Chennai: Murugappa Group’s electric mobility arm, TI Clean Mobility, has more than doubled its losses in FY26 as it continued to invest in scaling its EV business across segments.The EV company, a subsidiary of the group’s engineering flagship, Tube Investments of India (TII), indicated that it is prioritising cost optimisation, localisation and higher volumes to accelerate its journey towards EBITDA break-even after transitioning from its initial build-out phase to what it calls a “high-growth” phase.The company reported a standalone pre-tax loss of Rs 264 crore for FY26, compared with Rs 122 crore in the previous year, while revenue declined to Rs 248 crore from Rs 274 crore.The higher losses came despite strong operational momentum across several businesses as newer electric vehicle platforms scaled up. IPLTech Electric, a subsidiary that focuses on electric medium- and heavy-duty trucks, increased revenue to Rs 227 crore from Rs 183 crore, while its pre-tax loss rose to Rs 223 crore from Rs 180 crore.TIVOLT Electric Vehicles, a subsidiary focused on electric light and small commercial vehicles, saw revenue jump to ₹117 crore from just ₹5 crore a year earlier as production gathered pace, although its pre-tax loss widened to Rs 150 crore from Rs 87 crore. Jayem Automotives reported revenue of Rs 126 crore, up from Rs 95 crore in FY25, but slipped to a pre-tax loss of ₹16 crore from a profit of Rs 21 crore in the previous year.“Our electric vehicle portfolio is increasingly visible on Indian roads. The heavy-duty electric trucks have transitioned to an established OEM. The electric small commercial vehicles have a significant market share in the addressable market, and electric tractors are seeing encouraging uptake,” M A M Arunachalam, executive chairman of TII, said in the company’s latest annual report.The company said its electric three-wheeler business is performing strongly across markets, while its electric heavy-truck business has captured a 30% market share. Electric tractors and small commercial vehicles are also gaining traction, supported by a robust pipeline of pre-orders.
