Motilal Oswal's research report on Tube Investments of India
Tube Investments’ (TIINDIA) 4QFY25 performance was in line with our estimates, with PAT growth of 5% YoY to INR2.6b. Growth drivers from hereon include the ramp-up of a new facility in Nashik for the Engineering division and the INR10b new order win from Railways. We have not changed our estimates. TIINDIA has diversified revenue streams, with healthy growth in the core business (~11% standalone PAT CAGR over FY25E-27E) and CG Power and the optionality of new businesses incubated under the TI-2 strategy.
Outlook
Reiterate BUY with a TP of ~INR3,658 (premised on FY27E SOTP, based on 32x for the standalone business, valuing listed subsidiaries at 30% HoldCo discount).
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