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Murugappa-group engineering company making precision steel tubes, bicycles, metal-formed auto components and industrial chains, with a growing EV push.
Murugappa-group engineering company making precision steel tubes, bicycles, metal-formed auto components and industrial chains, with a growing EV push.
Buys steel and earns on converting it into tubes, strip and formed auto parts, so results depend on the gap between selling price and steel cost, with bicycles sold through retailers as a separate consumer line. The Murugappa group, a Chennai conglomerate, controls it, and a newer EV unit is still small.
Moat: narrow (scale, brand, distribution). Long-standing Murugappa-group brand and OEM relationships across tubes, bicycles and auto components.
Headquarters: Chennai, India · Founded: 1949 · Employees: 19,253
Size Tube Investments of India (TIINDIA.NS) is an India Materials company (Steel) with a market value of $4.47B, the 224th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,170 on 6 Nov 2026.
Performance Over six months the shares fell 28.0%, against -13.7% for the median peer and 0.0% for the India market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 17.6% over the last twelve months (peer median +4.7%); the operating margin is 6.7% (peer median 4.6%).
Valuation It trades at 42.7× forward earnings against a peer median of 13.0× (2nd most expensive of 21).
Capital Return on invested capital runs 4.7 points below its cost of capital (13.0% WACC).
Next results Next results expected around 8 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹238B | ₹228B | ₹195B | ₹169B | ₹150B |
| Revenue growth | — | +17% | +15% | +13% | — |
| Gross profit | ₹50.8B | ₹35.4B | ₹31.2B | ₹27.8B | ₹24.5B |
| EBITDA | ₹22.8B | ₹23.4B | ₹20.6B | ₹20.4B | ₹19.1B |
| Net income | ₹6.07B | ₹6.37B | ₹6.74B | ₹12.1B | ₹9.56B |
| Free cash flow | n/a | -₹2.74B | -₹43.9M | ₹4.69B | ₹9.78B |
| Capital expenditure | n/a | ₹14.3B | ₹12.1B | ₹8.51B | ₹4.16B |
| Total debt | n/a | ₹7.54B | ₹7.03B | ₹8.96B | ₹7.26B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tube Investments of India TIINDIA.NS | $4.47B | -28% | +18% | 7% | 42.7× | n/a |
| Samvardhana Motherson International MOTHERSON.NS | $17.9B | +22% | +14% | 6% | 30.2× | 30.9% |
| Rane (Madras) RML.NS | $367M | +34% | +42% | 5% | n/a | n/a |
| Bajaj Auto BAJAJ-AUTO.NS | $31.7B | +3% | +48% | 19% | 24.0× | 27.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TIINDIA.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.1% | -4.6% | 5th lowest of 21 |
| 6-month return | -28.0% | -13.7% | 5th lowest of 21 |
| Distance from 52-week high | -34.9% | -27.6% | 7th lowest of 21 |
| Revenue growth (TTM) | +17.6% | +4.7% | 5th highest of 21 |
| Operating margin | 6.7% | 4.6% | 9th highest of 21 |
| Forward P/E | 42.7× | 13.0× | 2nd most expensive of 21 |
| ROIC minus cost of capital | -4.7 pp | -1.1 pp | 4th lowest of 21 |
| EV / EBITDA | 18.5× | 7.6× | 3rd most expensive of 12 |
| Net debt / EBITDA | -1.4× | 1.7× | 3rd least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tube Investments of India TIINDIA.NS | India | $4.47B | -28% | +18% | 7% | 42.7× | n/a | n/a |
| Zhejiang Hailiang 002203.SZ | China | $4.53B | -23% | +10% | 2% | 17.6× | n/a | n/a |
| Grupo Simec SAB de CV Sponsored ADR SIM | United States | $4.22B | +4% | +17% | 16% | 14.1× | -9.2% | -1.1% |
| Kobe Steel 5406.T | Japan | $4.83B | 0% | -3% | 5% | 7.7× | -1.1% | +7.4% |
| Acerinox ACX.MC | Spain | $4.00B | +2% | 0% | 4% | 15.8× | 18.6% | +4.4% |
| Nanjing Iron & Steel 600282.SS | China | $3.99B | -20% | +12% | 5% | 9.5× | -4.2% | +1.8% |
| Yamato Kogyo 5444.T | Japan | $3.88B | -13% | +1% | 2% | 10.3× | 24.2% | +3.4% |
| Vallourec VK.PA | France | $5.51B | -31% | -7% | 14% | 15.5× | -7.6% | +3.3% |
| Beijing Shougang 000959.SZ | China | $3.50B | -34% | -2% | 1% | 27.4× | -9.7% | +5.2% |
| Hunan Valin Steel 000932.SZ | China | $3.49B | -27% | -7% | 1% | 20.0× | 6.4% | +0.9% |
| TA Chen Stainless Pipe 2027.TW | Taiwan | $3.46B | +21% | +24% | 18% | 8.0× | -10.1% | +11.4% |
| Salzgitter SZG.DE | Germany | $3.29B | -14% | -6% | -1% | 10.5× | n/a | n/a |
| Jindal Stainless JSL.NS | India | $6.10B | -9% | +12% | 10% | 16.9× | 21.0% | +28.7% |
| Mineral Resources MIN.AX | Australia | $6.36B | -34% | +44% | 25% | 13.8× | 4.2% | +11.6% |
| APL Apollo Tubes APLAPOLLO.NS | India | $6.42B | +11% | +16% | 7% | 39.8× | 22.1% | +22.1% |
| Cleveland-Cliffs CLF | United States | $6.54B | +4% | +8% | -1% | 6.6× | n/a | n/a |
| Jfe 5411.T | Japan | $6.66B | +2% | -4% | 2% | 8.4× | 13.2% | +7.1% |
| HBIS 000709.SZ | China | $2.96B | -16% | -6% | 5% | 12.2× | n/a | n/a |
| Commercial Metals CMC | United States | $6.85B | -12% | +20% | 9% | 9.3× | 6.2% | +6.9% |
| Yongxing Special Materials Technology 002756.SZ | China | $2.88B | -59% | +30% | 16% | 11.2× | -2.3% | +8.4% |
| Shanxi Taigang Stainless Steel 000825.SZ | China | $2.78B | -24% | +1% | -1% | 65.0× | 7.4% | +6.1% |