Tube Investments of India Ltd

- For FY2027, the standalone business capex is expected to be around Rs. 300 to 350 Crores. - Additional investments of around Rs. 300 Crores are estimated for subsidiaries, including the EV business (TICMPL) and TI Medical. - No explicit mention of new fundraising through debt or equity was made during the call. - The company is focused on internal funding for capex and expansion. - Acquisition mentioned (Medicura facility) was an asset purchase done at an attractive price and is already closed, with no indication of new fundraising tied to it. - Overall, the management did not indicate any immediate plans for raising fresh debt or equity in the discussed period.

- Capex guidance for FY2027 standalone business is around Rs. 300 Crores to Rs. 350 Crores. - Additional investment of approximately Rs. 300 Crores is expected for subsidiaries, including TI Clean Mobility Private Limited (TICMPL) and TI Medical. - Recent strategic acquisition: Purchase of Medicura facility at Ambala for IV cannula business; plant approval is in progress and commercial production expected in Q1/Q2 FY2027. - CDMO business plant at Naidupet is in final commissioning with commercial production slated to start next quarter. - Future expansion plans are under consideration, like further ramp-up at CRSS plant in Nasik and steel tube facilities in Western India once current capacities reach full utilization.

- Engineering business volume growth is in line with sales growth; Q4 FY2026 volume growth matched revenue growth. - Volume growth remains strong entering Q1 FY2027 despite macro challenges; commodity price inflation is partially passed through; fuel cost pressures are being addressed. - EV business sees strong order book and increasing demand, especially in heavy and small commercial vehicles; deployment challenges (financing and charging infrastructure) are being worked on, with expected scaling in Q1 and Q2 FY2027. - Medical devices (TI Medical) expects 15-20% year-on-year growth; recent acquisition (Medicura asset purchase) to add growth from Q1/Q2 FY2027 as commercial production begins. - Railway business scale-up is ongoing with product approvals in progress; progress expected over 2-3 quarters. - Overall, bullish on volume and revenue growth with strategic investments and cost reduction initiatives to support scaling.

- TI Medical business is expected to grow at 15-20% year-on-year, driven by new product development and recent acquisition (Medicura asset purchase). - The engineering business shows volume growth in line with revenue growth; management remains bullish on volume growth despite macro challenges. - Metal formed products (MFP) segment is currently sluggish but expected to recover after overcoming some customer-specific issues. - Electric Vehicle (EV) business sees strong order books for heavy trucks and small commercial vehicles with ongoing cost reduction and localization efforts aimed at scaling up. - Challenges remain in EV deployment related to financing and charging infrastructure; however, management is optimistic about resolving these and scaling volumes in Q1 and Q2 FY2027. - Capex guidance: Rs. 300-350 Crores for core business for FY2027; approx. Rs. 300 Crores for subsidiaries including EV and medical businesses. - Overall, free cash flow was 100% of PAT, showcasing efficient cash generation supporting growth investments.

- Tube Investments of India is currently sitting on a very good order book for their electric vehicles, especially in the heavy truck segment and small commercial vehicle segment (Page 6-7). - They expect to deploy these trucks in Q1 and Q2 of FY2027, indicating a healthy pipeline of pending orders (Page 6). - For the three-wheeler business, after resolving supply issues, there is confidence in a good scale-up of volumes, reflecting strong demand/orders (Page 7). - The company is working on orders related to their swap battery technology, particularly for applications like ports (Page 7). - No specific numeric order book figures shared, but demand is strong with ongoing scaling initiatives across EV and other segments.