Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
Tube Investments of India Ltd.
NSE: TIINDIAIndustrialsConglomerates
- Last close
- ₹2,080.00
- Day change
- −₹20.00 (−0.95%)vs
- Market cap
- ₹42,288 crIndian rupees
- Research updated
- 2 reports
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About Tube Investments of India
Tube Investments of India Ltd. is a significant player in the engineering sector, known for its expertise in manufacturing a variety of products such as engineering components, bicycles, and metal-formed products. The company operates through a broad spectrum of segments including cycles and components, metal-formed products, and chains, catering primarily to the Indian market while also marking its presence internationally. A key part of the Murugappa Group, a well-respected and diversified conglomerate, Tube Investments strategically focuses on innovation and sustainability across its operations. The company is pivotal in providing automotive, industrial, and consumer segments with critical engineering solutions, contributing significantly to the automotive and cycle industries. Notably, Tube Investments of India Ltd. has established a strong reputation for quality and engineering excellence, playing a crucial role in supporting infrastructure development and mobility solutions within emerging and established markets. Its ability to adapt and meet evolving market demands maintains its significance within the financial market landscape, underscoring its commitment to driving forward a diverse manufacturing portfolio.
- Sector
- Industrials
- Industry
- Conglomerates
- Listing
- NSE: TIINDIA
- Employees
- 3,153
- Headquarters
- Chennai, India
- ISIN
- INE974X01010
- Website
- tiindia.com
Public research · Report of
Business model & financial foundation
Tube Investments of India (NSE: TIINDIA), Diversified engineering, electrical equipment and electric mobility: revenue of ₹22,847 crore in FY26 (+17.4% on FY25), an EBITDA margin of 9.9%, net profit of ₹636.8 crore and net cash of ₹2,026 crore.
- Revenue, FY26 (₹ crore)
- 22,847
- consolidated
- Revenue growth, FY26
- +17.4%
- on FY25
- EBITDA margin, FY26
- 9.9%
- EBITDA (revenue less operating costs, excl other income) / revenue
- Net profit, FY26 (₹ crore)
- 636.8
- to owners
- Return on equity, FY26
- 5.8%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,026
- Net conventional debt including current investments
- Market capitalisation (₹ crore)
- 42,487
- at the close of 16 Oct 2026
Company profile
TII manufactures precision steel tubes, strips, chains and metal-formed auto parts and bicycles. Its controlled CG Power business supplies electrical equipment, while Shanthi Gears makes industrial gearing. Capital is being deployed into EVs, medical devices and CDMO; incubation losses and CCPS accounting make consolidated earnings materially different from standalone core profits.
| Item | Value |
|---|---|
| Legal name | Tube Investments of India Limited |
| Exchange and ticker | NSE: TIINDIA; BSE: 540762 |
| ISIN | INE974X01010 |
| CIN | L35100TN2008PLC069496 |
| Sector | Industrials |
| Industry | Diversified engineering, electrical equipment and electric mobility |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP (since 14 Aug 2026) |
| Market capitalisation | ₹42,487 crore (16 Oct 2026) |
| Shares outstanding | 19.35 crore shares (FY26) |
| Price | ₹2,185 (close, 16 Oct 2026) |
| 52-week range | ₹2,137 - ₹3,335 (to 16 Oct 2026) |
| Website | https://tiindia.com |
Corporate structure and shareholding
Parent: Murugappa Group (Ambadi Investments promoter).
| Entity | Holding | Business |
|---|---|---|
| CG Power and Industrial Solutions Limited | 56.29% | Power and industrial systems; semiconductor investments |
| Shanthi Gears Limited | 73.16% | Industrial gearing; stake increased from 70.46% on 21 Aug 2026 |
| TI Clean Mobility Private Limited | 99.99% | Electric three-wheelers, tractors, trucks, small commercial vehicles; external CCPS economic dilution unresolved |
| TI Medical Private Limited | 67% | Medical devices |
| 3xper Innoventure Limited | 95% | CDMO chemicals |
| Financiere C10 SAS | 95% | French industrial chains |
| Kcaltech System India Private Limited | 67% | Automotive aluminium components |
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 44.10% | 44.04% | 43.93% | |
| Promoter holding pledged | 0.01% | 0.01% | 0.01% | |
| Foreign institutions | 23.20% | 21.42% | 22.35% | |
| Domestic institutions | 20.10% | 22.20% | 21.50% | |
| of which mutual funds | 12.78% | 14.69% | 14.15% | |
| Retail | 12.70% | 12.30% | 12.30% | |
| Other | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Engineering | 5,612 | 24.2% | 689.1 | 35.7% |
| Metal Formed Products | 1,603 | 6.9% | 162.4 | 8.4% |
| Mobility | 783.5 | 3.4% | 19.6 | 1.0% |
| Electric Vehicles | 682.9 | 2.9% | -657.7 | -34.0% |
| Gears and Gear Products | 517.4 | 2.2% | 107.5 | 5.6% |
| Power Systems | 5,138 | 22.1% | 1,114 | 57.6% |
| Industrial Systems | 6,747 | 29.0% | 596.3 | 30.9% |
| Semiconductors | 502.8 | 2.2% | -107.9 | -5.6% |
| Medical | 208.9 | 0.9% | 4.14 | 0.2% |
| Others | 1,442 | 6.2% | 5.66 | 0.3% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Bharat Forge (BHARATFORG) | Industrial and auto component exporter with incubation businesses |
| Endurance Technologies (ENDURANCE) | Auto component manufacturing, cost pass-through and exports |
| Sona BLW Precision Forgings (SONACOMS) | Precision driveline and EV exposure |
| UNO Minda (UNOMINDA) | Diversified auto components and capex |
| CG Power and Industrial Solutions (CGPOWER) | Listed subsidiary; electrical capital-goods economics |
| Shanthi Gears (SHANTIGEAR) | Listed subsidiary; gearing profitability |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total revenue from operations | 11,983 | 14,964 | 16,890 | 19,465 | 22,847 |
| Cost of revenue (vendor classification) * | 8,619 | 10,226 | 11,383 | 13,179 | 15,405 |
| Other operating costs (vendor classification) * | 1,301 | 1,570 | 1,997 | 2,408 | 2,820 |
| EBITDA (vendor classification) * | 1,512 | 1,989 | 2,129 | 2,219 | 2,588 |
| EBIT * | 1,187 | 1,623 | 1,734 | 1,715 | 1,909 |
| Finance costs | 58.3 | 42.5 | 52.3 | 63.5 | 62.0 |
| Profit before tax after exceptional items | 1,128 | 1,581 | 1,695 | 1,653 | 1,851 |
| Total tax expense on continuing operations | 160.8 | 422.6 | 497.2 | 598.9 | 734.3 |
| Total profit after tax, including NCI and discontinued operations | 991.0 | 1,325 | 1,733 | 1,054 | 1,118 |
| Diluted EPS, continuing and discontinued operations (₹) | 39.78 | 49.39 | 62.31 | 34.80 | 32.90 |
| Materials, traded goods and inventory change | 9,830 | 11,007 | 12,783 | 14,975 | |
| Employee benefits expense | 1,205 | 1,493 | 1,790 | 2,279 | |
| Other expenses, excluding separately reported CCPS loss | 2,042 | 2,441 | 2,906 | 3,318 | |
| EBITDA (revenue less operating costs, excl other income) | 1,887 | 1,949 | 1,849 | 2,258 | |
| Other income | 143.9 | 251.7 | 371.1 | 387.2 | |
| Depreciation and amortisation | 395.9 | 453.8 | 492.2 | 664.3 | |
| Exceptional items, signed (charge negative) | 8.06 | 0.08 | -11.1 | -68.0 | |
| Share of associate and JV profit/(loss), net of tax | -19.6 | -0.63 | -0.38 | -0.36 | |
| Profit attributable to non-controlling interests | 369.5 | 527.1 | 380.6 | 481.4 | |
| Profit attributable to owners | 955.5 | 1,206 | 673.7 | 636.8 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 3,725 | 4,955 | 6,745 | 7,692 | 14,202 |
| Current plus non-current borrowings, excl leases and CCPS | 870.9 | 1,126 | 2,104 | 442.9 | 392.4 |
| Cash and cash equivalents plus other bank balances | 411.2 | 842.8 | 535.9 | 2,035 | 1,469 |
| Trade receivables | 1,785 | 2,129 | 2,733 | 3,305 | 4,367 |
| Inventories | 1,327 | 1,353 | 1,788 | 2,224 | 2,853 |
| Total trade payables, MSE and other creditors | 2,343 | 2,300 | 2,774 | 3,131 | 4,035 |
| Property, plant and equipment, excluding ROU assets and CWIP | 2,245 | 2,221 | 2,657 | 2,620 | 3,434 |
| Capital work in progress * | 117.3 | 224.4 | 431.1 | 939.8 | 1,043 |
| Total assets * | 8,881 | 10,287 | 13,179 | 15,964 | 21,487 |
| Current investments | 899.9 | 949.5 | |||
| Equity attributable to owners | 5,536 | 7,751 | |||
| Non-controlling interests in equity | 2,157 | 6,451 | |||
| Net conventional debt including current investments | n.r. | -2,492 | -2,026 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash flows from operating activities, consolidated | 565.6 | 1,240 | 1,306 | 1,185 | 1,161 |
| Purchase of PPE, intangibles and leasehold land incl CWIP, net | 11.2 | 13.6 | -851.4 | -1,213 | -1,433 |
| Free cash flow (vendor definition) * | 646.9 | 969.7 | -176.2 | -27.9 | -272.0 |
| Dividends paid, cash outflow | -72.4 | -168.7 | -162.1 | -162.2 | -168.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 19.29 | 19.30 | 19.33 | 19.34 | 19.35 |
| Closing receivable days | 59 | 62 | 70 | ||
| Closing inventory days on materials COGS | 59 | 63 | 70 | ||
| Closing payable days on materials COGS | 92 | 89 | 98 | ||
| Conventional net debt / EBITDA (x) | n.r. | -1.35x | -0.90x | ||
| Operating EBIT / finance cost (x) | 28.6x | 21.4x | 25.7x | ||
| Receivables YoY less revenue YoY (pp) (%) | 15.5% | 5.7% | 14.7% | ||
| Provisional vendor contingents / owners equity (%) | 22.4% | ||||
| Provisional vendor contingents / total equity (%) | 12.2% | ||||
| Core engineering block revenue including Others subsidiaries | 8,314 | 8,635 | 9,440 | ||
| Power and industrial systems revenue | 8,027 | 9,886 | 11,885 | ||
| Gears medical and semiconductors revenue | 698.9 | 798.1 | 1,229 | ||
| Core engineering block EBIT margin fraction (x) | 0.10x | 0.09x | 0.09x | ||
| Power and industrial systems EBIT margin fraction (x) | 0.14x | 0.14x | 0.14x | ||
| Gears medical and semiconductors EBIT margin fraction (x) | 0.17x | 0.14x | 0.00x | ||
| Core engineering block revenue YoY growth fraction (x) | n.r. | 0.04x | 0.09x | ||
| Power and industrial systems revenue YoY growth fraction (x) | n.r. | 0.23x | 0.20x | ||
| Gears medical and semiconductors revenue YoY growth fraction (x) | n.r. | 0.14x | 0.54x | ||
| Consolidation revenue eliminations fraction (x) | 0.02x | 0.02x | 0.02x | ||
| Other income and unallocated segment EBIT bridge | -58.7 | -7.97 | 48.3 | ||
| Tax over PBT excluding EV segment result fraction | 0.25x | 0.27x | 0.29x | ||
| Group minority interest over CG block EBIT fraction (x) | 0.47x | 0.28x | 0.28x | ||
| Discontinued operations PAT difference | 535.7 | 0.00 | 1.95 | ||
| Implied diluted weighted-average shares from owners PAT and EPS | 19.35 | 19.35 | 19.36 | 19.36 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Total revenue from operations | 4,925 | 4,812 | 5,150 | 5,309 | 5,523 | 5,801 | 6,215 | 6,215 |
| Cost of revenue (vendor classification) * | 3,261 | 3,154 | 3,395 | 3,483 | 3,810 | 4,074 | 4,114 | |
| Other operating costs (vendor classification) * | 730.5 | 713.2 | 805.4 | 751.1 | 838.5 | 936.7 | 929.1 | |
| EBITDA (vendor classification) * | 560.8 | 568.2 | 631.6 | 617.7 | 690.5 | 706.4 | 659.8 | |
| EBIT * | 442.2 | 441.5 | 350.1 | 465.7 | 460.1 | 513.8 | 477.0 | |
| Finance costs | 16.2 | 15.0 | 16.5 | 16.7 | 14.1 | 15.5 | 15.8 | 16.3 |
| Profit before tax after exceptional items | 425.9 | 426.5 | 333.6 | 449.0 | 459.0 | 444.6 | 498.0 | 460.8 |
| Total tax expense on continuing operations | 126.8 | 146.3 | 175.4 | 145.8 | 156.9 | 165.6 | 265.9 | 166.8 |
| Total profit after tax, including NCI and discontinued operations | 299.2 | 280.2 | 158.2 | 303.2 | 302.1 | 279.0 | 234.0 | 294.0 |
| Diluted EPS, continuing and discontinued operations (₹) | 10.68 | 9.99 | 2.40 | 10.27 | 9.64 | 8.57 | 4.42 | 8.70 |
| Materials, traded goods and inventory change | 3,261 | 3,154 | 3,395 | 3,483 | 3,608 | 3,810 | 4,074 | 4,114 |
| Employee benefits expense | 443.0 | 454.0 | 476.7 | 528.8 | 567.4 | 568.1 | 614.6 | 624.2 |
| Other expenses, excluding separately reported CCPS loss | 730.5 | 713.2 | 805.4 | 751.1 | 791.8 | 838.5 | 936.7 | 929.1 |
| EBITDA (revenue less operating costs, excl other income) | 490.3 | 490.9 | 336.6 | 546.2 | 544.3 | 584.7 | 582.7 | 548.0 |
| Other income | 70.7 | 77.4 | 158.3 | 71.6 | 92.7 | 105.8 | 117.1 | 112.0 |
| Depreciation and amortisation | 118.7 | 126.7 | 136.7 | 152.0 | 163.9 | 173.5 | 174.9 | 182.8 |
| Exceptional items, signed (charge negative) | 0.00 | 0.00 | -8.08 | 0.00 | 0.00 | -57.0 | -11.0 | 0.00 |
| Share of associate and JV profit/(loss), net of tax | -0.13 | -0.07 | -0.03 | -0.09 | -0.10 | -0.08 | -0.09 | -0.12 |
| Profit attributable to non-controlling interests | 92.4 | 86.6 | 111.7 | 104.3 | 115.4 | 113.1 | 148.6 | 125.4 |
| Profit attributable to owners | 206.8 | 193.6 | 46.5 | 198.9 | 186.7 | 165.9 | 85.5 | 168.6 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 105.6% | 24.9% | 12.9% | 15.2% | 17.4% |
| EBITDA margin | 12.6% | 11.5% | 9.5% | 9.9% | |
| Net margin | 6.4% | 7.1% | 3.5% | 2.8% | |
| Return on equity | 22.0% | 20.6% | 9.3% | 5.8% | |
| Return on capital employed | 25.6% | 30.4% | 23.2% | 20.2% | 16.8% |
| Return on assets | 10.0% | 10.3% | 4.6% | 3.4% | |
| Net debt (₹ crore) | -2,492 | -2,026 | |||
| Net debt / EBITDA | -1.35x | -0.90x | |||
| Interest cover | 20.4x | 38.2x | 33.2x | 27.0x | 30.8x |
| Asset turnover | 1.37x | 1.56x | 1.44x | 1.34x | 1.22x |
| Receivable days | 54 | 52 | 59 | 62 | 70 |
| Inventory days (on revenue) | 40 | 33 | 39 | 42 | 46 |
| Payable days (on revenue) | 71 | 56 | 60 | 59 | 64 |
| Cash conversion | 1.30x | 1.08x | 1.76x | 1.82x | |
| Capex intensity | 0.1% | 0.1% | 5.0% | 6.2% | 6.3% |
| Free cash flow (₹ crore) | 554.5 | 1,226 | 454.6 | -27.9 | -272.0 |
| Dividend payout | 17.7% | 13.4% | 24.1% | 26.4% | |
| EPS, diluted (₹) | 39.78 | 49.39 | 62.31 | 34.80 | 32.90 |
| Book value per share (₹) | 193.2 | 256.7 | 348.9 | 397.7 | 733.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less operating costs, excl other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net conventional debt including current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less operating costs, excl other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS, continuing and discontinued operations).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Tube Investments of India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Tube Investments of India
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.