Q1 2027 Tube Investments of India Ltd Earnings Call

August 17, 2026

Operator: Remarks. Please note that this conference is being recorded. I now hand the conference over to Mr. Joseph George from IIFL Capital. Thank you, and over to you, sir.

Speaker #1: Please note that this conference is being recorded. I now hand the conference over to Mr. Joseph George from IIFL Capital. Thank you, and over to you, sir.

Speaker #2: Thank you, Gopnil. On behalf of IIFL Capital, I welcome you all to the Q1 FY2027 results conference call of Tube Investments of India Limited.

Joseph George: Thank you, Sopnel. On behalf of IIFL Capital, I welcome you all to the Q1 FY2027 results conference call of Tube Investments of India Limited. From the management, we have with us Mr. M. A. M. Arunachalam, Executive Chairman, Mr. Mukesh Ahuja, Managing Director, Mr. A. N. Meyyappan, Chief Financial Officer, as well as all the divisional heads. I will now hand over the call to the management for opening remarks, after which we will have Q&A.

Speaker #2: From the management, we have with us Mr. M.A.M. Arunachalam, Executive Chairman; Mr. Mukesh Ahuja, Managing Director; Mr. A.N. Mayapin, Chief Financial Officer; as well as all the divisional heads.

Speaker #2: I will now hand over the call to the management for opening remarks, after which we will have the Q&A session.

Speaker #3: Yeah, good morning, everyone. Just to give a commentary on this quarter's results: The Board of Directors of Tube Investments of India Limited met on 14 August 2026 and approved the financial results for the quarter ended 30 June 2026.

Mukesh Ahuja: Yeah. Good morning, everyone. Just to give a commentary on this quarter results, the board of directors of Tube Investments of India Limited met on 14 August 2026 and approved the financial results for the quarter ended 30 June 2026. Stand-alone results for the quarter. Revenue in Q1 was at INR 2,366 crore against INR 2,007 crore in the same previous year. PBT was at INR 203 crore against INR 2,222 crore in the same period previous year. ROIC analyzed stood at 41% for the quarter ended 30 June 2026 compared with 39% in the previous year same period. Free cash flow for the quarter was INR 174 crore. Now I'll give the segmental review. The Engineering revenue for the quarter was INR 1,566 crore compared with INR 1,298 crore in the corresponding quarter of the previous year.

Speaker #3: Standalone results for the quarter: Revenue in Q1 was at ₹2,366 crore, against ₹2,007 crore in the same period previous year. PBT was at ₹213 crore, against ₹202 crore in the same period previous year.

Speaker #3: ROIC analyzed stood at 41% for the quarter ended 30 June 2026, compared with 39% in the same period of the previous year. Free cash flow for the quarter was ₹174 crore.

Speaker #3: And I'll give the segmental review: the engineering revenue for the quarter was ₹1,566 crores, compared with ₹1,298 crores in the corresponding quarter of the previous year.

Speaker #3: Profit before interest and tax for the quarter was ₹153 crore, which is the same as the corresponding quarter of the previous year. Metal Formed Product revenue for the quarter was ₹408 crore, compared with ₹366 crore in the corresponding quarter of the previous year.

Mukesh Ahuja: Profit before interest and tax for the quarter was INR 153 crore, which is same as the corresponding quarter of the previous year. Metal Formed Product revenue for the quarter was INR 408 crore compared with INR 366 crore in the corresponding quarter for the previous year. Profit before interest and tax for the quarter was INR 28 crore as against INR 37 crore in the corresponding quarter of the previous year. Mobility revenue for the quarter was INR 250 crore compared with INR 198 crore in the corresponding quarter of the previous year. Profit before interest and tax for the quarter was INR 9 crore against INR 7 crore in the corresponding quarter for the previous year. For others, revenue for the quarter was INR 256 crore compared with INR 236 crore in the corresponding quarter of the previous year.

Speaker #3: Profit before interest and tax for the quarter was ₹28 crore, as against ₹37 crore in the corresponding quarter of the previous year. Mobility revenue for the quarter was ₹250 crore, compared with ₹198 crore in the corresponding quarter of the previous year.

Speaker #3: Profit before interest and tax for the quarter was ₹9 crore, against ₹7 crore in the corresponding quarter of the previous year. For others, revenue for the quarter was ₹256 crore, compared with ₹236 crore in the corresponding quarter of the previous year.

Speaker #3: Profit before interest and tax for the quarter was ₹21 crore, against ₹17 crore in the corresponding quarter of the previous year. TI consolidated revenue for the quarter was ₹6,215 crore, against ₹5,309 crore in the corresponding quarter of the previous year.

Mukesh Ahuja: Profit before interest and tax for the quarter was INR 21 crore against INR 17 crore in the corresponding quarter of the previous year. TII consolidated revenue for the quarter was INR 6,215 crore against INR 5,309 crore in the corresponding quarter of the previous year. The profit before share of profit for JVs, exceptional items, and tax for the quarter was INR 461 crore against INR 449 crore in the corresponding quarter of the previous year. CG Power and Industrial Solutions Limited, a subsidiary in which company holds 56.29% stake, registered a consolidated revenue of INR 3,281 crore during the quarter against INR 2,878 crore in the corresponding quarter of the previous year. Profit before tax for the quarter was INR 423 against INR 364 crore in the corresponding quarter of the previous year.

Speaker #3: The profit before share of profit for JVs, etc., items and tax for the quarter was ₹461 crore, against ₹449 crore in the corresponding quarter of the previous year.

Speaker #3: CG Power and Industrial Solutions, a subsidiary in which the company holds a 56.29% stock stake, registered a consolidated revenue of ₹3,281 crore during the quarter, against ₹2,878 crore in the corresponding quarter of the previous year.

Speaker #3: Profit before tax for the quarter was $423 crore, against $364 crore in the corresponding quarter of the previous year. Shanti Gas Limited, a subsidiary company in the gas business in which the company holds a 70.46% stake, registered a revenue of $115 crore during the quarter, against $135 crore in the corresponding quarter of the previous year.

Mukesh Ahuja: Shanthi Gears Limited, a subsidiary company in the gears business, in which company holds 70.46% stake, registered a revenue of INR 115 crore during the quarter against INR 135 crore in the corresponding quarter of the previous year. Profit before tax for the quarter was INR 14 crore against INR 31 crore in the corresponding quarter of the previous year. Thank you, and we are happy to take questions.

Speaker #3: Profit before tax for the quarter was ₹14 crore, against ₹31 crore in the corresponding quarter of the previous year. Thank you, and we are happy to take questions.

Speaker #1: Thank you so much, sir. Ladies and gentlemen, we will now begin the question-and-answer session. Anyone who wishes to ask a question may click on the raise hand icon in the participants tab on your screen.

Operator: Thank you so much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may click on the raise hand icon from the participants tab on your screen. We will wait until we have the question queue assembled. Requesting participants to please click on the raise hand icon from the participants tab on your screen. We will wait until we have the questions in queue. We will take a question now from Joseph George of IIFL Capital. Joseph, please go ahead.

Speaker #1: We'll wait until we have the question queue assembled. We request participants to please click on the raise hand icon from the participants tab on your screen. We'll wait until we have the questions in queue.

Speaker #1: We'll take a question now from Joseph George of IIFL Capital. Joseph, please go ahead.

Speaker #2: Hi. So, I have two or three questions. One is, if I look at the standalone performance, we have seen some pressure on margins, because of which the EBIT growth in the engineering segment and the metal forms segment was relatively muted.

Joseph George: Hi. I have two, three questions. One is, if I look at the standalone performance, we have seen some pressure on margins because of which the EBIT growth in the engineering segment and the metal form segment was relatively muted. What I wanted to check is that, in the last couple of quarters, we have seen a lot of inflation. All OEMs and suppliers are talking about inflation. In that context, is there any price hikes that have yet to come from your customers, because of which we have seen a compression in margins? Or, is the profitability in the quarter reflecting the underlying business dynamics?

Speaker #2: What I wanted to check is that in the last couple of quarters, we have seen a lot of inflation—you know, all OEMs and suppliers are talking about inflation.

Speaker #2: So in that context, are there any price hikes that have yet to come from your customers, because of which we have seen a compression in margins?

Speaker #2: Or is the profitability in the quarter reflecting the underlying business dynamics?

Speaker #3: Yeah, thank you, Joseph, for your question. Joseph, as you are already aware, there were a lot of commodity steel price increases that happened in Q4 and Q1.

Mukesh Ahuja: Yeah. Thank you, Joseph, for your question. Joseph, as you are already aware of, there was a lot of commodity steel price increases happened in Q4 and Q1, which has resulted into the lower margins. But basically, you are aware that TII maybe gets those price increases with a lag of sometimes 2 or 3 quarters. We are confident on the steel price increase particularly. We will be able to recover fully, and you will see the margin utilization will happen in the coming quarters.

Speaker #3: Which has resulted in lower margins. But basically, you are aware that TI maybe gets those price increases with a lag of sometimes two or three quarters.

Speaker #3: So we are confident on the steel price increase, particularly, we'll be able to recover fully, and you'll see the margin neutralization happen in the coming quarters.

Speaker #2: Sure, sir. Would it be possible to quantify the extent of under-recovery in the quarter so that, you know, we can think of—or, you know, we can estimate—what the sustainable margin for each of the segments is?

Joseph George: Sure, sir. Would it be possible to quantify the extent of under-recovery in the quarter so that we can think of or we can estimate what sustainable margin each of the segments is?

Speaker #3: So Joseph, maybe I would not like to give a particular number. Maybe, like we have given in our guidance, we'll be able to grow a bit in margin into the double digits, and post the price recovery, we are confident that double-digit margin improvement will keep happening in the future also.

Mukesh Ahuja: Joseph, maybe I would not like to give particular number. Maybe like we have given a guidance, we will be able to grow EBIT margin in the double digit and post the price recovery, we are confident that double-digit margin improvement will keep happening in the future also.

Speaker #2: Sure, sir, understood. Thank you.

Joseph George: Okay, sir. Understood. Thank you.

Speaker #1: Thank you so much, Joseph. We'll take our next question now from Devesh Kail of Boring AMC. Devesh, please go ahead.

Operator: Thank you so much, Joseph. We'll take our next question now from Devesh Payal of Boring AMC. Devesh, please go ahead.

Speaker #4: Yeah, hi. Just, my question is on the TI Medical part. So, you mentioned in the annual report that the plant is running at full capacity.

Devesh Payal: Yeah. Hi. My question is on the TI Medical part. You have mentioned in the annual report that the plant is running at full capacity, and we did one acquisition in March 2026. I just want to understand how do we see this business from a 3 to 5-year perspective. We did around INR 200 crores revenue. Can it be a 3 to 5x business over the next 3 to 5 years? Yeah.

Devesh Kayal: Yeah. Hi. My question is on the TI Medical part. You have mentioned in the annual report that the plant is running at full capacity, and we did one acquisition in March 2026. I just want to understand how do we see this business from a 3 to 5-year perspective. We did around INR 200 crores revenue. Can it be a 3 to 5x business over the next 3 to 5 years? Yeah.

Speaker #4: And we did one acquisition on March 26th. So, I just want to understand, how do we see this business from a three- to five-year perspective?

Speaker #4: So we did around ₹200 crore revenue. Can it be a 3 to 5x business over the next 3 to 5 years? Yeah.

Speaker #3: Yeah, thank you, Devesh, for the question. Just to give an overall view of the TI medical business, there is a core business, which is basically a surgical business, which we are doing.

Mukesh Ahuja: Yeah. Thank you, Devesh, for the question. Just to give an overall view of the TI Medical business. There is a core business, which is basically a surgical business, which we are doing. In Q1, we had a growth of almost close to 20% in that particular business. And second, to grow business, we have done a very small acquisition in the IV cannula, which is basically infusion therapy. These IV cannulas are used. And we are expecting that business to start giving us revenue from this quarter onwards. Basically, August or September, this plant will start, and we'll start booking the revenue for that. Overall basis for TI Medical, as we said in the previous calls, we are confident to do 20% revenue growth year on year along with the profitability.

Speaker #3: In the first quarter, we had growth of almost 20% in that particular business. And second, maybe to grow the business, we have done a very small acquisition in the IV cannula.

Speaker #3: Which is basically, you know, infusion therapy. These IV cannulas are used, and we are expecting that business to start giving us revenue from this quarter onwards. Basically, by August or September, this plant will start, and we'll start booking the revenue for that.

Mukesh Ahuja: Basically, August or September, this plant will start, and we'll start booking the revenue for that. Overall basis for TI Medical, as we said in the previous calls, we are confident to do 20% revenue growth year on year along with the profitability. However, this Medicura business, what we have just acquired, may take some time to do the customer acquisition as well as on the margin side. But the core business, we are confident the revenue growth and the profitability will continue in double digits.

Speaker #3: On an overall basis for TI Medical, as we said in previous calls, we are confident of achieving 20% revenue growth year-on-year, along with maintaining profitability.

Speaker #3: But, however, this Medicura business, which we have just acquired, may take some time, maybe in terms of customer acquisition as well as on the margin side. But for the core business, we are confident that the revenue growth and the profitability will continue.

Mukesh Ahuja: However, this Medicura business, what we have just acquired, may take some time to do the customer acquisition as well as on the margin side. But the core business, we are confident the revenue growth and the profitability will continue in double digits.

Speaker #3: In double digits.

Speaker #4: Understood. And Sir, on this CDMO 3x per, if we can also give some color—because I understand we are setting up 200 KL reactor capacity.

Devesh Payal: Understood. On this CDMO 3xper part, if you can also give some color because I understand we are setting up 200 KL reactor capacity, so if you can also what is your trajectory there?

Devesh Kayal: Understood. On this CDMO 3xper part, if you can also give some color because I understand we are setting up 200 KL reactor capacity, so if you can also what is your trajectory there?

Speaker #4: So if we can also, what's the trajectory there?

Speaker #3: Going this year on the call?

Speaker #4: Yeah.

Mukesh Ahuja: Govind, is he here on the call? Govind, are you there on the call?

Speaker #1: Going through your day on the call?

Speaker #4: And we are busy, yeah. So, the 200 kL intermediate capacity commissioning has already happened. The validation batches are going on. The clean room is expected to get commissioned in the next 30 to 40 days.

[Company Representative] (Tube Investments of India): I am here, Praveen. The 200 KL intermediate capacity, the commissioning has already happened. The validation batches are going on. The clean room is expected to get commissioned in the next 30 to 40 days. Meanwhile, while the commercial facility is getting commissioned, the semi-commercial facility, the validation batches will be supplied to the customer for triggering the PAS filing, which can trigger the inspection to the site should happen in the next 40 to 50 days. In terms of the product will move to the customer. After that, they have to take their yield batch, I mean, their batches, and then they will wait for the stability and file that will trigger the inspection. So we expect the inspection to happen during the next financial year.

Speaker #4: And meanwhile, while the commercial facility is getting commissioned, the semi-commercial facility’s validation batches will be supplied to the customer for triggering their PAS filing, which can trigger the inspection of the site and should happen in the next 40 to 80 days.

Speaker #4: So, in terms of the product, it will move to the customer. After that, they have to take their EV batch—I mean, their batches—and then they will wait for the stability. The file will trigger the inspection.

[Company Representative] (Tube Investments of India): In terms of the product will move to the customer. After that, they have to take their yield batch, I mean, their batches, and then they will wait for the stability and file that will trigger the inspection. So we expect the inspection to happen during the next financial year. We are on track in terms of like, I think, to achieve the numbers whatever we had, revised numbers, whatever we had projected, we are on track in terms of achieving that as of now.

Speaker #4: So we expect the inspection to happen during the next financial year. And we are on track in terms of like I think to achieve the numbers whatever we had really various numbers whatever we had projected, we are on track in terms of achieving that as of now.

[Company Representative] (Tube Investments of India): We are on track in terms of like, I think, to achieve the numbers whatever we had, revised numbers, whatever we had projected, we are on track in terms of achieving that as of now.

Speaker #2: Understood. So, with this business, after the inspection next financial year, it should be on a growth trajectory.

Devesh Payal: Understood. With this business, after the inspection next financial year, it would be on a growth trajectory?

Devesh Kayal: Understood. With this business, after the inspection next financial year, it would be on a growth trajectory?

Speaker #4: Yes, sir. Currently, we are already supplying products to certain customers. For example, at our semi-commercial plant, we are already supplying commercial quantities for an OTC product which has been launched in Europe.

[Company Representative] (Tube Investments of India): Yes, sir. Currently, we are already supplying products to certain customer. For example, our semi-commercial plant is already supplying commercial quantities for an OTC product which has been launched in Europe, and the customer is likely to take the product for the global requirement. We also supplied a key intermediate to one of the customers for their filing as well. Those work are going on. At any given time, we have around 15 customers who are working with us both for FDA purpose as well as certain projects which would be supplied from the semi-commercial plant in Hyderabad.

Speaker #4: And the customer is likely to take the product for the global requirement. We have also supplied a key intermediate to one of the customers for their filing as well.

Speaker #4: So, those works are going on. Currently, at any given time, we have around 15 customers who are working with us, both for FDA, FFS, as well as certain projects which would be supplied from the semi-commercial plant in Hyderabad.

Speaker #2: Understood. And sir, we haven't mentioned anything on the optoelectronic electronics piece in our annual report. So, I just wanted to understand what's happening on the lenses side.

Devesh Payal: Understood. Sir, we haven't mentioned anything on the optoelectronics piece in our annual report. Just want to understand what's happening on the lenses side.

Devesh Kayal: Understood. Sir, we haven't mentioned anything on the optoelectronics piece in our annual report. Just want to understand what's happening on the lenses side.

Speaker #1: Basically, our question is on TOS.

Mukesh Ahuja: Basically, your question is on TII?

Speaker #4: Yeah, right, right.

Devesh Payal: Yeah, right.

Devesh Kayal: Yeah, right.

Speaker #3: So maybe that business, maybe like we shared in the previous call, we are yet to make the inroads in that particularly. But we are continuing that business to get inroads into customer approvals for the export business because in the domestic market, basically, this lens modules and the camera modules, even manufacturing is yet to start.

Mukesh Ahuja: So maybe that business, maybe like we shared the previous call, we are yet to make the inroads in that particularly, but we are continuing that business to get inroads into customer approvals for the export business because in the domestic market, basically these lens modules and the camera modules manufacturing is yet to start. Bottom line is we are yet to make inroads on that business.

Speaker #3: So, bottom line is, we are yet to make inroads on that business.

Speaker #2: Understood. That's it from us.

Devesh Payal: Understood. That is it from my side.

Devesh Kayal: Understood. That is it from my side.

Speaker #1: Thank you, Devesh. We are taking the next question now from Salil Desai of Marcellus Investment Managers. Salil, please unmute your microphone.

Operator: Thank you, Devesh. We are taking our next question now from Salil Desai of Marcellus Investment Managers. Salil, please unmute your microphone.

Speaker #4: Thanks. Hi, my first question is a follow-up to what Joseph was asking about this lag in the increase of steel prices. Just to clarify, does your answer mean that you will also recover what you lost in Q1, right?

Salil Desai: Thanks. Hi. My first question is a follow-up to what Joseph was asking on this price lag of steel price increases. Your answer, just to clarify, means that you will also recover what you lost in Q1, right? It is not just that there is a lag on just passing on the cost hike. You also recover cumulatively what has been the under-recovery. Is that a fair understanding?

Speaker #4: So it's not just that there is a lag in passing on the cost hike. You also recover, cumulatively, what has been the under-recovery.

Speaker #4: Is that a fair understanding?

Speaker #3: Yeah, that assumption is right. For steel prices particularly, including Q1, we'll be able to recover fully.

[Company Representative] (Tube Investments of India): Yeah, that assumption is right. For steel prices particularly, including Q1, we will be able to recover fully.

Mukesh Ahuja: Yeah, that assumption is right. For steel prices particularly, including Q1, we will be able to recover fully.

Speaker #4: Okay, all right. My second question is, you know, again on the standalone business, now the MFP, you know, after a long time we have seen almost more than 11 and a half percent growth in revenues.

Salil Desai: Okay. All right. My second question is, again, on the standalone business. Now, the MFP, after a long time, we have seen almost about 11.5% growth in revenues. If you can tell us what has changed here. Last couple of times you mentioned railways was a drag. If you can give an indication of what has changed on the MFP segment this quarter.

Speaker #4: If you can tell us, you know, what has changed here. Last couple of times you mentioned railways was a drag. If you can give an indication of what has changed on the MFP segment this quarter.

Speaker #3: So, there are a couple of reasons there. Like you mentioned, railway is a drag—there is no doubt about that. While the automobile industry has done pretty well, particularly Hyundai, one of our business units purely depends on them.

[Company Representative] (Tube Investments of India): There are a couple of reasons there. Like you mentioned that railway is a drag, there is no doubt on that. While automobile industry has done pretty well, particularly Hyundai, where one of our business unit purely depends on them, and maybe let us say has not done well. So that is maybe also for this particular quarter, there was a drag on that. And rest of the two units, actually, like you are aware, we have declared to do a greenfield plant launch in the western region that is running delayed by 6 months. So capacity, maybe in terms of expansion, whatever growth was there. So we are having a lag of 6 months to catch up on that. These all summation put together, there was a pressure on the revenue in the MFP division.

Mukesh Ahuja: There are a couple of reasons there. Like you mentioned that railway is a drag, there is no doubt on that. While automobile industry has done pretty well, particularly Hyundai, where one of our business unit purely depends on them, and maybe let us say has not done well. So that is maybe also for this particular quarter, there was a drag on that. And rest of the two units, actually, like you are aware, we have declared to do a greenfield plant launch in the western region that is running delayed by 6 months. So capacity, maybe in terms of expansion, whatever growth was there. So we are having a lag of 6 months to catch up on that. These all summation put together, there was a pressure on the revenue in the MFP division.

Speaker #3: Maybe let's say it has not done well. So, that is maybe also for this particular quarter—there was a drag on that. And the rest of the two units, actually, we are—maybe, like you are aware, we have declared to do a green steel plant launch in the western region.

Speaker #3: That is running delayed by six months. So capacity, maybe in terms of expansion, whatever growth was there—we are having a lag of six months to catch up on that.

Speaker #3: Putting all these submissions together, there was pressure on the revenue in the MFP division.

Speaker #4: Okay. No, I was actually saying that this seems to be better than what you've done in the last few quarters. So, was this volume-led, or was it something else—volume-led only, because...?

Salil Desai: Okay. No, I was actually saying that this seems to be better than what you have done in the last few quarters. So, if this was volume-led or something else?

Speaker #3: Price recovery is yet to take place. It's not volume-led in the two businesses other than railways and the Hyundai business.

[Company Representative] (Tube Investments of India): Volume-led only, because price recovery is yet to take place. It is volume-led in the particularly two businesses other than railways and the Hyundai business.

Mukesh Ahuja: Volume-led only, because price recovery is yet to take place. It is volume-led in the particularly two businesses other than railways and the Hyundai business.

Speaker #4: Okay, okay. Thanks for clarifying. The next two questions I have are on our e-mobility business. So, one is—you know, our negative EBIT in the segment has come off by almost about, I think, ₹40–50 crores in this quarter.

Salil Desai: Okay. Understood. Thanks for clarifying. The next two questions I have on the e-mobility business. So one is, our negative EBIT in the segment has come off by almost about, I think INR 40, 50 crores in this quarter. So, which particular product or segment has this happened? What have been the overall broader drivers of loss reduction?

Speaker #4: So, do you know which particular product or segment this has happened in? What have been the overall broader drivers of loss reduction?

Speaker #3: Yeah, so thanks, Salil. This is Jalaj. So, you know, quarter—yeah, quarter one has been a very good quarter for us. We have recorded our highest turnover of close to ₹240 crore.

[Company Representative] (Tube Investments of India): Yeah. Thanks, Salil. This is Jalaj. So, Q1 has been a very good quarter for us. We have recorded our highest ever turnover of close to INR 240 crore. And I will say that out of all the four businesses, we are seeing traction in all four of them. When you look at the truck business, which is the HCV business, the momentum is continued from Q4. When it comes to the small commercial vehicle business, we have recorded highest ever volumes in any quarter in Q1. And even including the three-wheeler business, if you recall, in Q4, we had reported there were some challenges on one of the supply side, which impacted our production volume. All those challenges are behind us now, and Q1 recorded almost a 64% kind of improvement over Q4 volume.

Jalaj Gupta: Yeah. Thanks, Salil. This is Jalaj. So, Q1 has been a very good quarter for us. We have recorded our highest ever turnover of close to INR 240 crore. And I will say that out of all the four businesses, we are seeing traction in all four of them. When you look at the truck business, which is the HCV business, the momentum is continued from Q4. When it comes to the small commercial vehicle business, we have recorded highest ever volumes in any quarter in Q1. And even including the three-wheeler business, if you recall, in Q4, we had reported there were some challenges on one of the supply side, which impacted our production volume. All those challenges are behind us now, and Q1 recorded almost a 64% kind of improvement over Q4 volume.

Speaker #3: And I will say that out of all the four businesses, we are seeing traction in all four of them. When you look at the truck business, which is the HCV business, you know, the momentum is continued from the quarter four.

Speaker #3: When it comes to the small commercial vehicle business, we have recorded the highest ever volumes in any quarter in Q1. And you know, even including the three-wheeler business—if you recall, in Q4, we had reported there were some challenges on one of the supply sides, which impacted our production volume. All those challenges are behind us now.

Speaker #3: And quarter one recorded almost a 64% kind of an improvement over quarter four volume. So the overall volumes have been good, you know, and your observation regarding the margins is also correct.

[Company Representative] (Tube Investments of India): The overall volumes being good, your observation regarding the margins is also correct. I will say all the businesses are now seeing traction in terms of their volumes. Because the volumes are increasing, although, yes, there is a headwind of the inflationary pressure of the commodity pressure, including the sale prices, we have been able to post a decent, I will say, performance, a very good performance.

Jalaj Gupta: The overall volumes being good, your observation regarding the margins is also correct. I will say all the businesses are now seeing traction in terms of their volumes. Because the volumes are increasing, although, yes, there is a headwind of the inflationary pressure of the commodity pressure, including the sale prices, we have been able to post a decent, I will say, performance, a very good performance.

Speaker #3: So I will say all the businesses are now seeing traction in terms of their volumes. And because the volumes are increasing, although yes, there is a headwind of, you know, the inflationary pressure of the commodity pressure, including the sell prices.

Speaker #3: But we've been able to, you know, post a decent—I'll say, performance, if not a very good performance.

Speaker #4: All right, thanks. So just to be sure, there's nothing—one of no benefit this quarter. This is regular, routine volume growth that is driving the margins.

Salil Desai: All right, thanks. Just to be sure, there is nothing one-off, no benefit this quarter. This is regular routine volume growth that is driving the margins.

Speaker #3: Yes, yes.

[Company Representative] (Tube Investments of India): Yes.

Jalaj Gupta: Yes.

Speaker #4: Great. And lastly, if you can share, you know, volumes for each of these products for the quarter.

Salil Desai: Great. Lastly, if you can share volumes for each of these products for the quarter.

Speaker #3: Yeah. So the billing volumes: the big trucks were 86 units; the three-wheeler business was 1,924; the small commercial vehicle was 347; and tractors were 22 units.

[Company Representative] (Tube Investments of India): The billing volumes, the big trucks was 86 numbers. The three-wheeler business was 1,924. The small commercial vehicle was 347, and tractor was 22 numbers.

Jalaj Gupta: The billing volumes, the big trucks was 86 numbers. The three-wheeler business was 1,924. The small commercial vehicle was 347, and tractor was 22 numbers.

Speaker #4: Okay, great, Jalaj. Thank you so much.

Salil Desai: Great, Jalaj. Thank you so much.

Speaker #1: Thank you, Salil. We'll take our next question now. We have Prithvi Raj Irle of Unifi Capital. Prithvi, please unmute your microphone and go ahead.

Operator: Thank you, Salil. We will take our next question now. We have Prithvi Raj of Unifi Capital. Prithvi, please unmute your microphone and go ahead.

Speaker #3: Yeah. So my first question is on the EV business. You know, it's good to see finally some traction there. Given what we are seeing at this point, is it fair to assume that we are behind peak quarterly losses for this particular segment?

Prithvi Raj: Yeah. My first question is on EV business. It is good to see finally some traction there. Given what we are seeing at this point, is it fair to assume that we are behind the peak quarterly losses for this particular segment?

Prithvi Raj Earle: Yeah. My first question is on EV business. It is good to see finally some traction there. Given what we are seeing at this point, is it fair to assume that we are behind the peak quarterly losses for this particular segment?

Speaker #2: Can you just repeat, Prithvi? Could you please repeat your question again?

[Company Representative] (Tube Investments of India): Can you just repeat, Prithvi, can you just please repeat your question again?

Mukesh Ahuja: Can you just repeat, Prithvi, can you just please repeat your question again?

Speaker #3: Are we past the peak losses for the EV business at this point in time? And do you also have any timelines for breakeven?

Prithvi Raj: Are we behind the peak losses for the EV business at this point of time? Do you also have any timelines for break even?

Prithvi Raj Earle: Are we behind the peak losses for the EV business at this point of time? Do you also have any timelines for break even?

Speaker #2: Yeah, so Prithvi, directionally yes. Directionally, as we see our volumes increasing quarter on quarter, your first statement regarding us being behind or beyond the peak losses for a quarter is a correct one.

[Company Representative] (Tube Investments of India): Yeah. Prithvi, directionally, yes. Directionally, as we see our volumes increasing quarter on quarter, your first statement regarding us being behind or us beyond the peak losses for a quarter is a correct one. Directionally, what you are saying is correct. That is what the endeavor would be. Your second question was? Can you just repeat the second question again? Thank you. Prithvi, you are on mute right now.

Mukesh Ahuja: Yeah. Prithvi, directionally, yes. Directionally, as we see our volumes increasing quarter on quarter, your first statement regarding us being behind or us beyond the peak losses for a quarter is a correct one. Directionally, what you are saying is correct. That is what the endeavor would be. Your second question was? Can you just repeat the second question again? Thank you. Prithvi, you are on mute right now.

Speaker #2: You know, directionally what you're saying is correct. That's what the endeavor would be. And your second question was—can you just repeat the second question again?

Speaker #3: Thank you.

Speaker #1: Prithvi, you are on mute right now.

Speaker #3: Yeah, on the break-even timeline for the EV business.

Prithvi Raj: Yeah. On the break-even timeline for the EV business.

Prithvi Raj Earle: Yeah. On the break-even timeline for the EV business.

Speaker #2: So Prithvi, this will vary from business to business. There are some businesses which will break even early, and there are some businesses which will break even later.

[Company Representative] (Tube Investments of India): Prithvi, this will vary from business to business. There are some business which will break even early, and there are some businesses which will go into the break even later. We are expecting one of our business to break even this year, and maybe two of them to break even next financial year.

Mukesh Ahuja: Prithvi, this will vary from business to business. There are some business which will break even early, and there are some businesses which will go into the break even later. We are expecting one of our business to break even this year, and maybe two of them to break even next financial year.

Speaker #2: We are expecting one of our businesses to break even this year, and maybe two of them to break even next financial year.

Speaker #3: Okay, that's clear. And on the engineering side, is it possible to share the volume growth during the quarter?

Prithvi Raj: Okay, that's clear. On the engineering side, is it possible to share the volume growth during the quarter?

Prithvi Raj Earle: Okay, that's clear. On the engineering side, is it possible to share the volume growth during the quarter?

Speaker #4: So volume grew about 17%.

[Company Representative] (Tube Investments of India): Volume grew about 17%.

Mukesh Ahuja: Volume grew about 17%.

Speaker #3: Okay. Okay, got it. Thanks. That's all from my side.

Prithvi Raj: Okay, got it. Thanks. That's all from myself.

Prithvi Raj Earle: Okay, got it. Thanks. That's all from myself.

Speaker #1: Thank you, Prithvi. Requesting participants, if you wish to ask a question, please click on the 'Raise Hand' icon from the Participants tab on your screen.

Operator: Thank you, Prithvi. Requesting participants, if you wish to ask a question, please click on the raise hand icon from the Participants tab on your screen. We'll take another question now. We have Joseph George again with his question. Joseph, please unmute.

Speaker #1: We'll take another question now. We have Joseph George again with his question. Joseph, please unmute.

Speaker #4: Yes, hi. I had a couple of questions. One is on the EV side—you know, the volumes that you have given, especially on the three-wheeler side.

Joseph George: Yes. I had a couple of questions. One is on the EV side, the volumes that you have given, especially on the three-wheeler side. We track volumes of registrations on the Vahan website. What I noticed is that the wholesale volume that you have given is somewhat higher than the retail registrations that we are seeing. Is it that things have picked up substantially over the last one or two months, and as a result, in anticipation, you have wholesaled more and this is something that we will see in the registrations data in the coming quarter or so?

Speaker #4: We track, you know, volumes of registrations on the Vahan website. And what I noticed is that the wholesale volume that you have given is somewhat higher than the retail registrations that we are seeing.

Speaker #4: Is it that, you know, things have picked up substantially over the last one or two months? And as a result, in anticipation, you have wholesaled more, and, you know, this is something that we will see in the registrations data in the coming quarter or so?

Speaker #2: Yeah, so Joseph, thanks for the question. See, there is always a lag between the billing and the Vahan, but, you know, over a period of time, the two tend to match.

[Company Representative] (Tube Investments of India): Yeah. So, Joseph, thanks for the question. See, there is always a lag between the billing and the Vahan. Over a period of time, the two tend to match. Since you specifically mentioned three-wheeler business, let's say last financial year, our billing was about 6,700, and our Vahan registration was about 6,500. Specifically to Q1, if you recall, we reported that there were some production link challenge in Q1. Consequently, our billing in Q4 was only 1,200 numbers as compared to Q1 was 1,924 numbers. So in a growing business, specifically, let's say in Q1, our opening pendency for Vahan would always be lesser than the closing pendency for Vahan. Maybe that's the other part of it.

Mukesh Ahuja: Yeah. So, Joseph, thanks for the question. See, there is always a lag between the billing and the Vahan. Over a period of time, the two tend to match. Since you specifically mentioned three-wheeler business, let's say last financial year, our billing was about 6,700, and our Vahan registration was about 6,500. Specifically to Q1, if you recall, we reported that there were some production link challenge in Q1. Consequently, our billing in Q4 was only 1,200 numbers as compared to Q1 was 1,924 numbers.

Speaker #2: So, since you specifically mentioned three-wheeler business, let's say last financial year, our billing was about 6,700 and our Vahan registration was about 6,500, right?

Speaker #2: Specifically to quarter one, if you recall, we reported that there was some production-linked challenge in quarter one. Consequently, our billing in quarter four was only 1,200 numbers.

Speaker #2: As compared to quarter one, it was 1,924 numbers. So, in a growing business, right, specifically, let's say in Q1, our opening pendency for vahan would always be lesser than the closing pendency for vahan.

Mukesh Ahuja: So in a growing business, specifically, let's say in Q1, our opening pendency for Vahan would always be lesser than the closing pendency for Vahan. Maybe that's the other part of it. Over a period of three to four months, max six months, the numbers always tally between the Vahan and the primary or the billing numbers which we declare. Usually there is a time lag of at least 30 to 45 days between billing and Vahan.

Speaker #2: So maybe, you know, that's the other part of it. But over a period of three to four months, you know, max six months, the numbers always tally between the Vahan and the primary, or the billing numbers, which we declare.

[Company Representative] (Tube Investments of India): Over a period of three to four months, max six months, the numbers always tally between the Vahan and the primary or the billing numbers which we declare. Usually there is a time lag of at least 30 to 45 days between billing and Vahan.

Speaker #2: But usually, there is a time lag of at least 30 to 45 days between billing and Vahan.

Speaker #4: Understood, sir. That's very clear. The second question that I had was, you know, when we think about FY27 or other, you know, when we looked at FY26, there was some, you know, investment that has gone out from the standalone entity into some of these new ventures, subsidiaries, et cetera.

Joseph George: Understood, sir. That's very clear. The second question that I had was, when we think about FY27, or rather, when we looked at FY26, there was some investment that has gone out from the standalone entity into some of these new ventures, subsidiaries, et cetera. When we think about FY27, what is the amount that you have allocated in terms of cash flow from the standalone entity into some of these subsidiaries, if that has been budgeted for already?

Speaker #4: When we think about FY27, what is the amount that you have allocated in terms of cash flow from the standalone entity into some of these subsidiaries?

Speaker #4: If that has been budgeted for already.

Speaker #2: So Joseph, like we

Speaker #3: As shared in the previous calls also, we have already infused ₹250 crore in the last quarter—basically, Q4 of the last financial year—and we anticipate that in Q3 we will infuse another ₹250 crore.

[Company Representative] (Tube Investments of India): Joseph, like we shared in the previous calls also, we have already infused INR 250 crore in the last quarter, maybe basically Q4 of the last financial year. We anticipate maybe in Q3, we will infuse another INR 250 crore. We have given a guidance of total put together about INR 750 crore infusion will happen over a period of time. Second tranche of that will happen in Q3.

Mukesh Ahuja: Joseph, like we shared in the previous calls also, we have already infused INR 250 crore in the last quarter, maybe basically Q4 of the last financial year. We anticipate maybe in Q3, we will infuse another INR 250 crore. We have given a guidance of total put together about INR 750 crore infusion will happen over a period of time. Second tranche of that will happen in Q3.

Speaker #3: We have given guidance of a total, put together, of about ₹750 crore. The infusion will happen over a period of time, so the second tranche of that will happen in Q3.

Speaker #4: Understood, sir. Thank you. That's all I had.

Joseph George: Understood, sir. Thank you. That's all I had.

Speaker #1: Thank you, Joseph. We have another question coming in from Anupam Gupta of HDFC. Anupam, please go ahead.

Operator: Thank you, Joseph. We have another question coming in from Anupam Gupta of HDFC. Anupam, please go ahead.

Speaker #4: Yeah, morning, sir. Can you hear me? Yeah, morning. Yeah. So, a few questions. Firstly, on the core business—both Engineering and Metal Form—you said specifically that steel you will be able to recover.

Anupam Gupta: Yeah. Morning, sir. Can you hear me?

Mukesh Ahuja: Yes, Anupam.

Mukesh Ahuja: Yes, Anupam. Yeah. Morning, Anupam.

Mukesh Ahuja: Yeah. Morning, Anupam.

Anupam Gupta: Yeah. A few questions. Firstly, on the core business, both engineering and metal form, you said specifically that steel you will be able to recover. Let's say other costs, which you had mentioned in the last call, that there are other costs which are higher because of the West Asia crisis. How are you able to manage that, and when do you think that will normalize for you?

Speaker #4: But so let's say, other costs, which you had mentioned in the last call, that there are other costs which are higher because of the West Asia crisis.

Speaker #4: How are you able to manage that, and when do you think that will normalize for you?

Speaker #3: So, Anupam, this quantum of increase is happening maybe for the first time. We have already taken it up with all our customers. So as of now, we are on the verge of discussions with all the OEMs to recover what is a known steel inflation, which is basically fuel, freight, etc.

[Company Representative] (Tube Investments of India): Anupam, this quantum of increase, it is happening maybe first time. We have already taken up with all our customers. As of now, we are in the verge of discussions with all the OEMs to recover, which is a non-steel inflation, which is basically fuel freight extra. Maybe we will let you know maybe another quarter down the line time how those conversations are going on. But we are hopeful majority of that we will be able to recover as on this moment.

Mukesh Ahuja: Anupam, this quantum of increase, it is happening maybe first time. We have already taken up with all our customers. As of now, we are in the verge of discussions with all the OEMs to recover, which is a non-steel inflation, which is basically fuel freight extra. Maybe we will let you know maybe another quarter down the line time how those conversations are going on. But we are hopeful majority of that we will be able to recover as on this moment.

Speaker #3: So maybe we’ll let you know, maybe another quarter down the line, how those conversations are going on. But we are hopeful the majority of that will be able to recover.

Speaker #3: As on this moment.

Speaker #4: Okay, so basically, for both Engineering and Metal Form, you should revert to your older margin levels, which you were seeing last year.

Anupam Gupta: Okay. So basically you should, both for engineering and metal form, you should revert to your older margin levels, which you were seeing in last year.

Speaker #3: Yes. Yes, please.

[Company Representative] (Tube Investments of India): Yes. Yes, please.

Mukesh Ahuja: Yes. Yes, please.

Speaker #4: Okay. And the second question is basically on the cycles business. We have seen a very strong growth in this quarter; in fact, it has been happening for the last few quarters that you have been recovering.

Anupam Gupta: Okay. Second question is basically on the cycles business. We have seen a very strong growth in this quarter. In fact, it has been happening for last few quarters that you have been recovering, and your margins also have recovered quite a bit here. So if you can just give a sense of what's driving the improvement and how sustainable that is.

Speaker #4: And your margins have also recovered quite a bit here. So, if you can just give a sense of what's driving the improvement and how sustainable that is.

Speaker #3: So Anupam, you are aware of that basically quarter one of every financial year, it is very good for the cycle business, particularly because tools will be opening it, colleges will be opening it, and which maybe I'm happy to state, maybe we have encashed those growths fully rather we having improved our even share of business.

[Company Representative] (Tube Investments of India): Anupam, you are aware of that basically Q1 of every financial year, it is very good for the cycle business, particularly because schools will be opening, colleges will be opening, and which maybe I am happy to state, maybe we have encashed those growths fully, rather we improved our even share of business. That's what resulted into a margin expansion in that particular business. So we are hopeful, like we shared, maybe at least another 2 basis points in the cycle business, we will be able to improve margin for the overall current financial year.

Mukesh Ahuja: Anupam, you are aware of that basically Q1 of every financial year, it is very good for the cycle business, particularly because schools will be opening, colleges will be opening, and which maybe I am happy to state, maybe we have encashed those growths fully, rather we improved our even share of business. That's what resulted into a margin expansion in that particular business. So we are hopeful, like we shared, maybe at least another 2 basis points in the cycle business, we will be able to improve margin for the overall current financial year.

Speaker #3: And that's what has resulted in a margin expansion in that particular business. So we are hopeful, like we shared, that maybe we can achieve at least another two basis points in the cycle business and improve the margin for the overall year—current financial year.

Speaker #1: Anupam, you are on mute right now. Sorry, Anupam, please unmute your microphone.

Operator: Anupam, you are on mute right now. Sorry, Anupam, please unmute your microphone.

Speaker #4: Sorry. So when you said two basis points, basically you're saying five is percentage points for the cycles business. That is what the target margins are.

Anupam Gupta: Sorry. When you said 2 basis point, basically you are saying five-ish percentage point for the cycle business, that is what the target margins are?

Speaker #3: As of now, yes, but we are further working on how to improve beyond that.

[Company Representative] (Tube Investments of India): As of now, yes. But we are further working it how to improve beyond that.

Mukesh Ahuja: As of now, yes. But we are further working it how to improve beyond that.

Speaker #4: Okay, understood. And sir, one question on Orange, which you have mentioned in your notes: that is part of which segment in the reported results?

Anupam Gupta: Okay. Understood. And sir, one question on Orange Koi, which you have mentioned in your notes. That is part of which segment in the reported results, and what do you plan for that business?

Speaker #4: And what do you plan for that business?

Speaker #3: Anupam, right now it is part of another segment.

[Company Representative] (Tube Investments of India): Anupam, right now it is part of other segment.

Mukesh Ahuja: Anupam, right now it is part of other segment.

Speaker #4: Okay. And what is the.

Speaker #3: It's very small right now. It's part of—sorry?

Anupam Gupta: What is the-

[Company Representative] (Tube Investments of India): It is very small right now. Sorry?

Mukesh Ahuja: It is very small right now. Sorry?

Speaker #4: Okay. What is the plan for the next few years? Do you plan to scale it up, or how do you look at that business?

Anupam Gupta: What is the plan for the next few years? Do you plan to scale it up or how do you look at that business?

Speaker #3: So Anupam, there is a very small business which we have acquired. Basically, it's a step towards additive manufacturing, which is metal injection molding. So this is a small startup which we have acquired to develop the capability.

[Company Representative] (Tube Investments of India): Anupam, this is a very small business which we have acquired. Basically, it is a step towards additive manufacturing, which is metal injection molding. This is a small startup which we have acquired to develop the capability, and going forward, we will be scaling it up. First one or two quarters, we would like to study what market and what segments we want to play, and maybe I think two quarters down the line, we will give you guidance on this business also.

Mukesh Ahuja: Anupam, this is a very small business which we have acquired. Basically, it is a step towards additive manufacturing, which is metal injection molding. This is a small startup which we have acquired to develop the capability, and going forward, we will be scaling it up. First one or two quarters, we would like to study what market and what segments we want to play, and maybe I think two quarters down the line, we will give you guidance on this business also.

Speaker #3: And going forward, we'll be scaling it up. So, for the first one or two quarters, we would like to study which market and which segment we want to play in.

Speaker #3: And maybe, I think two quarters down the line, we'll give you guidance on this business also.

Speaker #4: No, sir. And just one last question. CDMO—also, is it part of other segment, or is it part of medical?

Anupam Gupta: Sure, sir. Just one last question. CDMO also is part of other segment or is it part of medical?

Speaker #3: Yeah, it is part of Others only.

[Company Representative] (Tube Investments of India): Yeah. It is part of others only.

Mukesh Ahuja: Yeah. It is part of others only.

Speaker #4: Okay, fine. Thank you.

Anupam Gupta: Okay, fine. Thank you.

Speaker #1: Thank you, Anupam. We request that participants, if you wish to ask a question, please click on the 'raise hand' icon. We have a follow-up question coming in from Salil Desai from Marcellus Investment.

Operator: Thank you, Anupam. We request participants, if you wish to ask a question, please click on the raise hand icon. We have a follow-up question coming in from Salil Desai from Marcellus Investment Managers. Salil, please go ahead.

Speaker #1: Salil, please go ahead.

Speaker #4: Thanks. Yeah, my question again is on the EV segment, right? And this is specifically related to Jayam. Now, this I understand is largely a services business.

Salil Desai: Thanks. My question again is on the EV segment, right? This is specifically related to Jayem Automotives. This I understand is largely a services business. Yet, at EBIT level, we have a negative number in this for the whole of FY26, although revenue growth has been pretty solid at 30% to 35%. What is happening here? What is the outlook? If you can give some more details.

Speaker #4: But yet, you know, at the EBIT level, we have a negative number in this for the whole of FY26, although revenue growth has been pretty solid at 30–45%.

Speaker #4: So, you know, what's happening here—what's the outlook? If you can give some more details.

Speaker #3: Yeah, so Jayam has now—there have been some headwinds which Jayam has been facing when it comes to design and development, which has been the core business for Jayam.

[Company Representative] (Tube Investments of India): Yeah. There has been some headwinds which Jayem Automotives has been facing when it comes to design and development, which has been the core business for Jayem Automotives. However, the outlook looks good because Jayem Automotives has now diversified into battery manufacturing, which has a good potential going forward. In this financial year, they have a battery assembly line set up. Going forward, apart from the core business of design and development and fast prototyping validation and testing, these two were the core business for Jayem Automotives. We will see a third revenue generation stream of battery business also coming in. The outlook for Jayem Automotives for top line as well as the bottom line looks positive.

Jalaj Gupta: Yeah. There has been some headwinds which Jayem Automotives has been facing when it comes to design and development, which has been the core business for Jayem Automotives. However, the outlook looks good because Jayem Automotives has now diversified into battery manufacturing, which has a good potential going forward. In this financial year, they have a battery assembly line set up. Going forward, apart from the core business of design and development and fast prototyping validation and testing, these two were the core business for Jayem Automotives. We will see a third revenue generation stream of battery business also coming in. The outlook for Jayem Automotives for top line as well as the bottom line looks positive.

Speaker #3: However, you know, the outlook looks good because Jayam has now diversified into battery manufacturing, which has good potential going forward. So, in this financial year, they have a battery assembly line set up.

Speaker #3: So, going forward, apart from the core business of design and development, and fast prototyping, validation, and testing, these two were the core businesses for Jayam.

Speaker #3: We will see a third revenue generation stream of the battery business also coming in. So, the outlook for Jayam for the top line as well as the bottom line looks positive.

Speaker #4: And these batteries are for, you know, is it for the group's consumption, or is this going to be a commercial factory?

Salil Desai: These batteries are for, is it the group's consumption or this is going to be commercial factory?

Speaker #3: Yes, to start with, because they are in the process of ramping up, it would be for in-house consumption, primarily for the small commercial vehicle business and three-wheeler business.

[Company Representative] (Tube Investments of India): Yeah. To start with, because they are in the process of ramping up, they would be for in-house consumption, primarily for the small commercial vehicle business and three-wheeler business. However, over a period of time, as they expand in capacity, et cetera, Jayem Automotives would be selling it outside to any other EV player as well.

Jalaj Gupta: Yeah. To start with, because they are in the process of ramping up, they would be for in-house consumption, primarily for the small commercial vehicle business and three-wheeler business. However, over a period of time, as they expand in capacity, et cetera, Jayem Automotives would be selling it outside to any other EV player as well.

Speaker #3: However, over a period of time, as they expand in capacity, et cetera, Jayam would be, you know, selling it outside to any other EV player as well.

Speaker #4: Okay, thanks. Secondly, maybe Mukesh, you can answer this for the group as a whole. What is the mean if you leave out CG Power? What are your CAPEX commitments currently and what are the timelines in terms of those coming on stream?

Salil Desai: Okay. Thanks. Secondly, maybe Ritesh you can answer this. For the group as a whole, if you leave out CG Power, what are your CapEx commitments currently, and what are the timelines in terms of those coming on stream?

[Company Representative] (Tube Investments of India): One second, Salil. Okay, CG Power.

Jalaj Gupta: One second, Salil. Okay, CG Power.

Speaker #1: One second.

Speaker #4: Okay.

Speaker #1: CE4.

Speaker #4: Yeah, see, I can just tell you this. NTI—we are planning around ₹350 crore of outlay for the current financial year. And Shanthi, here, will be around ₹100 crore.

A. N. Meyyappan: Yeah. I can just tell you this. In TII, we are planning around INR 350 crores of plan for the current financial year. Shanthi Gears Limited will be around INR 100 crores. If you take group as a whole, you see something like INR 600 to INR 700 crores.

Annamalai Meyyappan: Yeah. I can just tell you this. In TII, we are planning around INR 350 crores of plan for the current financial year. Shanthi Gears Limited will be around INR 100 crores. If you take group as a whole, you see something like INR 600 to INR 700 crores.

Speaker #4: And if you take the group as a whole, you see something like 600 to 700 crores.

Speaker #3: This question was particularly on CG Power. Yes.

[Company Representative] (Tube Investments of India): The question was particularly in CG Power.

Jalaj Gupta: The question was particularly in CG Power.

Speaker #4: So, no, I said if you leave out CG Power—so, other than CG Power, yes.

A. N. Meyyappan: Yes.

Annamalai Meyyappan: Yes.

Salil Desai: No, I said if you leave out CG Power. So other than CG Power.

Speaker #3: Okay, okay.

[Company Representative] (Tube Investments of India): If you leave CG Power.

Speaker #4: Right. And these numbers, you know, I mean, these are part of specific projects. If you can, just shed some light on where you are spending money and by when those individual projects get completed.

A. N. Meyyappan: Yes.

Annamalai Meyyappan: Yes. Okay. Yeah.

A. N. Meyyappan: Okay.

[Company Representative] (Tube Investments of India): Yeah.

Salil Desai: And these numbers, these are part of specific projects. If you can just give some light on where you are spending money and by when those individual projects get completed.

Speaker #3: So, in core business, basically the money will be going towards the engineering division and an MFPD division. And the rest, maybe, the money will be going to, basically, TI Medical.

[Company Representative] (Tube Investments of India): In core business, basically, the money will be going towards the engineering division and then MFPD division. The rest, maybe money will be going in basically TI Medical and 3xper, CDMO business.

Speaker #3: And three expert. CDMO business.

Speaker #4: Okay, thank you.

Salil Desai: Okay. Thank you.

Speaker #1: Salil, do you have any more questions?

Operator: Salil, do you have any more questions?

Speaker #4: No, I'm done. Thanks.

Speaker #1: Thank you, Salil. We have a question coming in from Harishvardhan Kothari. Harishvardhan, please unmute your microphone and go ahead. Sorry, would you like to try it one more time?

Salil Desai: No, I am done. Thanks.

Operator: Thank you, Salil. We have a question coming in from Harshvardhan Kothari. Harshvardhan, please unmute your microphone and go ahead. Sorry. Would you like to try it one more time? We are unable to hear you. Harshvardhan, please unmute your microphone and go ahead with your question. We don't have a response from Harshvardhan. We'll take our next question now. We have Ketan Sanghvi. Ketan, please go ahead.

Speaker #1: We are unable to hear you. Harishvardhan, please unmute your microphone and go ahead with your question. We don't have a response from Harishvardhan. We'll take our next question now.

Speaker #1: We have Ketan Sanghvi. Ketan, please go ahead.

Speaker #3: Hi, I just wanted to get some clarity on the external investors that we have in TI Green Mobility. When is the conversion likely to happen?

Ketan Sanghvi: I just wanted to get some clarity on the external investors that we have in TI Clean Mobility. When is the conversion likely to happen, and could you give me a sense of what stake they're likely to end up at post the conversion? That's it. Thank you.

[Analyst 1]: I just wanted to get some clarity on the external investors that we have in TI Clean Mobility. When is the conversion likely to happen, and could you give me a sense of what stake they're likely to end up at post the conversion? That's it. Thank you.

Speaker #3: And could you give me a sense of what’s the broad stake they’re likely to end up at, post the conversion? That’s it. Thank you.

Speaker #4: I got this. Mayapun here. See, actually, we have three investors over there. Excellent investors are there. They have invested in a CCPS, and the conversion happens only at the time of IPO.

[Company Representative] (Tube Investments of India): Hi, yeah. This is Mayank here. Actually, we have three investors over there. External investors are there. They have invested in CCPS. The conversion happens only at the time of IPO. IPO, we have a time, and there is no fixed timeline for this. Whenever, once the market is there, and once we start selling more and revenue start coming up, and once the profitability comes, it'll go to the market for IPO. At that point, it will get converted. Another question which you asked, what will be the stake at that point in time. That will be decided based upon the market, that is, at that point in time. Whatever the valuation which we are going to get, that point in time, it will get decided.

Annamalai Meyyappan: Hi, yeah. This is Mayank here. Actually, we have three investors over there. External investors are there. They have invested in CCPS. The conversion happens only at the time of IPO. IPO, we have a time, and there is no fixed timeline for this. Whenever, once the market is there, and once we start selling more and revenue start coming up, and once the profitability comes, it'll go to the market for IPO. At that point, it will get converted. Another question which you asked, what will be the stake at that point in time. That will be decided based upon the market, that is, at that point in time. Whatever the valuation which we are going to get, that point in time, it will get decided.

Speaker #4: For the IPO, we have a timeline, but there is no fixed timeline for this. Whenever the market is right, and once we start selling more, and revenue starts coming up, and once profitability comes, we’ll go to the market for IPO.

Speaker #4: At that point, we'll get converted. And as to another question which you asked—what will be the share at that point in time? That will be decided based upon the market.

Speaker #4: At that point in time, whatever the valuation is that we are going to get, it will be decided then.

Speaker #3: Okay, thank you so much.

Speaker #4: Yeah, thank you.

Ketan Sanghvi: Okay. Thank you so much.

[Analyst 1]: Okay. Thank you so much.

Mukesh Ahuja: Yeah. Thank you.

Annamalai Meyyappan: Yeah. Thank you.

Speaker #1: Thank you, Ketan. We request participants, if you wish to ask a question, please click on the 'raise hand' icon from the participants tab. We have another follow-up question here.

Operator: Thank you, Ketan. We request participants, if you wish to ask a question, please click on the raise hand icon from the Participants tab. We have another follow-up question here. We have Prithvi Raj again with Unifi Capital. Prithvi Raj, please go ahead.

Speaker #1: We have Prithviraj Irle again with Unifi Capital. Prithviraj, please go ahead.

Speaker #4: Yeah.

Speaker #3: This is just a follow-up question on the engineering segment. You know, you had a very strong growth of 17 percent volume. So, how is the demand environment now?

Prithvi Raj: Yeah. This is just a follow-up question on engineering segment. You had a very strong growth of 17% volume. How is the demand environment now? Are you seeing similar momentum to continue? Also, could you explain how exports are shaping up?

Prithvi Raj Earle: Yeah. This is just a follow-up question on engineering segment. You had a very strong growth of 17% volume. How is the demand environment now? Are you seeing similar momentum to continue? Also, could you explain how exports are shaping up?

Speaker #3: Are you seeing similar momentum continuing? Also, could you explain how exports are shaping up?

Speaker #4: So, it's a good question. Maybe I can just say how the markets will turn out. I think it is beyond anybody's imagination. But at least for the next one or two quarters, we feel it is going to be bullish.

Mukesh Ahuja: Well, it is a good question. Maybe I can just, how the markets will turn out, I think it is beyond anybody's imagination. But at least for next one or two quarter, we feel it is going to be bullish. Exports also has done pretty well, in particularly Q1, and there also is a growth of more than good double-digit growth has happened in exports also. We expect that momentum to continue. Reasons other than beyond our control, like geopolitical situation can maybe put a hurdle. Otherwise, customer relationship and the new product development, whatever we have done, all things are intact.

Speaker #4: And exports also have done pretty well, in particular in quarter one. And we also see a growth of more than a good double-digit growth has happened in the exports also.

Speaker #4: And we expect that momentum to continue. Reasons beyond our control, like the geopolitical situation, may put up a hurdle. Otherwise, customer relationships and the new product development—whatever we had done—all things are intact.

Speaker #3: Currently, how much are exports as a percentage of revenue?

Prithvi Raj: Currently, how much is exports as a percentage of revenue?

Prithvi Raj Earle: Currently, how much is exports as a percentage of revenue?

Speaker #4: At a TI level, it is about 14%.

Mukesh Ahuja: At a TII level, it is about 14%.

Speaker #3: Okay. And on the domestic demand, which are the segments that are contributing to the strong demand?

Prithvi Raj: 14, okay. On the domestic demand, which are the segments that are contributing to the strong demand?

Prithvi Raj Earle: 14, okay. On the domestic demand, which are the segments that are contributing to the strong demand?

Speaker #4: I think across maybe quarter one was a very, very bullish quarter. Across the segments, across the vehicle categories, I think there was a strong momentum.

Mukesh Ahuja: I think across, maybe Q1 was a very bullish quarter. Across the segments, across the vehicle categories, I think there was a strong momentum. Maybe only I think Hyundai was not able to contribute, which I am pretty sure they are working on new model developments, that also will. Overall, across the segments and geography, demand was pretty good.

Speaker #4: Maybe only I think Honda was not able to contribute, but I am pretty sure they are working on new model developments. That also will.

Speaker #4: But across the segments and geography, demand was pretty good.

Speaker #3: Thank you. That's all from my side.

Prithvi Raj: Thank you. That is all from my side.

Prithvi Raj Earle: Thank you. That is all from my side.

Speaker #1: Thank you, Prithvi. We have Mr. Harishvardhan Kothari back. We'll allow him. Mr. Kothari, please unmute your microphone. Yes, yes, we can hear you.

Operator: Thank you, Prithvi. We have Mr. Harshvardhan Kothari back. We will allow him. Mr. Kothari, please unmute your microphone.

Harshvardhan Kothari: Am I audible right now?

[Analyst 2]: Am I audible right now?

Operator: Yes. We can hear you.

Speaker #5: Thank you, sir. Sir, I've got a couple of questions with respect to TI Clean Mobility. So, recently, we have exported our first consignment of three-wheeler autos.

Harshvardhan Kothari: Thank you, sir. I have got a couple of questions with respect to TI Clean Mobility. Recently, we have exported our first consignment of three-wheeler autos to Nepal and a few other African countries. Could you please give me some color on that? How was the volume? What was the first consignment like for the volume?

[Analyst 2]: Thank you, sir. I have got a couple of questions with respect to TI Clean Mobility. Recently, we have exported our first consignment of three-wheeler autos to Nepal and a few other African countries. Could you please give me some color on that? How was the volume? What was the first consignment like for the volume?

Speaker #5: To Nepal and a few other African countries. Could you please give me some color on that? How is the volume? What was the first consignment like, in terms of volume?

Speaker #3: Yeah, so thanks, Harishvardhan. So Harishvardhan, right now, the markets we are exploring are: (A) India-like markets, which are Nepal and Sri Lanka; and (B) some of the African countries like Tanzania and Ethiopia.

Mukesh Ahuja: Yeah. Thanks, Harshvardhan. Harshvardhan, right now, what the markets we are exploring is, A, India-like market, which is Nepal and Sri Lanka, and B, some of the African countries like Tanzania and Ethiopia. However, Tanzania and Ethiopia and the African market are more at an exploratory stage right now. We have truly made a breakthrough in the Nepal market, where you would have picked up from the news as well that we have exported our consignment in Nepal. About 100 plus is the unit which have been shipped or in the process of getting shipped to Nepal. Initial product feedback is very positive, and we are very bullish on Nepal as a country going forward. This is what we can share at this point of time.

Jalaj Gupta: Yeah. Thanks, Harshvardhan. Harshvardhan, right now, what the markets we are exploring is, A, India-like market, which is Nepal and Sri Lanka, and B, some of the African countries like Tanzania and Ethiopia. However, Tanzania and Ethiopia and the African market are more at an exploratory stage right now. We have truly made a breakthrough in the Nepal market, where you would have picked up from the news as well that we have exported our consignment in Nepal. About 100 plus is the unit which have been shipped or in the process of getting shipped to Nepal. Initial product feedback is very positive, and we are very bullish on Nepal as a country going forward. This is what we can share at this point of time.

Speaker #3: However, Tanzania and Ethiopia and the African market are more at an exploratory stage right now. Where we have truly made a breakthrough is the Nepal market, where, you know, you would have picked up from the news as well that we have exported our consignment to Nepal.

Speaker #3: About 100-plus is the unit which have been shipped or are in the process of getting shipped to Nepal. And initial product feedback is very positive.

Speaker #3: And we are very bullish on Nepal as a country going forward. So this is what we can share at this point in time.

Speaker #5: Okay, thank you. My second question, as was just highlighted a few moments back, is about the rising sales demand globally. And there have been bottlenecks for acquiring the same.

Harshvardhan Kothari: Okay. Thank you. My second question, as just got highlighted a few moments back about the rising cell demand globally, there have been bottlenecks for acquiring the same. How are we positioned for that?

[Analyst 2]: Okay. Thank you. My second question, as just got highlighted a few moments back about the rising cell demand globally, there have been bottlenecks for acquiring the same. How are we positioned for that?

Speaker #5: So, how are we positioned for that?

Speaker #3: Yes, you are right. It's a genuine challenge, which we are grappling with, and it has been one of the challenges for us in Q1.

Mukesh Ahuja: Yes. It is a genuine challenge which we are grappling with and has been one of the challenges for us in Q1. Going forward, at least for 2, 3 quarters, we see this as a challenge because there used to be some tax exemption which some of the cell manufacturers used to enjoy from the Chinese government, which we see that over a period of next 2, 3 quarters will get lifted. We were anticipating the cell prices to go down. However, in light of what is happening across the world and also growing demand for BESS business, which is battery energy storage system, we are seeing some challenges on the cell prices. However, in our case, what we are relying is

Jalaj Gupta: Yes. It is a genuine challenge which we are grappling with and has been one of the challenges for us in Q1. Going forward, at least for 2, 3 quarters, we see this as a challenge because there used to be some tax exemption which some of the cell manufacturers used to enjoy from the Chinese government, which we see that over a period of next 2, 3 quarters will get lifted. We were anticipating the cell prices to go down. However, in light of what is happening across the world and also growing demand for BESS business, which is battery energy storage system, we are seeing some challenges on the cell prices.

Speaker #3: And going forward, at least for two to three quarters, we see this as a challenge because there used to be some tax exemption which some of the cell manufacturers used to enjoy from the Chinese government. We see that over a period of the next two to three quarters, this will get lifted.

Speaker #3: So, we were anticipating the sale prices to go down. However, in light of, you know, what's happening across the world and also growing demand for BESS business, which is battery energy storage system, we are seeing some challenges on the sale prices.

Speaker #3: However, in our case, what we are relying on is, you know, pre-booking some of the orders for long lead time items.

Jalaj Gupta: However, in our case, what we are relying is In terms of rebooking some of the orders with long lead time items and locking the prices with the cell and the battery manufacturers. However, these are all the mitigating steps that we are doing, but directionally, the cell prices are not looking like to cool down, at least in this quarter or even in Q3 as well.

[Company Representative] (Tube Investments of India): In terms of rebooking some of the orders with long lead time items and locking the prices with the cell and the battery manufacturers. However, these are all the mitigating steps that we are doing, but directionally, the cell prices are not looking like to cool down, at least in this quarter or even in Q3 as well.

Speaker #3: And locking the prices with the cell and the battery manufacturers. However, these are all the mitigating steps that we are taking. But directionally, these cell prices are not looking likely to cool down, at least in this quarter or even in Q3 as well.

Speaker #5: Okay, okay. And so, regarding our heavy commercial vehicle portfolio, what is our order book visibility for tippers?

Harshvardhan Kothari: Okay. And sir, regarding our heavy commercial vehicle portfolio, what is our order book visibility for tippers?

[Analyst 2]: Okay. And sir, regarding our heavy commercial vehicle portfolio, what is our order book visibility for tippers?

Speaker #3: So, tippers, we have introduced in quarter one in the market. And what we offer is a 28-ton tipper. The market seems to be shifting more towards the 35-ton and higher category of tipper.

[Company Representative] (Tube Investments of India): Tippers, we introduced in Q1 in the market. What we offer is our 28-ton tipper. The market seems to be shifting more towards 35 ton and higher category of tipper, which we are contemplating developing for our product portfolio. As far as the existing tippers are concerned, we have sold about 20, 25 numbers of tippers, and the initial feedback is positive.

Jalaj Gupta: Tippers, we introduced in Q1 in the market. What we offer is our 28-ton tipper. The market seems to be shifting more towards 35 ton and higher category of tipper, which we are contemplating developing for our product portfolio. As far as the existing tippers are concerned, we have sold about 20, 25 numbers of tippers, and the initial feedback is positive.

Speaker #3: Which we are contemplating developing for our product portfolio. As far as the existing tippers are concerned, we have sold about 20 to 25 tippers.

Speaker #3: And the initial feedback is positive. Also, you know, keeping in view the order book, which we have for some of the other products where we have a confirmed order book.

[Company Representative] (Tube Investments of India): Also, keeping in view the order book, which we have for some of the other products where we have a confirmed order book, and given the kind of challenges which we had on the supply chain, including that of cell, right now the focus is more to service that particular order book which is for 4x2 tractor trailer, while continuing to seed in more volumes of our tipper, which will hopefully give us bulk deals and then probably, we’ll start producing and selling them as well.

Jalaj Gupta: Also, keeping in view the order book, which we have for some of the other products where we have a confirmed order book, and given the kind of challenges which we had on the supply chain, including that of cell, right now the focus is more to service that particular order book which is for 4x2 tractor trailer, while continuing to seed in more volumes of our tipper, which will hopefully give us bulk deals and then probably, we’ll start producing and selling them as well.

Speaker #3: And given the kind of challenges which we had on the supply chain, including that of cells, right now the focus is more on servicing that particular order book, which is for 4x2 tractor trailers.

Speaker #3: While continuing to seed in more volumes of our tipper, which will, you know, hopefully give us bulk deals, and then probably, you know, we'll start producing and selling them as well.

Speaker #5: Okay, so another question on the HCB side. It was previously indicated that we have some good inquiries coming in from ports. Are there any new deployments over there?

Harshvardhan Kothari: Okay. Another question on HCV side. Sir, it was previously indicated that we have some good inquiries coming in from ports. Any new deployments over there?

[Analyst 2]: Okay. Another question on HCV side. Sir, it was previously indicated that we have some good inquiries coming in from ports. Any new deployments over there?

Speaker #3: So well, Wellspun at Anjar Port in Gujarat, and Wellspun, you know, there have been vehicles there are about 22 trucks which are deployed there.

[Company Representative] (Tube Investments of India): Welspun at Anjar Port in Gujarat. Welspun, there are about 22 trucks which are deployed there, which carry Welspun material to the port and from port back to Welspun. That is one big number that I am talking about. There have been other single-digit truck deployment which has happened at Vizag Port, and I think even in Chennai Port as well. There are 2, 3 others which we are talking about in terms of the port. One big deal which you would have picked up from the news as well, which is for the Vontier Cement. There we are touching 2 ports, Tuna Port and Dahej as well. Those are the other ones which are touching the ports and bringing in coal from those particular ports.

Jalaj Gupta: Welspun at Anjar Port in Gujarat. Welspun, there are about 22 trucks which are deployed there, which carry Welspun material to the port and from port back to Welspun. That is one big number that I am talking about. There have been other single-digit truck deployment which has happened at Vizag Port, and I think even in Chennai Port as well. There are 2, 3 others which we are talking about in terms of the port. One big deal which you would have picked up from the news as well, which is for the Vontier Cement. There we are touching 2 ports, Tuna Port and Dahej as well. Those are the other ones which are touching the ports and bringing in coal from those particular ports.

Speaker #3: These carry Wellspun material to the port and from the port back to Wellspun. That is the one big number that I'm talking about. There have been other single-digit truck deployments which have happened at Vizag port and, I think, even at Chennai port as well.

Speaker #3: But and there are two, three others which we are talking about in terms of the port. One big deal which, you know, you would have picked up from the news as well which is for the Wonder Cement as well as for the Wonder Cement.

Speaker #3: There we are touching two ports: Tuna Port and The Hedge as well. So, you know, those are the other ones which are touching the ports and bringing in coal from those particular ports.

Speaker #5: Okay, okay. And one last question. We had previously indicated that we’ll be introducing L3 autos in the market. Is there any update on that?

Harshvardhan Kothari: Okay. And one more last question. We had previously indicated that we will be introducing L3 autos in the market. Any update on that?

[Analyst 2]: Okay. And one more last question. We had previously indicated that we will be introducing L3 autos in the market. Any update on that?

Speaker #3: So, we have done that. We have, but it's a partial kind of seeding and testing. So, we have introduced L3 products in Q1.

[Company Representative] (Tube Investments of India): Well, we have done that. But it is a partial kind of a seeding and testing. We have introduced L3 products in Q1, but in the select markets of UP and Bihar. We are testing those particular vehicles in these market, and basis the feedback that we get from these markets, we will take a call forward on L3 as a product.

Jalaj Gupta: Well, we have done that. But it is a partial kind of a seeding and testing. We have introduced L3 products in Q1, but in the select markets of UP and Bihar. We are testing those particular vehicles in these market, and basis the feedback that we get from these markets, we will take a call forward on L3 as a product.

Speaker #3: But in the select markets of UP and Bihar, we are testing those particular vehicles in these markets. And based on the feedback that we get from these markets, we will take a call forward on L3 as a product.

Speaker #5: Okay, okay. And how is the NCR commercial vehicle modernization drive gaining traction, sir?

Harshvardhan Kothari: Okay. How is the NCR commercial vehicle modernization drive gaining traction, sir?

[Analyst 2]: Okay. How is the NCR commercial vehicle modernization drive gaining traction, sir?

Speaker #3: So, while law—you mean to say with respect to the EV policy which NCR has declared?

[Company Representative] (Tube Investments of India): So by law, you mean to say with respect to the EV policy, which NCR has declared?

Jalaj Gupta: So by law, you mean to say with respect to the EV policy, which NCR has declared?

Speaker #5: Yes, yes, yes.

Harshvardhan Kothari: Yes.

[Analyst 2]: Yes.

Speaker #3: Yes, so we are increasingly seeing more and more traction gaining in the NCR market, not only for us, but for the entire EV industry.

[Company Representative] (Tube Investments of India): Yes. We are increasingly seeing more and more traction gaining into, when it comes to NCR market, not only for us, for the entire industry of EV. In, let's say, a couple of months from now, once this becomes mandatory, we will see huge traction gaining into NCR, and we are also ramping up our ability in NCR to service the demand, be it in terms of dealer appointment or their secondary footprints across the NCR.

Jalaj Gupta: Yes. We are increasingly seeing more and more traction gaining into, when it comes to NCR market, not only for us, for the entire industry of EV. In, let's say, a couple of months from now, once this becomes mandatory, we will see huge traction gaining into NCR, and we are also ramping up our ability in NCR to service the demand, be it in terms of dealer appointment or their secondary footprints across the NCR.

Speaker #3: In, let's say, a couple of months from now, once this becomes mandatory, we will see huge traction gaining in NCR. We are also ramping up our ability in NCR to service the demand.

Speaker #3: Be it in terms of dealer appointment or their secondary footprints across the NCR.

Speaker #5: Okay, okay. Thank you, sir. Thank you so much.

Harshvardhan Kothari: Okay. Thank you, sir. Thank you so much.

[Analyst 2]: Okay. Thank you, sir. Thank you so much.

Speaker #3: Thank you.

Speaker #2: Thank you so much. Since there are no more questions in the queue, we'll take that as the last question. On behalf of IIFL Capital Services Limited, that concludes today's conference call.

[Company Representative] (Tube Investments of India): Thank you.

Jalaj Gupta: Thank you.

Operator: Thank you so much. Since there are no more questions in the queue, we will take that as a last question. On behalf of IIFL Capital Services Limited, that concludes today's conference call. Thank you for joining us, and you may now click on the leave icon to exit the meeting. Thank you all for your participation.

Speaker #2: Thank you for joining us, and you may now click on the leave icon to exit the meeting. Thank you all for your participation.

Speaker #5: Thank you. Thank you.

[Company Representative] (Tube Investments of India): Thank you.

Mukesh Ahuja: Thank you.

Harshvardhan Kothari: Thank you.

Annamalai Meyyappan: Thank you.

[Company Representative] (Tube Investments of India): Thank you.

Jalaj Gupta: Thank you.

Operator: Thank you so much.

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