Tube Investments of India Ltd(TIINDIA)

NSE: TIINDIABSE: 540762

₹ 2,076-1.19%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 40,186 crWebsite: www.tiindia.comUpdated: 23 Oct 2026

About

Tube Investments of India (TII) is a diversified Indian group. It makes precision engineering tubes and strips, metal formed auto components, bicycles and industrial chains, and builds electric commercial vehicles through its subsidiary TICMPL (Montra Electric). Its consolidated revenue was 22,847.43 Cr in FY26. Its largest reported segments that year were Industrial Systems (29.0%), Engineering (24.1%) and Power Systems (22.1%).^[1][2]

Business segments

Industrial Systems was the largest reported segment in FY26, with 29.0% of revenue (6,747.04 Cr).^[2]
Engineering (precision tubes and strips) made up 24.1% of FY26 revenue (5,612.28 Cr).^[2]
Power Systems made up 22.1% of FY26 revenue (5,138.18 Cr).^[2]
Metal Formed Products made up 6.9% of FY26 revenue (1,602.94 Cr), and Others made up 6.2% (1,441.76 Cr).^[2]
Shares of FY26 revenue for the smaller segments: Mobility 3.4%, Electric Vehicles 2.9%, Gears and Gear Products 2.2%, Semiconductors 2.2%.^[2]
Over FY2017-FY2026, Engineering's share of revenue fell 20.6 percentage points and Metal Formed Products' share fell 19.5 percentage points.^[2]

Products and brands

The Engineering segment makes CDW and ERW precision steel tubes and cold-rolled steel strips for automotive, boiler, bicycle, general engineering and process industries.^[3]
TI Cycles sold 1.62 million bicycles in India in FY26, up 10% YoY. It launched 65 new models and refreshed 20.^[3]
Montra Electric sells in four EV segments: e-3Wheelers, e-tractors, e-SCV and e-M&HCV.^[3]
As of FY26, more than 500 Montra EVIATOR 350 e-SCVs had been sold. The fleet has covered 45 lakh km across 18 cities with 99% uptime.^[3]
Industrial Chains offers more than 15,000 SKUs and holds about 50% of India's industrial chain market of about Rs.900 Cr (FY26).^[3]
TI Medical, a JV with Premji Invest, is among India's top surgical suture makers. It bought the PMC business for about 34 Cr in March 2026.^[3]

Operations and capacity

The Metal Formed Products Division ran 11 production facilities in FY26.^[3]
In FY26 the company set up a greenfield tube plant at Phaltan for the western region and increased its large diameter tube capacity.^[3]
The Nashik cold-rolled strip facility reached 70% utilisation in Q2 FY26.^[3]
Engineering capacity utilisation was 80-85% as of Q2 FY26.^[4]
TI Medical makes sutures in Dehradun and serves more than 17,000 hospitals (FY26).^[3]
The 3xper CDMO greenfield facility at Naidupet, Andhra Pradesh, received all required consents in Q3 FY26. An FDA inspection is targeted for FY28.^[5]

Key operating numbers

Engineering revenue was Rs.1,566 Cr in Q1 FY27 vs Rs.1,298 Cr in Q1 FY26. Volume grew 17%.^[6]
Engineering PBIT margin was 10% in Q1 FY27 vs 12% in Q1 FY26, because steel inflation had not yet been recovered from OEMs.^[6]
Metal Formed Products PBIT margin was 7% in Q1 FY27 vs 10% in Q1 FY26.^[6]
TICMPL volumes in Q1 FY27: 1,924 three-wheelers, 347 SCVs (a quarterly record), 86 HCVs and 22 tractors. Revenue was about Rs.240 Cr.^[6]
TICMPL's standalone loss before tax was 264 Cr in FY26 vs 122 Cr in FY25.^[3]
Shanthi Gears revenue was 519 Cr in FY26 vs 605 Cr in FY25. PBT was 103 Cr vs 130 Cr.^[3]
CG Power revenue grew 25% to Rs.12,418 Cr in FY26.^[3]

Customers and distribution

International sales were about 17% of Engineering sales in FY26.^[3]
Exports were about 14% of standalone revenue in Q1 FY27.^[6]
International sales were one-third of Industrial Chains turnover in FY26.^[3]
Montra's 3-wheeler network had about 120 outlets covering 60% of the addressable market (FY26).^[3]
Montra held a 30% share of India's electric heavy truck market in FY26.^[3]
Hyundai is a key customer of the Metal Formed Products Division, and Hyundai's muted performance weighed on the division in FY26.^[7]
Bicycles are sold through shop-in-shop multi-brand outlets, Track & Trail and Star MBO franchise stores, and e-commerce.^[3]

Expansion and capex

Standalone capex of Rs.350 Cr is planned for FY27.^[6]
A second tranche of Rs.250 Cr for TICMPL is due in Q3 FY27, within a committed total of Rs.750 Cr.^[6]
TII had invested 285 Cr in 3xper's equity and preference shares as of FY26.^[3]
Jayem set up a battery assembly line in FY27 that supplies TICMPL.^[6]

Recent developments

In Q4 FY26, the Montra Rhino became the first electric truck certified under the PM E-Drive scheme.^[7]
In Q4 FY26, TII bought the Medicura IV cannula facility at Ambala. Production is expected in Q2 FY27.^[7]
On 16 January 2026, CG Power won a Rs.900 Cr transformer export order from Tallgrass (USA), the largest single order in its history.^[7]
In Q1 FY27, TICMPL exported more than 100 three-wheelers to Nepal.^[6]

Market Cap

₹40,186 Cr

High / Low

₹3,335 / 2,006

Stock P/E

69.1

Price / Book

5.4

Book Value

₹400

EPS

₹32.9

No. of Shares

19.36 Cr

ROCE

15.4%

ROE

9.6%

OPM

8.5%

Debt / Equity

0.05

Sales

₹22,847 Cr

Net Profit

₹1,118 Cr

Promoter holding

43.9%

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Tube Investments of India Ltd(TIINDIA)

About

Business segments

Products and brands

Operations and capacity

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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