Tube Investments of India Limited has disclosed that Sundaram & Srinivasan, Chartered Accountants, have resigned as the statutory auditors of its material subsidiary, TI Clean Mobility Private Limited. The resignation is effective from the conclusion of the subsidiary’s fifth annual general meeting held on July 30, 2026. The move aims to align the subsidiary’s audit process with the holding company by appointing a common auditor, ensuring uniformity in practices and procedures for account finalization.

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, along with the SEBI Master Circular dated January 30, 2026. Sundaram & Srinivasan cited a proposed change in auditors across the group as the primary reason for their departure. The firm confirmed there are no other material reasons for the resignation and noted that this step supports the broader strategy of having a single statutory auditor for the holding company and its subsidiaries.

Sundaram & Srinivasan were originally appointed on June 24, 2022, following the first annual general meeting of TI Clean Mobility Private Limited. Their term was scheduled to last for five consecutive years, extending until the conclusion of the sixth annual general meeting in 2027. By tendering their resignation early, the firm facilitates the transition to the new audit structure before the end of their mandated tenure.

The outgoing auditors had recently submitted an audit report for the financial year 2025-26 and a limited review report for the first quarter of FY 2026-27. In their resignation letter, dated July 30, 2026, partner S Usha emphasized that the decision was based on discussions regarding the need for a common auditor to streamline operations. The firm expressed appreciation for the cooperation extended by the management and staff of TI Clean Mobility Private Limited during their tenure.

Auditor Transition Details

The resignation letter was signed by S Usha, a partner at Sundaram & Srinivasan, with membership number 211785. The firm, which holds registration number 004207S, maintains offices in Chennai, Mumbai, Bangalore, and Madurai. Tube Investments of India Limited has submitted the necessary disclosures to the National Stock Exchange of India Limited and BSE Limited, including the resignation letter and annexures detailing the auditor’s association and reasons for departure.

This administrative change reflects a strategic effort by Tube Investments of India Limited to consolidate its financial oversight mechanisms. By moving toward a common auditor, the group seeks to enhance consistency in audit standards and reporting practices across its entities. No further details regarding the appointment of the new statutory auditor were provided in the current filing.

Tube Investments of India Limited has scheduled its 18th Annual General Meeting on August 14, 2026, at 3:30 P.M. IST via Video Conferencing (VC) or Other Audio-Visual Means (OAVM). The Board of Directors has recommended a final dividend of ₹1.50 per equity share for FY 2025-26. Combined with an interim dividend of ₹2 per share paid on February 25, 2026, the total dividend for FY26 amounts to ₹3.50 per share, consistent with the dividend per share paid in each of the preceding four financial years.

Meeting and Dividend Details

The AGM agenda includes adoption of standalone and consolidated financial statements for FY 2025-26, declaration of the final dividend, re-appointment of Mr. Vellayan Subbiah as Director retiring by rotation, and appointment of M/s. Price Waterhouse Chartered Accountants LLP as Statutory Auditors for five years. The Board approved an aggregate annual remuneration of ₹95 lakhs for the auditors for FY 2026-27 and FY 2027-28. Additionally, the meeting will ratify the remuneration of ₹3.85 lakhs to M/s. S Mahadevan & Co. as Cost Auditors for FY 2026-27 and approve payment of commission to non-executive directors not exceeding 1% of net profits per annum for five financial years commencing April 1, 2026.

FY 2025-26 Standalone Financial Performance

Tube Investments delivered steady standalone performance in FY 2025-26, with net sales growing 9% year-on-year to ₹8,072 crore. Profit Before Tax (PBT), before exceptional items and fair value adjustments, stood at ₹1,099 crore. Return on Invested Capital (ROIC) remained robust at 43.70%, and Free Cash Flow amounted to ₹826 crore. The company moved to a net surplus position of ₹380 crore from a net debt of ₹12 crore in the prior year.

Segment-wise and Consolidated Performance

All four business segments contributed to growth. The Engineering segment led with 12% revenue growth, while Mobility posted the highest growth rate at 17%. On a consolidated basis, the Group achieved revenue from operations of ₹22,221.18 crore in FY 2025-26, compared to ₹18,915.14 crore in the prior year. Profit Before Exceptional Items and Tax stood at ₹1,936.85 crore versus ₹1,801.33 crore previously. Profit After Tax from continuing operations was ₹1,116.27 crore.

Subsidiary CG Power and Industrial Solutions Limited delivered consolidated revenue of ₹12,418 crore and Profit Before exceptional items and tax of ₹1,626 crore. Shanthi Gears Limited recorded revenue of ₹519 crore with Profit Before exceptional items and tax of ₹107 crore. TI Clean Mobility Private Limited recorded standalone revenue of ₹248 crore and a loss before tax of ₹264 crore. TI Medical Private Limited recorded revenue of ₹210 crore and profit before tax of ₹14 crore.

Key Corporate Developments

During FY 2025-26, the company invested ₹250 crore in Series C Compulsorily Convertible Preference Shares of TI Clean Mobility Private Limited and ₹100 crore in preference shares of 3xper Innoventure Limited. TI Medical completed the acquisition of Medicura Devices Private Limited's manufacturing facility for approximately ₹34 crore. In April 2026, the company acquired 76.24% of Orange Koi Private Limited for a total consideration of ₹35 crore, making it a subsidiary. The company's CSR spend for FY 2025-26 was ₹14.80 crore against a statutory requirement of ₹14.31 crore.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE974X01010/3d50a4f71df44de2.pdf