Motilal Oswal's research report on Tube Investments of India
Tube Investments (TIINDIA) reported a weak 3QFY25 performance, hit by subdued growth across key segments. The near-term outlook appears moderate, with key challenges in: i) Engineering – revenue growth pressure from metal price volatility and an uncertain export environment, ii) Metal Formed – weaker pricing in the railway segment, and iii) EVs – slower ramp-up. Considering the same, we cut our FY25E/FY26E consol. EPS by 3.5%/8.7%.
Outlook
However, structural growth drivers are still in place as we expect a ~16%/ 29% consol. revenue/PAT growth over FY25-27. Further, after the recent correction, the stock appears attractive at ~53x/44x FY26E/27E consol. EPS. Reiterate BUY with a TP of ~INR3,690 (premised on Dec’26E SoTP).
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