Tega Industries Ltd logo

Tega Industries Ltd

TEGA NSE

Established in 1976, Tega Industries is a leading manufacturer and distributor of specialized, critical, and recurring consumable products for the global mineral beneficiation, mining, and bulk solids handling industry. Globally, Tega industries are the second largest producers of polymer-based mill liners, based on revenues for the year 2020.[1]

AI Verdict: HOLD Confidence: 4%

Tega Industries trades at a steep PE of 92.4x with declining profitability (TTM profit growth of -29%) and weak ROE of 6% last year, making the valuation hard to justify despite a solid 3-year stock CAGR of 23%. The majority of analysts (67%) recommend a Hold, reflecting limited near-term catalysts against an expensive entry point.

Key Fundamentals

Volatility
Moderate
P/E Ratio
84.98
EBITDA
₹231 Cr
Return on Equity
16.27%
Debt to Equity
0.25
EPS
₹31.44
52W High
₹2,125
52W Low
₹1,467

Technical Indicators

Key Insights

Weaknesses

4
  • Company has a low return on equity of 11.1% over last 3 years.
  • Earnings include an other income of Rs.87.7 Cr.
  • Dividend payout has been low at 8.02% of profits over last 3 years
  • Promoter holding has decreased over last 3 years: -11.6%

Growth Rate

Revenue Growth
0.60% ↘
Net Income Growth
-45.39% ↘
Cash Flow Change
-22.65% ↘
ROE
-11.92% ↘
ROCE
-9.88% ↘
EBITDA Margin (Avg.)
-42.95% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
HOLD
Risk high

Tega Industries trades at a steep PE of 92.4x with declining profitability (TTM profit growth of -29%) and weak ROE of 6% last year, making the valuation hard to justify despite a solid 3-year stock CAGR of 23%. The majority of analysts (67%) recommend a Hold, reflecting limited near-term catalysts against an expensive entry point.

Bull Case 7
  • Strong stock price CAGR of 23% over 3 years indicates sustained investor confidence and momentum
  • Compounded sales growth of 16% over 5 years demonstrates consistent top-line expansion in a niche industrial segment
  • 10-year compounded profit growth of 37% shows long-term earnings compounding ability
  • Market cap of Rs.13,455 Cr reflects mid-cap scale with room for institutional re-rating if margins recover
  • 5-year ROE average of 13% indicates historically respectable capital efficiency for an industrial company
  • Zero analyst sell ratings out of 3 total ratings suggests no strong negative conviction from the Street
  • 1-year stock CAGR of 19% shows continued price appreciation despite profit headwinds
Bear Case 8
  • PE ratio of 92.4x is extremely elevated for an industrial company with slowing growth, pricing in perfection
  • TTM profit growth of -29% signals sharp earnings deterioration which is unsustainable at current valuations
  • Last year ROE collapsed to just 6%, well below the 3-year average of 11% and 5-year average of 13%
  • Promoter holding has decreased by 11.6% over 3 years, signaling potential lack of promoter confidence
  • Earnings quality is questionable with other income of Rs.87.7 Cr inflating reported profits
  • Dividend payout of only 8.02% of profits over 3 years offers negligible shareholder returns at 0.11% yield
  • TTM sales growth has decelerated sharply to just 3% from the 5-year CAGR of 16%
  • 3-year compounded profit CAGR of -8% confirms a sustained earnings downtrend, not a one-off miss

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 4
  • Q4 profit crashes 58% YoY May 29

    Consolidated net profit fell 58.13% YoY to ₹42.67 crore in Q4FY26 vs ₹101.90 crore last year, while EBITDA dropped 60% to ₹60 crore with margins contracting from 28% to 11.4%.

  • FY26 full-year profit down 29% May 29

    Full-year consolidated net profit declined 28.72% to ₹142.65 crore in FY26 despite a modest 3.25% revenue increase to ₹1,691.94 crore, indicating severe margin compression.

  • Total expenses surge 18.5% May 29

    Q4FY26 total expenses rose 18.48% YoY to ₹496.95 crore, driven by material costs up 29.26% to ₹221.44 crore and employee costs up 11.67% to ₹71.47 crore.

  • Revenue slips in Q4 May 29

    Q4FY26 revenue from operations declined 1.74% YoY to ₹526.78 crore from ₹536.11 crore, signaling top-line stagnation alongside profitability erosion.

Positives 4
  • Stock surges 7.4% post results May 29

    Despite weak Q4 earnings, Tega Industries shares jumped 7.4% to ₹1,718 on BSE, suggesting market confidence in a recovery or strategic factors beyond current financials.

  • Finance costs drop 28% May 29

    Finance costs declined 27.9% YoY to ₹5.09 crore in Q4FY26, providing some relief on the balance sheet front amid rising operational costs.

  • Final dividend of ₹2 recommended May 29

    Board recommended a final dividend of ₹2 per share for FY26, with record date September 14 and AGM scheduled for September 24, 2026.

  • Molycop execs join earnings call Jun 2

    Tega added Molycop's COO and CFO to the Q4FY26 earnings call on June 2, hinting at deeper integration or strategic collaboration with the acquired entity.

Neutral 2
  • Australian subsidiary deregistered Jun 4

    Tega completed de-registration of wholly owned subsidiary Tega Industries Australia Pty Ltd effective June 2, 2026, with no impact on parent company operations.

  • Q4FY26 earnings call held May 26

    Tega Industries scheduled and held its Q4 and FY26 earnings call on June 2, 2026 with key management participants.

TL;DR: Tega Industries faced a sharp deterioration in profitability in Q4FY26 and full-year FY26, with EBITDA margins collapsing from 28% to 11.4% driven by surging material and employee costs. However, the market's strong positive reaction (+7.4%) and Molycop executive participation in the earnings call suggest investors see this as transitional pain from integration rather than structural decline. Lower finance costs and continued dividend payouts provide some comfort. The key forward-looking question is whether Molycop synergies and cost normalization can restore margins in FY27, making next quarter's results a critical inflection point.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
396
268
377
340
507
340
353
409
536
356
405
404
527
Expenses
294
229
296
284
368
276
319
318
386
300
336
358
467
Operating Profit
103
39
82
56
139
64
34
91
150
56
69
46
60
OPM %
26%
15%
22%
16%
27%
19%
10%
22%
28%
16%
17%
11%
11%
Other Income
8
9
4
7
6
13
15
12
7
17
18
15
37
Interest
3
8
9
8
7
7
7
6
7
6
6
6
5
Depreciation
12
14
14
14
22
23
27
26
26
23
23
24
25
PBT
96
27
63
42
115
48
16
72
124
43
59
32
67
Tax %
19%
20%
25%
15%
22%
23%
54%
24%
18%
18%
24%
38%
37%
Net Profit
77
21
47
36
89
37
7
54
102
35
45
20
43
EPS in Rs
11.64
3.22
7.13
5.36
13.45
5.52
1.09
8.15
15.32
5.31
6.75
2.62
5.68
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
622
534
497
549
634
685
806
952
1,214
1,493
1,639
1,692
Expenses
547
481
467
475
534
576
613
768
942
1,176
1,298
1,461
Operating Profit
75
53
31
74
100
109
193
184
271
317
341
231
OPM %
12%
10%
6%
13%
16%
16%
24%
19%
22%
21%
21%
14%
Other Income
5
6
24
22
9
12
50
27
25
27
48
88
Interest
36
23
20
22
25
23
19
17
19
33
28
23
Depreciation
26
30
35
33
38
38
40
39
41
64
101
95
PBT
18
5
0
40
46
59
184
155
236
247
259
201
Tax %
183%
292%
2400%
30%
30%
-11%
26%
25%
22%
22%
23%
29%
Net Profit
-15
-10
-2
28
33
66
136
117
184
194
200
143
EPS in Rs
-2.48
-1.74
-0.41
4.88
5.66
11.37
23.68
17.63
27.73
29.14
30.08
18.99
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
7%
7%
7%
11%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
58
58
58
58
58
58
58
66
66
67
67
75
Reserves
381
360
282
311
335
396
547
670
983
1,125
1,330
3,332
Borrowings
356
320
238
249
252
287
228
245
361
308
330
398
Other Liabilities
94
106
171
150
141
140
176
189
219
385
363
509
Total Liabilities
889
843
749
767
785
881
1,010
1,170
1,629
1,885
2,089
4,314
Fixed Assets
231
234
296
287
284
266
296
298
548
600
623
665
CWIP
17
8
8
5
4
9
7
10
12
11
48
107
Investments
83
71
73
60
77
158
201
199
217
279
262
227
Other Assets
558
530
373
415
420
448
505
663
852
995
1,157
3,315
Total Assets
889
843
749
767
785
881
1,010
1,170
1,629
1,885
2,089
4,314
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
—
60
44
69
128
170
14
179
252
195
350
Investing
—
—
-14
8
-14
-102
-80
-25
-235
-96
-129
-1,004
Financing
—
—
-44
-22
-93
-9
-79
3
63
-115
-38
1,690
Net Cash Flow
—
—
2
30
-38
18
11
-8
6
41
28
1,036
Free Cash Flow
—
—
60
44
43
102
122
-27
179
252
195
214
CFO/OP
—
—
212
71
83
136
104
31
83
93
75
196
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
107
127
118
113
116
97
100
106
121
109
112
97
Inventory Days
175
194
240
190
172
177
179
229
200
209
217
233
Days Payable
104
109
169
122
114
87
111
88
77
104
116
178
Cash Conversion Cycle
178
213
188
181
173
187
168
247
244
215
212
153
Working Capital Days
149
156
0
23
48
43
64
92
109
86
100
120
ROCE %
—
6%
3%
10%
12%
12%
26%
19%
21%
19%
18%
8%

Shareholding Pattern

As of Mar 2026
Promoters 67.51%
DIIs 18.97%
Public 11.38%
FIIs 2.14%
Total 100.00%
  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
74.99%
74.88%
74.88%
74.78%
74.78%
74.78%
74.80%
74.80%
74.80%
74.80%
67.27%
67.51%
FIIs
2.50%
1.83%
1.48%
1.48%
1.70%
1.77%
1.68%
1.73%
1.75%
1.87%
1.48%
2.14%
DIIs
16.64%
17.52%
18.33%
19.10%
18.94%
19.11%
19.02%
18.76%
18.38%
10.74%
18.63%
18.97%
Public
5.87%
5.75%
5.30%
4.63%
4.56%
4.32%
4.50%
4.70%
5.07%
12.58%
12.63%
11.38%
No. of Shareholders
60,665
59,458
59,603
56,862
56,233
53,318
53,534
52,986
53,229
57,447
56,174
53,867

Documents

Frequently Asked Questions about Tega Industries Ltd

What does Tega Industries Ltd do?
Established in 1976, Tega Industries is a leading manufacturer and distributor of specialized, critical, and recurring consumable products for the global mineral beneficiation, mining, and bulk solids handling industry. Globally, Tega industries are the second largest producers of polymer-based m...
Where is Tega Industries Ltd (TEGA) listed?
Tega Industries Ltd is listed on the Indian stock exchanges. It is listed on NSE: TEGA and BSE: 543413. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Tega Industries Ltd belong to?
Tega Industries Ltd operates in the Industrials sector within the Industrial Manufacturing industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the PE ratio of Tega Industries Ltd?
The Price-to-Earnings (PE) ratio of Tega Industries Ltd is 84.98. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Tega Industries Ltd?
Over the past 52 weeks, Tega Industries Ltd has traded between a low of ₹1,467 and a high of ₹2,125. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Tega Industries Ltd?
Tega Industries Ltd has a Return on Equity (ROE) of 16.27%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Tega Industries Ltd on Tapetide?
On Tapetide, you can view Tega Industries Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Established in 1976, Tega Industries is a leading manufacturer and distributor of specialized, critical, and recurring consumable products for the global mineral beneficiation, mining, and bulk solids handling industry. Globally, Tega industries are the second largest producers of polymer-based mill liners, based on revenues for the year 2020.[1]

Website tegaindustries.com
Listed 2021-12-13
Face Value ₹ 10
Issued Size 7,51,27,698

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