Tube Investments of India Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 7,330.31 Cr (+32.73% YoY) and PAT growth of +39.24% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 05, 2026 |
|---|---|
| Revenue (Q2) | Rs. 7,330.31 Cr (+32.73% YoY) |
| PAT (Q2) | Rs. 420.58 Cr (+39.24% YoY) |
| EBITDA margin | 10.02% (-4 bps YoY) |
| EPS (Q2) | Rs. 12.87 (+33.40% YoY) |
Consolidated revenue grew 32.73% YoY with PAT up 39.24%, led by Power Systems (25.03% margin, +452 bps YoY) and EV revenue nearly doubling QoQ, while H1 standalone revenue of +23.05% runs well ahead of the 10% FY27 guidance. However, standalone PBT growth of +1.09% YoY misses the 12–14% guidance as steel-cost inflation compressed standalone EBITDA margin 297 bps YoY, and consolidated H1 FCF was negative at Rs.(443.01) Cr on working-capital build. The investment case hinges on the two-to-three quarter steel pass-through normalizing Engineering margins and the EV loss plateau converting into the guided FY27 breakeven.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue/demand | "Revenue / demand: likely ahead" on strong capital-goods IIP | Consolidated +32.73% YoY, standalone +27.92% | Played out |
| Margins | First pass-through evidence, "the Aug–Sep input spike raises the bar" | MFP 6.76% → 10.44% QoQ; Engineering 9.77% → 9.36% QoQ | Partially |
| EV loss | Watch vs Rs.147.32 Cr Q1 loss; "past peak" holding | Rs.(146.47) Cr, −0.6% QoQ, revenue +98.9% QoQ | Partially |
| Battery cells | "still rising, not cooling" | Semiconductors loss wider YoY (−34.15 vs −21.73) | Played out |
| Standalone PBT vs 12–14% guide | "tested harder on the cost side" | H1 −1.40% YoY; Q2 +1.09% | Contradicted |
| Shanthi Gears stabilization | Watch after the stake raise | Revenue Rs.128 vs Rs.132 Cr YoY | Contradicted |
| US tariff overhang; railway kick-in | Fresh unquantified overhang; early-FY27 kick-in | Not addressed in the filing | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Standalone FY27 revenue growth 10% | management guidance, Q1 FY27 earnings call (refined from Q4 FY26) | H1 standalone revenue +23.05% YoY; Q2 +27.92% | On Track |
| Standalone FY27 PBT growth 12–14% | management guidance, Q1 FY27 earnings call | H1 standalone PBT −1.40% YoY; Q2 +1.09% — H1 checkpoint | Missed |
| Steel-price margin recovery, "margin neutralization… in the coming quarters", double-digit EBIT margin growth | MD Mukesh Ahuja, Q1 FY27 earnings call | MFP margin 6.76% → 10.44% QoQ; Engineering 9.36%, still −253 bps YoY; standalone PBT margin 9.34% vs 11.82% — partial; Engineering not yet normalized | On Track |
| One EV business breaks even in FY27; two more FY28 | management commentary, Q1 FY27 earnings call | EV PBIT loss Rs.(146.47) Cr, −0.6% QoQ on revenue +98.9% QoQ | Too Early |
| Rs.250 Cr new-venture infusion in Q3 FY27 (of Rs.750 Cr) | management commentary, Q1 FY27 earnings call | Rs.250 Cr Series C CCPS allotted 29 Sep 2026 (filing note) | On Track |
| Capex: ~Rs.350 Cr standalone / ~Rs.100 Cr Shanthi Gears / Rs.600–700 Cr group ex-CG Power | management guidance, Q1 FY27 earnings call | Standalone H1 capex Rs.158.46 Cr; Rs.83 Cr Avadi approval adds to the frame | On Track |
| Shanthi Gears order-book revival in "one or two quarters" (stated Feb 2026) | management commentary, Q3 FY26 earnings call | SGL Q2 revenue Rs.128 Cr vs Rs.132 Cr; PBT Rs.20 Cr vs Rs.29 Cr | Missed |
| EV business "likely past peak quarterly losses" | Q1 FY27 earnings call | Loss Rs.(146.47) Cr vs Rs.(147.32) Cr QoQ — plateau, not decline; revenue doubled QoQ | Partially |
| "Margin neutralization will happen in the coming quarters" | Q1 FY27 earnings call | MFP normalized; Engineering margin still slipped QoQ; standalone margin −297 bps YoY | Partially |
| Shanthi Gears slowdown "temporary… maybe another one or two quarters" | Q3 FY26 earnings call (Feb 2026) | Still down YoY on both lines, margin −588 bps YoY | Contradicted |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.