TIINDIATube Investments of India Ltd.
Tube Investments of India Q2 FY27 Results: Consolidated Net Profit ₹421 Crore on Total Income of ₹11,764 Crore
- Earnings
- Engineering and metal products
Reviewed byRachit TripathiBlacklitt Research
Tube Investments of India (NSE: TIINDIA) reported total income of ₹11,764.01 crore and a consolidated net profit of ₹420.58 crore for the quarter ended 30 Sep 2026, it said in a filing on 05 Nov 2026. Standalone total income was ₹2,740.04 crore and standalone net profit ₹188.16 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹11,764.01 crore, up 109.1% YoY and 58.1% QoQ
- Net profit and EPS: ₹420.58 crore; basic EPS ₹12.87, up 33.4% YoY
- Exceptional item: ₹167.96 crore for New Labour Code liabilities
Standalone
The company on its own, without its subsidiaries
- Total income: ₹2,740.04 crore, up 28.0% YoY and 15.0% QoQ
- Net profit and EPS: ₹188.16 crore; basic EPS ₹9.72, up 0.7% YoY
- Exceptional item: ₹22.75 crore for New Labour Code liabilities
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 11,764.01 | 5,627.30 | +109.1% | 7,441.73 | +58.1% | |
| Revenue from operations | 7,330.31 | 5,522.64 | +32.7% | 6,215.33 | +17.9% |
| Other income | 434.42 | 92.77 | +368.3% | 226.40 | +91.9% |
| 420.58 | 302.05 | +39.2% | 293.86 | +43.1% | |
| Profit before tax | 643.82 | 458.96 | +40.3% | 460.78 | +39.7% |
| Finance costs | 19.77 | 14.08 | +40.4% | 16.26 | +21.6% |
| Depreciation | 183.05 | 163.88 | +11.7% | 182.80 | +0.1% |
| Tax expense | 222.21 | 156.91 | +41.6% | 166.92 | +33.1% |
| Net profit margin | 3.58% | 5.37% | -1.79 pp | 3.95% | -0.37 pp |
| EPS, basic (₹) | 12.87 | 9.65 | +33.4% | 8.70 | +47.9% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated total income more than doubled, but net profit rose 39.2%, slower than income. Other income of ₹434.42 crore is 3.7% of total income and 67.5% of profit before tax of ₹643.82 crore, so other income makes up a large part of the pre-tax figure.
The consolidated statement carries an exceptional item of ₹167.96 crore, which the note says represents additional gratuity and compensated absences liabilities recognised on account of the New Labour Code. Profit before tax after that item is ₹643.82 crore, and tax expense of ₹222.21 crore is 34.5% of it.
Finance costs of ₹19.77 crore are 0.2% of total income, and depreciation of ₹183.05 crore is little changed from the previous quarter. The note cites the year ended 31 Mar 2025 for the labour code liability, while the standalone note cites 31 Mar 2026.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,740.04 | 2,141.47 | +28.0% | 2,383.61 | +15.0% | |
| Revenue from operations | 2,710.49 | 2,118.96 | +27.9% | 2,366.20 | +14.6% |
| Other income | 30.55 | 20.51 | +49.0% | 17.41 | +75.5% |
| 188.16 | 186.75 | +0.8% | 158.52 | +18.7% | |
| Profit before tax | 253.16 | 250.44 | +1.1% | 212.74 | +19.0% |
| Finance costs | 1.16 | 1.59 | -27.0% | 1.12 | +3.6% |
| Depreciation | 49.42 | 47.41 | +4.2% | 49.42 | 0.0% |
| Tax expense | 65.00 | 63.69 | +2.1% | 54.12 | +20.1% |
| Net profit margin | 6.87% | 8.72% | -1.85 pp | 6.65% | +0.22 pp |
| EPS, basic (₹) | 9.72 | 9.65 | +0.7% | 8.19 | +18.7% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 0.8% YoY, against 28.0% growth in total income, and profit before tax rose 1.1% to ₹253.16 crore. Other income of ₹30.55 crore is 12.1% of profit before tax, up 49.0% on the year.
Tax expense of ₹65.00 crore is 25.7% of profit before tax, compared with ₹63.69 crore a year earlier. Standalone profit before tax includes an exceptional item of ₹22.75 crore for New Labour Code liabilities. Quarter on quarter, net profit rose 18.7%, faster than total income.
The filing also reports standalone free cash flow of ₹167 crore for the quarter and a return on capital employed of 44% annualised, the same as a year earlier. Board approval was given for a capital expenditure proposal of up to ₹83 crore to expand cold rolled steel strip capacity at Avadi, funded primarily from internal accrual and expected to complete in FY 2027-28.
Consolidated net profit of ₹420.58 crore is ₹232.42 crore higher than standalone net profit of ₹188.16 crore, and consolidated total income of ₹11,764.01 crore is ₹9,023.97 crore higher than standalone. The consolidated figures include subsidiaries such as CG Power and Industrial Solutions, in which the company holds a stake, and Shanthi Gears.
Inference
The filing reports that the company acquired 20,64,773 shares of Shanthi Gears by block deal for ₹77.72 crore, raising its holding from 70.46% to 73.16%, and invested ₹25 crore in Series D CCPS of 3xper Innoventure. Dividends paid in the half year were ₹29.31 crore standalone and ₹33.80 crore consolidated.
The filing says the company amended its shareholder agreement with TICMPL and treats CCPS as non-controlling interest in the consolidated accounts. The filing does not say how this affects future results. Whether the Avadi expansion will add output is also not stated; the company says the exact capacity gain cannot be determined at this stage.
Filed with BSE on . Reference: Original filing (PDF)
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