Tube Investments of India (TIINDIA) Q4 25/26 earnings summary

Executive summary

• Q4 FY26 standalone revenue rose to INR 2,279 crore from INR 1,957 crore year-over-year; full-year revenue reached INR 8,556 crore, up from INR 7,893 crore.

• Interim dividend of INR 2 per share paid in February 2026; final dividend of INR 1.50 per share recommended for FY26.

• Consolidated Q4 revenue was INR 6,215 crore, up from INR 5,150 crore; full-year consolidated revenue reached INR 22,847 crore, up from INR 19,465 crore.

• Board approved audited standalone and consolidated results for Q4 and FY26, with unmodified audit opinions for both.

Financial highlights

• Q4 standalone PBT before exceptional items was INR 361 crore, up from INR 327 crore year-over-year; full-year PBT was INR 1,099 crore, up from INR 975 crore.

• Free cash flow for FY26 was INR 826 crore, equaling 100% of PAT.

• ROIC remained strong at 44% for FY26, unchanged year-over-year.

• CG Power subsidiary Q4 revenue was INR 3,442 crore (up from INR 2,753 crore); profit before tax was INR 490 crore (up from INR 384 crore).

• Shanthi Gears subsidiary Q4 revenue was INR 135 crore (down from INR 153 crore); profit before tax was INR 25 crore (down from INR 31 crore).

Outlook and guidance

• Management remains bullish on volume growth for early FY27, despite macro and commodity cost challenges.

• Medical business expects 15-20% growth, with new IV Cannula asset acquisition to contribute from Q2 FY27.

• CDMO business to commence commercial production next quarter; core business CapEx planned at INR 300-350 crore, with similar investments in subsidiaries.

• Management continues to monitor regulatory changes (e.g., new labour codes) and will adjust accounting as clarifications emerge.