Chennai-based Tube Investments of India Ltd (TII) reported a 39.2% YoY rise in consolidated profit after tax to Rs 420.58 crore for the quarter ended September 30, 2026 (Q2 FY2027). Consolidated revenue from operations grew 32.7% to Rs 7,330.31 crore, driven largely by its subsidiary CG Power and Industrial Solutions.
Standalone revenue rose 27.9% to Rs 2,710.49 crore, but profit before tax edged up to Rs 253.16 crore from Rs 250.44 crore. Standalone PAT was Rs 188.16 cr against Rs 186.75 cr. The company said annualised ROIC was 44%, unchanged from a year earlier, and free cash flow for the quarter was Rs 167 crore.
CG Power, in which TII holds 56.27%, reported consolidated revenue of Rs 3,802 crore against Rs 2,923 crore a year earlier. Its PBT rose to Rs 559 crore from Rs 388 crore.
Shanthi Gears, in which TII holds 73.16%, reported revenue of Rs 128 crore against Rs 132 crore, and profit before tax of Rs 20 crore against Rs 29 crore.
Consolidated PBT and exceptional items was Rs 643.82 crore against Rs 458.96 crore. Earnings per share rose to Rs 12.87 from Rs 9.65. For the half year, consolidated revenue was Rs 13,545.64 crore (Rs 10,831.70 crore a year earlier) and profit after tax was Rs 714.54 crore (Rs 605.24 crore).
EV and Semiconductors Report Losses
Power Systems revenue rose to Rs 1,766.76 crore from Rs 1,254.49 crore, and segment profit rose to Rs 442.25 crore from Rs 257.31 crore. Industrial Systems revenue grew to Rs 1,868.61 crore from Rs 1,533.33 crore, with segment profit at Rs 153.58 crore against Rs 129.39 crore.
The Electric Vehicles segment posted a loss of Rs 146.47 crore against Rs 157.80 crore, on revenue of Rs 475.78 crore against Rs 177.30 crore. Its half-year loss widened to Rs 293.79 crore from Rs 254.25 crore. Semiconductors reported a loss of Rs 34.15 crore against Rs 21.73 crore, on revenue of Rs 161.56 crore against Rs 127.89 crore.
Costs Outpace Revenue
Standalone PBT margin was about 9.3% against 11.8% a year earlier. Cost of materials consumed rose to Rs 1,713.58 crore from Rs 1,221.69 crore, and other expenses rose to Rs 460.62 crore from Rs 348.22 crore. Standalone half-year PAT declined to Rs 346.78 crore from Rs 354.84 crore.
In the Engineering business, revenue rose to Rs 1,828 crore from Rs 1,382 crore, while profit before interest and tax was Rs 171 crore against Rs 164 crore.
Consolidated net cash from operating activities in the half year fell to Rs 435.60 crore from Rs 640.05 crore. Receivables absorbed Rs 1,026.24 crore and inventories Rs 748.84 crore, partly offset by a Rs 995.85 crore increase in trade and other payables.
Capital expenditure was Rs 878.61 crore, and capital work-in-progress stood at Rs 1,060.84 crore against Rs 806.37 crore at March 31, 2026.
Following an amended shareholders’ agreement, the company derecognised a fair-value liability of Rs 2,404.70 crore on compulsorily convertible preference shares (CCPS) of TI Clean Mobility, and presented the amount as non-controlling interest.
During the quarter, TII invested a further Rs 250 crore in Series C CCPS of the subsidiary. The Electric Vehicles segment’s capital employed as at September 30, 2025 includes the CCPS liability at fair value, which affects year-on-year comparison.
Acquisitions
TII acquired a 76.24% stake in Orange Koi Private Ltd for Rs 35 crore in April 2026. The company makes precision parts for the medical and defence industries using metal injection moulding and additive manufacturing.
TII also raised its stake in Shanthi Gears from 70.46% to 73.16% through a Rs 77.72 crore block deal.
CG Power, through its subsidiary Axiro Semiconductor, acquired 100% of Tosil Systems for ₹15.44 crore. Tosil Systems provides VLSI design and embedded systems services, adding to CG Power’s capabilities in semiconductor design and related technologies.