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

Executive summary

• Q3 FY26 standalone revenue rose to INR 2,152 crore, up from INR 1,910 crore year-over-year; PBT before exceptional items grew 26% to INR 268 crore.

• Consolidated Q3 revenue reached INR 5,801 crore, up from INR 4,812 crore; consolidated profit before tax was INR 502 crore, compared to INR 427 crore year-over-year.

• Interim dividend of INR 2 per share declared for FY 2025-26.

• Achieved strong growth in market capitalization, with a CAGR of 44% from Mar'18 to Dec'25.

• Maintains leadership in cold drawn welded steel tubes and transmission chains in India.

Financial highlights

• Standalone free cash flow for the quarter was INR 248 crore; free cash flow to PAT ratio at 94% YTD FY26.

• ROIC annualized improved to 49% from 43% year-over-year.

• CG Power posted consolidated Q3 revenue of INR 3,175 crore and profit of INR 420 crore, both up year-over-year.

• Shanthi Gears Q3 revenue at INR 117 crore, profit at INR 23 crore; YTD FY26 revenue at INR 384 crore.

• Revenue from operations reached INR 7,893 crore in FY25 and INR 7,611 crore in FY24; YTD FY26 revenue at INR 6,278 crore.

Outlook and guidance

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

• Focus on expanding electric vehicle offerings and semiconductor manufacturing.

• Continued investment in R&D and capacity expansion across business segments.

• Engineering business expected to continue strong domestic growth, with double-digit organic growth observed.

• Export growth remains challenged due to tariffs and weak European demand; domestic expansion and plant utilization are key levers.