous year. Chanti Gears Ltd. A subsidiary company in the Gears business in which the company holds 70% stake, registered revenue of 135 crores during the quarter against 153 crores corresponding quarter of the previous year. Profit before exceptional items and tax for the quarter was 25 crores against 31 cr the corresponding quarter the previous year.
For the year ended 31st March 2026, SGL’s revenue was at 519 crore as against 605 crore in the previous year. The PVIT was 107 crore against 130 cr in the previous year. So with me I have Mr. Mukesh AA Managing Director may have been CFO of TI. Also have Mr. Jaraj Gupta MD of TI Clean Mobility and Gopal the CFO of Clean Mobility along with a few team members. So we’re ready to take your questions.
Joseph George — Analyst
Thank you sir. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may click on the raise hand icon from the participant tab on your screen. We will wait for a moment while the question queue assembles. Any participant who has a question may click on the raise hand icon. We’ll take a first question from Joseph George of IIFL Capital. Please go ahead.
Questions and Answers:
Unidentified Speaker
Hey. Hi. Thank you. So I have two three points to touch upon. One is can you help us with the underlying volume growth of the business because the revenue growth obviously includes the pass through of the etc.
Operator
Joseph can you come again please?
Unidentified Speaker
Could you help us with the. Mr. George,
Joseph George
Could you just hold the mic little closer to you and speak and repeat your question please.
Unidentified Speaker
Is it better now?
Operator
Yes, better.
Unidentified Speaker
Okay. So the first question was if we could share the underlying volume growth in the engineering business.
Operator
So it is almost in because there are no major price movements in the quarter four. So you can consider whatever is the sales growth shown in the quarter four it is in line with the volume growth on.
Unidentified Speaker
Thank you. The second question was given the challenging macro environment what how are you seeing demand and volume growth etc in the early part of say 1Q FY27 because a lot of OEMs and businesses are hinting at challenges on growth as well as on the cost side and pressure on margins etc so you can Give some indication of how things are on the ground both in terms of volume growth as well as in terms of cost pressures.
Operator
So Joseph, as of now we see volume growth are still on the stronger side. So we see the growth is still bullish. But like you said that there is a challenge on the commodity price increases along with the macro environment. Fuel prices is a challenge in front of us. But like you are aware of commodity price increase, we get it from our customers because we have a contracts in place which comes with sometimes a 1-2-4 lag. There will be recovery though. Immediate challenge is how to get the inflation on the fuel and this thing which we have taken up with our customers.
So we are hopeful through either driving some cost reduction inside and taking up with customer which may have a little bit lag. We’ll be able to cover that.
Unidentified Speaker
Thank you. Sir. The last question that I had was on if you can give an update on the scale up of the railway business which is something that we’ve talked about in the last I think 2, 3/4. But we are yet to see the scale up there. So some update on that.
Operator
So Joseph, on that side maybe there is no major update as of now. As of now still we are at a product development stage which we have completed. But customers where we are supplying they have to get their product approved with the government of India on the one day Bharat coaches. So that process is on and it is a work in progress. Hopefully we’ll be able to see some progress down the line two or three quarters from now.
Unidentified Speaker
All right, thank you. That’s all I have.
Joseph George
Thank you. Before we take our next question, we’d like to remind participants to ask a question. You may click on the raise hand icon. We’ll take our next question from Rushab Shah of RBSA Investment managers. Please go ahead.
Rushab Shah
Yeah, am I audible?
Operator
Yes Rushabh, you are audible.
Rushab Shah
Yeah. Thank you for the opportunity. My first question was actually on the EV side. Now that you know, I believe the current crude price volatility would have better, you know, given a better pitch for the TCO and the EV side. So how are we seeing the demand side especially on the hcv? Is financing still an issue? You know, what is stopping us from scaling up in the HCV side?
Unidentified Participant
Yeah. So Rishabh, thanks. You’re absolutely right. We are definitely seeing a upswing in the demand for the electric vehicles, especially in our heavy truck segment and also in the small commercial vehicle segment. In fact, we are sitting on a very good order book for the big trucks coming to the challenges, the challenges is primarily on account of deployment and in deployment there are two parts to it. One is financing, as you rightly said, because the average deployment is for about 50 to 100 trucks, which translates into about 100 crore plus kind of money which is required to be put by the service provider.
And second is the challenges to set up the charging infrastructure for a given route. So these two are the challenges which we are working towards and we are hopeful we will untangle that because order book is good and we are hopeful, you know, to deploy these trucks in quarter one and quarter two. And on the long haul side I think we are trying, trying to do better battery swap in that side. So what is the plan of action there and can we see significant scale up in this coming one or two years?
So the situation has slightly changed with the introduction of higher capacity batteries and the fast charging which is now available as a technology. So one of the positives of the swap is that it takes less than seven to 10 minutes to do a swap. The not so positive for swap is the huge setup cost which a char swapping infrastructure requires. So the judgment is still not out when you look at China as a market. So there also at some point of time it was a swapping technology which was more prevalent.
But at this point of time the trend seems to be tilting towards higher battery capacities and a fast charging as a solution. So as far as we are concerned, we are not giving up on swap as a technology. There would be applications like ports, etc. Where swapping only will work. So we are ready with our swap technology. In fact we are working on couple of orders in our hand for the same. But going forward it looks like that higher battery capacity and fast charging could be the way forward for long haul.
Okay. And recently there has been a news flow that the world’s largest battery maker has commercialized sodium ion technology. So how does this, does this anyway change anything for us? Malay float sodium ion really does become mainstream in the coming future. Does it anyway reduce. Help us reduce the tco? Not immediately because you know the technology getting translated into a cell and then coming onto the validation and the full fledged implementation on the vehicle is a slightly long drawn process.
So maybe in times to come yes, but immediately no. And just on the last question, on the three wheeler side, where are we on the three wheeler? I think we had some issues and we had resolved these issues. So where are we on the scale up on the three wheeler auto side? Yeah. So three wheeler in quarter three of this year, in quarter two of last financial year we had introduced a upgraded version of the Super Auto which had started gaining a good market traction for us. One of the challenges of in our scale up was on the supply side was the body invite supplier which we took a bold call in quarter four despite it being in quarter four that we will solve this issue once and for all, which I’m glad that we have done.
So we took a short term hit. Our quarter four volume took a beating because we could only produce 50% of what we could have produced otherwise which took a toll on our both billing as well as retails at the dealer end. But now that issue is resolved and I’m very confident that as we end this particular quarter, quarter one we will be back to our normal production capacity on the supply side, parallel on the demand side. The good news is that this new improved version has found a good market acceptance and and we are very confident that we’ll be.
You’ll be able to see or you will be seeing good scale up of volumes as we move forward on three wheeler business.
Salil Desai
Okay,
Unidentified Participant
And just the last question on the medical devices front last I think one one year we have, we have been saying that we are expecting some certification and export and I think that issue was also resolved but we are not seeing significant scale up in the business. So what is the reason and what is the outlook for that business? If you could please share.
Operator
So exports, like you rightly said, the regulatory things are already over but we add a little bit headwind on Middle east business which was also a good market which we feel is a temporary but we are able to scale up in the Europe particularly and Southeast Asian countries but little got muted because of this war scenario.
Unidentified Participant
So what is the outlook for the business for the next year? Is there anything that you can share? Is the worst behind us or subject to the macro things? Is there anything that we can do, identify new products or an acquisition, anything that we can do to buy growth or
Operator
So we have given a guidance, maybe even the last investor call particularly which we are in wound care which is basically suture business. We are confident to grow the business between the range of 15 to 20%. And coming to further acquisition, we just now completed a small transaction which was a asset purchase for the IV Canula business. And we are going to finish even the plant approvals, whatever assets we purchase which will be done during the quarter and that will also start adding to the growth of Ti Medical.
So overall we are still bullish about this business and we are hopeful we are give 20% year on year growth in TI Medical going forward.
Unidentified Participant
Can I just share the details of the acquisition or discuss under process?
Operator
It is already closed. It is a Medicura facility available at A Ambala where we done the business purchase, asset purchase and then we have to go through the approvals of getting the plant approval which is a work in progress and we are hiring our own team also which all those activities will get completed by quarter one and quarter two. We are expecting it to start the commercial production for that
Unidentified Participant
And any tentative revenue. Can you share of that company or
Operator
It is maybe. Let’s say it was maybe we got at a attractive price. The company was not in operation. We are going to put it in operation.
Unidentified Participant
Okay. Okay. Thank you sir. Wish you all the best.
Operator
Thank you.
Joseph George
Thank you. Anyone who wishes to ask a question may click on the raise hand icon from the participant tab on your screen. We now move to our next question. That’s from Joseph George from iifl. Please go ahead.
Unidentified Speaker
Thank you. I had a couple of follow up questions. One is if we can give an update on the CDMO business in the manufacturing plant approvals and when can we expect the revenue commencement. That was one. And second is when I when we think about FY27 as a whole how much do you expect Capex in the standalone business to be and how much investments would go into the new ventures from standard. Thank you.
Operator
So like we shared particularly CDMO business our plant is under final commissioning and we are going to do the commercial production from our NAIDU paid facilities starting next quarter. That’s a part number one. Part number two capex in our the core business will be around 300 to 350 crore range and coming to the subsidiaries based on the requirement like we shared in the last investor meeting some money will be required for depending on the how operations are scaling up for the TIC MPL which is our EV business and TI Medical also we are going to invest money going forward.
All put together we have a rough cut estimate of around 300 crore going into the subsidiaries also.
Salil Desai
Thanks.
Joseph George
Thank you. Our next question is from Salil Desai of Marcellus Investment managers. Please go ahead.
Salil Desai
Thank you. My first question is if you could share the volumes for the quarter in the electric vehicle businesses for each of the products.
Unidentified Participant
Yeah. Quarter four the volumes were the big trucks. 60, 65, 87 big trucks was the MNHCV business was 687. Numbers
Salil Desai
687.
Unidentified Participant
No, no. 8787. The small commercial vehicle business was 241. The three wheeler business was 1176 and tractor there was no billing.
Salil Desai
All right, thank you. Second is, you know you mentioned this challenge on this body invite procurement. So if you can just elaborate what was it? Now we have resolved it in the sense that you started manufacturing it in house or your supply chain has stabilized.
Unidentified Participant
Yes. So this was. So there was this supplier which was with us from the beginning of the business and we were struggling with this particular supplier and is the reason we tried working out various, you know, various solutions with him over a period of couple of years. But finally we could very clearly identify that as we want to scale up our volumes to immediately to a thousand and then to 2000 plus consistently this definitely would be one of the bottlenecks. So and then we have, we have taken over that particular facility of the supplier.
It is very close to our existing unit of where we make our three wheeler. And now we are running the facility and is the reason. And whatever we have seen in the month of April and up till now in the month of May, we have been able to ramp up to the to the levels that we had targeted for. There are still some more teething issues to be resolved. So that’s the reason we are very confident that by end of this quarter we will be able to resolve by and large this is specific issue of body invite.
Salil Desai
Understood. Great, thank you. My next question is on. Maybe Mukesh can answer. This is on the MFP segment. Now we’ve seen that the engineering business last two quarters we have seen volume growth coming back very strongly. But MFP given that there will be some overlap in the customer base, this still remains a little sluggish. So any reasons why and what could be the outlook for next year?
Operator
So Salil, your observation is right. MFP is going bit slow. The reasons for that is one is the railways where maybe we are not get the profitability in the tender business and new product development with the private players is taking a bit of time from our side. It is over. That’s first. And second our one of the major customer is in MFPD’s Hyundai which also had a muted growth. You might have observed Hyundai as a OEM maybe has not done so well in the last financial year. But now they started doing even the production in the western part of the country where also we have put up a facility for them.
So hopefully those issues will be behind us and we’ll have a better year for the MFPD in coming time.
Salil Desai
Great. Right. And this western India capacity is fully operational now, stabilized and running as normal or there is still kind of some phased expansion that is planned there.
Operator
So Hyundai has just started maybe last quarter only their western plant and we are already servicing requirements from our facility in the Pune. Obviously it will go through a ramp up phase but all those issues we feel in quarter one ramp up and issues and some teething issues. Whenever you start a problem will be getting settled in current quarter.
Salil Desai
I see. Right. And this I’m assuming you’re referring to the steel tubes expansion in Pune. Right.
Operator
Your question was on mfpd so I’m talking. Okay, okay. Low frames for Hyundai.
Salil Desai
Right, right, right, understood. And how about the capacity for steel tubes? Is that now fully stable?
Operator
So whatever facility expansion we are doing maybe let’s say I think it was worked everything in our favor. CRSS plant in Nasik is ramping up and hopefully by end of this financial year of middle of next financial year it’ll be 100% utilized. We are in the thought process what we should do for further expanding it. But we’ll take a call off down the line six months our tube facility also in the western region has touched almost about 30 capacity utilization hopefully. But same commentary maybe by middle of next financial year we are hopeful it will get 100 utilized.
Salil Desai
Thank you so much. I’ll come back in the queue.
Joseph George
Thank you. We’ll take a next question from Sisher Saha from Saha Security. Please go ahead. Sisher, could you please unmute your microphone and ask your question. Well, there’s no response from this connection. We will move to our next participant. That’s a follow up question from Rishabh Shah of RBSA Investment Managers. Please go ahead.
Unidentified Participant
Yeah, thank you for the opportunity. Again I just had a follow up on the EV business. I believe in. In one of the earlier con calls we had mentioned that we are planning a significant cost reduction in across all the EV platforms. So I just want to understand where are we in that journey in terms of cost reduction and localization? Because I believe that is an important point, you know for us to, you know that enable us to scale up significantly. Yes. So yes Rishabh. So cost reduction across all our four platform is a very important initiative and it’s a continuous and ongoing process.
Although some of the recent geopolitical situation has put, you know are the headwinds that we are facing. But I can assure you this is one of the topmost priority across all the four businesses and various businesses have various levers to play in our journey to bomb cost reduction when it comes to localization. Happy to report that one of the parameter of localization is a PME drive scheme which was introduced by Government of India which incentivizes on the purchase of electric truck only after a truck is certified to be containing some percentage of localization and component.
Our Montreal Electric Rhino was the first electric truck in the country to be certified under the PM E drive scheme which happened in quarter four. And we could deliver vehicles under this particular scheme. So that can, you know that answers. But directionally we are fully committed to increase the localization content across all our platforms. And secondly, on the competitive internship in the nhcv, I believe despite the market being so small, a lot of players have already entered. So how do we intend to stand out in the hcv?
I believe we are still the market leader there. How do we ensure that we still grow on that market share? Yes, you are absolutely right. Despite the market being very small, I will say across all the segments. So in truck segment for example, there are already 11 players. And despite 11 players being there, we ended the year being a market leader with about 28% market share. Likewise in small commercial vehicles also there are already seven players. Despite that in quarter four we had a market share of 27% so intensity will be there.
What we are or what is rusp is the end customer value proposition when he purchases the electric truck, which we feel the way we go about doing a solution selling in the market is what sets us apart from the rest of the competition. Not to talk about, I’m not undermining the, you know, the product reliability etc, which is definitely there. But if I was to pin out, I think I will, I will iron that I’ll single that out as our approach or as our USP vis a vis the competition. Okay, thank you.
Joseph George
Thank you. A quick reminder to our participants, if you wish to ask a question, you may click on the raise hand icon so that I can unmute your connection. That brings us to the end of the Q and A session. Ladies and gentlemen, on behalf of IIFL Capital Services Ltd. That concludes today’s call. Thank you for joining us and you may now click on the leave icon to exit the meeting. Thank you for your participation.