Tube Investments of India is an industrial house that turns metal into motion - it makes the precision tubes, chains, gears and electric vehicles that keep India’s factories running and its vehicles moving. Born from the 124‑year‑old Murugappa Group and demerged into its current form in 2017, the company runs on a deliberate “three‑engine” logic: a cash‑generating core of established manufacturing businesses (TI‑1), a set of frontier ventures it builds from scratch (TI‑2), and a string of acquisitions that bolt on new capabilities without straining the balance sheet (TI‑3). That rhythm - earn from the old, seed the new, buy the missing piece - explains how a 75‑year‑old tube maker became a conglomerate spanning bicycles, medical devices, semiconductors and electric trucks. # Business segments Five engines at different stages - a hydrocarbon cash cow, two consumer platforms at national scale, and a green‑energy bet under construction - each built with the cash flows of the one before. ## 1. Engineering: the precision‑metal backbone that feeds the auto industry **India’s largest precision‑tube maker supplies the car and boiler industries with components they cannot easily switch, and passes raw‑material costs through to customers.** - **Market leader in cold‑drawn tubes** - the division is the preferred Indian supplier of CDW (cold‑drawn welded) tubes, the high‑precision steel tubes used in hydraulic cylinders and automotive systems, and also makes ERW (electric resistance welded) tubes, cold‑rolled steel strips and large‑diameter tubes. - **Cost pass‑through softens commodity swings** - contracts allow the business to recover steel‑price increases from customers, though the adjustment can lag by one or two quarters, so volume growth drives revenue more than price moves. - **Plants sit next to customers** - seven factories in Tamil Nadu, Maharashtra and Punjab are placed close to auto and industrial clusters, and a new plant at Phaltan near Pune is expected to commence operations in FY'26 to serve western and northern buyers while using west‑coast ports to dodge supply‑chain congestion. - **Exports are a fifth of the business** - more than 20% of engineering revenue comes from overseas, with recent entry into Russia for large‑diameter specialty tubes and active pursuit of markets in South Africa, Brazil, Argentina, the US and Mexico. ## 2. Metal Formed Products: the chain‑and‑doorframe unit that is quietly winning train‑set orders **India’s market leader for automatic chains and a preferred supplier of roll‑formed car doorframes has turned a railway sideline into a ₹1,000‑crore order book.** - **Four businesses under one roof** - the division makes automotive chains (Drive & Transmission), fine‑blanked precision parts, roll‑formed vehicle doorframes, and railway shell sub‑assemblies, operating 11 plants across eight states. - **Tier‑1 status with car and two‑wheeler makers** - it supplies safety‑critical components directly to OEM assembly lines, offering just‑in‑time delivery and last‑mile connectivity, which locks in relationships that are hard for rivals to replicate. - **A railway order that changes the scale** - a ₹1,000‑crore, seven‑year contract from Indian Railways to supply train sets, plus participation in the Vande Bharat Express programme, gives the division a multi‑year revenue stream beyond the auto cycle. - **Aftermarket reach through 500‑plus channel partners** - the “DIAMOND” brand sells chains and spares through a nationwide network graded into Gold, Silver and Bronze clubs, creating a steady replacement‑parts income that is less tied to new‑vehicle sales. ## 3. Mobility: India’s bicycle habit, dressed up as fitness and export **A 21% share of the organised bicycle market, two heritage brands and a fast‑growing fitness‑equipment line make this the company’s consumer face.** - **Brands that span the price ladder** - BSA and Hercules cover the mass market, while MACH CITY, ROADEO and MONTRA target premium buyers, and HERCULES FITNESS sells 650‑plus items from home treadmills to commercial gym equipment through 470‑plus dealers. - **10,000‑plus dealers and a shop‑in‑shop push** - the business reaches every corner of India through its dealer network and is building a premium retail experience via “Track & Trail” exclusive outlets and “Star MBO” shop‑in‑shop formats inside multi‑brand stores. - **Local supply chain, global ambition** - over 80% of components are sourced locally, while the export strategy targets European and American white‑label opportunities as buyers look beyond China; the Chennai plant has been dedicated to high‑end premium bicycles for export. - **E‑bicycles and fitness are the next leg** - the business is expanding into electric bicycles for domestic and European markets, and the fitness arm has already set up more than 1,000 gyms across India, turning a hardware sale into a recurring institutional relationship. ## 4. TI Clean Mobility: the electric‑vehicle bet built from scratch **A subsidiary created in 2022 now sells electric three‑wheelers, tractors, heavy trucks and small commercial vehicles - and in trucks it already leads the market.** - **Four vehicle types, one commercial logic** - the subsidiary targets the “productive end of the spectrum”: vehicles that owners use to earn a living, not for personal transport, spanning e‑three‑wheelers (brand Montra Electric), e‑tractors, e‑heavy trucks (via subsidiary IPLTech) and e‑small commercial vehicles (via subsidiary TIVOLT). - **Market leadership in electric trucks** - the heavy‑truck arm ended the year with about 28% market share, and the small‑commercial‑vehicle arm held 27% in the March 2026 quarter; the Rhino truck was the first electric truck in India certified under the government’s PM E‑drive scheme. - **Three‑wheelers are scaling through telematics** - Montra Electric has captured 16% market share in South India and built a service network of nearly 100 touchpoints; every vehicle transmits real‑time data on mileage, charging and maintenance, which helps keep uptime high for commercial users. - **Tractors and R&D complete the platform** - the E27 e‑tractor launched in early 2025 targets four states initially, and a 50% stake in Jayem Automotives, an automotive R&D house, gives the subsidiary in‑house design and testing capability for future models. ## 5. CG Power and Industrial Solutions: the power‑equipment giant that TII bought **A 56%‑owned subsidiary that is one of the world’s top‑10 transformer makers and India’s number‑one motor manufacturer, now pushing into semiconductors.** - **Two halves - Power and Industrials** - the Power side makes transformers, switchgear and reactors for utilities like PGCIL and NTPC; the Industrials side makes motors, drives and railway propulsion systems for cement, steel and oil‑and‑gas customers. - **A landmark US data‑centre order** - CG secured its largest‑ever single order, a ₹900‑crore power‑transformer export contract for a large‑scale data‑centre project in the United States, signalling that its heavy electrical kit meets global hyperscaler standards. - **Semiconductor assembly is under construction** - through its joint venture CG Semi, the group is building an outsourced semiconductor assembly and testing (OSAT) plant in Sanand, Gujarat, with a ₹7,600‑crore investment; the first facility is set to begin commercial production in calendar 2026. # Group structure and partners **TII is the flagship of the 124‑year‑old Murugappa Group, but its real structural advantage is a web of majority‑owned subsidiaries that each attack a distinct growth market - electric vehicles, medical devices, pharma manufacturing, semiconductors - while the listed parents keep the consolidated balance sheet disciplined.** - The Murugappa Group spans 29 businesses and ten listed companies, with over 51,000 employees and brands from BSA and Hercules to Parry’s and Chola. - TII holds 56% of CG Power and 70% of Shanthi Gears, both listed; CG Power in turn owns the CG Semi OSAT joint venture with Renesas and Stars Microelectronics, and its subsidiary Axiro Semiconductor is acquiring Renesas’ radio‑frequency components business. - TI Clean Mobility is nearly wholly owned and holds 95.58% of electric‑truck maker IPLTech, 100% of electric‑SCV maker TIVOLT, and 50% of R&D firm Jayem Automotives. - TI Medical (67% TII, 33% Premji Invest) makes surgical sutures, meshes and staplers, reaching 9,000 hospitals in 100 Indian cities and exporting to markets from Russia to Australia. - 3xper Innoventure (\~95% TII) is a pharmaceutical contract development and manufacturing organisation with an R&D lab in Chennai and a manufacturing site in Andhra Pradesh; its founder‑CEO can earn up to 25% equity based on performance. - Overseas, TII holds 95% of French chain distributor Financière C10 (which owns Sedis), 80% of two bicycle subsidiaries in Sri Lanka, and a Chinese subsidiary supporting EV product development.