The Murugappa Group is reinforcing its long-term commitment to electric mobility as it prepares to significantly scale its EV operations. With manufacturing capacity now in place and early market traction visible, Murugappa Group plans fresh ₹750cr investment to accelerate growth in its electric vehicle business through its subsidiary, TI Clean Mobility.
Fresh Capital to Scale EV Operations
Tube Investments of India (TII), the engineering flagship of the Murugappa Group, is planning an additional investment of ₹500 crore–₹750 crore into TI Clean Mobility. This comes on top of the nearly ₹750 crore already invested in the EV business. According to management, the focus of the upcoming capital infusion will be on improving cost competitiveness, expanding distribution networks, and accelerating product development across segments.
Despite reporting a loss of ₹164.31 crore in the December 2025 quarter, the company believes the timing is right to scale. Management has identified EBITDA and cash flow break-even as the first critical milestone before moving towards sustained profitability.
EV Portfolio Across Four Key Segments
TI Clean Mobility operates across four electric vehicle segments—electric three-wheelers, small commercial vehicles (SCVs), medium and heavy commercial vehicles (M&HCVs), and electric tractors. Management expects electric heavy trucks and three-wheelers to achieve break-even first, followed by SCVs and tractors.
During the December quarter, the company sold 1,816 electric three-wheelers, 301 electric SCVs, 56 electric heavy trucks, and 29 electric tractors, reflecting gradual but steady adoption across categories.
Strong Position in Heavy Trucks and Three-Wheelers
In the electric heavy truck segment, TI Clean Mobility has emerged as a strong player, holding over 40% market share. The company is actively developing segment-specific use cases, such as cement logistics, to drive customer adoption and improve asset utilization.
In electric three-wheelers, the company has built a dealership network of 117 outlets, covering nearly 65%–70% of the total addressable market. However, competition from established players like Mahindra and Piaggio has intensified. To defend and grow its position, the company is focusing on lowering bill-of-materials costs, strengthening dealer engagement, and launching products across key power categories.
Long-Term Confidence in EV Transition
While acknowledging that the EV business is scaling more slowly than initially anticipated, management remains confident about the long-term opportunity. The gradual shift from internal combustion engine vehicles to electric mobility across commercial and agricultural segments underpins this confidence.
With Murugappa Group plans fresh ₹750cr investment, the company aims to turn early momentum into sustainable growth. As India’s EV ecosystem matures, Murugappa Group plans a fresh ₹750cr investment that could play a decisive role in shaping TI Clean Mobility’s path to profitability and leadership. Ultimately, Murugappa Group plans fresh ₹750cr investment signals unwavering faith in electric mobility as a core growth engine for the future.
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