Tube Investments Q2 revenue rises 33% to Rs 7,330 crore

Tube Investments of India Limited reported consolidated revenue from operations of Rs 7,330.31 crore for the quarter ended 30 September 2026, up 33% from Rs 5,522.64 crore a year earlier, while profit before tax rose 40% to Rs 643.82 crore. Power Systems and Industrial Systems were the two largest contributors to segment profit.

How did Tube Investments perform in the September 2026 quarter?

Tube Investments increased revenue from operations by Rs 1,807.67 crore year on year to Rs 7,330.31 crore in the quarter ended 30 September 2026. Revenue was also Rs 1,114.98 crore above Rs 6,215.33 crore in the quarter ended 30 June 2026. Other income was Rs 111.42 crore, resulting in total income of Rs 7,441.73 crore for the September quarter.

Profit before tax was Rs 643.82 crore, compared with Rs 458.96 crore in the quarter ended 30 September 2025 and Rs 460.78 crore in the preceding June 2026 quarter. Profit after tax rose to Rs 420.58 crore from Rs 302.05 crore a year earlier. Total expenses increased to Rs 6,798.61 crore from Rs 5,156.39 crore, while total income rose by Rs 1,826.38 crore.

Which businesses generated the most revenue for Tube Investments?

Tube Investments' Industrial Systems segment was the largest reported business by September-quarter revenue, at Rs 1,868.61 crore, up from Rs 1,533.33 crore a year earlier. Engineering was next at Rs 1,828.11 crore, compared with Rs 1,381.61 crore, followed by Power Systems at Rs 1,766.76 crore, up from Rs 1,254.49 crore. Segment revenue is reported before inter-segment eliminations.

Power Systems posted the largest absolute revenue increase among these three businesses, adding Rs 512.27 crore year on year, while Engineering added Rs 446.50 crore and Industrial Systems added Rs 335.28 crore. Electric Vehicles revenue rose to Rs 475.78 crore from Rs 177.30 crore, and Semiconductors revenue increased to Rs 161.56 crore from Rs 127.89 crore. Gears and Gear Products declined to Rs 127.64 crore from Rs 137.54 crore.

How did Tube Investments' segment results change?

Tube Investments' Power Systems segment produced the highest segment result, at Rs 442.25 crore in the quarter ended 30 September 2026, versus Rs 257.37 crore a year earlier. Industrial Systems reported Rs 153.58 crore, up from Rs 129.39 crore. Together, the two businesses delivered Rs 595.83 crore of the group's Rs 667.60 crore total segment results before finance costs, unallocated items and inter-segment eliminations.

Engineering's segment result rose to Rs 171.19 crore from Rs 164.27 crore, and Metal Formed Products increased to Rs 49.37 crore from Rs 44.38 crore. Electric Vehicles recorded a Rs 146.47 crore segment loss, narrowing from a Rs 157.80 crore loss, while Semiconductors reported a Rs 34.15 crore loss against a Rs 27.73 crore loss a year earlier. Finance costs increased to Rs 19.17 crore from Rs 14.08 crore.

What do Tube Investments' half-year figures show?

Tube Investments generated Rs 13,545.64 crore in revenue from operations for the half year ended 30 September 2026, compared with Rs 10,831.70 crore in the corresponding 2025 period. Profit before tax increased to Rs 1,104.50 crore from Rs 907.95 crore, and profit after tax reached Rs 714.54 crore from Rs 605.24 crore. The half-year revenue increase was Rs 2,713.94 crore.

Power Systems' half-year revenue rose to Rs 3,165.00 crore from Rs 2,324.63 crore, and its segment result increased to Rs 764.47 crore from Rs 440.26 crore. Industrial Systems revenue grew to Rs 3,658.15 crore from Rs 3,224.87 crore, but its segment result declined to Rs 282.77 crore from Rs 294.23 crore. This shows that the two segments both expanded revenue, while their reported profit trends differed.

What changed in Tube Investments' balance sheet and reported ownership profit?

Tube Investments reported total assets of Rs 24,045.04 crore at 30 September 2026, compared with Rs 21,486.89 crore at 31 March 2026. Property, plant and equipment increased to Rs 3,789.03 crore from Rs 3,434.45 crore, while capital work-in-progress rose to Rs 1,060.84 crore from Rs 806.37 crore. Trade receivables were Rs 5,394.98 crore, compared with Rs 4,366.83 crore at the March 2026 year-end.

Of September-quarter profit after tax of Rs 420.58 crore, Rs 249.07 crore was attributable to owners of Tube Investments and Rs 171.51 crore to non-controlling interests. In the year-earlier quarter, owners' profit was Rs 186.66 crore and non-controlling interests received Rs 115.39 crore. Basic earnings per share for continuing and discontinued operations was Rs 12.87, compared with Rs 9.65 a year earlier.

How were Tube Investments' results reviewed?

Tube Investments' consolidated financial results for the quarter and half year ended 30 September 2026 were unaudited. Price Waterhouse Chartered Accountants LLP issued an unmodified conclusion in its review report dated 5 November 2026. The review covered consolidated results that include subsidiaries, associates and joint ventures listed in the filing.

The reviewer noted that 14 subsidiaries with unaudited interim financial information had combined September-quarter revenue of Rs 21.36 crore and a combined net loss after tax of Rs 3.37 crore. These entities had total assets of Rs 579.51 crore at 30 September 2026. Management represented to the reviewer that the interim information of these subsidiaries, along with that of an associate and three joint ventures, was not material to the group.

Conclusion

Tube Investments delivered higher September-quarter revenue and profit before tax, with revenue from operations rising 33% to Rs 7,330.31 crore and profit before tax increasing 40% to Rs 643.82 crore. Power Systems supplied the largest segment result at Rs 442.25 crore, while Industrial Systems produced the highest segment revenue at Rs 1,868.61 crore. Electric Vehicles and Semiconductors remained loss-making segments.

The next reported period will show whether Power Systems can sustain its Rs 442.25 crore quarterly segment result and whether Electric Vehicles and Semiconductors can reduce their combined Rs 180.62 crore quarterly losses. Capital work-in-progress also warrants attention after increasing by Rs 254.47 crore from 31 March 2026 to Rs 1,060.84 crore at 30 September 2026.