Tube Investments of India held its Q4 FY2026 earnings conference call on May 13, 2026, hosted by IIFL Capital Services Limited. The call was addressed by Executive Chairman M. A. M. Arunachalam, Managing Director Mukesh Ahuja, CFO AN. Meyyappan, along with Jalaj Gupta, Managing Director of TI Clean Mobility Private Limited (TICMPL), and S. Gopalakrishnan, CFO of TICMPL. The Board of Directors approved the financial results for the quarter and year ended March 31, 2026, and recommended a final dividend of ₹1.50 per share for FY2025-26, in addition to an interim dividend of ₹2 per share already paid in February 2026. The transcript of the call was subsequently filed with the stock exchanges on May 18, 2026, pursuant to Regulations 30 and 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Standalone Financial Performance

The company delivered steady standalone revenue and profitability growth across both the quarter and the full year. ROIC stood at 44% for the year ended March 31, 2026, consistent with the 44% reported in the previous year. Free cash flow for the quarter was ₹313 Crores, while cumulative free cash flow for the full year was ₹826 Crores, representing 100% of PAT.

The following table summarises the key standalone financial metrics:

Segment-Wise Standalone Performance

Across all four business segments, the company reported revenue and profitability trends for both the quarter and the full year. The engineering segment was the standout performer, while the mobility business showed notable full-year profit improvement.

Management noted that volume growth in engineering for Q4 was broadly in line with revenue growth, as there were no major price movements during the quarter. On the Metal Formed Products (MFP) segment, management acknowledged that growth remained subdued, attributing this to muted performance from key customer Hyundai and delays in railway-related new product development with private players. A new facility in Pune has commenced servicing Hyundai's Western India plant, with ramp-up expected to stabilise during the current quarter. Management also noted that the CRSS plant in Nasik is ramping up and is expected to reach 100% utilisation by end of the current financial year or middle of the next, while tube facilities in the Western region have touched approximately 30% capacity utilisation.

Consolidated Results and Subsidiary Performance

On a consolidated basis, Tube Investments reported strong revenue and profit growth for both the quarter and the full year ended March 31, 2026.

Subsidiary CG Power and Industrial Solutions Limited, in which the company holds a 56% stake, reported consolidated revenue of ₹3,442 Crores for Q4 FY2026 against ₹2,753 Crores in the corresponding quarter of the previous year. Profit before exceptional items and tax for the quarter was ₹490 Crores against ₹384 Crores. For the full year, CG Power's consolidated revenue was ₹12,418 Crores against ₹9,909 Crores, with profit before exceptional items and tax at ₹1,662 Crores against ₹1,348 Crores.

Shanthi Gears Limited, in which the company holds a 70% stake, reported revenue of ₹135 Crores for Q4 FY2026 against ₹153 Crores in the corresponding quarter of the previous year. Profit before exceptional items and tax for the quarter was ₹25 Crores against ₹31 Crores. For the full year, Shanthi Gears' revenue was ₹519 Crores against ₹605 Crores, with profit before exceptional items and tax at ₹107 Crores against ₹130 Crores.

TI Clean Mobility: EV Business Update

TICMPL's Managing Director Jalaj Gupta provided a detailed update on the electric vehicle business across its four platforms. Q4 FY2026 volumes across EV segments were as follows:

Management noted that the company ended the year as market leader in the electric truck segment with approximately 28% market share, despite 11 players being present in the segment. In the small commercial vehicle segment, the company held a 27% market share in Q4, despite seven players operating in the space. On the demand side, management noted an upswing in demand for electric vehicles, particularly in the heavy truck and small commercial vehicle segments, with a strong order book for big trucks. Key deployment challenges include financing requirements — with average deployments of 50 to 100 trucks translating to over ₹100 Crores of investment per service provider — and the need to establish charging infrastructure along specific routes. Management expressed confidence that these trucks would be deployed in Q1 and Q2.

On the three-wheeler front, a supply-side challenge related to a body-in-white supplier was resolved in Q4 by taking over the supplier's facility, which impacted Q4 volumes to approximately 50% of normal production capacity. Management expressed confidence that production would return to normal levels by the end of Q1 FY2027. Regarding long-haul battery swap technology, management indicated that while swap technology remains relevant for specific applications such as ports, the trend is moving towards higher battery capacity and fast charging solutions. The Montra Electric Rhino was noted as the first electric truck in the country to be certified under the PM E-drive scheme.

Medical Devices, CDMO, and Capital Expenditure Outlook

On the TI Medical business, management reiterated guidance of 15% to 20% growth in the wound care and suture business, with an overall target of 20% year-on-year growth. Management noted some headwinds in the Middle East market due to the ongoing conflict situation, while scale-up continued in Europe and Southeast Asian countries. The company completed an asset purchase of the Medicura facility in Ambala for the IV cannula business, with plant approvals and commercial production expected to commence in Q1 and Q2 of FY2027. For the CDMO business, management stated that the Naidupet facility is under final commissioning and is expected to commence commercial production in the next quarter.

Regarding capital expenditure for FY2027, management provided the following indicative estimates:

Management also addressed the railway business, noting that product development has been completed but customer approvals with the Government of India for Vande Bharat coaches are still in progress, with meaningful scale-up expected over the next two to three quarters.

Tube Investments of India witnessed a notable block trade on the National Stock Exchange (NSE), with approximately 128,907 shares transacted at a price of ₹2826.60 per share, aggregating to a total deal value of ₹36.44 crores.

Block Trade Details

The following table summarises the key parameters of the block trade recorded on the NSE:

Block trades are large, privately negotiated transactions executed outside the open market order book, typically involving institutional investors or significant stakeholders. The execution of such a trade in Tube Investments of India underscores notable interest at the institutional level in the stock at the prevailing price point of ₹2826.60.