NSE: TEGA · BSE: 543413
TEGA INDUSTRIES LIMITED
Manufactures critical and engineered consumables for the global mineral processing and mining industry, reported as a manufacturer of mining consumables. Revenue is reported in two segments: Consumable, which accounted for 84.2% of FY26 segment revenue at Rs 1,433.99 crore, and Equipment, which made up the remaining 15.8% at Rs 268.75 crore. The Consumable segment generated an EBIT of Rs 197.43 crore and the Equipment segment Rs 34.01 crore. FY26 consolidated revenue was Rs 1,691.94 crore with reported EBITDA margin of 18.49% and net profit of Rs 142.65 crore. On June 1, 2026 the company completed the acquisition of Molycop, described as a global player in mining consumables, at an enterprise value of approximately USD 1.5 billion, in consortium with Apollo Funds, with the deal described as transformational for its global footprint. Costs are dominated by materials at 42.4% of revenue, followed by employee costs at 16.5% and other operating expenses at 29.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Consumable (84%), Equipment (16%). Industrial manufacturing of consumables and equipment for mining and mineral processing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 952 | 1,214 | 1,493 | 1,639 | 1,692 |
| EBITDA (ex other income) | 183 | 270 | 316 | 340 | 231 |
| margin % | 19.2 | 22.3 | 21.2 | 20.7 | 13.7 |
| Owners' profit | 117 | 184 | 194 | 200 | 143 |
| EPS, as reported (₹) | 19.65 | 27.76 | 29.17 | 30.08 | 20.54 |
| ROE % · ROCE % | 15.9 · 20.1 | 17.5 · 20.1 | 16.3 · 20.1 | 14.3 · 18.1 | 4.2 · 6.1 |
| Debt / equity (x) | 0.29 | 0.29 | 0.20 | 0.19 | 0.09 |
| Cash from operations | 14 | 179 | 252 | 195 | 350 |
| Capex | (41) | (92) | (55) | (170) | (136) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 353 | 409 | 536 | 356 | 405 | 404 | 527 | 1,723 |
| Profit before tax | 14 | 70 | 123 | 42 | 56 | 31 | 66 | (117) |
| Net profit | 7 | 54 | 102 | 35 | 45 | 20 | 43 | (108) |
| EPS (₹) | 1.08 | 8.15 | 15.32 | 5.31 | 6.75 | 2.83 | 5.68 | (11.47) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Consumable | 801 | 47.0 |
| Equipment | 86 | 5.1 |
| Equipments | 183 | 10.7 |
| Consumables | 633 | 37.2 |
| Total, before eliminations | 1,703 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,786 | 97.2 | 24.93 | 80.7 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 29,194 | 78.7 | 9.52 | 50.8 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 27,680 | 50.5 | 6.20 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 22,459 | 64.9 | 4.72 | 31.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 21,078 | 65.5 | 10.53 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 17,356 | 99.3 | 6.05 | 56.2 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED ◆ | 13,374 | 469.7 | 3.93 | 40.0 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,314 | 48.4 | 7.32 | 50.2 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 469.7 | 26.5 | 128 of 130 | 2% |
| P/B | 3.9 | 3.1 | 65 of 112 | 42% |
| ROCE | 5.4 | 11.3 | 104 of 142 | 27% |
| ROE | 4.2 | 9.8 | 85 of 113 | 25% |
| Debt / Equity | 0.1 | 0.2 | 43 of 113 | 63% |
| EBITDA margin | 4.2 | 12.4 | 93 of 110 | 16% |
| Revenue growth | 384.0 | 20.6 | 2 of 114 | 99% |
| Profit growth | (406.4) | 17.1 | 107 of 109 | 2% |
| Market cap | 13374 | 279 | 7 of 141 | 96% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve September quarter and half-year results | results | low | — | — |
| 16 Oct 2026 · Subsidiary TMML wins Calcutta HC order; Rs 13.79 cr tax reassessment set aside | regulatory legal | high | — | — |
| 16 Oct 2026 · Statutory auditor certificate for preferential allotment of 4.78 lakh shares | compliance | minimal | — | — |
| 15 Oct 2026 · Tega Industries allots shares worth Rs 95.4 Cr to AP Jupiter Holdings | fund raising | high | — | — |
| 13 Oct 2026 · Promoter family inter-se gift transfer of NFSPL shares (indirect Tega stake) | ownership changes | high | — | — |
| 7 Oct 2026 · Quarterly dematerialisation compliance certificate filed with exchanges | compliance | minimal | — | — |
| 6 Oct 2026 · In-principle approval for preferential share issue to non-promoter entity | fund raising | high | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2/H1 FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · Tega Industries 50th AGM: All 5 resolutions passed, Rs. 2 dividend approved | board shareholder meetings | low | — | — |
| 25 Sept 2026 · All 5 resolutions passed at Tega Industries 50th AGM; final dividend of Rs 2 per share approved | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.