Tube Investments of India (TIINDIA) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 standalone revenue rose to INR 2,152 crore, up from INR 1,910 crore year-over-year; PBT before exceptional items grew 26% to INR 268 crore.

• Consolidated revenue reached INR 5,801 crore, up from INR 4,812 crore; consolidated profit before tax was INR 502 crore, compared to INR 427 crore year-over-year.

• Interim dividend of INR 2 per share declared for FY 2025-26, to be paid within 30 days of declaration; record date set as 10th February 2026.

• Board approved unaudited standalone and consolidated financial results for Q3 and nine months ended 31st December 2025.

• Reappointment of two independent directors for five-year terms, subject to member approval.

Financial highlights

• Standalone free cash flow for the quarter was INR 248 crore.

• ROIC annualized improved to 49% from 43% year-over-year.

• CG Power posted consolidated revenue of INR 3,175 crore and profit of INR 420 crore, both up year-over-year.

• Shanthi Gears revenue declined to INR 117 crore (from INR 158 crore), with profit at INR 23 crore (down from INR 35 crore).

• EPS (Q3, consolidated): Basic and diluted at INR 8.57.

Outlook and guidance

• Management remains committed to investing in TI Clean Mobility, 3Xper, and TI Medical, despite longer-than-expected timelines for profitability.

• Engineering business expected to continue strong domestic growth, with double-digit organic growth observed.

• Export growth remains challenged due to tariffs and weak European demand; domestic expansion and plant utilization are key levers.

• No significant new investments planned in TI-2; focus remains on scaling current businesses.

• Interim dividend of INR 2 per share to be paid within 30 days; record date set as 10th February 2026.