Tube Investments of India Share Price Today: EV Bets, Broker Targets and Market Mood on 10 December 2025

Tube Investments of India Limited (TII), the Murugappa Group engineering and auto‑components major, is back in the spotlight on 10 December 2025 as traders pile into the stock while longer‑term investors debate whether its premium valuation is still justified.

The company is trying to do three big things at once: defend its leadership in precision tubes and metal‑formed products, revive a slow bicycle business, and build a serious electric‑vehicle (EV) platform via TI Clean Mobility and tech bets like semiconductors and medical devices. ^[1]

Here’s a detailed look at how the stock is trading today, what just changed in the company, how the numbers stack up, and what analysts are forecasting.

Tube Investments of India share price today (10 December 2025)

Intraday performance and volumes

As of around 2:18 pm IST on 10 December 2025, Tube Investments of India is trading at approximately ₹2,646 per share on the NSE, down about 0.35% for the day. That implies a market capitalisation of roughly ₹51,200–51,500 crore. ^[2]

On the BSE, live prices during the afternoon session show the stock hovering in the mid‑₹2,600s, with an intraday range roughly between ₹2,652 and ₹2,749, and a 52‑week range of about ₹2,400 to ₹3,827. ^[3]

Trading interest is unusually robust:

Trendlyne flags high day volume of around 2 million shares across NSE and BSE by early afternoon. ^[4]
MarketsMojo notes that delivery volumes and value turnover are elevated, making TII one of the more actively traded mid‑cap auto‑component names today. ^[5]

In short: price action is muted, but liquidity is rich and derivatives activity is buzzing, which matters for institutional and F&O‑driven strategies.

How the stock has done over the past year

Despite today’s heavy activity, the bigger story is that the stock has already come down a long way:

The current price is about 31% below the 52‑week high (roughly ₹3,827). ^[6]
Screener data shows 1‑year price returns of about –28%, even though five‑year price CAGR is still a healthy 25%. ^[7]
The stock trades at a trailing P/E above 80x, among the richest valuations in India’s auto components space. ^[8]

The correction has largely been about valuation compression, not a collapse in fundamentals: revenue is still growing in double digits, but profit growth has flattened and the market is no longer willing to pay “any price” for the EV story.

Market mood: volatility and derivatives build‑up

Recent flow data paints a picture of a stock that traders love and long‑term investors are trying to re‑price.

MarketsMojo’s intraday analysis on 10 December highlights strong trading activity, high liquidity and rising delivery volumes, suggesting meaningful participation from institutional investors. ^[9]
A separate MarketsMojo piece this week points to a notable surge in open interest in TII’s derivatives, alongside rising volumes and delivery participation — classic signs of active positioning and hedging rather than passive holding. ^[10]
On 9 December 2025, when auto stocks came under pressure, the Nifty Auto index fell 0.74%, and TII was among the decliners, down about 0.75%, according to Business Standard. ^[11]

Put simply: this is a volatile, actively traded mid‑cap, with derivatives and institutional flows amplifying short‑term swings around a still‑expensive core story.

Recent news and corporate developments

December 2025: ESG score, promoter reclassification, and ratings

A cluster of announcements over the last two weeks gives a flavour of how TII is trying to tidy up its profile before the next phase of growth:

Promoter group reclassification:
On 5 December 2025, TII received no‑objection approvals from NSE and BSE to reclassify Yanmar Coromandel Agrisolutions Pvt Ltd from promoter group to public shareholder. ^[12]
- Promoter ownership overall is around 44.1% as of September 2025, with FIIs holding about 25.5% and DIIs 17.7%. ^[13]
- The change is more about cleaner ownership structure than day‑to‑day operations, but it does slightly tweak the optics of control and float.
ESG rating upgrade visibility:
On 4 December 2025, TII disclosed that SES ESG Research had assigned it an ESG score of 70 for FY 2024‑25, as per filings to the stock exchanges. ^[14]
That dovetails with the company’s own disclosures that about 60% of its power consumption comes from renewable sources and that it is aggressively pushing green manufacturing and tree‑plantation programmes. ^[15]
Credit profile intact:
- ICRA reaffirmed TII’s long‑term and short‑term ratings on 27–28 November 2025, including AA+ (Stable) on key working‑capital lines and A1+ on short‑term instruments. ^[16]
- Separately, India Ratings in early November affirmed the bank loan facilities of TI Clean Mobility Private Limited (TICMPL), explicitly linking the rating strength to strategic and financial support from TII. ^[17]

These updates are subtle but together they signal: balance sheet comfort, cleaner ownership, and incremental ESG credibility — all useful ingredients for long‑term institutional ownership.

Group updates: TI Clean Mobility and Shanthi Gears

TII’s value is increasingly about its ecosystem, not just the parent balance sheet.

TI Clean Mobility (EV arm):
- In FY25, TICMPL clocked around ₹650 crore in turnover, according to its MD Jalaj Gupta. ^[18]
- The company has raised the full ₹3,000 crore of planned equity and debt funding and is targeting $1 billion (roughly ₹8,300 crore) in revenue by FY29–FY30, implying an aggressive scale‑up over the next 4–5 years. ^[19]
- TI Clean Mobility sells heavy and small commercial EVs, electric tractors, and passenger & cargo three‑wheelers under the Montra Electric brand. ^[20]
- Capacity is already in place: up to 6,000 heavy commercial vehicles in Manesar, 50,000 small commercial vehicles, 70,000 three‑wheelers, and 25,000 electric tractors annually across multiple plants in Chennai and Manesar. ^[21]
Shanthi Gears (listed subsidiary):
Shanthi Gears, which is majority‑owned by TII, reported a 16% year‑on‑year decline in Q2 FY26 net profit to ₹21.5 crore, indicating some cyclical softness in parts of the group’s industrial exposure. ^[22]

The picture is mixed: legacy industrial businesses are steady but not spectacular, while the EV platform is in heavy investment mode and still chasing scale and profitability.

Earnings snapshot: Q2 FY26 and FY25 in focus

Q2 FY26: steady profit, modest revenue growth

The most recent quarter on record for TII is Q2 FY26 (July–September 2025), approved by the board on 5 November 2025. ^[23]

Key highlights from multiple result summaries and brokerage recaps:

Consolidated revenue for Q2 FY26 is about ₹5,523 crore, up from roughly ₹4,925 crore in Q2 FY25, a growth of around 12% year‑on‑year. ^[24]
Operating profit (EBITDA) is about ₹544 crore, with margins near 10–13%, depending on treatment of other income. ^[25]
Profit before tax stands around ₹459 crore, while net profit is roughly ₹302 crore, almost flat year‑on‑year and sequentially. ^[26]

On the standalone side (core Indian operations):

Revenue was ₹2,119 crore versus ₹2,065 crore a year earlier.
PBT rose to ₹250 crore from ₹225 crore, an 11.5% increase, even though revenue growth was low single digit.
ROIC for the quarter was around 44%, and free cash flow was about ₹183 crore. ^[27]

Brokerages have largely characterised it as a “stable to mildly positive” quarter: revenue growth modest, but margins and capital efficiency remain strong.

FY25 and H1 FY26: strong top line, softer margins

Zooming out, the full‑year and trailing‑twelve‑month numbers are what underpin both the bull and bear cases:

Consolidated FY25 sales: about ₹19,465 crore, up from ₹16,890 crore in FY24 — growth of roughly 15%. ^[28]
Consolidated PAT: around ₹1,054 crore, down from about ₹1,723 crore in FY24, indicating margin pressure and higher depreciation/interest from expansion. ^[29]
TTM sales (up to September 2025) have pushed past ₹20,700 crore, but TTM profit growth is negative, with TTM profit down ~22% according to Screener’s ratios. ^[30]

Segmentally, FY25 looks like this: ^[31]

Engineering (precision tubes & strips): ~₹5,029 crore revenue, +2% YoY.
Metal Formed Products (chains, doorframes, rail components): ~₹1,565 crore, +3% YoY.
Mobility (bicycles): ~₹671 crore, +1% YoY, with low single‑digit margins and intense competition.

The result is a company with:

Strong revenue compounding (3‑year sales CAGR ~16%, 5‑year ~33%)
Flattish to declining profit growth in recent years (3‑year profit CAGR about –4%, TTM –22%)
Still excellent return ratios, with ROCE around 22% and ROE near 13% for FY25. ^[32]

This divergence — top line up, profit growth under pressure — is at the heart of today’s valuation debate.

Growth strategy: EVs, semiconductors and diversification

Tube Investments has quietly morphed from an old‑school tube maker into a portfolio of growth optionalities.

Key planks of the strategy, pieced together from investor presentations and strategic write‑ups: ^[33]

Core engineering & auto components:
- One of the world’s largest manufacturers of cold drawn welded (CDW) precision tubes, supplying to automotive, hydraulics and construction equipment OEMs. ^[34]
- Market leader in automotive drive and cam chains and car doorframes, plus railways coach components and fine‑blanked safety parts. ^[35]
EV push via TI Clean Mobility (TICMPL):
- Products include heavy electric trucks, small commercial EVs, passenger and cargo three‑wheelers, and electric tractors. ^[36]
- TICMPL aims for $1 billion in revenue by FY29–30, up from ~₹650 crore in FY25, backed by ₹3,000 crore already raised and further product launches like the SUPER CARGO electric three‑wheeler for last‑mile delivery. ^[37]
- Management expects roughly 50% of that long‑term EV revenue from heavy commercial vehicles, 20% from small CVs, 20% from three‑wheelers and 10% from tractors. ^[38]
Semiconductors and technology:
- Through subsidiary CG Power and Industrial Solutions, TII is backing an outsourced semiconductor assembly and test (OSAT) facility with planned investment of about ₹7,600 crore over five years, approved under India’s semiconductor scheme. ^[39]
- CG Power has also created Axiro Semiconductor entities in India, the US, Turkey and China, following a deal to acquire an RF components business from Renesas, signalling a push into higher‑tech, higher‑margin domains. ^[40]
Medical devices and CDMO:
- New subsidiary TI Medical focuses on medical and surgical consumables. ^[41]
- Another arm, 3xper Innoventure, is being positioned for contract development and manufacturing (CDMO), leveraging TII’s manufacturing muscle beyond traditional auto. ^[42]
Capex and capital allocation:
- For FY25, TII outlined capex of about ₹500 crore for its core businesses and ₹471 crore for TI Clean Mobility, while TICMPL’s standalone funding plan targeted ₹3,000 crore, almost fully raised by mid‑2025. ^[43]

The tactical takeaway: TII is deliberately trading near‑term margin comfort for optionality in EVs, semiconductors and healthcare, all of which are capital‑hungry and volatile but potentially transformative if execution works.

What brokerages are saying about Tube Investments of India

Despite the sharp correction from its peak, most sell‑side research remains constructive to outright bullish on TII.

From Trendlyne’s aggregation of recent reports: ^[44]

Geojit BNP Paribas (19 November 2025)
- Rating: Buy
- Target price: ₹3,828, implying ~45% upside from around ₹2,646.
- Thesis: “Resilient performance” in Q2 FY26, diversification into EVs and TI Medical, and emerging opportunities in railways and power systems. Capex at both core and new businesses is expected to sustain double‑digit growth and reinforce TII’s positioning in industrial and clean mobility markets.
Motilal Oswal (5 November 2025)
- Rating: Buy
- Target price: ₹3,680 (around 39% upside).
- Notes that Q2 FY26 PAT was broadly in line with estimates, while EBITDA margin of ~13.1% beat expectations, supporting the view that TII can defend profitability even while it spends on growth.
Earlier 2025 reports from both Geojit and Motilal Oswal also carried Buy ratings with targets in the ₹3,500–3,650 range, stressing:
- growth from a new engineering facility at Nashik,
- a ₹1,000‑crore order book in the Railways business, and
- a focus on ROIC and free cash flow even while ramping up EV exposure. ^[45]

Outside brokerage house notes:

An ETMarkets auto‑components thematic piece in October 2025 listed Tube Investments as one of 10 stocks to ride India’s projected $200‑billion component market by 2030, assigning it about 10% upside driven by capex‑led growth in precision tubes and engineering. ^[46]

Across these opinions, the pattern is clear:

Brokerages largely argue that the market is under‑pricing the value of TII’s diversified growth engine and over‑focusing on short‑term profit compression.

Valuation check: premium price for a complex story

Whichever way you cut it, TII is not a cheap stock on conventional metrics:

Trailing P/E above 80x and P/B closer to double digits on some data providers, both flagged as “high in industry”. ^[47]
TTM profit growth is negative, and 3‑year PAT CAGR is slightly below zero, although sales CAGR remains strong. ^[48]
Screener’s historical numbers show the 1‑year share price down ~28%, suggesting much of the derating has already happened but leaving the stock still at a premium to most peers. ^[49]

On the positive side of the ledger:

The company is almost debt‑free, with net debt sharply reduced over the years. ^[50]
ROCE around 22% and ROE ~13% remain healthy even after a year of heavy investment. ^[51]
Institutional ownership (FIIs + DIIs) is above 40%, which tends to support liquidity and governance norms. ^[52]

So TII today is a classic “quality‑growth at a not‑cheap price” puzzle: the stock has corrected, but the valuation is still explicitly pricing in successful execution of EV, semiconductor and new‑business bets.

Key risks and factors to watch

Various analyst notes and strategic reviews highlight a cluster of risks that could derail the thesis or prolong the derating. ^[53]

Execution risk in EVs and new verticals
- TI Clean Mobility’s path from ₹650 crore to $1 billion in revenue requires flawless scaling of manufacturing, sales networks and after‑sales support in a highly competitive EV market. ^[54]
- OSAT and semiconductor design are globally competitive, capex‑heavy spaces where delays or policy changes can dent returns.
Margin pressure and profit volatility
- FY25 and TTM data already show that profit growth has lagged sales growth, thanks to higher depreciation, interest and start‑up losses in new businesses. ^[55]
- The Metal Formed Products division has seen some margin pressure and a slower ramp‑up in the Railways segment than initially hoped. ^[56]
Cyclical exposure and competition
- TII still depends heavily on automotive and industrial cycles, even as it diversifies.
- In bicycles, TII faces intense competition from the unorganised sector, which caps pricing power. ^[57]
Valuation and volatility risk
- With a P/E above 80x and high volatility metrics, small disappointments in earnings, EV ramp‑up or macro conditions can produce outsized stock moves — something recent price action and derivatives build‑up have already demonstrated. ^[58]
Subsidiary performance drag
- Entities like Shanthi Gears saw profit contraction in Q2 FY26, reminding investors that not every part of the group is on an up‑only trajectory. ^[59]

Investors and analysts are therefore laser‑focused on quarterly execution milestones rather than just multi‑year narratives.

Bottom line: what 10 December 2025 tells us about TII

As of 10 December 2025, Tube Investments of India sits at an interesting crossroads:

The stock price has corrected sharply from its peak but is still valued like a high‑quality compounding machine with real optionality in EVs and tech. ^[60]
Trading activity and derivatives open interest are elevated, showing that smart money is actively repositioning around new information rather than ignoring the name. ^[61]
Fundamental performance is respectable but not flawless: top‑line growth is strong, ROCE is high, but profit growth has cooled and some subsidiaries are wobbling. ^[62]
Brokerages continue to see 30–45% upside from current levels, leaning on diversification, capex, and the EV & semiconductor roadmaps. ^[63]

Whether that upside materialises depends less on one day’s trading and more on a multi‑year execution test: can TII turn bold EV and tech bets into sustainable cash generators without sacrificing its long‑standing discipline on ROIC and free cash flow?

For now, 10 December 2025 captures the paradox neatly: a mature manufacturer priced like a growth stock, with the market nervously watching every quarter to see if the story justifies the multiple.

References