Buy Tube Investments; target of Rs 1900: Motilal Oswal

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Motilal Oswal's research report on Tube Investments

Tube Investments (TIINDIA) is a flagship company of the Murugappa group. It has a diversified range of products under its three verticals – engineering (57% of S/A FY22 revenue), metal forming products (19%), bicycles (15%) and others (9%). It is the market leader in manufacturing precision steel tubes under engineering vertical with ~60% market share in telescopic front fork suspension; it is a significant player in car door frames and the largest player in fragmented industrial chains segment (35% market share) under metal forming vertical. It is also the second largest player in bicycle business.

Outlook

We initiate coverage on the stock with a BUY rating and a TP of ~INR1,900.

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