TIINDIA
Tube Investments of India share price & financials
- Price
- ₹3,285.6
- Market cap
- ₹50.5k Cr
- Calls analysed
- 5
Tube Investments Q4 FY26
What went well
- Standalone Q4 revenue increased 16.4% YoY to ₹2,279 crores, with full-year revenue up 8.4% YoY to ₹8,556 crores.
- Consolidated Q4 revenue grew 20.7% YoY to ₹6,215 crores, and full-year consolidated revenue rose 17.4% YoY to ₹22,847 crores.
- Standalone Q4 PBT before exceptional items and fair value gain on CCPS was ₹361 crores, a 10.4% YoY increase.
What to watch
- Metal Formed Products segment showed sluggish growth, with Q4 revenue up only 4.5% YoY and PBIT declining 10.3% YoY to ₹35 crores.
- Shanthi Gears Limited, a subsidiary, reported a Q4 revenue decline of 11.8% YoY to ₹135 crores and PBT drop of 19.4% YoY to ₹25 crores.
What Tube Investments of India Limited does
Tube Investments of India (TII), part of the Murugappa Group, is a diversified engineering manufacturer organised into an Engineering division (precision tubes, cold-rolled steel strips and tubular components), a Metal Formed Products division (drive chains, precision parts, roll-formed and large mechanical sections for autos and railways), a Mobility division (bicycles, e-cycles and fitness equipment) and an Other Businesses arm (industrial power-transmission chains, optoelectronics and machine building). It earns by supplying precision-engineered tubes, chains, auto components and cycles to OEM, industrial and retail customers, and by holding stakes in subsidiaries spanning electric vehicles (TI Clean Mobility, TIVOLT, IPLTech), gears (Shanthi Gears), medical devices (TI Medical) and power equipment (CG Power and Industrial Solutions).
Segments
- Engineering
- Metal Formed Products
- Mobility
- Other Businesses
- Manufacturing locations
- 35+
- Employees
- 29,500+
- Years of manufacturing history
- 75+
- Cycle dealer network
- 10,000+ dealers nationwide
- Industrial chains manufacturing facilities
- 5 facilities in Chennai
- Rombo chain brand export reach
- 40+ countries, with a warehouse in the USA
Guidance record · Q4 FY26
what the last two calls moved 12 tracked 0 delivered 2 missed 10 open- Standalone Revenue Growth missed said Q4 FY25 Promised: expect double digit growth... to continue for the engineering business going forward Q4 FY26: Achieved double-digit growth in Q4 (16.4% YoY) but missed for the full year FY26 (8.4% YoY), failing the 'going forward' target for the full fiscal year.
- EV Business Operational Break-even delayed said Q4 FY25 Promised: within this financial year [FY26] to achieve an operational break-even for at least two businesses Q4 FY26: Deployment challenges (financing, infrastructure) and past supply issues confirm the business is not yet on a path to near-term breakeven, aligning with the previously delayed timeline.
- Core Business Capex for FY27 open said Q4 FY26 Promised: around Rs.300 Crores to Rs.350 Crores range Q4 FY26: Capex guidance of ₹300-350 Cr set for core business in FY27.
All 12 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 17.1%, net profit down 3.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,925 | 4,812 | 5,150 | 5,309 | 5,523 +12% | 5,801 +21% | 6,215 +21% | 6,215 +17% |
| EBITDA | 490 | 491 | 337 | 546 | 544 +11% | 585 +19% | 583 +73% | 548 +0% |
| Net profit | 299 | 280 | 158 | 303 | 302 +1% | 279 −0% | 234 +48% | 294 −3% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −19.4% 1Y
1Y: ₹3,235.1 on 10 Sept 2025 → ₹2,606.1. High ₹3,404.4 (16 Sept 2025), low ₹2,189.3 (27 Jan 2026).
How the price took the results
close before → close after
- Q4 FY26
- −0.4%
- 13 May
- Q3 FY26
- +5.4%
- 4 Feb
- Q2 FY26
- −0.5%
- 5 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 15.2% a year over 3 years, FY23 to FY26. Operating margin narrowed to 9.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹15.0k Cr | ₹16.9k Cr | ₹19.5k Cr | ₹22.8k Cr |
| Operating profit | ₹1.9k Cr | ₹1.9k Cr | ₹1.8k Cr | ₹2.3k Cr |
| Operating margin | 12.5% | 11.5% | 9.5% | 9.9% |
| Interest | ₹43 Cr | ₹52 Cr | ₹63 Cr | ₹62 Cr |
| Depreciation | ₹396 Cr | ₹454 Cr | ₹493 Cr | ₹664 Cr |
| Net profit | ₹1.3k Cr | ₹1.7k Cr | ₹1.1k Cr | ₹1.1k Cr |
| Net margin | 8.9% | 10.3% | 5.4% | 4.9% |
| Cash from operations | ₹1.4k Cr | ₹675 Cr | ₹1.2k Cr | ₹1.2k Cr |
| Free cash flow | ₹983 Cr | ₹-148 Cr | ₹-22 Cr | ₹-266 Cr |
| ROCE | 32.0% | 26.0% | 22.0% | 17.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹19 Cr | ₹19 Cr | ₹19 Cr | ₹19 Cr | ₹19 Cr | ₹19 Cr |
| Reserves | ₹2.3k Cr | ₹3.1k Cr | ₹3.9k Cr | ₹5.1k Cr | ₹7.5k Cr | ₹7.7k Cr |
| Borrowings | ₹2.0k Cr | ₹871 Cr | ₹726 Cr | ₹896 Cr | ₹705 Cr | ₹754 Cr |
| Other liabilities | ₹4.3k Cr | ₹4.9k Cr | ₹5.6k Cr | ₹7.1k Cr | ₹12.1k Cr | ₹12.9k Cr |
| Total liabilities | ₹8.6k Cr | ₹8.9k Cr | ₹10.3k Cr | ₹13.1k Cr | ₹20.3k Cr | ₹21.4k Cr |
| Fixed assets | ₹3.4k Cr | ₹3.3k Cr | ₹3.6k Cr | ₹4.4k Cr | ₹6.0k Cr | ₹6.2k Cr |
| Capital work in progress | ₹152 Cr | ₹128 Cr | ₹191 Cr | ₹381 Cr | ₹763 Cr | ₹895 Cr |
| Investments | ₹369 Cr | ₹542 Cr | ₹729 Cr | ₹1.4k Cr | ₹1.4k Cr | ₹1.0k Cr |
| Other assets | ₹4.7k Cr | ₹4.9k Cr | ₹5.8k Cr | ₹6.9k Cr | ₹12.2k Cr | ₹13.3k Cr |
| Total assets | ₹8.6k Cr | ₹8.9k Cr | ₹10.3k Cr | ₹13.1k Cr | ₹20.3k Cr | ₹21.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +4.23 pp while FIIs trimmed −3.96 pp. The shareholder count shrank 5% to 1,00,623.
- Promoters
- 43.9%
- FIIs
- 22.4%
- DIIs
- 21.0%
- Government
- 0.5%
- Public
- 12.3%
Since Jun 2025
- DIIs +4.23 pp
- FIIs −3.96 pp
- Promoters −0.16 pp
How it drifted, 12 quarters
Over this window DIIs went from 11.5% to 21.0% — +9.5 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 46.1%, FIIs 30.4%, DIIs 11.5%, Government 0.5%, Public 11.6%.Dec '23: Promoters 45.1%, FIIs 28.8%, DIIs 14.1%, Government 0.5%, Public 11.5%.Mar '24: Promoters 45.1%, FIIs 28.3%, DIIs 14.8%, Government 0.5%, Public 11.3%.Jun '24: Promoters 45.0%, FIIs 27.4%, DIIs 15.5%, Government 0.5%, Public 11.6%.Sep '24: Promoters 45.0%, FIIs 28.4%, DIIs 14.7%, Government 0.5%, Public 11.5%.Dec '24: Promoters 44.1%, FIIs 28.3%, DIIs 15.0%, Government 0.5%, Public 12.2%.Mar '25: Promoters 44.1%, FIIs 26.9%, DIIs 16.1%, Government 0.5%, Public 12.4%.Jun '25: Promoters 44.1%, FIIs 26.3%, DIIs 16.8%, Government 0.5%, Public 12.3%.Sep '25: Promoters 44.1%, FIIs 25.4%, DIIs 17.7%, Government 0.5%, Public 12.3%.Dec '25: Promoters 44.1%, FIIs 23.1%, DIIs 19.7%, Government 0.5%, Public 12.7%.Mar '26: Promoters 44.0%, FIIs 21.4%, DIIs 21.8%, Government 0.5%, Public 12.3%.Jun '26: Promoters 43.9%, FIIs 22.4%, DIIs 21.0%, Government 0.5%, Public 12.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- DSP Flexi Cap Fund Mutual fund newly disclosed 1.18% held
- Smallcap World Fund, Inc Global fund house +0.54 pp 4.31% held
- M V SUBBIAH - As Karta of MV Subbiah HUF newly disclosed 0.09% held
- M A M ARUNACHALAM - As Karta of M A Murugappan HUF newly disclosed 0.08% held
- HDFC Life Insurance Company Limited Insurer +0.07 pp 1.09% held
- Motilal Oswal Nifty Midcap 100 ETF Mutual fund +0.06 pp 2.29% held
- TI Medical Private Limited newly disclosed 0.00% held
- Orange Koi Private Limited newly disclosed 0.00% held
The same filing shows 2 holders trimming and 4 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Tube Investments of India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ambadi Investments Limited | 35.63% | unchanged |
| Smallcap World Fund, Inc Global fund house | 4.31% | +0.54 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Mul Mutual fund | 3.84% | −0.14 pp |
| Motilal Oswal Nifty Midcap 100 ETF Mutual fund | 2.29% | +0.06 pp |
| Life Insurance Corporation Of India Insurer | 1.85% | unchanged |
| DSP Flexi Cap Fund Mutual fund | 1.18% | newly disclosed |
| Franklin Asian Equity Fund Mutual fund | 1.16% | unchanged |
| UTI Nifty500 Shariah Index Fund Mutual fund | 1.09% | −0.13 pp |
| HDFC Life Insurance Company Limited Insurer | 1.09% | +0.07 pp |
| NPS Trust- A/C HDFC Pension Fund Management Limited Pension / PF | 1.02% | unchanged |
| M A M Arunachalam | 0.44% | unchanged |
| Arun Alagappan | 0.39% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in TIINDIA
Filings to Aug 2026
3 new, 12 added, 1 trimmed, 1 sold out — net −1.18 L shares (−1.3%).
- Held by funds
- ₹2.4k Cr
- 28 schemes
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹742 Cr · 1.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹742 Cr | +0.89 L | Aug '20 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹695 Cr | held | Apr '18 |
| Nippon India Focused Fund Nippon India Mutual Fund | ₹211 Cr | +0.70 L | Mar '26 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹167 Cr | held | Feb '24 |
| SBI Energy Opportunities Fund SBI Mutual Fund | ₹126 Cr | held | Jan '25 |
| Nippon India Flexi Cap Fund Nippon India Mutual Fund | ₹83 Cr | held | Jun '24 |
| HDFC Value Fund HDFC Mutual Fund | ₹72 Cr | held | Dec '25 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹70 Cr | held | Jun '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
12 added, 1 trimmed — net −1.18 L shares (−1.3%)
- Funds are sitting on
- +57%
- vs est. average cost
- Held by funds
- ₹2.4k Cr
- 28 schemes · ≈ 5.7% of the company
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹742 Cr · 1.4% of that fund
- Longest holder
- Nippon India Small Cap Fund
- 8y 5m · since Apr '18
Shares held by these funds +43%
Aug '23 89.46 L shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹2606, this stock must grow earnings at 31% every year for 7 years. Our analysis caps realistic growth at ~-6%. At that growth it is worth ₹377 — downside of 86%.
- Growth the price implies
- 31.3% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -5.5% a year
- net profit, FY23–FY26
- The gap
- 0.4 pp
- -86% downside if it only repeats history
All earnings calls (5)
Read the Q4 FY26 call →Learn to analyse Tube Investments of India Limited
Guides on how to read this kind of business and the numbers that matter.