Slides
Page 1
TUBE INVESTMENTS OF INDIA LIMITED Corporate Presentation Q3 FY 2025-26
Page 2
Certain statements made in this presentation may not be based on historicalinformation or facts and may be “forward looking statements,” including those relatingto general businessplans and strategyof Murugappa Group and Group Companies, futureoutlook and growth prospects, and futuredevelopments in businessesand competitive and regulatoryenvironment. Actual resultsmay differ materiallyfrom these forward‐looking statementsdue to a number of factors, including future changes or developments in Murugappa Group’s Businesses,competitive environment, ability to implement strategiesand initiativesand respond to technological changes and political, economic, regulatory and social conditions in India. Thispresentationdoes not constitutea prospectus,offeringcircular or offeringmemorandum or an offer,or a solicitationof any offer,to purchase or sell,any sharesand should not be considered as a recommendation that any investorshould subscribefor or purchase any of Murugappa Group Companies’ shares. Neither thispresentation nor any other documentation or information(or any part thereof) delivered or supplied under or in relation to the sharesof Murugappa Group Companies shallbe deemed to constitutean offer of or an invitationby or on behalf of Murugappa Group. Murugappa Group as such, makes no representationor warranty,expressor implied, as to, and does not accept any responsibilityor liability withrespect to, the fairness,accuracy, completeness or correctnessof any informationoropinionscontained herein. The information contained in thispresentation,unlessotherwise specified is only current as of the date of thispresentation. Murugappa Group assumes no responsibilityto publicly amend, modify or revise any forward looking statements,on the basis of any subsequent development, informationor events,or otherwise. Unlessotherwisestated in thisdocument, the informationcontained herein isbased on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. Murugappa Group may alter,modify or otherwisechange in any manner the content of thispresentation, withoutobligation to notifyany person of such revisionor changes. Thispresentationmay not be copied and disseminatedin any manner. THEINFORMA TIONPRESENTEDHEREIS NOTAN OFFEROR SOLICIT A TIONOF ANY OFFERTOPURCHASEOR SELLANY EQUITYSHARES OR ANY OTHERSECURITYOF MURUGAPPAGROUP COMPANIES. Disclaimer
Page 3
Group Overview
Page 4
Agriculture CG Power Engineering Financial Services Others Electric Vehicles IPL TechTI Clean Mobility Pvt Ltd Jayem Group Companies – Listed & Unlisted
Page 5
The Philosophy We Cherish
Page 6
About TII
Page 7
o Largest manufacturer of cold drawn welded steel tubes in India o Market leader of transmission chains in India & 2nd largest manufacturer of cycles transmission chains in India o 35+ Manufacturing locations Tube Products of India (TPI) TI Cycles of India (TICI) Industrial Chains (IC) Metal Formed Products (MFP) Shanthi Gears Limited (SGL) CG Power & Industrial Solutions SEDIS Group, France TI Clean Mobility (EV businesses) 3-Wheeler,Tractor HCV Jayem & SCV TII in Nutshell
Page 8
4,171 7,189 5,148 22,984 31,258 49,173 72,267 53,585 50,585 Mar’18 Mar’19 Mar’20 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Dec’25 +44% Period Mar’18 Mar’19 Mar’20 Mar’21 Mar’22 Mar’23 Mar’24 Mar’25 Dec’25 Share Price as at period end ₹222 ₹383 ₹274 ₹1,192 ₹1,620 ₹2,547 ₹3,737 ₹2,769 ₹2,614 ₹ Crores CAGR Market Capitalisation
Page 9
44% 20% 23% 13% Promoter & Promoter Group FII Domestic Institutions OthersAs of 31st December 2025 Promoter Shareholding of 44% includes Ambadi Investment Limited 36% and Others 8% Shareholding Pattern
Page 10
Revenue from operations (net of intersegment) 6,359 7,236 7,611 7,893 6,278 FY22 FY23 FY24 FY25 YTD FY26 FCF & FCF/PAT% (before FV Gain) ROIC% (pre-tax) (before exceptional items & FV Gain) 205 608 376 397 513 43% FY22 91% FY 23 51% FY24 FY 25 55% 94% YTD FY26 47 55 54 44 44 FY22 FY23 FY24 FY25 YTD FY26 ₹ Crores Profit Before Tax (before exceptional items & FV Gain) 628 928 970 975 738 FY22 FY23 FY24 FY25 YTD FY26 TII Yearly Performance Trends
Page 11
ROIC% (pre-tax) (before exceptional items & FV Gain) ₹ Crores Revenue 1,910 2,152 5,935 6,278 Q3 FY 25 Q3 FY 26 YTD FY 25 YTD FY 26 PBT & PBT%(before exceptional items & FV Gain) 212 268 648 738 11% Q3 FY 25 12% Q3 FY 26 11% YTD FY 25 12% YTD FY 26 Q3 FY 25 Q3 FY 26 YTD FY 25 YTD FY 26 43 49 45 44 TII Standalone Performance FCF & FCF/PAT% (before FV Gain) 70 248 516 44% Q3 FY 25 131% Q3 FY 26 35% YTD FY 25 94% YTD FY 26 172
Page 12
TI Cycles was the first bicycle company to change the cycle retail landscape, both in urban and rural areas. Mobility Division CG Power – Manufacturer of Industrial and Power segment products, OSAT facility through CG Semi Pvt Ltd, Axiro Semiconductor Pvt Ltd. Shanthi Gears – Manufacturer of power transmission products. Sedis – Manufacturer of Industrial & Engineering class chains in France TICMPL – Engaged in manufacturing of EV (3W, Tractor, M&H CV and SCV). TI Medical – Manufacturer of medical and surgical consumables 3XPER Innoventure – CDMO and API business KCALTech – Manufacturer of Aluminum Condenser Tubes used in HV ACApplications. Major Subsidiaries TI Metal Forming is pioneer in Sheet Metal Formed Products, Fine Blanked Components, Industrial Chains, Motor Casings, etc. Metal Formed Products Tube Products of India (TPI) - Most preferred supplier of precision tubes, ERW and CDW to major automotive companies in India & abroad. Engineering Business Business Segments
Page 13
Engineering Division
Page 14
Engineering Division ❑ One of the World’s Largest manufacturer of Cold Drawn Welded Precision Tubes ❑ One of the leading precision tube manufacturer for the automotive industries ❑ Specially designed tubes for the hydraulic and pneumatic applications ❑ Precisely develop products based on the needs of every industry Engineering
Page 15
ProductsStrengths Locations Tamil Nadu - Avadi and Tiruttani Maharashtra – Shirwal, Phaltan and Nashik Punjab - Mohali and Rajpura Manufacturing Locations • Market leader and preferred Indian supplier in CDW Tubes. • Major manufacturer with the engineering expertise to offer customized, application specific CRSS and tubular products. • State-of-the-art manufacturing facilities proximately located to customers in key geographies. • Ultrasonic testing, thermo profile scanners and automation to ensure product excellence • Exploring new business opportunities in Drilling, Mining and Stab Bar Products. Key Strengths Products Electric Resistant Welded Tubes Cold Rolled Steel Strips Tubular Components Large Diameter Tubes Cold Drawn Welded Tubes Key Strengths, Products & Manufacturing Locations
Page 16
Awards TPI Receives Localization excellence Award from BorgWarner
Page 17
First Dispatch from Phaltan Plant
Page 18
ROCE% ₹ Crores Revenue 1,212 1,438 3,800 4,117 Q3 FY 25 Q3 FY 26 YTD FY 25 YTD FY 26 PBIT & PBIT% 156 196 475 513 13% Q3 FY 25 14% Q3 FY 26 13% YTD FY 25 12% YTD FY 26 Q3 FY 25 Q3 FY 26 YTD FY 25 YTD FY 26 47 51 51 46 Engineering Division Performance FCF 54 109 77 183 Q3 FY 25 Q3 FY 26 YTD FY 25 YTD FY 26
Page 19
Metal Formed Products
Page 20
❑ Specialized in manufacturing Cold roll formed sections and components ❑ Preferred supplier of Auto OEMs in various segments. Leader in manufacturing of car doorframes in India, servicing major OEMs in India. ❑ Has diversified product segments like Auto components (Chains, Kits, etc.,), Doorframes, Railways (Coach parts), Fine Blanking. Metal Formed Products
Page 21
ProductsStrengths Locations Tamil Nadu - Ambattur, Kakkalur, Tiruninravur, Hosur Haryana – Bawal Uttrakhand - Laksar Gujarat – Sanand Andhra – Medak Maharashtra – Aurangabad, Pune Manufacturing Locations • Market leader in automotive drive and cam chains. • Preferred supplier for roll formed car doorframes in India. • Capability to offer just-in-time service and last mile connectivity to customers. • World class high speed presses and process capabilities for manufacturing high quality, fine blanked products of very close tolerance. • Global manufacturer of repute for safety critical components for the Automotive industry. • Robotic automation and high precision fabrication capabilities for the Railway sector. Key Strengths Products Auto Chains Doorframes Fine Blanking Railway Coach Parts Auto Kits (Rombo & Diamond Brand) Key Strengths, Products & Manufacturing Locations
Page 22
Cam Chains After Market Brands Door Frames Divisional Channels Side Impact Beams Cowl Cross Beam Railways Fine Blanked Products Products
Page 23
Customer visit & Recognition • Hyundai Chennai Safety performance (TIMF-TNR) score has been improved from Gold(9.25) to Platinum(9.9) out of 10 for the year 2025. • Best partnership award from KIA Motors for FY 2025.
Page 24
FCF ROCE% ₹ Crores Revenue 400 408 1,162 1,182 Q3 FY 25 Q3 FY 26 YTD FY 25 YTD FY 26 PBIT & PBIT% 40 46 122 127 10% Q3 FY 25 11% Q3 FY 26 10% YTD FY 25 11% YTD FY 26 10 47 67 113 Q3 FY 25 Q3 FY 26 YTD FY 25 YTD FY 26 45 52 46 46 Q3 FY 25 Q3 FY 26 YTD FY 25 YTD FY 26 Metal Formed Products Division Performance
Page 25
Mobility Division
Page 26
❑ Manufactures a wide range of Bicycles and accessories from Standard to Premium bicycles, including Performance bicycles for the fitness and adventure space o Special bicycles catering to all ages and customer profiles: kids, adolescent boys & girls, urban adults and performance cyclists. o Standard bicycles for rural and semi-urban commuters and Electronic bicycles. o Premium Cycling Group caters to the performance cyclists through an array of prestigious home grown and international brands ❑ First bicycle company to change the cycle retail landscape, both in urban and rural areas. Bicycles Business
Page 27
ProductsStrengths Locations Tamil Nadu – Ambattur Punjab – Rajpura Manufacturing Locations • Pioneer in Retail format of experiential stores - Track & Trail Urban, Track & Trail Sport and BSA Hercules Rural outlets. • Omni-channel presence with unified online and in-store experience and renowned online market places. • BSA Workouts cater to the fitness needs through a range of offerings. • Emphasis on indigenisation, with over 80% of components sourced locally has helped in cost control and reduce import reliance. Key Strengths Products Premium Cycles Standards Specials Retail – Track & Trail Key Strengths, Products & Manufacturing Locations
Page 28
Track & Trail Experience
Page 29
FCF ROCE% ₹ Crores Revenue 183 490 575 142 Q3 FY 25 Q3 FY 26 YTD FY 25 YTD FY 26 12 23 -6 Q3 FY 25 Q3 FY 26 -8 YTD FY 25 YTD FY 26 21 25 -4 Q3 FY 25 Q3 FY 26 1 YTD FY 25 YTD FY 26 Mobility Division Performance PBIT & PBIT% 15 -1% -1 Q3 FY 25 2% 4 Q3 FY 26 0% 1 YTD FY 25 3% YTD FY 26
Page 30
Others
Page 31
❑ Manufacturer of Various classes of Industrial Chains – Roller Chains, Extended pitch chains, Rubber top chains, Hollow pin chains, Leaf chains, Attachment chains, Extended pin chains, Stainless steel chains, Accumulator chains ❑ Used for various applications – Material handling, Construction, Agriculture, Textile, Food industry, Oil Field, Multi-Level Car Parking, Escalators, etc. ❑ Has diversified product segments – OE and Dealer segments. ❑ Sizeable portion constitutes exports ❑ Holds a formidable market share in the organized Multi-Level Car Parking segment, which is experiencing a robust growth. ❑ The launch of globally benchmarked high-performance roller and leaf chains has secured new OEM partnerships in the Construction and Material Handling sectors. Power transmission and Conveying Chains Engineering Class Chains Agri Chains Industrial Chains
Page 32
ROCE% ₹ Crores Revenue 252 214 743 677 Q3 FY 25 Q3 FY 26 YTD FY 25 YTD FY 26 PBIT & PBIT% 35 55 5% 11 Q3 FY 25 9% 19 Q3 FY 26 5% YTD FY 25 8% YTD FY 26 Q3 FY 25 Q3 FY 26 YTD FY 25 YTD FY 26 26 52 27 50 Others Performance (including Industrial Chains) FCF 2 38 -22 51 Q3 FY 25 Q3 FY 26 YTD FY 25 YTD FY 26
Page 33
Subsidiaries and Associates
Page 34
TI Clean Mobility Private Limited
Page 35
Product Segment ✓ Electric 3W Auto ✓ Electric Tractors ✓ Electric M & HCV (through its Subsidiary IPLTechElectric Pvt Ltd – “IPLT”) ✓ Electric SCV (through its Subsidiary TIVOLT Electric Vehicles Pvt Ltd – “TIVOLT”) Funding ✓ TII has so far invested ₹250 Cr. into TICMPL as Equity and ₹500 Cr. as Compulsorily Convertible Preference Shares (CCPS) ✓ During the nine-months ended 31st December 2025, TICMPL invested ₹175 Cr in TIVOLT, increasing its stake from 91.04% to 94.12%. ✓ During the nine-months period ended 31st December 2025, TICMPL invested ₹5.97 Cr via rights issue in Jayem Automotives Private Limited and shareholding remains at 50%. TI Clean Mobility Private Limited (TICMPL)
Page 36
Launch of Super Cargo in the 2025 auto expo
Page 37
INDIA’S 1ST ELECTRONIC TRACTOR TICMPL, Tractor segment, is India’s First Manufacturer of Electric Tractors. Our goal is to revolutionize eMobility in India by producing innovative automobiles that address sustainability and efficiency. Our E-tractors are cost effective, pollution free, maintenance and noise free. Electronic Tractor
Page 38
• IPLT is a manufacturer of electric heavy commercial vehicles, which launched India’s first electric truck – RHINO 5536. • It also launched new RHINO 5538, India’s first heavy-duty electric truck with battery swapping technology • As of 31st December 2025, TI Clean Mobility Pvt Ltd (TICMPL) holds 95.58% stake in IPLT. IPL Tech Electric Private Ltd (IPLT)
Page 39
• TICMPL, a subsidiary of the TII, entered into an agreement with Mr. Anand Jayachandran for pursuing electric small commercial vehicle business ("e-SCV') through a subsidiary to be incorporated by TICMPL, and subsequently in FY 2023-24, TICMPL incorporated a subsidiary company, viz., TIVOLT ELECTRIC VEHICLES PRIV ATELIMITED to carry out the said business. • During January 2025, launched e-SCV “EVIATOR” in the auto expo. • During the quarter ended 31st December 2025, TICMPL increased its stake in TIVOLT from 93.33% to 94.12%. TIVOLT Electric Vehicles Private Limited
Page 40
• Jayem Automotives Private Limited (JAYEM), held by TICMPL, is an automotive research & development company engaged in design, development, testing and manufacturing of a wide range of automotive components, systems and prototypes. • During the nine-months period ended 31st December 2025, Jayem raised ₹11.95 Cr. (₹5.97 Cr from TICMPL and balance from Mr. Anand Jayachandran) through rights issue and shareholding % remains the same. Jayem Automotives Private Limited
Page 41
❑ Over 8 decades of presence in India ❑ One of top 10 World’sTransformer Manufacturer ❑ #1 motors manufacturer in India ❑ One of the largest manufacturers of Transformers & Switchgears in India ❑ Entered Semiconductor space by the acquisition of Renseas Electronics’ Radio Frequency Components (RFC) business through its subsidiary Axiro Semiconductor Private Limited. ❑ CG secured INR 900 Cr ($99.2 million) power transformers export order from Tallgrass Integrated Logistics Solutions LLC USA, for a large-scale data center project in the United States. This order was received on January 16, 2026 and it’s the largest ever single order for CG. CG Power and Industrial Solutions Limited (“CG”)
Page 42
POWER INDUSTRIALS Key Clientele Key Clientele Transformers and Reactors Switchgear EPD MotorsRailways Drives & Automation Stampings Sub-segments Sub-segments Key Business Verticals
Page 43
ABB, Siemens Products Peers Motors Railways Bhel, ABB Marathon, Lawkim Bhel, Saini Bhel BTIL, Bhel, ABB ABB, Bhel AEW V ossIoh Kanwar LT Motors Large Motors FHP Motors AC Traction Motor TM 6068 Propulsion Electrics IGBT Propulsion System Loco Transformer Relay Point Machine Carriage Fan (BLDC) Customers OEMs of Pumps, Compressors, Gear Box and Construction Equipment and industries such as power, transmission, oil and gas, cement, metals & mining and in railways transportation ❖Integral Coach Factory (ICF) ❖Chittaranjan Locomotive Works (CLW) ❖Diesel Locomotive Works (DLW) and ❖Diesel-Loco Modernization Works (DMW) Industrials: Consistently among the top players
Page 44
Products Peers Power Transformers GE, TBEA Distribution Transformers V oltamp, Tesla Transformers EHV Instrument Transformers GE, ABB, BHEL Surge Arresters OBLUM, Lamco Gas Circuit Breakers GE, Siemens MV Switchgear ABB, Schneider HV GIS Siemens, ABB S6 (Vacuum Interrupters) BEL, ABB Switchgears Customers ❖Power Grid Corporation of India Limited (PGCIL) ❖Nuclear Power Corporation of India Limited (NPCIL) ❖NTPC ❖State-level transmission and distribution utilities ❖PGCIL ❖NTPC ❖NHPC Limited ❖Larsen & Toubro (L&T) ❖GE ❖Torrent Power: Consistently among the top players
Page 45
CG Semi Private Limited • CG Semi Private Limited (CG Semi), a subsidiary of CG Power and Industrial Solutions Limited (CGPISL), is a Joint Venture between CGPISL, Renesas Electronics Corporation and Stars Microelectronics (Thailand) Public Co. Ltd. • CG Semi provides Outsourced Semiconductor Assembly and Testing (OSAT) services, offering comprehensive test services at global scale, covering advanced and legacy packages. • The company serves diverse applications across industries such as Automotive, Defence, Infrastructure and IOT. • On 28th August 2025, CG Semi has announced the launch of its first end-to-end OSAT facility in Sanand, Gujarat. G1 facility is on track to commence commercial production in calendar year 2026, G2 facility is under construction.
Page 46
₹ Crores CG Power –Standalone Financials Q3 24-25 Actuals Q3 25-26 Actuals YTD 24-25 YTD 25-26 Revenue from Operations 2,389 2,909 6,766 8,202 PBIT 339 456 965 1,251 Interest 1 2 4 5 PBT (before exceptional) 338 454 961 1,246 Exceptional Item - -36 - -36 PBT (after exceptional) 338 419 961 1,210 PAT 244 312 699 905 Particulars Standalone
Page 47
₹ Crores CG Power –Consolidated Financials Q3 24-25 Actuals Q3 25-26 Actuals YTD 24-25 YTD 25-26 Revenue from Operations 2,516 3,175 7,156 8,976 PBIT 336 423 969 1,180 Interest 1 4 4 8 PBT (before exceptional) 335 420 964 1,171 Exceptional Item - -36 - -36 PBT (after exceptional) 335 384 964 1,136 PAT 238 284 699 835 Particulars Consolidated
Page 48
Shanthi Gears ❑ Pioneer in gear manufacturing and ranks amongst India’s top gear manufacturers. ❑ Offers a comprehensive range of products and services – cutting edge gear solutions for a wide range of applications and specialized gear reconditioning services ❑ Has been the preferred name for gear and gear box solutions for some of the biggest names in the industry.
Page 49
Gear Business Helical; Gears & Pinions; Worm Gear Box; Worm Spares; Products for Textiles & Foundry David Brown Bharath Forge; GE; BHEL; Caterpillar, Siemens; TATA; Indian Railways; Areva; ELGI; Kone Cranes; Cummins; UniGear; Clean Energy; L&T; V oithetc. 3 manufacturing units in Coimbatore
Page 50
Spur/ Helical Gear Pinion Shaft Internal Gear Worm and Wheel Straight Bevel Spiral Bevel Worm Gearboxes- Adaptable Worm Gearboxes- Standard Worm Gearboxes- Special Helical Gearboxes Bevel Helical Gearboxes Products
Page 51
FCF & FCF/PAT% ROIC% ₹ Crores Revenue 158 117 451 384 Q3 FY 25 Q3 FY 26 YTD FY 25 YTD FY 26 PBIT & PBIT% 35 23 99 82 22.5% Q3 FY 25 19.8% Q3 FY 26 21.9% YTD FY 25 21.5% YTD FY 26 23 48 37 89% Q3 FY 25 -11% -2 Q3 FY 26 65% YTD FY 25 61% YTD FY 26 57 31 56 42 Q3 FY 25 Q3 FY 26 YTD FY 25 YTD FY 26 Shanthi Gears Limited Performance
Page 52
SEDIS ❑ Specialized in designing chains for transmission, agricultural, lifting, adapted and conveyor. ❑ With 500+ technical distribution points in France, Sedis currently has the Number One distribution network for French industrial chains.
Page 53
• TI Medical Private Limited (Previously known as LOTUS Surgicals Private Limited) is an established company engaged in the business of manufacturing and supply of medical and surgical consumables. • As of 31st December 2025, TII has invested ₹245 Crores in TI Medical Private Limited. TI MEDICAL
Page 54
• TII incorporated 3xper Innoventure Limited (3IL) by entering into an agreement with Mr. N Govindarajan (“NG”) Company will engage in Contract Development and Manufacturing Operation (CDMO) and active pharmaceutical ingredients business. • 3IL has a wholly-owned subsidiary 3xper Innoventure Labs Limited, incorporated in 2024-25 with an equity investment of ₹5 Cr, for carrying out the business of Contract Research & Development. • TII will be investing ₹285 Crores and NG will be investing ₹15 Crores in the subsidiary. Till date, TII invested ₹0.95 Cr. in Equity and ₹259.05 Cr. in CCPS and NG invested ₹0.05 Cr. in Equity and ₹14.95 Cr. in CCPS 3xper Innoventure Limited (CDMO Business)
Page 55
• On 31st January 2025, TII acquired 67% of the equity share capital of M/s. Kcaltech System India Private Limited) by way of subscription to 2,24,08,313 fresh equity shares for a consideration of about ₹62 Cr. Balance 33% stake is held by Kcaltech Co Limited, Korea. • The company is engaged in the business of manufacture of Aluminum Condenser Tubes and parts as used in Heating Ventilation and Air Conditioning ("HV AC")applications in automobiles sector. Kcaltech System India Private Limited
Page 57
Registered Office Tube Investments of India Ltd. 'Chola Crest', C 54 & C 55, Super B-4, Thiru Vi Ka Industrial Estate, Guindy, Chennai - 600 032 Phone: +91 44 42177770-6 www.tiindia.com Email ID S Krithika – Company Secretary KrithikaS@tii.murugappa.com AN Meyyappan – Chief Financial Officer MeyyappanAN@tii.murugappa.com Contact us