NSE: TEMBO · BSE: 544987
TEMBO GLOBAL IND LTD
Manufactures and trades specialised engineering metal products — pipe supports, fasteners, anchors and HVAC solutions — for industrial customers, exporting to the USA and Middle East, and also trades fabrics and textile materials. In FY26, engineering products generated Rs 589.23 crore of revenue at an EBIT of Rs 121.39 crore (57.3% of segment revenue), while textile trading contributed Rs 438.68 crore at an EBIT of Rs 7.77 crore (42.7%). Engineering is the materially higher-margin segment; textile is being phased out to focus on engineering, EPC, solar and defence. Capacity is being expanded substantially to serve a combined order book and L1 bidding pipeline running into several thousand crores of rupees. Diversification is underway into solar power generation and defence manufacturing, including a joint venture with JR-UAV Europe and JR PROPO to manufacture UAVs and autonomous systems in India. Other operating expenses at 42.1% of revenue form the largest cost line; raw materials account for only 11.2% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacturing and Trading of Engineering Products (57%), Trading of Fabrics of and Textile Materials (43%). Diversified engineering manufacturer pivoting into defence and solar from a base of pipe supports, fasteners, anchors and HVAC solutions; textile trading being phased out
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 176 | 250 | 432 | 743 | 1,090 |
| EBITDA (ex other income) | 8 | 13 | 19 | 92 | 146 |
| margin % | 4.7 | 5.4 | 4.5 | 12.3 | 13.4 |
| Owners' profit | 0 | 0 | 0 | 1 | 91 |
| EPS, as reported (₹) | 3.14 | 5.22 | 12.70 | 32.77 | 55.11 |
| ROE % · ROCE % | — · — | 14.5 · 20.1 | 21.5 · 31.7 | 25.0 · 36.2 | 20.0 · 20.9 |
| Debt / equity (x) | — | 1.03 | 0.75 | 1.19 | 0.77 |
| Cash from operations | 4 | 2 | (7) | (203) | (90) |
| Capex | (5) | (7) | 0 | (82) | (97) |
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 | 164 | 164 | 274 | 248 | 494 | 251 | 346 | 302 |
| Profit before tax | 20 | 25 | 24 | 25 | 56 | 35 | 38 | 42 |
| Net profit | 15 | 16 | 16 | 19 | 44 | 26 | 30 | 31 |
| EPS (₹) | 13.13 | 14.69 | 9.31 | 17.13 | 54.34 | 16.35 | 18.15 | 1.59 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| a) Manufacturing and Trading of Engineering Products | 421 | 31.2 |
| b) Trading of Fabrics of and Textile Materials | 176 | 13.1 |
| Manufacturing and Trading of Engineering Products | 237 | 17.6 |
| Trading of Fabrics of and Textile Materials | 403 | 29.9 |
| Manufacturing of Engineering Products | 110 | 8.2 |
| Total, before eliminations | 1,347 | 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. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 0.6 | 15.4 | 5 of 105 | 96% |
| P/B | 2.0 | 1.5 | 68 of 101 | 33% |
| ROCE | 17.6 | 9.1 | 15 of 115 | 88% |
| ROE | 20.0 | 8.6 | 9 of 103 | 92% |
| Debt / Equity | 0.8 | 0.2 | 90 of 101 | 11% |
| EBITDA margin | 16.8 | 11.0 | 34 of 100 | 67% |
| Revenue growth | 21.9 | 13.7 | 35 of 97 | 65% |
| Profit growth | 61.3 | 29.3 | 41 of 105 | 62% |
| Market cap | 997 | 216 | 37 of 122 | 70% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · NSE lists 4.05 million preferential shares from warrant conversion | capital market events | low | — | — |
| 24 Oct 2026 · Corrected ownership figures for proposed preferential warrants | fund raising | medium | — | — |
| 23 Oct 2026 · Tembo holds ceremony for proposed Amravati defence plant | compliance | low | — | — |
| 23 Oct 2026 · Subsidiary inaugurates new defence products factory in Amravati | capex operations | high | — | — |
| 19 Oct 2026 · Routine dematerialization certificate filed for Sep 2026 quarter | compliance | minimal | — | — |
| 15 Oct 2026 · Tembo Global lists on BSE Main Board, strengthens defence focus | compliance | low | — | — |
| 15 Oct 2026 · Tembo Global shares get BSE listing and trading approval | capital market events | high | — | — |
| 15 Oct 2026 · Tembo Global Industries shares to list on BSE from October 15, 2026 | capital market events | medium | — | — |
| 14 Oct 2026 · Quarterly compliance certificate on share dematerialization | compliance | minimal | — | — |
| 9 Oct 2026 · Company Secretary Harshal Patil resigns, replacement search underway | management changes | high | — | — |
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.