Tube Investments of India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Tube Investments of India Ltd filed with BSE on 18 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Tube Investments of India reported standalone Q4 FY2026 revenue of Rs.2,279 Crores versus Rs.1,957 Crores a year earlier, with PBT before exceptional items and fair value gain on CCPS at Rs.361 Crores versus Rs.327 Crores. Management discussed segment performance across engineering, metal formed products, and mobility, along with results at subsidiaries CG Power and Shanthi Gears. Executives also addressed volume growth, commodity and fuel cost pressures, the EV business, medical devices, and capex plans for FY2027.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Standalone Revenue: Rs.2,279 Crores (Q4 FY2026)
p. 3
“The standalone results for the quarter, the revenue in Q4 was Rs.2,279 Crores compared to Rs.1,957 Crores of the same period previous year.”
M. A. M. Arunachalam, page 3 of the filed PDF · View the filing
Standalone Revenue: Rs.8,556 Crores (FY2026)
p. 3
“The revenue for the full year was Rs.8,556 Crores against Rs.7,893 Crores of previous year.”
M. A. M. Arunachalam, page 3 of the filed PDF · View the filing
PBT before exceptional items and fair value gain on CCPS: Rs.361 Crores (Q4 FY2026)
p. 3
“PBT before exceptional items and fair value gain on CCPS for the quarter was at Rs.361 Crores compared to Rs.327 Crores of the same period in previous year.”
M. A. M. Arunachalam, page 3 of the filed PDF · View the filing
ROIC: 44% (FY2026)
p. 3
“ROIC stood at 44% for the year ended March 31, 2026 compared with 44% reported in the previous year.”
M. A. M. Arunachalam, page 3 of the filed PDF · View the filing
Free cash flow: Rs.313 Crores (Q4 FY2026)
p. 3
“Free cash flow for the quarter was Rs.313 Crores.”
M. A. M. Arunachalam, page 3 of the filed PDF · View the filing
Cumulative free cash flow: Rs.826 Crores (FY2026)
p. 3
“Cumulative free cash flow for the year was Rs.826 Crores that is 100% of PAT.”
M. A. M. Arunachalam, page 3 of the filed PDF · View the filing
Engineering segment revenue: Rs.1,495 Crores (Q4 FY2026)
p. 3
“Reviewing the businesses, engineering, the revenue for the quarter was Rs.1,495 Crores compared to Rs.1,229 Crores in the corresponding quarter of the previous year.”
M. A. M. Arunachalam, page 3 of the filed PDF · View the filing
Mobility business revenue: Rs.208 Crores (Q4 FY2026)
p. 4
“Mobility business, the revenue for the quarter was Rs.208 Crores compared to Rs.181 Crores in the corresponding quarter of the previous year.”
M. A. M. Arunachalam, page 4 of the filed PDF · View the filing
Consolidated revenue: Rs.6,215 Crores (Q4 FY2026)
p. 4
“Now, the consolidated results, TII's consolidated revenue for the quarter was Rs.6,215 Crores against Rs.5,150 Crores in the corresponding quarter of the previous year.”
M. A. M. Arunachalam, page 4 of the filed PDF · View the filing
CG Power consolidated revenue: Rs.3,442 Crores (Q4 FY2026)
p. 4
“CG Power and Industrial Solutions Limited, a subsidiary company in which the company holds 56% stake, registered consolidated revenue of Rs.3,442 Crores during the quarter against Rs.2,753 Crores in the corresponding quarter of the previous year.”
M. A. M. Arunachalam, page 4 of the filed PDF · View the filing
Shanthi Gears revenue: Rs.135 Crores (Q4 FY2026)
p. 4
“Shanthi Gears Limited, a subsidiary company in the gears business in which the company holds 70% stake, registered revenue of Rs.135 Crores during the quarter against Rs.153 Crores in corresponding quarter of the previous year.”
M. A. M. Arunachalam, page 4 of the filed PDF · View the filing
M&HCV (big truck) EV volumes: 87 numbers (Q4 FY2026)
p. 9
“Yes. Q4, the volumes were the big trucks 87. Big trucks were the M&HCV business was 87 numbers.”
Jalaj Gupta, page 9 of the filed PDF · View the filing
Three wheeler EV volumes: 1,176 (Q4 FY2026)
p. 9
“The small commercial vehicle business was 241. The three wheeler business was 1,176 and tractor there was, no billing.”
Jalaj Gupta, page 9 of the filed PDF · View the filing
Truck segment market share: 28% (FY2026)
p. 11
“And despite 11 players being there, we ended the year being a market leader with about 28% market share.”
Jalaj Gupta, page 11 of the filed PDF · View the filing
Small commercial vehicle market share: 27% (Q4 FY2026)
p. 11
“Likewise, in small commercial vehicles also, there are already seven players. Despite that, in Q4, we had a market share of 27%.”
Jalaj Gupta, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
CDMO commercial production — Commercial production at Naidupet facility · next quarter
stated firmly by Mukesh Ahuja
p. 8
“And we are going to do the commercial production from our Naidupet facility starting next quarter.”
Mukesh Ahuja, page 8 of the filed PDF · View the filing
Standalone capex — Rs.300 Crores to Rs.350 Crores · FY2027
stated firmly by Mukesh Ahuja
p. 8
“capex in our core business will be around Rs.300 Crores to Rs.350 Crores range.”
Mukesh Ahuja, page 8 of the filed PDF · View the filing
Subsidiary investment — around Rs.300 Crores · FY2027
stated conditionally by Mukesh Ahuja
p. 8
“All put together, we have a rough cut estimate of around Rs.300 Crores going into the subsidiaries also.”
Mukesh Ahuja, page 8 of the filed PDF · View the filing
TI Medical wound care growth — 15% to 20%
stated firmly by Mukesh Ahuja
p. 8
“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 an asset purchase for the IV cannula business”
Mukesh Ahuja, page 8 of the filed PDF · View the filing
TI Medical overall growth — 20% year-on-year
stated as an aspiration by Mukesh Ahuja
p. 8
“So overall we are still bullish about this business and we are hopeful will give 20% year-on-year growth in TI Medical going forward.”
Mukesh Ahuja, page 8 of the filed PDF · View the filing
Three wheeler production capacity recovery — normal production capacity · Q1
stated firmly by Jalaj Gupta
p. 7
“But now that issue is resolved and I am very confident that as we end this particular quarter, Q1, we will be back to our normal production capacity on the supply side.”
Jalaj Gupta, page 7 of the filed PDF · View the filing
CRSS plant Nasik utilization — 100% utilized · end of this financial year or middle of next financial year
stated conditionally by Mukesh Ahuja
p. 10
“CRSS plant in Nasik is ramping up. And hopefully, by end of this financial year or middle of next financial year, it will be 100% utilized.”
Mukesh Ahuja, page 10 of the filed PDF · View the filing
Western region Tube facility utilization — 100% utilized · middle of next financial year
stated as an aspiration by Mukesh Ahuja
p. 10
“Our Tube facilities also in the Western region have touched almost about 30% capacity utilization. Hopefully, the same commentary, maybe by middle of next financial year, we are hopeful it will get 100% utilized.”
Mukesh Ahuja, page 10 of the filed PDF · View the filing
Body-in-white supply resolution — resolve the issue by and large · end of this quarter
stated firmly by Jalaj Gupta
p. 9
“So that is the reason we are very confident by end of this quarter, we will be able to resolve by and large this specific issue of body invite.”
Jalaj Gupta, page 9 of the filed PDF · View the filing
Localization content across EV platforms
stated as an aspiration by Jalaj Gupta
p. 11
“So that answers, but directionally, we are fully committed to increase the localization content across all our platforms.”
Jalaj Gupta, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Volume growth was in line with revenue growth since there were no major price movements in Q4.
Answered by Mukesh Ahuja
Asked by Joseph George: What was the underlying volume growth in the engineering business?
p. 5
“So, it is almost in line, because there are no major price movements in the Q4. So, you can consider whatever is the sales growth shown in the Q4, it is in line with the volume growth.”
Mukesh Ahuja, page 5 of the filed PDF · View the filing
Volume growth remains strong but commodity and fuel cost pressures are challenges being addressed with customers and internal cost reduction.
Answered by Mukesh Ahuja
Asked by Joseph George: How is demand and volume growth looking in early Q1 FY2027 given macro challenges?
p. 5
“So, Joseph, as of now, we see volume growth are still on the stronger side. So, we see the growth is still bullish.”
Mukesh Ahuja, page 5 of the filed PDF · View the filing
No major update yet; customers are still awaiting government approval for Vande Bharat coaches.
Answered by Mukesh Ahuja
Asked by Joseph George: What is the update on the railway business scale-up?
p. 6
“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.”
Mukesh Ahuja, page 6 of the filed PDF · View the filing
Deployment challenges include financing large truck orders and setting up charging infrastructure.
Answered by Jalaj Gupta
Asked by Rushabh Shah: What is stopping scale-up in the HCV EV segment?
p. 6
“Coming to the challenges, the challenge is primarily on account of deployment and in deployment there are two parts to it.”
Jalaj Gupta, page 6 of the filed PDF · View the filing
Higher battery capacity and fast charging appear to be favored over swapping, though swap technology is retained for niche applications like ports.
Answered by Jalaj Gupta
Asked by Rushabh Shah: What is the plan for battery swap technology on long haul trucks?
p. 6
“But at this point of time, the trend seems to be tilting towards higher battery capacities and a fast charging as a solution.”
Jalaj Gupta, page 6 of the filed PDF · View the filing
A body-in-white supplier bottleneck caused a Q4 production hit; the company took over the supplier's facility and expects recovery.
Answered by Jalaj Gupta
Asked by Rushabh Shah: What caused the three wheeler production issue and is it resolved?
p. 7
“For us, one of the challenges in our scale up was on the supply side was the body- in-white supplier, which we took a bold call in Q4, despite it being in Q4, that we will solve this issue once and for all, which I am glad that we have done.”
Jalaj Gupta, page 7 of the filed PDF · View the filing
Middle East business faced temporary headwinds from war-related disruption while Europe and Southeast Asia scaled up.
Answered by Mukesh Ahuja
Asked by Rushabh Shah: What is happening with the medical devices export business?
p. 7
“So, exports, like you rightly said, the regulatory things are already over, but we had a little bit headwind on Middle East business, which was also a good market, which we feel is a temporary”
Mukesh Ahuja, page 7 of the filed PDF · View the filing
Standalone capex expected at Rs.300-350 Crores, with roughly Rs.300 Crores planned for subsidiaries including TICMPL and TI Medical.
Answered by Mukesh Ahuja
Asked by Joseph George: What is the capex plan for FY2027 in standalone business and new ventures?
p. 8
“Part number two, capex in our core business will be around Rs.300 Crores to Rs.350 Crores range.”
Mukesh Ahuja, page 8 of the filed PDF · View the filing
Railway tender profitability issues and muted Hyundai production affected MFPD, but improvement is expected as Hyundai ramps up its Western plant.
Answered by Mukesh Ahuja
Asked by Salil Desai: Why does the MFP segment remain sluggish while engineering volume growth has recovered?
p. 9
“So Salil, your observation is right. MFPD is going a bit slow.”
Mukesh Ahuja, page 9 of the filed PDF · View the filing
Cost reduction is ongoing across all four platforms despite geopolitical headwinds, and the Montra Electric Rhino became the first truck certified under the PM E-drive scheme.
Answered by Jalaj Gupta
Asked by Rushabh Shah: What progress has been made on EV platform cost reduction and localization?
p. 11
“Our Montra Electric Rhino was the first electric truck in the country to be certified under the PM E-drive scheme, which happened in Q4, and we could deliver vehicles under this particular scheme.”
Jalaj Gupta, page 11 of the filed PDF · View the filing
Risks flagged
Commodity price increases and fuel cost inflation pressuring margins
p. 5
“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.”
Mukesh Ahuja, page 5 of the filed PDF · View the filing
Recovery of cost increases from customers involves a lag
p. 5
“So we are hopeful through either driving some cost reduction inside, and taking up with customer which may have a little bit lag, we will be able to cover that.”
Mukesh Ahuja, page 5 of the filed PDF · View the filing
Financing and charging infrastructure constraints limiting HCV EV deployment
p. 6
“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 to deploy these trucks in Q1 and Q2.”
Jalaj Gupta, page 6 of the filed PDF · View the filing
Middle East war-related disruption to medical device exports
p. 7
“but we had 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.”
Mukesh Ahuja, page 7 of the filed PDF · View the filing
Geopolitical situations creating headwinds for EV cost reduction
p. 10
“So cost reduction across all our four platforms is a very important initiative and it is a continuous and ongoing process, although some of the recent geopolitical situations are the headwinds that we are facing.”
Jalaj Gupta, page 10 of the filed PDF · View the filing
MFPD segment impacted by railway tender profitability issues and muted Hyundai OEM performance
p. 9
“The reasons for that are, one is the railways, where maybe we have not got the profitability in the tender business and new product development with the private players is taking a bit of time”
Mukesh Ahuja, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.