Tube Investments of India Ltd

Q3 FY26

Tube Investments of India Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q3 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹2,886

Market cap₹52.9K Cr

P/E84.4

Updated23 Aug 2026

Read5 min read

The short version

Engineering segment is showing strong and sustained growth, with domestic demand driving double-digit growth despite export challenges (Pages 5, 11). Engineering business continues to show strong growth with double-digit volume growth YTD, driven by domestic demand despite export challenges (Pages 11, 5). - The metal forming division is performing well, with capacity fully utilized for FY2027 and possible capex planned based on future demand (Page 13). - Electric vehicle (EV) business is progressively growing with targeted investments of Rs.

From Tube Investments of India Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Engineering segment is showing strong and sustained growth, with domestic demand driving double-digit growth despite export challenges (Pages 5, 11).
Capacity expansions in engineering plants are underway, with FY2027 fully covered and possible capex for FY2028 based on demand (Page 15).
EV business (TI Clean Mobility) still requires investments; expecting breakeven in heavy vehicles and three-wheelers within 12-18 months (Page 13).
E-bike sales have shown good pickup; EV bicycles expected to grow as a segment between bicycles and two-wheelers, tapping emerging markets (Page 16).
Small commercial vehicles EV segment receiving strong market reception and early scaling (Page 9).
Ongoing focus on reducing EV product costs and expanding distribution to drive volume growth (Pages 14, 15).
New product development and fitness and spares businesses targeted to mitigate cyclicity in cycle segment (Page 16).
TI2 businesses (Clean Mobility, Medical, 3xper) are expected to grow long term but are taking longer than expected (Page 5).

Profitability & Margins

Engineering business continues to show strong growth with double-digit volume growth YTD, driven by domestic demand despite export challenges (Pages 11, 5).
The metal forming division is performing well, with capacity fully utilized for FY2027 and possible capex planned based on future demand (Page 13).
Electric vehicle (EV) business is progressively growing with targeted investments of Rs. 500-750 Crores from the parent over next years; breakeven expected in 12-18 months for heavy vehicles and three-wheelers segments (Pages 13, 14).
TI Clean Mobility, TI Medical, and 3xper businesses (TI2 segment) are taking longer but still considered key growth drivers with management conviction to continue investing (Page 5).
Interim dividend declared indicates cash flow strength; free cash flow was Rs. 248 Crores in Q3 (Page 3).
Continued focus on cost optimization, product innovation (e-bike and fitness business), and channel/network expansion expected to mitigate cyclicity and improve profitability (Page 16).

See what Tube Investments of India Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Engineering division: Fully covered for FY2027 in terms of capacity; capex decisions for FY2028 will be based on future demand assessment. (Page 13)
EV Business (TI Clean Mobility): Additional capital infusion of Rs.500 Crores to Rs.700 Crores from the parent balance sheet is planned to support growth and breakeven targets in the next 12-18 months. (Pages 12-13)
New plant in West for engineering division: Commercial operations delayed by 6-9 months; timeline pushed to early FY2027. (Page 11)
3xper (CDMO space): After prior delays due to permissions, production expected to start within next 3 months, with certification cycle following. (Page 5)
No definitive timelines disclosed for acquisitions; continuous market monitoring ongoing for suitable opportunities. (Page 7)

Fundraising & Capital Structure

The company plans to infuse between Rs. 500 Crores to Rs. 750 Crores from the parent balance sheet into the electric vehicle (EV) business.
This funding is expected to support scaling and operational needs as the EV business works toward breakeven in the next 12 to 18 months.
There is a discussion underway regarding whether the funding will be through increasing equity stake or proportional contributions.
No definitive timeline or specific new fundraising event through debt or equity for new acquisitions or other purposes was disclosed.
The company is actively looking for suitable acquisitions but has not announced any concrete plans or timelines.
Overall, the focus remains on investing strategically in existing EV businesses and scaling operations with the planned equity infusion.

See what Tube Investments of India Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

Shanthi Gears is currently facing a slowdown in its order book, with revenues declining sequentially over the past 4 to 6 quarters.
The slowdown in Shanthi Gears' order book is considered temporary, expected to revive in 1 or 2 quarters.
The group is focusing on maintaining margins and is not compromising margins to chase revenues amid fewer orders.
Engineering division is experiencing growth due to domestic market bullishness and regional balancing, with capacity utilization improving.
New engineering plants have experienced some delays, with commercial operations deferred by 6 to 9 months.
Railway business order book shipment/progress has been delayed, with prototype submissions expected around March-April, aiming for better performance in FY2027.

Tube Investments of India Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹6.2K Cr, net profit ₹234 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Tube Investments of India Ltd's management said in earlier quarters

Others in Auto Components this season

Steel Strips Wheels Ltd (Q3 FY26)
6,000 crores from existing assets. Key concall takeaways from Steel Str. Wheel's Q3 FY26 earnings call — and how it ranks against sector peers.
Amara Raja Energy & Mobility Ltd (Q3 FY26)
OEM business showing strong growth (~25% this quarter), aftermarket growth to reflect OEM growth in about 3 years. Key concall takeaways from Amara Raja Energy…
Sundram Fasteners Ltd (Q3 FY26)
Domestic segment growth is robust, with 18% growth reported in the recent quarter, driven by OE and aftermarket. Key concall takeaways from Sundram Fasteners…
Ramkrishna Forgings Ltd (Q3 FY26)
2,000 crores annual revenue potential from passenger segment bogie assemblies. Key concall takeaways from Ramkrishna Forgings Ltd's Q3 FY26 earnings call — and…

Compare:vs Samvardh. Mothe.vs Bosch Ltd vs Bharat Forge Ltd

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

Frequently Asked Questions

What were Tube Investments of India Ltd Q3 FY26 results?

What is Tube Investments of India Ltd share price analysis?

Tube Investments of India Ltd currently shows a neutral. The stock trades at a P/E of 84.4 with a market cap of ₹52,913 Cr. Investors should review the full earnings analysis for detailed insights.

Is Tube Investments of India Ltd planning capital expenditure?

Engineering division: Fully covered for FY2027 in terms of capacity; capex decisions for FY2028 will be based on future demand assessment.

Keep Tube Investments of India Ltd on your radar — track it to get its next earnings analysis in your feed.

This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.