Tube Investments of India Ltd

- 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.

- 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)

- 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).

- 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).

- 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.