Tube Investments of India Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Tube Investments of India Ltd trades at ₹2,607, in a downtrend and 1 weeks into that stage. That is −8.7% against its own 200-day average. It sits at 36% of a 52-week range of ₹2,220 to ₹3,292. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (10 weeks and counting).

Today the stock is in a downtrend — week 1 of stage 4, confirmed. At ₹2,607 it trades −8.7% versus its 200-day average and sits at 36% of its 52-week range (₹2,220–₹3,292).

Against the market, two honest reads. Cumulative: over the last 8.9 years the stock moved +931% while the NIFTY 500 moved +151% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (10 weeks and counting; last ahead the week of 2026-07-03) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Tube Investments of India Ltd trades at 80.5× P/E, at the pricey end of its own range (71st percentile). Its long-run median P/E is 64.7×, measured across 8.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 80.5× is at the pricey end of its own range (71st percentile), against a long-run median of 64.7× measured over 8.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved −5.5% against a −19.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +13.9%/yr price move, ~+5.2%/yr came from earnings growth and ~+8.7 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, Tube Investments of India Ltd was paying for profit growth of about 27.9% a year. Today the market pays 80.5× P/E, the 71st percentile of its own 8-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is the whole of what a buyer is backing.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Tube Investments of India Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −39.5% at the trough to +6.6%, a 3-quarter improving streak, ROCE slipping at 14.9%. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

4-Factor Sector Score

37.5/100 — rank 12 of 20 in Diversified · 100% evidence confidence

Tube Investments of India Ltd scores 37.5 out of 100 against the 20 companies it is compared with in Diversified, ranking 12. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 15.6 + 15.4 + 3 + 3.5 = 37.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Tube Investments of India Ltd reported ₹6,215 Cr of revenue in the Jun 26 quarter, +17.1% year on year. That is the 12th straight quarter of year-on-year growth. The last full year, FY26, came in at ₹22,847 Cr. The last four reported quarters add to ₹23,754 Cr.

FY26 revenue came in at ₹22,847 Cr (+17.4% on the year). The latest quarter (Jun 26) printed ₹6,215 Cr, +17.1% year on year — the 12th consecutive quarter of year-over-year growth.

Acceleration check: trailing-twelve-month revenue grew +17.6% over the last 4 quarters against +16.3%/yr over the last 8 — stabilising; TTM profit +6.6% vs −20.7%/yr — accelerating.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Tube Investments of India Ltd's operating margin is 9.0% in the Jun 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 7.0% to 13.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 9.0%, −1.0 pp against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 7.0%–13.0%.

🚨 Why the margin moved: operating margin went −1.5 pp year on year while gross margin went −0.6 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Tube Investments of India Ltd earned ₹294 Cr of net profit in the Jun 26 quarter, −3.0% year on year. Full-year FY26 profit was ₹1,118 Cr. That is 4.7% of the quarter's revenue. The same quarter a year earlier earned ₹303 Cr.

Jun 26 profit was ₹294 Cr, −3.0% year on year. On the full year, FY26 printed ₹1,118 Cr (+6.1%).

🚨 Why profit moved: revenue contributed +17.1% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +11.4% vs revenue +17.6%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 78% of Tube Investments of India Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹1,161 Cr of operating cash against ₹1,118 Cr of profit. After ₹1,811 Cr of capital spending, ₹−650 Cr was left as free cash.

FY26: operating cash of ₹1,161 Cr against reported profit of ₹1,118 Cr, leaving free cash of ₹−650 Cr after ₹1,811 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 78% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 78%: the cash cycle stretched 79 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: conversion is below par and the cash cycle has stretched 79 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Tube Investments of India Ltd's cash conversion cycle runs 41 days in FY26, up from −38 days in FY21. Capital spending ran ₹4,969 Cr over the last 3 years. At FY26 sales of ₹22,847 Cr each day of that cycle holds about ₹62.6 Cr, so roughly ₹2,566 Cr sits inside the business at any moment.

FY26: debtors at 70 days, inventory at 70 days — roughly 2.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 41 days, looser than FY21's −38.

The full loop: cash goes out to suppliers and production on day 0; stock waits 70 days to sell; customers pay about 70 days after that; and suppliers themselves are paid at 98 days — netting out to the 41-day cycle.

In money terms: at FY26 sales of ₹22,847 Cr, each day of the cycle holds about ₹62.6 Cr — so the 41-day loop keeps roughly ₹2,566 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹4,969 Cr over the last 3 fiscal years against ₹1,621 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹895 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Tube Investments of India Ltd earns a ROCE of 17% in FY26. That is up from a trough of 13% in FY18. Return on invested capital clears the cost of that capital by −3.2 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 4.9% net margin on 1.07× asset turns.

FY26 ROCE is 17%, recovered from a FY18 trough of 13% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 4.9% net margin × 1.07× asset turns × 2.76× balance-sheet leverage ≈ 14.5% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 8.8% − 12.0% = a −3.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Tube Investments of India Ltd carries total debt of ₹762 Cr against shareholder equity of ₹14,202 Cr as of Mar 26, a debt-to-equity of 0.05 — effectively unlevered. On the annual view that ratio went from 0.23 in FY22 to 0.05 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹762 Cr against shareholder equity of ₹14,202 Cr — a debt-to-equity of 0.05. On the annual view, debt-to-equity went from 0.23 (FY22) to 0.05 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 5.5 points of Tube Investments of India Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 21.0% of the company. Foreign institutions moved −5.0 points over the same window, to 22.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +5.5 points over 8 quarters to 21.0%; Foreign institutions: −5.0 points over 8 quarters to 22.4%; Promoters: −1.1 points over 8 quarters to 43.9%.

Why the register moved: rotation — foreign institutions −5.0 points against domestic institutions +5.5 points over 8 quarters, with promoters −1.1 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Tube Investments of India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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