BSA Hercules

Chennai, India Founded: 1949 • Age: 77 yrs Listed
Bicycle manufacturing and sales in India, focusing on mobility and fitness solutions.

About BSA Hercules

BSA Hercules is a publicly listed company based in Chennai (India) founded in 1949. Bicycle manufacturing and sales in India, focusing on mobility and fitness solutions. It operates in the Consumer and Industrial Goods & Manufacturing sectors. The company has 4,120 employees. Its website bsahercules.com draws about 10 thousand monthly visits. Its Indian entity Tube Investments Of India Limited reported revenue of β‚Ή23,237 Cr. BSA Hercules offers products and services including Bicycles and Fitness Equipment. Its focus areas include Manufacturing, Consumer Goods, Bicycles and Sports and Utility Bicycles.

Company details

TI Cycles was established in 1949 and is recognized for manufacturing bicycles under brands such as BSA Hercules and others. It operates with a network of dealers and stores across India, producing over 3 million cycles annually from plants in Chennai and Rajpura. Various innovations, including the first MTB and geared bikes, have been introduced to meet consumer needs. The company has expanded into fitness equipment and retail formats like Track Trail, promoting cycling as a lifestyle. Its efforts are supported by a history of awards and collaborations.

  • Headquarters Chennai, India
  • Employees 4,120
  • Stage Public
  • Sectors
    Consumer
    Industrial Goods & Manufacturing
  • Email
    β€’β€’β€’β€’β€’β€’β€’β€’
  • Legal Name Tube Investments Of India Ltd
  • Date of Incorporation 06 Oct, 2008
  • Jurisdiction Chennai, Tamil Nadu, India
Key Metrics
  • Market Cap
    ₹40,263 Cr

    TIINDIA · NSE

  • Share Price
    ₹2,085.20

    +0.25% today

  • Revenue
    ₹22,847 Cr

    FY 2025-26 · +17.4% YoY

  • EBITDA
    ₹2,207 Cr

    Margin 9.7%

  • Net Profit
    ₹679 Cr

    FY 2025-26 · -0.4% YoY

  • P/E (TTM)
    63.8x

    P/B 5.3x

  • ROE
    16.8%

    ROCE 22.1%

  • Debt / Equity
    0.11

    Interest cover 5.2x

  • Employee Count
    4,120

Products & Services of BSA Hercules

BSA Hercules offers a comprehensive portfolio of products and services, including Bicycles and Fitness Equipment.

Bicycles
Sports Equipment

Bicycles are manufactured for uses including road and mountain biking to support mobility and fitness needs

Fitness Equipment
Wellness Products

Fitness equipment is developed under brands like Hercules Fitness to promote health and well-being solutions

Board of directors of Tube Investments Of India Limited (BSA Hercules)

Tube Investments Of India Limited is the primary company behind BSA Hercules. The board of Tube Investments Of India Limited currently have 7 directors; the longest-serving is Vellayan Subbiah, appointed in 2017. 21 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Vellayan Subbiah
DIN 01138759
Director19 Aug 20179 yrs 2 moTube Investments Of India Limited
M A M Arunachalam
DIN 00202958
Whole-time director11 Nov 20205 yrs 11 moTube Investments Of India Limited
Anand Kumar
DIN 00818724
Director24 Mar 20215 yrs 7 moTube Investments Of India Limited
Tejpreet Singh Chopra
DIN 00317683
Director16 Mar 20224 yrs 7 moTube Investments Of India Limited
Mukesh Ahuja
DIN 09364667
Managing Director01 Apr 20224 yrs 6 moTube Investments Of India Limited
Vadalur Subramanian Radhakrishnan
DIN 08064705
Director05 Jul 20233 yrs 3 moTube Investments Of India Limited
Shelina Pranav Parikh
DIN 00468199
Director15 May 20251 yr 5 moTube Investments Of India Limited

People of BSA Hercules

11 people are tracked at BSA Hercules (4 in leadership, 7 in team); the tracked headcount is 4,120.

NameRoleGroup
Victorious
CEOLeadership
Ombeer Chauhan
Head Logistics & Planning Domestic Business TI Cycle Of India, RajpuraLeadership
Vimal V
Head Of MarketingLeadership
Venkateswaran Balabaskaran
GM & Head - Design & New Product DevelopmentLeadership
Rajesh Marianayakam
Sr. Manager - HRTeam
Deepa .
Human Resources ExecutiveTeam
Ravi Raghul
Senior ExecutiveTeam
Savitha Lakshmi
Management TraineeTeam
Jeevan Mishra
Regional Manager Retail Store Operations And Business DevelopmentTeam
Vignesh Velmani
Assistant Manager (ecommerce Business)Team
Goudhaman Rathinam
Assistant ManagerTeam
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  • Team structure
  • Board tenure
  • Professional contacts

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IPO & Listings of BSA Hercules

BSA Hercules is a publicly listed company on the NSE with ticker symbol TIINDIA in India, operating in the Capital Goods-Non Electrical Equipment sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • Listed onNSE: TIINDIA
  • Listed entityTube Investments Of India Limited
  • Exchange sectorCapital Goods-Non Electrical Equipment

Financials of BSA Hercules

Exchange-reported figures of Tube Investments Of India Limited, the listed company behind BSA Hercules (NSE: TIINDIA).

Financial Highlights

FY 2025-26 Β· Consolidated
Revenue
₹22,847 Cr
+17.4% YoY
EBITDA
₹2,207 Cr
+18.8% YoY
Profit After Tax
₹679 Cr
-0.4% YoY
Net Worth
₹7,751 Cr
+40.0% YoY
Total Assets
₹15,151 Cr
+38.0% YoY
Total Debt
₹754 Cr
+7.2% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue22,84719,46516,89014,96412,4476,0834,750
Revenue growth+17.4%+15.2%+12.9%+20.2%+104.6%+28.1%-
EBITDA2,2071,8571,9111,8371,449599560
EBITDA margin+9.7%+9.5%+11.3%+12.3%+11.6%+9.8%+11.8%
Profit before tax1,8521,6532,2181,7481,152365403
Net profit6796821,197943753303318
Net profit margin+3.0%+3.5%+7.1%+6.3%+6.1%+5.0%+6.7%
EPS (β‚Ή)32.8934.8262.0849.4839.8614.2816.30
Balance sheet
Total assets15,15110,9798,9946,8044,6514,7062,221
Net worth7,7515,5365,1003,9513,0712,3121,734
Total debt7547038967268711,972414
Cash & bank1,4692,0351,22794557361737.81
Net working capital5,1303,7102,4031,5459.30145368
Cash flow
Cash from operations1,1611,1856751,386896257596
Cash from investing(3,953)(1,587)(1,657)(850)(78.70)(80.04)(246)
Cash from financing2,668522645(74.68)(921)304(284)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue6,2156,2155,8015,5235,3095,1504,8124,925
Revenue growth (YoY)+17.1%+20.7%+20.6%+12.2%+16.0%---
Other income11211910692.7171.5715877.3870.69
EBITDA548572528544546329491490
EBITDA margin+9.1%+9.5%+9.3%+10.1%+10.6%+6.5%+10.5%+10.2%
Depreciation183175173164152137127119
Interest16.2615.7915.4514.0816.6716.4815.0316.24
Profit before tax461500445459449334426426
Tax167266166157146175146127
Net profit294234279302303158280299
EPS (β‚Ή)8.704.428.579.6410.272.409.9910.68
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue8,5567,8937,6117,2366,3594,2564,276
Revenue growth+8.4%+3.7%+5.2%+13.8%+49.4%-0.5%-
EBITDA1,063943926830713483525
EBITDA margin+12.4%+12.0%+12.2%+11.5%+11.2%+11.3%+12.3%
Profit before tax1,0831,524970876628359418
Net profit8441,312733702472287332
Net profit margin+9.9%+16.6%+9.6%+9.7%+7.4%+6.7%+7.8%
EPS (β‚Ή)42.7467.0137.9834.4524.6314.1717.59
Balance sheet
Total assets6,0675,4034,5123,7953,0822,6392,022
Net worth5,9875,2113,9703,2922,7012,2931,713
Total debt50.39153513502381346309
Cash & bank10690.8155.121144.828.7423.53
Net working capital613612470369213(94.62)209
Cash flow
Cash from operations898703594625326664528
Cash from investing(754)(217)(552)(553)(290)(1,005)(218)
Cash from financing(177)(451)(102)38.75(41.65)326(249)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue2,3662,2792,1522,1192,0071,9571,9102,065
Revenue growth (YoY)+17.9%+16.4%+12.7%+2.6%+2.4%---
Other income17.411647.7822.9123.4471917.4926.09
Total expenses2,1202,0351,8581,8421,7591,7451,6671,819
EBITDA246243294277247212243246
EBITDA margin+11.0%+11.3%+14.5%+13.8%+13.1%+11.5%+13.5%+12.6%
Depreciation49.4248.6847.6847.4145.0346.3143.2340.72
Interest1.121.121.431.593.705.195.416.90
Profit before tax213357253250222880212225
Tax54.1273.6964.0963.6953.9866.3951.2356.71

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 26 Oct 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue6,2156,2155,8015,5235,3095,1504,8124,925
Revenue growth (YoY)+17.1%+20.7%+20.6%+12.2%+16.0%---
Other income11211910692.7171.5715877.3870.69
EBITDA548572528544546329491490
EBITDA margin+9.1%+9.5%+9.3%+10.1%+10.6%+6.5%+10.5%+10.2%
Depreciation183175173164152137127119
Interest16.2615.7915.4514.0816.6716.4815.0316.24
Profit before tax461500445459449334426426
Tax167266166157146175146127
Net profit294234279302303158280299
EPS (β‚Ή)8.704.428.579.6410.272.409.9910.68
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue22,84719,46516,89014,96412,4476,0834,750
Revenue growth+17.4%+15.2%+12.9%+20.2%+104.6%+28.1%-
Other income38937184536414868.2162.32
Total expenses20,64017,60814,97913,12710,9985,4844,191
Employee cost2,2791,7901,4931,2051,032732609
EBITDA2,2071,8571,9111,8371,449599560
EBITDA margin+9.7%+9.5%+11.3%+12.3%+11.6%+9.8%+11.8%
Depreciation664492465396347251185
Interest79.3982.6172.5957.7898.9251.9333.65
Profit before tax1,8521,6532,2181,7481,152365403
Tax73459949642316178.7689.94
Net profit6796821,197943753303318
Net profit margin+3.0%+3.5%+7.1%+6.3%+6.1%+5.0%+6.7%
EPS (β‚Ή)32.8934.8262.0849.4839.8614.2816.30
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital19.3619.3519.3419.3119.2919.2818.79
Reserves & surplus7,7325,5165,0803,9313,0522,2931,715
Shareholders' funds (net worth)7,7515,5365,1003,9513,0712,3121,734
Minority interest6,4512,1571,6451,00565438372.58
Secured loans3223903593404091,365247
Unsecured loans432313537386462607168
Total debt7547038967268711,972414
Total liabilities15,15110,9798,9946,8044,6514,7062,221
Assets
Gross block9,4697,7576,4755,2454,6824,4632,297
Net block6,2325,2104,4173,5883,3243,4261,515
Capital work in progress89577038119112815258.49
Investments1,0249311,370729542369186
Inventories2,8532,2241,7881,3531,3271,106559
Sundry debtors4,3673,3052,7332,1291,7851,239525
Cash & bank balances1,4692,0351,22794557361737.81
Loans & advances2,5888927665745471,11098.98
Total current assets11,2768,4566,5145,0014,2324,0721,220
Total current liabilities6,1464,7464,1113,4564,2233,927852
Net working capital5,1303,7102,4031,5459.30145368
Total assets15,15110,9798,9946,8044,6514,7062,221
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash65753687341251634.96(31.09)
Net cash from operating activities1,1611,1856751,386896257596
Net cash from investing activities(3,953)(1,587)(1,657)(850)(78.70)(80.04)(246)
Net cash from financing activities2,668522645(74.68)(921)304(284)
Net change in cash(124)120(336)461(104)48166.05
Closing cash1,4692,0351,22794557361737.81
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+17.4%+15.2%+12.9%+20.2%+104.6%+28.1%-
EBITDA growth+18.9%-2.9%+4.1%+26.7%+142.0%+7.0%-
PBT growth+12.1%-25.5%+27.0%+51.7%+215.9%-9.6%+6.8%
Net income growth-0.4%-43.0%+26.9%+25.4%+148.4%-4.7%-
Revenue CAGR (3Y)+15.2%+16.1%+40.6%+46.6%+29.2%+6.8%+1.9%
EBITDA CAGR (3Y)+6.3%+8.6%+47.2%+48.6%+39.1%+17.4%+11.3%
Profitability & leverage
Net income margin+4.9%+5.4%+10.2%+8.9%+8.0%+4.7%+6.6%
Return on capital employed+22.1%+21.5%+26.6%+33.1%+30.1%+14.1%+20.6%
Return on net worth+16.8%+19.8%+38.0%+37.4%+36.8%+15.5%+19.5%
Debt / equity0.110.150.180.230.530.590.32
Long-term debt / equity0.050.040.030.070.250.250.05
Interest cover5.156.055.024.018.9714.918.98
Efficiency & per share
Fixed asset turnover2.652.742.883.012.721.802.19
Inventory turnover9.009.7010.7611.1710.237.316.92
Debtors turnover5.966.456.957.648.236.908.10
EPS (β‚Ή)32.8934.8262.0849.4839.8614.2816.30
Dividend per share (β‚Ή)3.503.503.503.503.503.503.50
Book value per share (β‚Ή)400.38286.08263.69204.59159.21119.9392.27
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue2,3662,2792,1522,1192,0071,9571,9102,065
Revenue growth (YoY)+17.9%+16.4%+12.7%+2.6%+2.4%---
Other income17.411647.7822.9123.4471917.4926.09
Total expenses2,1202,0351,8581,8421,7591,7451,6671,819
EBITDA246243294277247212243246
EBITDA margin+11.0%+11.3%+14.5%+13.8%+13.1%+11.5%+13.5%+12.6%
Depreciation49.4248.6847.6847.4145.0346.3143.2340.72
Interest1.121.121.431.593.705.195.416.90
Profit before tax213357253250222880212225
Tax54.1273.6964.0963.6953.9866.3951.2356.71
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue8,5567,8937,6117,2366,3594,2564,276
Revenue growth+8.4%+3.7%+5.2%+13.8%+49.4%-0.5%-
Other income21877621621573.5846.5383.88
Total expenses7,4936,9496,6846,4065,6463,7733,751
Employee cost700680624570507455450
EBITDA1,063943926830713483525
EBITDA margin+12.4%+12.0%+12.2%+11.5%+11.2%+11.3%+12.3%
Depreciation189169141146145150161
Interest9.4626.5331.7823.7213.3420.5730.15
Profit before tax1,0831,524970876628359418
Tax25522823621015385.8687.31
Net profit8441,312733702472287332
Net profit margin+9.9%+16.6%+9.6%+9.7%+7.4%+6.7%+7.8%
EPS (β‚Ή)42.7467.0137.9834.4524.6314.1717.59
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital19.3619.3519.3419.3119.2919.2818.79
Reserves & surplus5,9685,1913,9513,2732,6822,2741,694
Shareholders' funds (net worth)5,9875,2113,9703,2922,7012,2931,713
Secured loans0.00100103198204185143
Unsecured loans50.3953.36410304177161166
Total debt50.39153513502381346309
Total liabilities6,0675,4034,5123,7953,0822,6392,022
Assets
Gross block2,9242,5282,1561,9271,8281,6691,595
Net block1,5461,3261,1139951,0239971,062
Capital work in progress56.0525520496.6855.5712652.11
Investments3,7833,1292,6262,0411,6661,534629
Inventories710631638604648514414
Sundry debtors1,110958932688761605439
Cash & bank balances10690.8155.121144.828.7423.53
Loans & advances11010694.9760.9581.7669.9963.56
Total current assets2,0371,7851,7201,4681,4961,198940
Total current liabilities1,4251,1731,2491,0991,2831,293731
Net working capital613612470369213(94.62)209
Total assets6,0675,4034,5123,7953,0822,6392,022
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash87.6852.021110.746.9721.61(39.16)
Net cash from operating activities898703594625326664528
Net cash from investing activities(754)(217)(552)(553)(290)(1,005)(218)
Net cash from financing activities(177)(451)(102)38.75(41.65)326(249)
Net change in cash(32.36)35.66(59.23)111(6.23)(14.64)60.77
Closing cash10690.8155.121144.828.7423.53
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+8.4%+3.7%+5.2%+13.8%+49.4%-0.5%-
EBITDA growth+12.7%+1.9%+11.6%+16.4%+47.7%-8.0%-
PBT growth-29.0%+57.1%+10.8%+39.4%+74.9%-14.1%+15.4%
Net income growth-35.6%+78.9%+4.4%+48.7%+64.7%-13.7%-
Revenue CAGR (3Y)+5.8%+7.5%+21.4%+19.2%+6.4%-2.4%+1.3%
EBITDA CAGR (3Y)+8.6%+9.8%+24.3%+16.5%+13.4%+14.1%+12.8%
Profitability & leverage
Net income margin+9.7%+16.4%+9.7%+9.2%+7.5%+6.4%+7.7%
Return on capital employed+19.1%+31.3%+24.1%+26.2%+22.4%+16.3%+22.6%
Return on net worth+14.8%+28.3%+20.2%+22.2%+19.0%+13.6%+21.1%
Debt / equity0.020.070.140.150.150.160.26
Long-term debt / equity0.010.010.010.010.020.030.04
Interest cover1.083.434.053.472.356.188.28
Efficiency & per share
Fixed asset turnover3.143.373.733.853.642.612.89
Inventory turnover12.7612.4412.2511.5610.959.178.06
Debtors turnover8.278.359.409.989.518.158.84
EPS (β‚Ή)42.7467.0137.9834.4524.6314.1717.59
Dividend per share (β‚Ή)3.503.503.503.503.503.503.50
Book value per share (β‚Ή)309.27269.28205.30170.51140.04118.9491.14

Web traffic of BSA Hercules

The website of BSA Hercules (bsahercules.com) receives about 10K visits a month.

  • Monthly visits
    10K

    ▲ 127.7% vs previous month

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β€’β€’β€’β€’β€’β€’β€’β€’β€’β€’β€’β€’β€’β€’β€’β€’.comβ€’β€’%β€’.β€’M#‒‒‒‒‒–
β€’β€’β€’β€’β€’β€’β€’β€’β€’β€’β€’β€’β€’β€’β€’β€’.comβ€’β€’%β€’.β€’M#‒‒‒‒‒–
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Frequently Asked Questions about BSA Hercules

BSA Hercules was founded in 1949.

BSA Hercules is headquartered in Chennai, India. It is registered at Chennai, Tamil Nadu, India.

BSA Hercules has 4,120 employees.

The primary company behind BSA Hercules, Tube Investments Of India Limited, reported revenue of β‚Ή23,237 Cr for FY 2026, up 17% year on year.

TI Cycles was established in 1949 and is recognized for manufacturing bicycles under brands such as BSA Hercules and others. It operates with a network of dealers and stores across India, producing over 3 million cycles annually from plants in Chennai and Rajpura. Various innovations, including the first MTB and geared bikes, have been introduced to meet consumer needs. The company has expanded into fitness equipment and retail formats like Track Trail, promoting cycling as a lifestyle. Its efforts are supported by a history of awards and collaborations.

BSA Hercules offers Bicycles and Fitness Equipment.

Yes, BSA Hercules is publicly traded on NSE under the ticker symbol TIINDIA.

BSA Hercules operates through Tube Investments Of India Limited.

The legal entities of BSA Hercules currently have 9 directors, including Anand Kumar, M A M Arunachalam, Mukesh Ahuja and others.

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