TIINDIA · Automobile and Auto Components · filed 5 Nov 2026
Tube Investments of India Ltd. reported revenue of ₹7,330 cr for July to September 2026, +32.7% on the year and +17.9% on the quarter. That is faster than this quarter has grown in recent years (+13.3% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹25,562 cr, +22.9% on the four before.
Operating profit (EBITDA) was ₹734 cr, a margin of 10.0%, +16 bps on the year and +119 bps on the quarter. Over the last 8 quarters the margin has ranged from 6.5% to 10.3%, averaging 9.4%. Operating costs grew +32.5% against revenue growth of +32.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹421 cr, +39.2% on the year and +43.1% on the quarter, with earnings per share of ₹12.87. Profit before other income, one-offs and tax grew faster, at +45.4%; other income, one-offs or tax held the headline back. The tax rate of 35% is in line with its recent average. Profit over the last four quarters totals ₹1,228 cr, +17.7% on the four before.
Of the 31 companies in Automobiles and components that have reported Q2 FY27 so far, Tube Investments of India Ltd. ranks 15th on revenue growth; the sector median is +28.9%. Its margin moved +16 bps on the year against a sector median of −135 bps.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models.
On earnings per share of ₹34.56 over the last four quarters, the stock at ₹2,209.50 trades at 63.9 times trailing earnings.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹5,395 cr | ₹4,367 cr | ▲ 23.5% |
| Inventory | ₹3,601 cr | ₹2,853 cr | ▲ 26.2% |
| Cash | ₹569 cr | ₹532 cr | ▲ 6.8% |
| Bank balances | ₹625 cr | ₹936 cr | ▼ 33.3% |
| Long-term borrowings | ₹63.7 cr | ₹58.3 cr | ▲ 9.3% |
| Short-term borrowings | ₹439 cr | ₹334 cr | ▲ 31.3% |
| Trade payables | ₹5,039 cr | ₹4,035 cr | ▲ 24.9% |
| Net block | ₹3,789 cr | ₹3,434 cr | ▲ 10.3% |
| Capital work in progress | ₹1,061 cr | ₹806 cr | ▲ 31.6% |
| Equity | ₹8,110 cr | ₹7,751 cr | ▲ 4.6% |
| Total assets | ₹24,045 cr | ₹21,487 cr | ▲ 11.9% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹436 cr | ₹640 cr |
| Capital expenditure | −₹879 cr | −₹1,067 cr |
| Investing cash flow | −₹371 cr | −₹3,872 cr |
| Financing cash flow | −₹28.1 cr | ₹2,839 cr |
| Dividends paid | −₹33.8 cr | −₹33.7 cr |
Operating cash flow was 0.61× profit. Receivables at 73 days of sales (+3 days against the last year end). Inventory at 49 days of sales (+3 days).
Other matter 1: “The interim financial information/ financial results of eleven subsidiaries reflect total assets of Rs. 2,889.74 Crores as at September 30, 2026 and total revenues of Rs. 582.44 Crores and Rs. 1,073.86 Crores, total net loss after tax of Rs. 2.21… Read in full
The interim financial information/ financial results of eleven subsidiaries reflect total assets of Rs. 2,889.74 Crores as at September 30, 2026 and total revenues of Rs. 582.44 Crores and Rs. 1,073.86 Crores, total net loss after tax of Rs. 2.21 Crores and Rs. 22.42 Crores and total comprehensive income of Rs. (1.24) Crores and Rs. (22.59) Crores for the quarter ended September 30, 2026 and for the period from April 1, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. (0.44) Crores for the period from April 1, 2026 to September 30, 2026, as considered in the consolidated unaudited financial results. These interim financial information/ financial results have been reviewed by other auditors whose reports have been furnished to us by the Management or other auditors and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.
Other matter 2: “The consolidated unaudited financial results include the interim financial information/ financial results of fourteen subsidiaries which have not been reviewed/audited by their auditors, whose interim financial information/ financial results reflect total assets of Rs. 579.51 Crores as at September 30,… Read in full
The consolidated unaudited financial results include the interim financial information/ financial results of fourteen subsidiaries which have not been reviewed/audited by their auditors, whose interim financial information/ financial results reflect total assets of Rs. 579.51 Crores as at September 30, 2026 and total revenue of Rs. 21.36 Crores and Rs. 47.23 Crores, total net loss after tax of Rs. 3.37 Crores and Rs. 5.06 Crores and total comprehensive income of Rs. (3.37) Crores and Rs. (5.06) Crores for the quarter ended September 30, 2026 and for the period from April 1, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. 3.45 Crores for the period from April 1, 2026 to September 30, 2026, as considered in the consolidated unaudited financial results. The consolidated unaudited financial results also include the Group's share of net profit after tax of Rs. 0.78 and Rs. 0.66 and total comprehensive income of Rs. 0.78 Crores and Rs. 0.66 Crores for the quarter ended September 30, 2026 and for the period from April 1, 2026 to September 30, 2026, respectively, as considered in the consolidated unaudited financial results, in respect of an associate and three joint ventures based on their interim financial information/ financial results, which have not been reviewed/audited by their auditors. According to the information and explanations given to us by the Management, these interim financial information/ financial results are not material to the Group.
Filing p. consolidated limited review report p.1-3
₹2,340 cr still unused. “Out of ₹3,000.00 crore raised through QIP by subsidiary CGPISL, ₹660.39 crore has been utilised up to September 30, 2026. Unutilised funds of ₹2,339.61 crore are temporarily invested in fixed deposits, mutual funds and monitoring account.”
Board approved capital expenditure proposal not exceeding ₹83 crore towards capacity enhancement in Cold Rolled Steel Strips (CRSS) facility at Avadi, expected to be completed in FY 2027-28. (p. outcome letter p.2)
Acquired 20,64,713 equity shares of listed subsidiary Shanthi Gears Limited via block deal for ₹77.72 crore, increasing shareholding to 73.16%. (p. consolidated note 8)
Subsidiary CGPISL acquired 100% equity stake in Tosil Systems Private Limited through Axiro Semiconductor Private Limited for ₹15.44 crore w.e.f. August 20, 2026. (p. consolidated note 10)
Acquired 76.24% stake in Orange Koi Private Limited for ₹35.00 crore w.e.f. April 6, 2026. (p. consolidated note 7)
Tax: Consolidated tax expense of ₹223.24 crore (current tax ₹224.59 crore, deferred tax credit ₹1.35 crore) on Profit before tax of ₹643.82 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Electric Vehicles Segment Revenue (₹ crore) | 475.78 | 239.2 | 177.3 |
| Engineering Segment Revenue (₹ crore) | 1,828 | 1,566 | 1,382 |
| Metal Formed Products Segment Revenue (₹ crore) | 472.77 | 407.79 | 407.86 |
| Mobility Segment Revenue (₹ crore) | 247.12 | 250.42 | 194.26 |
Dealer inventory levels in days are not explicitly disclosed in the quarterly filing; consolidated inventories stood at ₹3,601.34 crore as of September 30, 2026 compared to ₹2,852.68 crore as of March 31, 2026 (48.52 inventory days on annualised H1 FY27 revenue).
Dealer-specific inventory days metrics are omitted from quarterly earnings disclosures.
Consolidated cost of materials consumed (including purchase of stock-in-trade and stock changes) stood at ₹4,911.96 crore in Q2 FY27 (67.01% of operational revenue ₹7,330.31 crore) compared to ₹3,607.89 crore in Q2 FY26 (65.33% of revenue ₹5,522.64 crore).
Raw material input costs expanded by 168 bps as a percentage of revenue YoY due to commodity price movements.
Read using the Automobiles and components framework (named in the filing read). Primary valuation lens: P/E through the cycle.
Read more closely in this sector: Dealer inventory days · Raw material cost against realisation.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Capacity Enhancement in Engineering Division (CRSS Avadi) | 83.00 | FY2027-28 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Engineering | ₹1,828 cr | ▲ 32.3% | ₹171 cr | ▲ 4.2% |
| Metal Formed Products | ₹473 cr | ▲ 15.9% | ₹49.4 cr | ▲ 11.2% |
| Mobility | ₹247 cr | ▲ 27.2% | ₹8.1 cr | ▲ 70.9% |
| Electric Vehicles | ₹476 cr | ▲ 168.3% | −₹146 cr | — |
| Gears and Gear Products | ₹128 cr | ▼ 3.0% | ₹20.3 cr | ▼ 29.1% |
| Power Systems | ₹1,767 cr | ▲ 40.8% | ₹442 cr | ▲ 71.8% |
| Industrial Systems | ₹1,869 cr | ▲ 21.9% | ₹154 cr | ▲ 18.7% |
| Semiconductors | ₹162 cr | ▲ 26.3% | −₹34.2 cr | — |
| Medical | ₹63.7 cr | ▲ 21.7% | ₹1.1 cr | ▼ 54.5% |
| Others | ₹423 cr | ▲ 18.0% | ₹2.3 cr | ▲ 7,633.3% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,197 cr | ₹4,490 cr | ₹4,578 cr | ₹4,925 cr | ₹4,812 cr | ₹5,150 cr | ₹5,309 cr | ₹5,523 cr | ₹5,801 cr | ₹6,215 cr | ₹6,215 cr | ₹7,330 cr |
| YoY | — | — | +17% | +14% | +15% | +15% | +16% | +12% | +21% | +21% | +17% | +33% |
| EBITDA margin | 11.2% | 10.0% | 11.6% | 9.9% | 10.2% | 6.5% | 10.3% | 9.9% | 10.1% | 9.4% | 8.8% | 10.0% |
| Other income, % of PBT | 64% | 19% | 13% | 17% | 18% | 45% | 16% | 20% | 11% | 22% | 24% | 17% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 12% | 31% | 32% | 30% | 34% | 53% | 32% | 34% | 37% | 53% | 36% | 35% |
| Net profit | ₹828 cr | ₹274 cr | ₹317 cr | ₹299 cr | ₹280 cr | ₹158 cr | ₹303 cr | ₹302 cr | ₹279 cr | ₹234 cr | ₹294 cr | ₹421 cr |
| YoY | — | — | +12% | −14% | −66% | −42% | −4% | +1% | −0% | +48% | −3% | +39% |
| Core profit YoY | — | — | +16% | −19% | +4% | −43% | −7% | +3% | +13% | +113% | −7% | +45% |
| EPS | ₹27.58 | ₹9.88 | ₹11.73 | ₹10.69 | ₹10.01 | ₹2.40 | ₹10.28 | ₹9.65 | ₹8.57 | ₹4.41 | ₹8.71 | ₹12.87 |
| Flags | 2 | · | ✓ | 1 | ✓ | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Tube Investments of India Ltd. reported revenue of ₹7,330 cr (+32.7% on the year) and net profit of ₹421 cr (+39.2% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +45.4% on the year, against +39.2% for reported profit.
None of the 15 checks that could run raised a question.
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