TL;DR
Murugappa Group's TI Clean Mobility plans an additional ₹500-₹750 crore investment to scale its EV business across various segments, aiming for profitability despite initial delays.
The Murugappa Group's engineering flagship, Tube Investments of India (TII), has announced plans to invest an additional ₹500 crore to ₹750 crore into its electric vehicle (EV) subsidiary, TI Clean Mobility. This significant capital injection is aimed at scaling up operations and guiding the business towards profitability, despite acknowledging that the EV venture is taking longer than initially expected to achieve scale. The commitment was reaffirmed during the company's Q3 FY26 earnings call, emphasizing the long-term potential and the ongoing transition from internal combustion engine (ICE) vehicles to electric mobility across its target segments.
TI Clean Mobility currently operates across four distinct EV segments: electric three-wheelers, small commercial vehicles (SCVs), medium and heavy commercial vehicles (M&HCVs), and electric tractors. The management anticipates that the heavy trucks and three-wheelers segments will achieve break-even first, followed by small commercial vehicles and tractors. In the December 2025 quarter, the company reported sales of 1,816 electric three-wheelers, 301 electric small commercial vehicles, 56 electric heavy trucks, and 29 electric tractors.
Vellayan Subbiah, Vice Chairman of Tube Investments, stated that with manufacturing capacity already established and "green shoots" appearing across newly launched products, now is the opportune time to intensify investment in the EV business. The proposed funds will be allocated towards improving cost competitiveness, expanding distribution networks, and accelerating product development, with the primary goal of achieving EBITDA and cash flow break-even.
