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Motilal Oswal Report
Despite near-term margin headwinds, Tube Investments of India Ltd. offers diversified revenue streams, with steady growth in the core business (~7% S/A PAT compound annual growth rate over FY26-28E) and CG Power, as well as the optionality of new businesses incubated under the TI-2 strategy.
Motilal Oswal reiterates its Buy rating with a target price of ~Rs 3,379 (premised on FY28E SoTP; valuation is based on a 15x PER for the standalone business, valuing the listed subsidiaries at a 35% HoldCo discount).
ALSO READ: Nifty 50 To Non-Nifty Picks: Motilal Oswal's Top Stock Ideas After A 'Picture-Perfect' Q1
Tube Investments' Q1 FY27 adj. PAT at Rs 160 crore came in line with estimate despite a 70 basis point miss on Ebitda margin.
MFD was the worst performing segment, with segmental margins contracting 320 bp YoY.
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