TIINDIA
Mid CapTube Investments of India Limited
Auto
Tube Investments of India Limited (TII) is a premier Indian engineering company with 75+ years of excellence. It manufactures precision tubes, cold-rolled steel strips, metal-formed products, cycles, and industrial chains. TII also has significant stakes in subsidiaries like TI Clean Mobility (EVs), CG Power (power/industrials/semiconductors), and Shanthi Gears.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +21% YoY · PAT +48% YoY · margin expansion · +7% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹6,215 Cr | +20.7% | +7.1% |
| EBITDA | ₹583 Cr | +73.0% | -0.3% |
| Operating margin | 9.0% | +200 bps | -100 bps |
| PAT | ₹234 Cr | +48.1% | -16.1% |
| PAT margin | 3.8% | +70 bps | -104 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
TII Standalone FY26 revenue grew 8.4% YoY to INR 8,556 Cr, with PBT up 12.7% to INR 1,099 Cr. Q4 FY26 revenue rose 16.4% YoY to INR 2,279 Cr, PBT up 10.4% to INR 361 Cr. CG Power (consolidated) FY26 revenue increased 25% YoY to INR 12,418 Cr, PAT up 23% to INR 1,199 Cr.
TII's standalone performance shows steady growth, supported by strong Q4 and full-year results. Key subsidiaries like CG Power delivered robust growth, driven by large orders and strategic entries into semiconductors. The EV segment continues to receive significant investment, indicating future growth potential, though current financial contribution is not detailed.
EV Segment Expansion
TICMPL increased stake in TIVOLT (e-SCV) to 100% and IPLTech Electric (e-M&HCV) to 95.58% in FY26, indicating strong commitment to EV growth.
Engineering Division Leadership
Market leader and preferred Indian supplier in CDW Tubes, exploring new opportunities in Drilling, Mining, and Stab Bar Products.
CG Power's Order Wins & Diversification
Secured INR 900 Cr power transformers export order from USA. Entered semiconductor OSAT space with CG Semi, launching first facility in Sanand.
Metal Formed Products Market Leadership
Market leader in automotive drive and cam chains, preferred supplier for roll formed car doorframes in India.
CG Semi OSAT Facility
G1 facility in Sanand, Gujarat, on track to commence commercial production in calendar year 2026; G2 facility is under construction.
Engineering Division Capacity Enhancement
Received an award from Endurance Technologies for 'Significant Support for Ramp-Up through Capacity Enhancement'.
Strong Demand for Power Infrastructure
CG Power secured a large export order for power transformers for a data center project in the US.
Growth in EV Adoption
TICMPL's continued investments and product launches (e-SCV 'EVIATOR', electric trucks, tractors) position it for EV market growth.
Decline in Shanthi Gears Performance
Revenue down 14.2% YoY in FY26 and 11.7% in Q4 FY26, with PBIT also declining.
Industrial Chains Revenue Decline
FY26 revenue decreased by 6.5% YoY, though Q4 showed marginal growth.
Execution Risk in New Ventures
Significant investments in EV and semiconductor businesses (CG Semi) carry execution and market adoption risks.
Competitive Pressure in Core Segments
Maintaining market leadership in precision tubes and automotive chains requires continuous innovation and cost efficiency.
Subsidiary Performance Volatility
Shanthi Gears showed revenue decline, indicating potential for varied performance across subsidiaries impacting consolidated results.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation provides both Q4 (sequential) and full-year (annual) comparisons for standalone and divisional performance, which are crucial for assessing both short-term momentum and long-term trends in a diversified engineering and auto ancillary business.
TII Standalone Revenue
FY26: INR 8,556 Cr (up 8.4% YoY); Q4 FY26: INR 2,279 Cr (up 16.4% YoY)
TII Standalone PBT (before exceptional items & FV Gain)
FY26: INR 1,099 Cr (up 12.7% YoY); Q4 FY26: INR 361 Cr (up 10.4% YoY)
TII Standalone ROIC (pre-tax)
FY26: 44%; Q4 FY26: 42%
TII Standalone FCF/PAT% (before FV Gain)
FY26: 101%; Q4 FY26: 112%
Revolutionizing e-Mobility
TICMPL's goal is to revolutionize e-Mobility in India by producing innovative automobiles that address sustainability and efficiency.
Global OSAT Services
CG Semi aims to provide comprehensive OSAT services at global scale, serving diverse applications across industries.
Medical Devices Platform
TI Medical's vision is to become India's premier medical devices platform, delivering advanced solutions.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EV Subsidiary Performance | Significant investments made, product launches. | Revenue contribution and profitability ramp-up from TICMPL and its subsidiaries (TIVOLT, IPLT). |
| CG Semi Commercial Production | G1 facility on track for commercial production in CY26. | Timely commissioning and ramp-up of production and order book for OSAT services. |
| Engineering Division Growth Momentum | Strong revenue growth in Q4 and FY26. | Continued market leadership and successful exploration of new business opportunities in Drilling, Mining, and Stab Bar Products. |
| Shanthi Gears Turnaround | Revenue and PBIT decline in FY26. | Stabilization and recovery in revenue and profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +17.0% / mo
Technical chart
TIINDIAweekly · 3Y-20.2%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 59. Wait for confirmation.
- SMA20 rising (~14.5% over last month) — short-term momentum positive.
- RSI(14) at 59 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 9% off 52W high · 43% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 9/15 to the score.
- Growth contributes 12/25 to the score.
Main drags
- Fair-value margin of safety is negative at -187.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 64th percentile of the scored universe and 47th percentile within Auto. Main check: financial discipline is weak at 38/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: ROCE trend is -4.7%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 47th pctile, median 71 · Mid: 41st pctile, median 76
59 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸Debt/equity is 0.10.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROCE trend is -4.7%.
- ▸Revenue CAGR is 15% but EPS CAGR is -11%.
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 90.00
- P/B
- 7.64
- EV/EBITDA
- 20.53
- Market Cap
- 59246.00Cr
Profitability
- ROE
- 9.91%
- ROCE
- 17.00%
- ROA
- 5.20%
- Dividend Y
- 0.11%
Growth (CAGR)
- Revenue 5Y
- 30.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- -11.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 36.42×
- Altman Z
- 4.63
- Book Value
- 400.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 1161.00 Cr
- EPS TTM
- 32.90
Shareholding
- Promoter Hold
- 44.05%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 71%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.