Synopsis As TIVOLT Electric Vehicles crosses Rs. 81 crore in unaudited nine-month revenue for FY2025-26, a near-20x jump from the prior full year, parent Tube Investments of India has moved to consolidate full ownership, with subsidiary TI Clean Mobility completing a Rs. 30 crore all-cash acquisition of the remaining 5.45% stake to make TIVOLT a wholly owned entity.
Shares of a leading precision engineering conglomerate came into focus after filing a disclosure on March 31, 2026, detailing the buyout of the minority stake in its electric small commercial vehicle unit. The timing is deliberate: with TIVOLT’s revenue trajectory now clearly past the pilot phase, completing ownership consolidation before the fiscal year-end removes any minority interest complication from the subsidiary’s financials going forward.
With a market capitalisation of Rs. 50,455.23 crore, the shares of Tube Investments of India Limited were trading at Rs. 2,606 per share, up 3.56 percent from its previous close of 2,517.3, with the stock currently at a P/E of 82.1. Its ROE stands at 12.8 percent and its ROCE stands at 21.8 percent.
Acquisition Update
TI Clean Mobility Private Limited (TICMPL), the wholly owned EV holding subsidiary of Tube Investments of India, acquired 3,00,00,000 equity shares of TIVOLT Electric Vehicles Private Limited at face value of Rs. 10 per share, representing a 5.45 percent stake, for a total cash consideration of Rs. 30 crore. Post-acquisition, TIVOLT becomes a 100 percent subsidiary of TICMPL, which is in turn wholly held by Tube Investments of India.
The deal structure (face value acquisition at Rs. 10 per share for a combined 30 crore consideration) implies a valuation for the 5.45 percent tranche that is modest in absolute terms. The more instructive signal is the timing: TII chose to clean up the cap table precisely when TIVOLT’s revenue has inflected sharply, suggesting management wanted undivided economics and consolidated control before the business begins to meaningfully contribute to group financials.
The TIVOLT Revenue Story
Incorporated in 2023, TIVOLT operates in the electric Small Commercial Vehicle (e-SCV) segment, a space that sits at the intersection of last-mile logistics demand and India’s EV push in the commercial vehicle category. Its revenue trajectory tells the most important part of the story here. Audited revenues for FY2023-24 stood at Rs. 4.26 crore, rising modestly to Rs. 5.21 crore in FY2024-25, numbers consistent with a business still in product validation and early commercial trials. The unaudited YTD revenue through December 2025 (nine months of FY2025-26) stands at Rs. 81.55 crore, representing a roughly 16x jump over the full prior year.
That acceleration does not happen from pilot programmes alone. At Rs. 81 crore in nine months, TIVOLT is in full commercial production and active market deployment. Whether that growth rate sustains into Q4 and beyond will depend on fleet customer stickiness, service infrastructure, and competition in the e-SCV segment, which is drawing entry from multiple players.
Business & Financials Overview
Tube Investments of India Limited, part of the Murugappa Group and, is one of India’s largest precision engineering manufacturers, with businesses spanning engineering, metal formed products, bicycles, e-mobility, and newer verticals including medical and semiconductors. For Q3 FY2026, consolidated sales stood at Rs. 5,523 crore, up from Rs. 4,812 crore in the corresponding prior-year quarter, with net profit of Rs. 302 crore.
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