### **I. Company Overview** **Tube Investments of India Limited (TII)** is a leading engineering conglomerate and part of the 124-year-old **Murugappa Group**, with a strong presence across automotive, industrial, mobility, and emerging high-growth sectors. With revenues of ₹77,881 crore (as of FY2025), TII operates through diversified business verticals, including precision engineering, automotive components, e-mobility, medical technology, and clean energy. The company follows a **three-engine growth model**: - **TI-1**: Strengthening core businesses (tubes, chains, doorframes) - **TI-2**: Organic expansion into new growth areas (EVs, med-tech, e-bicycles) - **TI-3**: Inorganic growth via strategic acquisitions TII is transitioning from a traditional component manufacturer to an **integrated solutions provider** and **OEM in electric mobility**, supported by digital capabilities and sustainability initiatives. --- ### **II. Business Segment Highlights** #### **1. Mobility Business** - **Product Portfolio**: Bicycles (Hercules, BSA), performance and alloy cycles, fitness equipment, SMART (Spares, Maintenance, Accessories, Recreational, Toddler), e-bicycles, and urban mobility solutions. - **Strategic Focus**: - Dual strategy of **competitive pricing and uncompromised quality**. - Over **80% local sourcing** to reduce cost and import dependence. - Lean operations, improved time-to-market, and enhanced product engineering. - **Global Expansion**: - Launched **Europe-specific e-bicycles** and pursuing **white-label manufacturing** in Europe/U.S. under the *China Plus One* trend. - Exports remain a key growth driver, with enhanced distribution in key geographies. - **Upcoming Launches**: - Domestic **e-bicycle models** in trial phase, with full launch planned for FY2026. - Expansion into e-commerce via **dedicated Track & Trail website**. - New **multi-brand retail outlets (Star Multi Brand Outlets)** to expand B2C footprint. --- #### **2. Mobility Business – Electric Vehicles (TI Clean Mobility Private Limited – TICMPL)** - **Focus Segments**: Electric 3-wheelers, e-tractors, small & heavy commercial vehicles (SCV/HCV). - **Brand**: *Montra Electric*. - **Key Developments (FY2024–2025)**: - **Montra Electric 3W**: Captured **16% market share in South India**, ranked **No. 3 in parts of North, Central & East India**. - Launched **SuperCargo (L5N)** and **Superick (L3)** models; plans for **15-minute rapid-charging vehicles**. - **EV Sales**: 1,866 3-wheelers and 36 electric trucks sold in FY25. - Manufacturing hubs in **Ambattur (Chennai)** and **Manesar (Haryana)**. - Support ecosystem includes **hub charging**, **opportunity charging**, and **One Montra-Electric app**. - **Service Network**: Expanded to **~100 touchpoints** with **Super Care Program**, Road Side Assistance (RSA), and training. - **Subsidiary Initiatives**: - **TIVOLT Electric Vehicles Private Limited**: Launched *EVIATOR 350* e-SCV, received **strong pre-order pipeline**, deliveries began Q4 FY2024–25. - **IPLTech Electric Private Limited**: Acquired (65.2% stake) for **e-M&HCV trucks** (e.g., Rhino 5536). - **Cellestial E-Mobility**: Full acquisition for **e-tractors**; 3 variants under development, focus on Gujarat, Maharashtra, Karnataka, Tamil Nadu. --- #### **3. Industrial Chains (IC) Division** - **Core Strengths**: - Over **60 years in motion, drive & conveying (MDC)** sector. - 15,000+ SKUs; leader in domestic market with global exports. - **Growth Drivers**: - **Export revenues account for ~33%** – strong presence in **US, Europe, Middle East** (cement sector). - Leadership in **construction, infrastructure, material handling, pharma**. - Evolved from component supplier to **integrated solutions provider** (sprockets, anchor bolts, sheaves). - **Innovation & Expansion**: - Launched **high-performance roller & leaf chains**; expanded into **Automated Storage & Retrieval Systems (ASRS)**. - **World’s first dedicated leaf chain plant** inaugurated in Chennai. - **Greenfield plant in Tiruttani** and expansion in Aurangabad to meet rising OEM demand. - Focus on **lightweighting and automation** across industries. --- #### **4. Metal Formed Products Division (MFPD)** - **Core Products**: Automotive chains, fine-blanked parts, **car doorframes (market leader)**, roll-formed sections, railway wagon parts. - **Strategic Initiatives**: - **Explore & Exploit Strategy**: Diversifying into non-automotive sectors to reduce cyclicality. - **Strategic Growth Management (SGM)** and **Strategic Efficiency Management (SEM)** for lead generation and lean manufacturing. - **DiamonD brand**: Strong aftermarket presence with **500+ channel partners**. - Focused on **retrofit kits** and **B2C engagement** via tiered partner model (Gold, Silver, Bronze). - **Railway Focus**: - Secured **₹1,000 crore railway contract**, expected to drive Q4 FY25 growth. - Participating in **Vande Bharat Express** expansion program. - Positioned as a trusted IRIS-certified supplier. --- #### **5. Engineering Division (Tube Products of India – TPI)** - **Core Competency**: Leading Indian supplier of **precision steel tubes** – ERW & CDW types. - **Key Clients**: Automotive OEMs, railways, general engineering. - **Recent Milestones**: - **9% growth in domestic market**. - **New CRSS facility in Nashik**; **second tube plant under construction in Phaltan** (FY26 launch). - Operational **large-diameter plant** with ongoing customer approvals. - Expansion into **higher-diameter, import-substitute pipes**. --- #### **6. Healthcare & Life Sciences** ##### **TI Medical Private Limited** - Subsidiary formed via **67% acquisition of Lotus Surgicals (₹233 crore)**; joint venture with **Premji Invest**. - **Strategy**: "Make in India, Make for the World" in **surgical & medical consumables**. - **Growth Metrics**: - Supplies **9,000 hospitals** across **100 Indian cities**. - Strengthening **international presence** in Russia, Brazil, Gulf, Malaysia, UK, Australia. - New production facilities in **Dehradun** for **hernia mesh, needles, surgical products**. - Pursuing **global market registrations** for FY2026 expansion. - Focus on becoming a **one-stop med-tech solutions provider**. ##### **3xper Innoventure Limited (CDMO)** - **Contract Development & Manufacturing Organization (CDMO)** for APIs, intermediates, KSMs. - **Greenfield Facility in Naidupet, Andhra Pradesh**: - Pilot plant (100L) operational since **Mar 2024**. - **cGMP-compliant manufacturing block (1,000L)** commissioned in **Mar 2025**. - **Second facility (25,000L)** under construction, **target operational by Q4 FY26**. - **R&D Hub in Chennai** with 50+ scientists for process chemistry, scale-up, and tech transfer. - Revenue contribution expected to grow with **commercial API production**. --- ### **III. Strategic Moves & Diversification** | **Initiative** | **Details** | |---------------|-----------| | **Acquisition of Kcaltech (Nov 2024)** | Acquired **67% stake in Kcaltech System India (INR 62 crore)** for **aluminum tubes & HVAC components**, enhancing automotive thermal management capabilities. | | **Semiconductor Entry** | Joint venture **CG Semi Private Ltd** with **Renesas (USA)** and **Stars Microelectronics (Thailand)** investing **₹7,600 crore** in **OSAT facility, Sanand, Gujarat**; to serve auto, IoT, 5G sectors. | | **Waste-to-Energy** | Joint venture **X2Fuels & Energy Private Ltd (50% stake)** for converting waste into liquid/solid fuels. | | **Micro Gas Turbines** | Investment in **Aerostrovilos Energy (27.78% stake)** for alternative fuel tech. | | **Electronics Expansion** | 76% stake in **Moshine Electronics** for **mobile camera modules**, capturing import substitution opportunities. | --- ### **IV. Technology & Digital Transformation** - **IIoT & AI Integration**: - **Pan-TII IIoT platform** connects machines via PLCs on ERP, enabling real-time monitoring. - **AI-driven demand forecasting** models analyze **market trends, geopolitics, and supply shifts**. - **AI-powered predictive maintenance** to reduce downtime. - **ERP & Analytics**: - Unified dashboards for asset utilization, productivity, and performance gaps. - **BIZOM app** and digital workflows deployed for sales and operations. --- ### **V. Sustainability & ESG** - **60% renewable energy** used across operations. - Focus on **green manufacturing**, **localized battery pack assembly**, and **low-carbon EVs**. - EVs promoted under **FAME, PM E-Drive** schemes. - E-tractors and e-trucks designed for **swappable batteries, low TCO, and zero emissions**. --- ### **VII. Financial & Ownership Profile** - **Subsidiaries**: - **TI Clean Mobility (TICMPL)**: 13.88% non-controlling interest (majority owned) - **TI Medical Private Limited**: 0.06% non-controlling interest - **TIVOLT EV**: 3.97% non-controlling interest - **Key Stakeholders**: - Murugappa Group: Parent conglomerate with interests in 10 listed entities. - CG Power & Industrial Solutions: Major subsidiary in motors, switchgears, transformers, railway systems. - **Revenue Mix (as of FY2024–25)**: - **60%**: Engineering (tubes, tubular products) - **20%**: Metal Formed Products - **9%**: Cycles & Accessories - **11%**: Industrial Chains, CDMO, Med-tech, and Emerging Businesses