Tube Investments of India Ltd.Revenue +18%, steel squeezes PBT

Tube Investments of India reported Q1 FY27 standalone revenue of ₹2,366 Cr, up 18%, but PBT slipped to ₹213 Cr from ₹222 Cr because steel price increases in Q4 and Q1 are recovered from customers only with a lag of two or three quarters.

Management says it will recover the steel under-recovery fully, including Q1, and is in talks with OEMs on non-steel inflation. Engineering revenue rose to ₹1,566 Cr on volume growth of 17% with flat PBIT of ₹153 Cr, metal formed products revenue rose to ₹408 Cr with lower PBIT of ₹28 Cr, and consolidated revenue was ₹6,215 Cr. CG Power earned PBT of ₹423 Cr on revenue of ₹3,281 Cr, while Shanthi Gears' PBT fell to ₹14 Cr.

TI Clean Mobility posted record turnover of about ₹240 Cr with losses narrowing, and management expects one business to break even this year and two next year. Annualised ROIC was 41%, and ₹250 Cr of the planned ₹750 Cr of venture funding is due in Q3.