Tube Investments of India · Research view

Tube Investments of India Ltd

NSE: TIINDIABSE: 540762ISIN INE974X01010Face value ₹1consolidated

₹2,339

−1.46% · 2026-10-01 · 52-wk ₹2,189–₹3,308

Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

WatchTalking point

Profit lagging revenue

Revenue grew 17.4% but profit grew 6.1%, so the company kept less of each rupee of revenue as profit.

Importance 65 / 95 · growth

ConcernTalking point

Capital efficiency slipping

ROCE has fallen for 3 consecutive years, from 32.3% to 17.4%.

Importance 59 / 95 · profitability

ConcernTalking point

Returns at a multi-year low

ROE of 10.2% is the lowest in 7 years (prior range 14.1% to 31.8%).

Importance 59 / 95 · profitability

WatchTalking point

Volatile earnings

Profit has swung sharply over 7 years (from ₹251 to ₹1,723) — one year is a weak guide to the earnings power.

Importance 58 / 95 · growth

Section 03 · The company

Who is this company?

Classified by the exchange under Consumer Discretionary › Automobile and Auto Components › Auto Components › Auto Components & Equipments.

Market cap: ₹45,275 cr
FY2026 revenue: ₹22,847 cr
FY2026 net profit: ₹1,118 cr
Net worth: ₹14,202 cr
Total debt: ₹392 cr
EPS (basic): ₹57.76
Listed: NSE · BSE
Reporting: Ind-ASApr–Mar

Peer set used on this page: 5 auto components & equipments.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY19 to FY26₹ crore · consolidated

RevenueNet profit

Watch

Revenue grew 17.4% but profit grew 6.1%, so the company kept less of each rupee of revenue as profit.

Rule PROFIT_SLOWER_THAN_REVENUE

Revenue growth per year: +21.7%over 7 years
Revenue growth: +17.4%vs last year
Net profit growth: +6.1%vs last year
Change in net profit since FY19: +346%

Profit has swung sharply over 7 years (from ₹251 to ₹1,723) — one year is a weak guide to the earnings power.

Revenue compounded at 21.7% a year over 7 years (₹5,775 → ₹22,847) — though FY2022 saw a one-off step-change of 106% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.

Revenue grew 17.4% year on year (FY2025 → FY2026).

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 revenue was ₹6,215 cr, up 17.1% from ₹5,309 cr in Q1 FY26 a year earlier.

Rule QTR_REVENUE_GROWTH_YOY

Strength

Q1 FY27 revenue of ₹6,215 cr is the highest of the 16 quarters on record for this company.

Rule QTR_REVENUE_AT_RECORD

Strength

Q1 FY27 net profit was ₹294 cr, up 25.6% from ₹234 cr in the previous quarter (Q4 FY26).

Rule QTR_PROFIT_SEQUENTIAL_CHANGE

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

RevenueNet profit

Quarter	Revenue	YoY	Net profit	YoY	Net margin
Q2 FY25	4,925	—	299	—	6.1%
Q3 FY25	4,812	+14.7%	280	−66.0%	5.8%
Q4 FY25	5,150	+14.7%	158	−41.7%	3.1%
Q1 FY26	5,309	+16.0%	303	−3.3%	5.7%
Q2 FY26	5,523	+12.1%	302	+1.0%	5.5%
Q3 FY26	5,801	+20.5%	279	−0.4%	4.8%
Q4 FY26	6,215	+20.7%	234	+47.9%	3.8%
Q1 FY27	6,215	+17.1%	294	−3.0%	4.7%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue: ₹23,754 crTTM
EBITDA: ₹2,687 crTTM
EBIT: ₹1,992 crTTM
PBT: ₹1,863 crTTM
Net profit: ₹1,109 crTTM

C. Corporate actions

7 Aug 2026DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share

10 Feb 2026DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share

25 Jul 2025DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share

7 Feb 2025DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share

23 Jul 2024DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share

13 Feb 2024DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share

26 Jul 2023DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share

15 Feb 2023DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share

20 Jul 2022DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share

17 Feb 2022DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share

4 Aug 2021DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share

22 Feb 2021DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share

11 Mar 2020DividendInterim Dividend - Rs. - 3.5000 — ₹3.50/share

8 Jul 2019DividendFinal Dividend - Rs. - 0.7500 — ₹0.75/share

14 Feb 2019DividendInterim Dividend - Rs. - 1.7500 — ₹1.75/share

30 Jul 2018DividendFinal Dividend - Rs. - 0.5000 — ₹0.50/share

22 Feb 2018DividendInterim Dividend - Rs. - 1.2500 — ₹1.25/share

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY19 to FY26% of revenue · consolidated

EBITDA marginNet margin

Concern

ROCE has fallen for 3 consecutive years, from 32.3% to 17.4%.

Rule ROCE_DECLINING_STREAK

EBITDA margin now: 11.6%
8-year range: 10.4–13.6%
ROE FY2026: 10.2%
ROCE FY2026: 17.4%

ROE of 10.2% is the lowest in 7 years (prior range 14.1% to 31.8%).

ROE declined from 14.6% to 10.2% year on year.

Section 07 · Financial health

Is financial health improving?

Net worth — FY19 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Strength

Net worth compounded at 37.0% a year over 7 years (₹1,572 → ₹14,202) — though FY2026 saw a one-off step-change of 85% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.

Rule NET_WORTH_COMPOUNDING

Operating cash flow vs net profit₹ crore · FY21–FY26

Operating cash flowNet profit

Total debt: ₹392 cr
Operating cash flow ÷ net profit: 1.04×FY2026
Free cash flow: ₹−266 cr
Current ratio: 1.87×

Section 08 · Relative position

How does it compare with peers?

Ranked against 5 auto components & equipments (FY2026, consolidated). No peer-relative rule fired for this company.

Revenue growth

TIINDIA · 1st of 5 · set median 10.9%

EBITDA margin

TIINDIA · 3rd of 5 · set median 11.6%

Return on equity

TIINDIA · 3rd of 5 · set median 10.2%

P/E ratio

TIINDIA · 3rd of 5 · set median 40.8×

P / E: 40.8×TTM to Jun 26
P / B: 3.2×latest book
P / S: 1.9×TTM sales
Earnings yield: 2.4%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 40.5× · P/S 1.9× · ROE 10.2%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted

Context

Over 5 years profit compounded at 29.7% a year while the stock returned 11.0% a year — but FY2021 profit (₹305) was well below the through-cycle level (~₹1,023), so this rate is inflated by the recovery from a low base.

Rule STOCK_LAGGED_EARNINGS · recovery

Business vs stock — 5-year compound annual rate

1-year return: −24.2%
3-year return: −21.7%
5-year return: +68.7%
From 52-wk high: −29.3%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Below₹2,715
vs 200-day avg: Below₹2,741
RSI (14): 22.1oversold
MACD histogram: -19.3
From 52-wk high: −29.3%
From 52-wk low: +6.8%
30-day volatility: 18.0%ann.
6-month return: −7.1%

RSI (14) · 0–10022.1 — oversold

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
Profit lagging revenue
Revenue grew 17.4% but profit grew 6.1%, so the company kept less of each rupee of revenue as profit.
PROFIT_SLOWER_THAN_REVENUE · conviction 65
Concern
Capital efficiency slipping
ROCE has fallen for 3 consecutive years, from 32.3% to 17.4%.
ROCE_DECLINING_STREAK · conviction 59
Concern
Returns at a multi-year low
ROE of 10.2% is the lowest in 7 years (prior range 14.1% to 31.8%).
ROE_AT_MULTI_YEAR_LOW · conviction 59
Watch
Volatile earnings
Profit has swung sharply over 7 years (from ₹251 to ₹1,723) — one year is a weak guide to the earnings power.
EARNINGS_VOLATILE · conviction 58
Concern
Returns declining
ROE declined from 14.6% to 10.2% year on year.
ROE_DETERIORATED_YOY · conviction 45
Watch
Unusual tax rate
Effective tax rate of 39.7% (FY2026) is well above the ~25% corporate norm — a one-off tax item may be flattering or depressing reported profit.
EFFECTIVE_TAX_UNUSUAL · conviction 39

Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	5,775	4,750	6,083	12,525	14,965	16,890	19,465	22,847
Total income	5,828	4,813	6,195	12,634	15,108	17,142	19,836	23,235
EBITDA	598	641	746	1,542	2,031	2,201	2,220	2,645
Profit before tax	386	403	412	1,155	1,601	1,683	1,654	1,851
Net profit	251	313	305	991	1,325	1,723	1,054	1,118
EPS (₹)	12.9	16.3	15.1	39.9	58.1	62.1	34.8	57.8
Net worth	1,572	1,806	2,508	3,725	4,956	6,745	7,692	14,202
Total debt	508	269	1,326	804	629	740	443	392
Operating cash flow	—	—	412	877	1,386	675	1,213	1,161
Free cash flow	—	—	412	640	983	−148	7	−266

Key ratios — consolidated
Ratio	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	-17.7	28.1	105.9	19.5	12.9	15.2	17.4
Profit growth YoY	—	24.9	-2.7	225.3	33.7	30.0	-38.8	6.1
Profitability
EBITDA margin %	10.4	13.5	12.3	12.3	13.6	13.0	11.4	11.6
Net margin %	4.3	6.5	4.9	7.8	8.8	10.0	5.3	4.8
Return on equity %	16.0	18.5	14.1	31.8	30.5	29.4	14.6	10.2
Return on capital %	21.0	21.9	16.8	28.5	32.3	26.6	22.1	17.4
Leverage & cash
Debt to equity	0.32	0.15	0.53	0.22	0.13	0.11	0.06	0.03
Cash flow ÷ profit	—	—	1.35	0.89	1.05	0.39	1.15	1.04
Current ratio	1.07	1.12	0.73	0.98	1.45	1.63	1.81	1.87