Tube Investments of India Limited plans to invest an additional INR 5 billion to INR 7.5 billion in its electric vehicle (EV) business from the parent balance sheet, even as the segment continues to report losses. The proposed capital infusion signals continued strategic commitment to scaling clean mobility operations.
“It will definitely be at least INR 500 crore, and the range is INR 500 crore to INR 750 crore,” said Vellayan Subbiah, Vice Chairman of Tube Investments of India Limited.The EV segment reported a quarterly loss of INR 1.64 billion. Management indicated that the immediate priority is to move heavy commercial vehicles and three-wheelers towards breakeven within the next 12 to 18 months.
“The two segments we are pushing towards breakeven in the next 12 to 18 months are heavy vehicles and three-wheelers,” Subbiah said.
The company said in a stock exchange filing that consolidated revenue for the quarter ended 31 December 2025 rose to INR 58.01 billion from INR 48.12 billion in the corresponding quarter of the previous year. Profit before share of profit of associates or joint ventures, exceptional items and tax increased to INR 5.02 billion from INR 4.27 billion.
On a standalone basis, revenue stood at INR 21.52 billion compared with INR 19.10 billion a year earlier, while profit before tax before exceptional items rose to INR 2.68 billion from INR 2.12 billion. Free cash flow for the quarter was INR 2.48 billion, and the board declared an interim dividend of INR 2 per share for FY2025–2026.
The engineering segment recorded revenue of INR 14.38 billion, up from INR 12.12 billion, with segment profit increasing to INR 1.96 billion from INR 1.56 billion. “So on a year-to-date basis, it is double digit,” said Mukesh Ahuja, Managing Director of Tube Investments of India Limited, referring to volume growth in the engineering segment.
Capacity additions at Nashik and Phaltan are being ramped up, with management expecting utilisation to improve further by early next year. However, commissioning of a new plant in western India has been deferred by six to nine months due to challenges faced by machine suppliers.
The metal formed products division reported revenue of INR 4.08 billion compared with INR 4.00 billion, with segment profit rising to INR 0.46 billion from INR 0.40 billion. Management cited weaker European exports and delays in the railway business as factors affecting performance. The railway project has been pushed to FY2027, with prototype submissions expected between March and April.
CG Power and Industrial Solutions Limited recorded consolidated revenue of INR 31.75 billion and profit of INR 4.20 billion for the quarter. Shanthi Gears Limited reported revenue of INR 1.17 billion and profit of INR 0.23 billion, with management maintaining margin discipline amid a softer order book environment.
Tube Investments of India Limited is a diversified engineering company engaged in engineering, metal forming, mobility and related manufacturing businesses.
