Sector Alpha Week of 2026-07-31
Sector Alpha — machine-written from the numbers · Data as of 2026-07-31

Tube Investments of India Ltd

TIINDIA
Diversified

Tube Investments of India Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.

The sharpest disagreement: Foreign institutions moved −5.0 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.

The price is in a confirmed uptrend (10 weeks in) while the P/E sits at the 72nd percentile of its own 8-year range. Underneath, the last four quarters read improving — profit +48.1% year on year, and 78% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.

Stage
Turning around
fundamental trajectory, 12 quarters
Price
₹2,752
−1.6% 1Y
P/E
80.6×
72nd pctile
of its own 8-year range
Revenue (Mar 26)
₹6,215 Cr
+20.7% YoY
Profit (Mar 26)
₹234 Cr
+48.1% YoY
Operating margin
9.0%
+2.0 pp YoY
ROCE
17%
FY26
ROIC
8.6%
vs WACC 12.0% → −3.4 pp
Cash conversion
78%
of profit, last 3 FY
01 · Price story

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 ₹2,752, in a confirmed uptrend and 10 weeks into that stage. That is −4.6% against its own 200-day average. It sits at 48% of a 52-week range of ₹2,220 to ₹3,332. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (4 weeks and counting).

Today the stock is in a confirmed uptrend — week 10 of stage 2, confirmed. At ₹2,752 it trades −4.6% versus its 200-day average and sits at 48% of its 52-week range (₹2,220–₹3,332).

Jul 26: ₹2,752 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
−4.6% versus the 200-day line, week 10 of stage 2
Price50-day avg200-day avg
S2S4S4S2₹4,817₹4,120₹3,422₹2,725₹2,027₹2,752₹2,885Jul 23May 24Feb 25Nov 25Jul 26
S2S4S4S2₹4,817₹4,120₹3,422₹2,725₹2,027₹2,752₹2,885Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2017 Each cell is one week from 2017 to now (463 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Nov 17Jul 26

Against the market, two honest reads. Cumulative: over the last 8.7 years the stock moved +988% while the NIFTY 500 moved +157% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (4 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.

02 · Valuation

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 80.6× P/E, at the pricey end of its own range (72nd percentile). Its long-run median P/E is 64.5×, measured across 8.0 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 80.6× is at the pricey end of its own range (72nd percentile), against a long-run median of 64.5× measured over 8.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 80.6× vs a 64.5× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 8.0-year window; loss-period spikes above 100× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
at the pricey end of its own range (72nd percentile)
P/EMedianEPS (TTM) (quarterly)
106.0×₹51.382.7×₹38.459.4×₹25.636.1×₹12.812.8×₹0.0×80.60×₹34Jul 18Jul 20Aug 22Aug 24Jul 26
106.0×₹51.382.7×₹38.459.4×₹25.636.1×₹12.812.8×₹0.0×80.60×₹34Jul 18Aug 22Jul 26
PEG 2.91 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Last 20 quarters.
above 1.0, the multiple already banks the growth
PEGPEG = 1.0
4.5×3.5×2.6×1.7×0.7××2.91×Q1 FY22Q1 FY23Q2 FY24Q3 FY25Q4 FY26
4.5×3.5×2.6×1.7×0.7××2.91×Q1 FY22Q2 FY24Q4 FY26
P/E
80.6×
72nd percentile of 8y
PEG
3.40
as reported

Why the multiple sits where it does: over the past year annual EPS moved −5.5% against a −1.6% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +19.8%/yr price move, ~+16.9%/yr came from earnings growth and ~+2.9 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.

03 · Stage: Turning around

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 +6.1%, a 2-quarter improving streak, ROCE slipping at 14.9%. The read is built from 12 quarters across 4 curves, on full evidence.

Growth, year by year: revenue +17.4% in FY26, profit +6.1% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
114%270%79%186%43%101%8.0%17%−27%−67%%%17.4%6.1%FY16FY21FY26
114%270%79%186%43%101%8.0%17%−27%−67%%%17.4%6.1%FY16FY21FY26
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue stabilising, profit accelerating
RevenueProfitEPS
18%126%16%79%15%33%14%−13%12%−60%%%17.4%6.1%−5.5%Jun 23Sep 24Mar 26
18%126%16%79%15%33%14%−13%12%−60%%%17.4%6.1%−5.5%Jun 23Sep 24Mar 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
42%35%27%20%12%%14.9%Jun 23Dec 23Sep 24Jun 25Mar 26
42%35%27%20%12%%14.9%Jun 23Sep 24Mar 26
Revenue growth
Steady high
latest +17.4% · span +12.8% to +17.4%
Profit growth
Rising
latest +6.1% · span −41.1% to +112.9%
EPS growth
Flat
latest −5.5% · span −47.0% to +61.7%
ROCE
Falling
latest 14.9% · span 14.1%–40.3%

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.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+17.4%+15.1%+30.3%
Profit+6.1%−5.5%+31.3%
EPS−5.5%−12.7%+18.2%
Share price−1.6%−3.9%+19.8%
Revenue YoY (Mar 26)
+20.7%
latest quarter vs a year ago
Profit YoY (Mar 26)
+48.1%
latest quarter vs a year ago
04 · 4-Factor Sector Score

4-Factor Sector Score

46.1/100 — rank 9 of 20 in Diversified · 96% evidence confidence

Tube Investments of India Ltd scores 46.1 out of 100 against the 20 companies it is compared with in Diversified, ranking 9. Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

The four contributions add to the total exactly: 18.6 + 17.9 + 2 + 7.6 = 46.1. 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.

05 · Revenue

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 Mar 26 quarter, +20.7% 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 ₹22,848 Cr.

FY26 revenue came in at ₹22,847 Cr (+17.4% on the year). The latest quarter (Mar 26) printed ₹6,215 Cr, +20.7% year on year — the 12th consecutive quarter of year-over-year growth.

FY26 revenue ₹22,847 Cr (+17.4% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
RevenueYoY growth
24.7k114%18.5k79%12.3k43%6.2k8.0%0−27%₹ Cr%₹22,84717.4%FY16FY21FY26
24.7k114%18.5k79%12.3k43%6.2k8.0%0−27%₹ Cr%₹22,84717.4%FY16FY21FY26
Mar 26: ₹6,215 Cr (+20.7% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
12th straight quarter of growth
Revenue (quarterly)YoY growth
6.7k22%5.0k18%3.4k14%1.7k9.6%05.5%₹ Cr%₹6,21520.7%Jun 23Sep 24Mar 26
6.7k22%5.0k18%3.4k14%1.7k9.6%05.5%₹ Cr%₹6,21520.7%Jun 23Sep 24Mar 26

Acceleration check: trailing-twelve-month revenue grew +17.4% over the last 4 quarters against +16.3%/yr over the last 8 — stabilising; TTM profit +6.1% vs −19.7%/yr — accelerating.

06 · Operating margin

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 Mar 26 quarter, +2.0 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%, +2.0 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 +2.8 pp year on year while gross margin went +0.4 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

FY26: 10.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 10-year window.
within a 7.0–13.0% band over 10 years
operating marginYoY change (pp)
13%3.4%12%1.9%10%0.5%8.3%−0.9%6.5%−2.4%%%10%0%FY17FY21FY26
13%3.4%12%1.9%10%0.5%8.3%−0.9%6.5%−2.4%%%10%0%FY17FY21FY26
Mar 26: 9.0% operating margin (+2.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
13%2.4%12%0.9%10%−0.5%8.3%−1.9%6.5%−3.4%%%9%2%Jun 23Sep 24Mar 26
13%2.4%12%0.9%10%−0.5%8.3%−1.9%6.5%−3.4%%%9%2%Jun 23Sep 24Mar 26
07 · Net profit

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 ₹234 Cr of net profit in the Mar 26 quarter, +48.1% year on year. Full-year FY26 profit was ₹1,118 Cr. That is 3.8% of the quarter's revenue. The same quarter a year earlier earned ₹158 Cr.

Mar 26 profit was ₹234 Cr, +48.1% year on year. On the full year, FY26 printed ₹1,118 Cr (+6.1%).

FY26 profit ₹1,118 Cr (+6.1% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
Net profitYoY growth
1.9k269%1.4k187%930104%46521%0−62%₹ Cr%₹1,1186.1%FY16FY21FY26
1.9k269%1.4k187%930104%46521%0−62%₹ Cr%₹1,1186.1%FY16FY21FY26
Mar 26: ₹234 Cr (+48.1% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
894173%671109%44745%224−20%0−84%₹ Cr%₹23448.1%Jun 23Sep 24Mar 26
894173%671109%44745%224−20%0−84%₹ Cr%₹23448.1%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed +20.7% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +11.1% vs revenue +17.4%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

08 · Cash flow — the router

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.

FY26: CFO ₹1,161 Cr vs profit ₹1,118 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution. FY21 reflects an acquisition year — point shown clipped.
78% of 3-year profit arrived as cash
Operating cashNet profitFree cash
1.9k1.1k309−512−1.3k₹ Cr₹1,161₹1,118₹−650FY16FY21FY26
1.9k1.1k309−512−1.3k₹ Cr₹1,161₹1,118₹−650FY16FY21FY26
FY26: CFO = 104% of profit (three-year rate 78%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
280%215%151%86%21%%104%FY16FY21FY26
280%215%151%86%21%%104%FY16FY21FY26

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.

09 · Where the cash goes

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.

FY26: a 41-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 10-year window.
+79 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
2451699317−59days41d70d70d98dFY17FY19FY21FY23FY26
2451699317−59days41d70d70d98dFY17FY21FY26

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.

FY26: capex ₹1,811 Cr, work-in-progress ₹895 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
2.4k1.8k1.2k6090₹ Cr₹1,811₹895FY17FY19FY21FY23FY26
2.4k1.8k1.2k6090₹ Cr₹1,811₹895FY17FY21FY26

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

10 · Return on capital

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 −3.4 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: 8.6% − 12.0% = a −3.4 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.

FY26: ROCE 17% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 10-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY18's 13%
ROCEROIC (annual)WACC
34%28%21%15%8.9%%17%10.6%FY17FY21FY26
34%28%21%15%8.9%%17%10.6%FY17FY21FY26
Q4 FY26: ROCE 10.8% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
29%24%19%14%9.1%%10.8%10.5%Q1 FY24Q2 FY25Q4 FY26
29%24%19%14%9.1%%10.8%10.5%Q1 FY24Q2 FY25Q4 FY26
11 · Debt

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.

FY26: debt ₹762 Cr at 0.05× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
3.3k0.4×2.5k0.3×1.7k0.2×8360.1×00.0×₹ Cr×₹7620.05×FY22FY24FY26
3.3k0.4×2.5k0.3×1.7k0.2×8360.1×00.0×₹ Cr×₹7620.05×FY22FY24FY26
Mar 26: debt ₹762 Cr, debt-to-equity 0.05 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
3.4k0.4×2.5k0.3×1.7k0.2×8500.1×00.0×₹ Cr×₹7620.05×Jun 23Sep 24Mar 26
3.4k0.4×2.5k0.3×1.7k0.2×8500.1×00.0×₹ Cr×₹7620.05×Jun 23Sep 24Mar 26
12 · Ownership

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.

Fiscal-year ends: promoters −1.1 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
48%38%28%18%8.6%%44.0%21.4%21.8%12.3%Mar 24Mar 25Mar 26
48%38%28%18%8.6%%44.0%21.4%21.8%12.3%Mar 24Mar 25Mar 26
Domestic institutions added 5.5 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
49%39%29%19%8.5%%43.9%22.4%21.0%12.3%Jun 23Dec 24Jun 26
49%39%29%19%8.5%%43.9%22.4%21.0%12.3%Jun 23Dec 24Jun 26
13 · Safety line

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 reads 6.60. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 6.60 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 6.60.

14 · Related companies · Diversified
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Indiabulls LimitedIBULLSLTD 61.6/100Mixed-positive evidence67% evidence LEADER 18.3/35 Revenue 100% · PAT 100% · OPM change 28 pp 71% evidence 14.2/25 ROCE 16.2% · OPM 43% 76% evidence 10.6/20 P/E 13.2× · PEG — 15% evidence 18.5/20 RS sector 45.4% · RS bench 50.9% · 1Y 82.1%12 of 12 weeks ahead 100% evidence
Exact sum: 18.3 + 14.2 + 10.6 + 18.5 = 61.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2BCL Industries LtdBCLIND 61.0/100Mixed-positive evidence83% evidence FADING 19.3/35 Revenue -0.8% · PAT 21.1% · OPM change 2 pp 83% evidence 14.4/25 ROCE 13.9% · OPM 9% 95% evidence 13.1/20 P/E 9.4× · PEG — 50% evidence 14.2/20 RS sector -0.4% · RS bench 4.6% · 1Y -17.6%9 of 12 weeks ahead 100% evidence
Exact sum: 19.3 + 14.4 + 13.1 + 14.2 = 61 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
33M India Ltd3MINDIA 59.1/100Mixed-positive evidence90% evidence TURNING 17.6/35 Revenue 11.5% · PAT -7.5% · OPM change -1.8 pp 88% evidence 20.0/25 ROCE 40.5% · OPM 17.2% 100% evidence 11.7/20 P/E 63.8× · PEG 1.25 100% evidence 9.8/20 RS sector -3.7% · RS bench 3.4% · 1Y 10.8%2 of 10 weeks ahead 70% evidence
Exact sum: 17.6 + 20 + 11.7 + 9.8 = 59.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Grasim Industries LtdGRASIM 57.6/100Mixed-positive evidence78% evidence LEADER 22.9/35 Revenue 18.1% · PAT 32.8% · OPM change 1 pp 83% evidence 12.8/25 ROCE 8% · OPM 21% 76% evidence 6.7/20 P/E 42.2× · PEG — 50% evidence 15.2/20 RS sector 2.2% · RS bench 6.9% · 1Y 14.5%11 of 12 weeks ahead 100% evidence
Exact sum: 22.9 + 12.8 + 6.7 + 15.2 = 57.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Sobhagya Mercantile Ltd512014 56.7/100Mixed-positive evidence71% evidence ASLEEP 18.6/35 Revenue 49.3% · PAT 41.8% · OPM change -3.7 pp 83% evidence 18.5/25 ROCE 23.4% · OPM 10.9% 76% evidence 9.7/20 P/E 43.3× · PEG — 15% evidence 9.9/20 RS sector -1% · RS bench 3.7% · 1Y 62.5%6 of 12 weeks ahead 100% evidence
Exact sum: 18.6 + 18.5 + 9.7 + 9.9 = 56.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6Texmaco Infrastructure & Holdings LtdTEXINFRA 55.9/100Mixed-positive evidence76% evidence LEADER 24.3/35 Revenue 9.9% · PAT 100% · OPM change 78.8 pp 83% evidence 5.5/25 ROCE 1.4% · OPM -41.9% 95% evidence 8.7/20 P/E 133× · PEG — 15% evidence 17.4/20 RS sector 7.9% · RS bench 12.9% · 1Y 15.7%8 of 12 weeks ahead 100% evidence
Exact sum: 24.3 + 5.5 + 8.7 + 17.4 = 55.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Kalind Ltd526935 55.2/100Mixed-positive evidence67% evidence BASING 23.6/35 Revenue — · PAT — · OPM change 21 pp 52% evidence 18.2/25 ROCE 32% · OPM 63% 76% evidence 10.6/20 P/E 21.8× · PEG — 50% evidence 2.8/20 RS sector -84.1% · RS bench 2% · 1Y -44.6%1 of 12 weeks ahead 100% evidence
Exact sum: 23.6 + 18.2 + 10.6 + 2.8 = 55.2 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -84.1% and the one-year return is -44.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
8Balmer Lawrie & Company LtdBALMLAWRIE 53.8/100Mixed-positive evidence82% evidence ASLEEP 16.6/35 Revenue 8.9% · PAT 3.8% · OPM change 1 pp 95% evidence 15.3/25 ROCE 14.6% · OPM 13% 76% evidence 14.5/20 P/E 10.6× · PEG — 50% evidence 7.4/20 RS sector -13.8% · RS bench -9.4% · 1Y -20.2%2 of 12 weeks ahead 100% evidence
Exact sum: 16.6 + 15.3 + 14.5 + 7.4 = 53.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9Tube Investments of India Ltdthis pageTIINDIA 46.1/100Mixed-negative evidence96% evidence ASLEEP 18.6/35 Revenue 17.4% · PAT 6.1% · OPM change 2 pp 88% evidence 17.9/25 ROCE 17.1% · OPM 9% 100% evidence 2.0/20 P/E 80.6× · PEG 9.63 100% evidence 7.6/20 RS sector -9.1% · RS bench -4.8% · 1Y -4.5%9 of 12 weeks ahead 100% evidence
Exact sum: 18.6 + 17.9 + 2 + 7.6 = 46.1 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
10Nurture Well Industries Ltd531889 45.0/100Mixed-negative evidence71% evidence ASLEEP 15.8/35 Revenue 34% · PAT 27% · OPM change -9.1 pp 83% evidence 15.0/25 ROCE 22.9% · OPM 0.2% 76% evidence 11.5/20 P/E 8.6× · PEG — 15% evidence 2.7/20 RS sector -21.8% · RS bench -18.1% · 1Y 23.1%0 of 12 weeks ahead 100% evidence
Exact sum: 15.8 + 15 + 11.5 + 2.7 = 45 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11Bluspring Enterprises LtdBLUSPRING 43.0/100Thin evidence · provisional57% evidence TURNING 18.4/35 Revenue 11.8% · PAT 90.6% · OPM change 0.7 pp 71% evidence 3.5/25 ROCE 5.1% · OPM 2.2% 95% evidence 8.9/20 P/E 114× · PEG — 15% evidence 12.2/20 RS sector — · RS bench 51.5% · 1Y 23.7%10 of 10 weeks ahead 25% evidence
Exact sum: 18.4 + 3.5 + 8.9 + 12.2 = 43 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12Nava LtdNAVA 41.7/100Mixed-negative evidence89% evidence ASLEEP 9.8/35 Revenue 7.8% · PAT -27.6% · OPM change -5 pp 88% evidence 14.3/25 ROCE 12.8% · OPM 32% 100% evidence 13.1/20 P/E 20.5× · PEG 1.16 65% evidence 4.5/20 RS sector -13.4% · RS bench -9.3% · 1Y -9.6%3 of 12 weeks ahead 100% evidence
Exact sum: 9.8 + 14.3 + 13.1 + 4.5 = 41.7 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
13Swan Corp LtdSWANCORP 35.8/100Thin evidence · provisional58% evidence ASLEEP 15.1/35 Revenue -11.5% · PAT -69% · OPM change -31.6 pp 62% evidence 6.3/25 ROCE 3.9% · OPM -30% 76% evidence 10.1/20 P/E 35.2× · PEG — 15% evidence 4.3/20 RS sector -29.3% · RS bench -22.8% · 1Y -35%0 of 10 weeks ahead 70% evidence
Exact sum: 15.1 + 6.3 + 10.1 + 4.3 = 35.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14Andrew Yule & Company LtdANDREWYU 34.7/100Thin evidence · provisional55% evidence TURNING 13.2/35 Revenue -4.8% · PAT -80% · OPM change -9 pp 62% evidence 3.5/25 ROCE -6.3% · OPM -52% 76% evidence 10.0/20 P/E — · PEG — 0% evidence 8.0/20 RS sector -37% · RS bench 13.8% · 1Y -5.2%10 of 11 weeks ahead 70% evidence
Exact sum: 13.2 + 3.5 + 10 + 8 = 34.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15Integrated Industries LtdIIL 64.5/100Thin evidence · provisional50% evidence 20.6/35 Revenue 60.5% · PAT 94.6% · OPM change 2 pp 53% evidence 16.7/25 ROCE 30.5% · OPM 11% 57% evidence 11.0/20 P/E 11.6× · PEG — 15% evidence 16.2/20 RS sector 51.9% · RS bench 63.7% · 1Y 114.3%11 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 20.6 + 16.7 + 11 + 16.2 = 64.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16Arunis Abode LtdARUNIS 50.8/100Thin evidence · provisional45% evidence 15.3/35 Revenue 100% · PAT 100% · OPM change -17.7 pp 40% evidence 9.4/25 ROCE -5.3% · OPM 28.5% 57% evidence 9.4/20 P/E 62.5× · PEG — 15% evidence 16.7/20 RS sector 131.3% · RS bench 136.7% · 1Y 395.6%12 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 15.3 + 9.4 + 9.4 + 16.7 = 50.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17Piramal Enterprises Ltd(Merged)PEL 47.8/100Thin evidence · provisional41% evidence 19.0/35 Revenue 13.3% · PAT 100% · OPM change -0.7 pp 27% evidence 11.8/25 ROCE 6.8% · OPM 65.1% 57% evidence 9.6/20 P/E 49× · PEG — 15% evidence 7.4/20 RS sector -20.3% · RS bench 1% · 1Y -12.1%6 of 12 weeks ahead to 2025-09-24 70% evidence
Exact sum: 19 + 11.8 + 9.6 + 7.4 = 47.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
18Bharat Global Developers LtdBGDL 46.9/100Thin evidence · provisional47% evidence 15.6/35 Revenue -74% · PAT -80% · OPM change 4.2 pp 53% evidence 10.8/25 ROCE 11.3% · OPM — 46% evidence 8.5/20 P/E 291× · PEG — 15% evidence 12.0/20 RS sector 165.8% · RS bench -70.1% · 1Y -17.1%0 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 15.6 + 10.8 + 8.5 + 12 = 46.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19Rossell India LtdROSSELLIND 41.1/100Thin evidence · provisional47% evidence 14.5/35 Revenue 4.8% · PAT -41.1% · OPM change 0.1 pp 36% evidence 11.0/25 ROCE 6.4% · OPM 10.7% 71% evidence 10.8/20 P/E 11.8× · PEG — 15% evidence 4.8/20 RS sector -28.8% · RS bench -19.6% · 1Y -35%0 of 12 weeks ahead to 2026-03-29 70% evidence
Exact sum: 14.5 + 11 + 10.8 + 4.8 = 41.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
20Kesar Enterprises LtdKESAR 33.6/100Thin evidence · provisional42% evidence 14.2/35 Revenue -55.3% · PAT -80% · OPM change 7.4 pp 40% evidence 5.9/25 ROCE -26.2% · OPM 2.8% 57% evidence 10.0/20 P/E — · PEG — 0% evidence 3.5/20 RS sector -44.4% · RS bench -39.4% · 1Y -66.4%0 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 14.2 + 5.9 + 10 + 3.5 = 33.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

15 · Frequently asked questions

Frequently asked questions

What is Tube Investments of India Ltd's share price today?

Tube Investments of India Ltd trades at ₹2,752, −1.6% over the past year. The company is valued at ₹53,289 Cr. The stock sits at 48% of its 52-week range of ₹2,220–₹3,332, −4.6% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 10 weeks in. — as of 31 July 2026.

What were Tube Investments of India Ltd's latest quarterly results?

Tube Investments of India Ltd reported revenue of ₹6,215 Cr and net profit of ₹234 Cr for the Mar 26 quarter. Revenue rose 20.7% and profit rose 48.1% year on year. Earnings per share were ₹4.41. The operating margin was 9.0%, 2.0 pp higher than a year earlier. — as of 31 July 2026.

What is Tube Investments of India Ltd's revenue?

Tube Investments of India Ltd reported revenue of ₹6,215 Cr in the Mar 26 quarter, +20.7% year on year. For the full FY26 fiscal year, revenue was ₹22,847 Cr (+17.4%). — as of 31 July 2026.

What is Tube Investments of India Ltd's profit?

Tube Investments of India Ltd earned ₹234 Cr of net profit in the Mar 26 quarter, +48.1% year on year. Full-year FY26 profit was ₹1,118 Cr. The operating margin ran 9.0% in the latest quarter. — as of 31 July 2026.

What is Tube Investments of India Ltd's market cap?

Tube Investments of India Ltd's market capitalisation is ₹53,289 Cr at a share price of ₹2,752. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.

What is Tube Investments of India Ltd's P/E ratio?

Tube Investments of India Ltd trades at a P/E of 80.6×, at the 72nd percentile of its own 8-year range, against a long-run median of 64.5×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.

Does Tube Investments of India Ltd pay a dividend?

Yes — Tube Investments of India Ltd's dividend payout was 11% of profit in FY26, and it recorded a payout in 9 of its last 10 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 31 July 2026.

Is Tube Investments of India Ltd overvalued?

On its own history, Tube Investments of India Ltd looks expensive against its own history: its P/E of 80.6× sits at the 72nd percentile of its 8-year range (long-run median 64.5×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 31 July 2026.

Is Tube Investments of India Ltd growing?

Yes — Tube Investments of India Ltd is growing: latest-quarter revenue +20.7% year on year, profit +48.1%, and the margin +2.0 pp at 9.0%. The earnings engine currently reads: improving — as of 31 July 2026.

How is Tube Investments of India Ltd performing?

Tube Investments of India Ltd is in a confirmed uptrend, 10 weeks in. Its latest quarter's revenue rose 20.7% and profit rose 48.1% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 4 weeks. This describes what the data did, not a rating. — as of 31 July 2026.

What stage is Tube Investments of India Ltd in?

Turning around — profit growth swung from −39.5% at the trough to +6.1%, a 2-quarter improving streak, ROCE slipping at 14.9%. The read comes from the last 12 quarters of growth (revenue growth +17.4% latest, profit growth +6.1% latest, eps growth −5.5% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 31 July 2026.

Is Tube Investments of India Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 10 of stage 2), trading −4.6% versus its 200-day average and at 48% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 31 July 2026.

Is Tube Investments of India Ltd beating the market?

Not lately — on a trailing-13-week view Tube Investments of India Ltd is currently behind the NIFTY 500 (4 weeks and counting; last ahead the week of 2026-07-03), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 8.7 years the stock moved +988% against the NIFTY 500's +157% — ahead of the index over the full window. — as of 31 July 2026.

Will Tube Investments of India Ltd's share price go up?

This page publishes no price forecast for Tube Investments of India Ltd. What it measures instead: the share price is ₹2,752, the price is in a confirmed uptrend 10 weeks in. Its P/E of 80.6× sits at the 72nd percentile of its own 8-year range. — as of 31 July 2026.

Who owns Tube Investments of India Ltd?

Promoters hold 43.9% of Tube Investments of India Ltd, foreign institutions 22.4%, domestic institutions 21.0% and the public 12.3% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 5.5 points over 8 quarters. — as of 31 July 2026.

Does Tube Investments of India Ltd have too much debt?

No — Tube Investments of India Ltd's debt-to-equity is 0.10, and operating profit covers the interest bill 29×. FY26 borrowings were ₹754 Cr against equity of ₹7,751 Cr. The returns on this page are earned, not borrowed — as of 31 July 2026.

What is Tube Investments of India Ltd's capex?

Tube Investments of India Ltd spent ₹4,969 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹1,811 Cr, with ₹895 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 31 July 2026.

What is Tube Investments of India Ltd's cash flow?

Tube Investments of India Ltd generated ₹1,161 Cr of operating cash flow in FY26 and ₹−650 Cr of free cash flow after ₹1,811 Cr of capital spending. Reported profit that year was ₹1,118 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 31 July 2026.

Is Tube Investments of India Ltd's profit real cash?

Mostly — over the last 3 fiscal years, 78% of Tube Investments of India Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹1,161 Cr against reported profit of ₹1,118 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 31 July 2026.

How financially safe is Tube Investments of India Ltd?

On the balance sheet, the Z-score reads 6.60 — above roughly 3 is safe, below roughly 1.8 is the distress zone. That sits well clear of trouble. — as of 31 July 2026.

Where is Tube Investments of India Ltd in its business cycle?

Tube Investments of India Ltd's FY26 operating margin was 10.0%, against a 10-year band of 7.0%–13.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 9.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 31 July 2026.

What could break the Tube Investments of India Ltd story?

The sharpest disagreement: Foreign institutions moved −5.0 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 31 July 2026.

Is Tube Investments of India Ltd a stock worth studying right now?

This is not investment advice. The machine read: Tube Investments of India Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 31 July 2026.

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