Tube Investments of India

What Tube Investments of India does

Tube Investments of India Limited (NSE: TIINDIA, BSE: 540762) is a Chennai-headquartered, publicly listed precision manufacturing conglomerate and flagship listed entity of the 125-year-old Murugappa Group, which reported consolidated turnover of ₹90,178 crore across ten listed companies. The company operates four core divisions: TI Cycles of India (BSA, Hercules, Montra bicycles and fitness equipment), Tube Products of India / TPI CRSS (precision Cold Drawn Welded and ERW steel tubes plus CRCA steel strips for automotive and industrial applications), TIDC (automotive drive and timing chains, industrial chains, and fine blanked components under the Rombo brand), and TI Metal Forming / TIMF (hydro-formed sheet metal components, car door frames, and railway roll-formed sections). Beyond these divisions, TII owns controlling stakes in power and industrial solutions (CG Power, 56% stake), power transmission (Shanthi Gears), French industrial chain maker Sedis, and a widening ecosystem of growth subsidiaries spanning electric mobility (TI Clean Mobility / Montra Electric, IPLTech, TIVOLT, Jayem Automotives), medical devices (TI Medical, Lotus Surgicals), pharmaceutical CDMO (3xper Innoventure), optoelectronics (TIOS), and electronics (MoShine, Orange Koi).

The company sells into major Indian automotive OEMs including Bajaj Auto, TVS Motors, Hero MotoCorp, Honda Motorcycle and Scooter India, Tata Motors, Toyota, Maruti Suzuki, Mahindra & Mahindra, Royal Enfield, Hyundai, and Ford India, as well as industrial customers such as Schaeffler, SKF, Thermax, John Deere, Mitsubishi Caterpillar, and ONGC. Consumer brands are distributed through 175+ Track & Trail retail stores plus independent dealers and e-commerce channels, while international distribution flows through Sedis (100+ countries) and Rombo (40+ countries). Certified to IATF 16949, ISO 9001, ISO 14001, and ISO 22163 (IRIS), TII manufactures at facilities spanning Chennai (Avadi, Ambattur), Thiruthani, Shirwal, Mohali, Bawal, Sanand, Halol, Laksar, Hyderabad, Medak, Sri City, and Mumbai domestically, plus two plants in France.

FY26 consolidated revenue was Rs 22,847 crore (17% YoY growth), with Q4 FY26 revenue of Rs 6,214.74 crore (20.68% YoY). The business generated Rs 826 crore of free cash flow and a 54% ROIC in FY26. Recent capital deployment includes a ₹250 crore investment in TI Clean Mobility (March 2026), a ₹75 crore investment in 3xper Innoventure (March 2026), and the 87% acquisition of Orange Koi (February 2026, up to ₹73 crore) to enter metal injection molding. Pricing is negotiated B2B with OEMs under multi-year contracts; consumer products follow standard retail pricing through Track & Trail and dealer networks.

Name

Tube Investments of India

Legal name

Tube Investments of India Limited

Website

http://www.tiindia.com

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Tube Investments of India is a Chennai-listed precision manufacturing conglomerate under the Murugappa Group, producing automotive tubes, drive chains, sheet metal components, bicycles, and electric vehicles for major Indian OEMs and global industrial customers.

Ownership category

akta.pro rank

Product category

Automotive Components and Precision Manufacturing

NAICS

Motor Vehicle Parts Manufacturing (3363), Motorcycle, Bicycle, and Parts Manufacturing (336991)

SIC

Steel Pipe & Tubes (3317), Motorcycles, Bicycles & Parts (3751)

akta.pro primary industry

Hoses, Tubing & Fittings (Hydraulic/Pneumatic Lines & Connectors) (IMAHAGAH)

akta.pro secondary industry

Chains & Wire Manufacturing (CRAKAIAE)

Keywords

• Precision steel tubes
• Automotive components manufacturing
• Industrial chains
• Bicycle manufacturing
• Metal formed products

Headquarters

HQ city

Chennai

HQ country

India

HQ region

Asia

Offices16 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Auto Components Manufacturing: Revenue from manufacturing and selling precision auto components including tubes, chains, metal formed products to automotive OEMs. Consolidated net sales of Rs 6,214.74 crore in March 2026, up 20.68% YoY.
2. Bicycles and Fitness Equipment: Revenue from TI Cycles of India division selling BSA, Hercules, Montra bicycles and fitness equipment through retail stores and dealers
3. Electric Vehicle Operations: Revenue from TI Clean Mobility subsidiary through Montra Electric brand for electric three-wheelers, trucks, and tractors. Subsidiary reported revenue of Rs 248 crore in FY26.
4. Medical Devices: Revenue from TI Medical subsidiary including Lotus Surgicals acquisition and IV cannula facility
5. Pharmaceutical CDMO: Revenue from 3xper Innoventure subsidiary in contract development and manufacturing of pharmaceutical APIs

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Tube Investments of India manufactures and sells precision steel tubes, cold-rolled steel strips, automotive and industrial chains, sheet metal formed components, and bicycles. The company supplies auto OEMs with engineered components (tubes, chains, door frames, fine-blanked parts) under divisions such as TPI, TIDC, and TIMF, while selling BSA, Hercules, and Montra bicycles through retail networks. It also operates subsidiaries in power solutions (CG Power), power transmission (Shanthi Gears), industrial chains (Sedis), electric mobility (Montra Electric, IPLTech, TIVOLT), medical devices, and pharmaceuticals.

Product overview

Tube Investments of India operates as a diversified industrial conglomerate with multiple business divisions and subsidiaries. The company follows a platform-plus-modules architecture with core divisions in Mobility (bicycles under TI Cycles producing BSA, Hercules, Montra brands), Engineering (precision tubes via Tube Products of India, cold rolled steel strips via TPI CRSS, custom machines via TI Machine Building), and Metal Formed Products (automotive chains via TIDC Auto Chains, fine blanking, TI Metal Forming for sheet metal components, TIMF Railways for rail products). The company also manufactures TMT bars (TI Macho) and industrial chains. Through subsidiaries, TII operates in power solutions (CG Power), power transmission (Shanthi Gears), industrial chains globally (Sedis), electric mobility (TI Clean Mobility/Montra Electric, TIVOLT, IPLTech Electric, Jayem Automotives), medical devices (TI Medical), pharmaceuticals (3xper Innoventure), optoelectronics (TIOS), and electronics components (MoShine Electronics). The company acquired Orange Koi in 2026 to enter metal injection molding. TII's TI-2 strategy focuses on scaling EV and medical businesses alongside core operations.

Differentiator

Problem solved

Functional benefit

Brands

• TI Cycles of India: Bicycle manufacturing division; brands include BSA, Hercules, Montra
• Tube Products of India (TPI)
• TIDC India
• TI Metal Forming (TIMF)
• Montra Electric
• TI Macho
• Sedis
• Track & Trail
• BSA
• Hercules

Products and services

• Precision Cold Drawn Welded (CDW) Steel Tubes India's market-leading precision CDW steel tubes and ERW tubes for automotive OEMs including telescopic front fork inner tubes, cylinder bore tubes, propeller shaft tubes, and axle tubes for two-wheeler and four-wheeler manufacturers.
• Cold Rolled Close Annealed (CRCA) Steel Strips Application-specific CRCA steel strips supplied to fine blanking, bearing, automobile, and general engineering industries under the TPI CRSS division.
• Automotive Chains Market-leading drive and timing chains for motorcycles and two-wheeler OEMs, with the Rombo brand serving global customers and aftermarket segments.
• Industrial Chains and Power Transmission Products Industrial chains, sprockets, couplings, and power transmission products for agriculture, cement, steel, sugar, fertilizer, textile, food, and material handling sectors.
• Sheet Metal Formed Auto Components (TIMF) Precision sheet metal formed components including car door frames, window channels, impact beams, and hydro-formed parts manufactured using advanced hydro-forming technology for automotive OEMs.
• Railway Components (TIMF Railways) Roll formed sections for wagons and coaches, including sub-assemblies of sidewalls, end-walls, and roof for Indian Railways and OEM applications.
• Fine Blanked Components Fine blanked precision components for two-wheelers, four-wheelers, and industrial segments using collaborative product development and in-house R&D.
• Bicycles (BSA, Hercules, Montra) Bicycles and fitness equipment sold under BSA, Hercules, and Montra brands through Track & Trail retail stores and independent dealers across India.
• TI Macho TMT Bars Thermo-Mechanically Treated (TMT) bars for construction applications with optimized strength, ductility, toughness, and durability.
• Custom Engineered Machines (TI Machine Building) Custom engineered machines and automation solutions with Industry 4.0 features for special machines, serving Murugappa Group SBUs and external customers.
• Optical Components (TI Optoelectronic Solutions) Optical components including lenses, filters, mirrors, windows, diffusers, beam splitters, and opto-mechanical products manufactured at the Sri City SEZ facility.
• Power Generation, Transmission and Distribution Solutions (CG Power) Transformers, circuit breakers, switchgears, motors, and traction electronics for power generation, transmission, and distribution; also expanding into semiconductor OSAT and EV segments.
• Power Transmission Gears and Gearboxes (Shanthi Gears) Gears, gearboxes, geared motors, and gear assemblies for automotive, process industries, and heavy engineering sectors.
• Industrial and Engineering Class Chains (Sedis) French-manufactured industrial and engineering class chains for infrastructure sectors including Lafarge, airports, metros, and elevator companies; distributed across 100+ countries.
• Electric Vehicles (Montra Electric / TI Clean Mobility) Electric three-wheelers, heavy trucks, light commercial vehicles, and electric tractors under the Montra Electric brand for last-mile mobility and cargo transport.
• Medical Devices (TI Medical / Lotus Surgicals) Medical devices including surgical products and IV cannulas manufactured at the Ambala facility under the TI Medical subsidiary.
• Pharmaceutical CDMO and APIs (3xper Innoventure) Contract development and manufacturing (CDMO) of pharmaceutical active ingredients and APIs established in 2023.
• Camera Modules for Mobile Phones (MoShine Electronics) Camera module manufacturing for mobile phones; 76% stake acquired in 2022 to diversify into the electronics components sector.
• Metal Injection Molded Precision Components (Orange Koi) Precision components manufactured using metal injection molding and additive manufacturing technologies serving medical and defence sectors.

Quantifiable outcome

• 54% ROIC achieved in FY2025-26
• +4 more outcomes

Named customers17 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

13 partnerships are on record, tiered minor and core.

• Orange Koi Private LimitedminorStrategic or Co-development Partner · 6 February 2026TII acquired 87% equity stake in Orange Koi for up to Rs 73 crore, marking entry into metal injection molding (MIM) sector. Orange Koi manufactures precision components for medical and defence industries using MIM and additive manufacturing technologies. Reported turnover of Rs 4 crore in FY25.
• IPLTech Electric Pvt. Ltd.coreStrategic or Co-development Partner · 6 February 2026IPLTech Electric is subsidiary of TI Clean Mobility focused on electric heavy trucks. Generated revenue of Rs 227 crore with strong market traction including 30% market share in electric heavy trucks segment.
• TIVOLT Electric Vehicles Pvt. Ltd.coreStrategic or Co-development Partner · 6 February 2026TIVOLT is subsidiary of TI Clean Mobility addressing electric small commercial and light commercial vehicle segment. Revenue surged from Rs 5 crore to Rs 117 crore showing high growth trajectory.
• 3xper Innoventure LimitedcoreStrategic or Co-development Partner · 1 January 2023TII formed 3xper Innoventure Limited as subsidiary for contract development and manufacturing (CDMO) of pharmaceutical APIs and active ingredients. Initial investment of Rs 285 crore announced in March 2023. Invested Rs 75 crore in Series A CCPS.
• TI Medical Private LimitedcoreStrategic or Co-development Partner · 1 January 2023TII acquired Lotus Surgicals Private Limited through TI Medical subsidiary. Also acquired Medicura's IV cannula facility in Ambala. Targeting 15-20% annual growth in medical devices business.
• Moshine Electronics Pvt. Ltd. (MEPL)coreStrategic or Co-development Partner · 21 July 2022TII acquired 76% stake in Noida-based Moshine Electronics for up to Rs 7.38 crore (revised from Rs 8.64 crore). MEPL manufactures camera modules for mobile phones, aligning with TII's diversification strategy into electronics and components sector supporting Atmanirbhar Bharat initiative.
• TI Clean Mobility Private LimitedcoreStrategic or Co-development Partner · 12 February 2022TII formed TI Clean Mobility subsidiary to venture into electric mobility through Montra Electric brand for electric three-wheelers, trucks, and tractors. Subsidiary operates across multiple EV segments with over 40% market share in electric heavy trucks.
• Cellestial E-MobilitycoreStrategic or Co-development Partner · 24 January 2022TII acquired 70% stake in Hyderabad-based e-tractor company Cellestial E-Mobility for Rs 161 crore to establish new EV subsidiary. Complements existing bicycle and e-bicycle portfolio with focus on clean mobility and electric vehicles.
• CG Power and Industrial Solutions LimitedcoreStrategic or Co-development Partner · 1 November 2020TII acquired control of CG Power (formerly Crompton Greaves) through Swiss auction process when it carried Rs 2,100 crore debt and was reeling from Rs 2,435 crore fraud. Turned debt-free by 2022 with ambitions in semiconductors through CG Semi OSAT facility.
• Creative Cycles Limited and Great Cycles Limited (Sri Lanka)minorStrategic or Co-development Partner · 1 January 2018TII acquired Creative Cycles Limited and Great Cycles Limited in Sri Lanka for bicycle business expansion in South Asian markets.
• Shanthi Gears LimitedcoreStrategic or Co-development Partner · 1 January 2012TII acquired Shanthi Gears Limited, a leading manufacturer of power transmission products including gears, gearboxes, and geared motors. Located in Coimbatore with 6 plants serving automotive, process industries, and engineering sectors.
• Sedis, FrancecoreStrategic or Co-development Partner · 1 January 2010TII acquired majority stake in Sedis, France - a leading manufacturer of industrial and engineering class chains. Sedis has presence in nearly 100 countries serving clients including Lafarge, Charles De Gaulle airport, BAA Heathrow, and various metro projects. Wholly owned subsidiary.
• TIMF Sanand Plant PartnershipminorStrategic or Co-development Partner · 1 January 2010TIMF commissioned new plant in Sanand, Gujarat to manufacture and supply doorframes & cross beams assembly for automotive OEMs near customer facilities.

Scale indicators16 records

Recent moves6 records

Expansion highlights10 records

Market position

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/tiindia.official
• LinkedInlinkedin.com/company/tube-investments-of-india-limited

Compliance25 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tube Investments of India