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Tega Industries Ltd

TEGA NSE

Key Fundamentals

MicrocapIndustrial ProductsCapital Goods
Market Cap
₹12,939 Cr
Volatility
Moderate
P/E Ratio
2,711.56
EBITDA
₹231 Cr
Return on Equity
14.33%
Debt to Equity
0.12
Book Value
₹453.52
EPS
₹31.44
52W High
₹2,125
52W Low
₹1,473

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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42 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

1
  • Company is expected to give good quarter

Weaknesses

5
  • Company has low interest coverage ratio.
  • Company has a low return on equity of 11.1% over last 3 years.
  • Earnings include an other income of Rs.89.1 Cr.
  • Dividend payout has been low at 8.02% of profits over last 3 years
  • Promoter holding has decreased over last 3 years: -7.48%

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 5d ago
AI opinion · based on fundamentals
Risk high

Tega Industries is a niche global mining consumables manufacturer with a market cap of ~₹12,374 Cr trading at a PE of 85.7x. While FY25 consolidated revenue grew ~10% YoY to ₹1,639 Cr, TTM profit declined 29% and the 3-year profit CAGR stands at -8%, raising questions about whether the premium valuation is justified by current earnings trajectory.

Bull Case 8
  • Second-largest global producer of polymer-based mill liners with ~10-12% global market share in the mill lining segment, supplying over 50% of the top 100 global mining companies
  • FY25 consolidated revenue grew ~10% YoY to ₹1,639 Cr, and the 5-year compounded sales CAGR stands at 16%, demonstrating consistent topline growth
  • Highly recurring revenue model with consumables contributing ~86% of FY24 revenue and OPEX replacement sales exceeding 75% of total revenue
  • Geographically diversified with presence in 70+ countries and export share near 62% in FY25, reducing single-region concentration risk
  • Low debt-to-equity ratio of 0.12x indicating a near debt-free balance sheet and strong financial flexibility
  • Long operating history since 1976 with entrenched relationships with global miners like Rio Tinto and Vale, creating high switching costs
  • The global crushing, screening, and mineral processing market is forecast to grow at a CAGR of 6.3% from $20 bn in 2020 to $36.9 bn by 2030, providing secular tailwinds
  • Promoter holding remains high at 67.5% as of recent filings, reflecting strong founder alignment despite recent dilution
Bear Case 8
  • PE ratio of 85.7x is more than double the capital goods industry PE of ~42x, leaving little margin of safety if growth disappoints
  • TTM net profit declined 29% and the 3-year compounded profit CAGR is -8%, indicating significant earnings deterioration despite revenue growth
  • Return on equity has dropped sharply from the 3-year average of 11% to just 6% in the last year, well below cost of equity for a company at this valuation
  • Promoter holding has decreased by 7.48% over the last 3 years (from ~74.8% to ~67.5%), signaling potential monetization by insiders
  • Dividend payout is only 8.02% of profits over the last 3 years with a yield of 0.12%, offering negligible income return to shareholders
  • Earnings include other income of ₹87.7 Cr, which flatters profitability and may not be sustainable or operational in nature
  • Stock has delivered -11% returns over the trailing 1 year, underperforming broader indices while trading at a premium multiple
  • Q3 FY26 net profit margin compressed to just 4.71%, suggesting margin pressures from input costs or operational inefficiencies

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2d ago
Positives 1
  • Molycop deal drives revenue surge Aug 13

    Consolidated revenue jumps to ₹17,234 crore in Q1FY26 driven by Molycop Group acquisition. Standalone profit rises 18% YoY to ₹454 crore.

Neutral 2
  • New CFO appointed Aug 6

    Ravi Narayan Joshi appointed as CFO and KMP effective August 06, 2026, replacing interim CFO Shyama Prasad Ganguly who continues as General Manager.

  • Independent director re-appointed Aug 13

    Board approves re-appointment of Ashwani Maheshwari as independent director for five years starting April 2027, subject to shareholder approval.

TL;DR: Tega Industries is executing well on its inorganic growth strategy, with the Molycop acquisition delivering a significant revenue boost and standalone profit growing 18% YoY in Q1FY26. No material headwinds are visible in recent news flow. Leadership transitions (new CFO, board continuity) appear orderly. The trend is positive, with the key watch item being successful integration of Molycop and sustained margin performance at the consolidated level.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
268
377
340
507
340
353
409
536
356
405
404
527
1,723
Expenses
229
296
284
368
276
319
318
386
300
336
358
467
1,668
Operating Profit
39
82
56
139
64
34
91
150
56
69
46
60
56
OPM %
15%
22%
16%
27%
19%
10%
22%
28%
16%
17%
11%
11%
3.2%
Other Income
9
4
7
6
13
15
12
7
17
18
15
37
18
Interest
8
9
8
7
7
7
6
7
6
6
6
5
117
Depreciation
14
14
14
22
23
27
26
26
23
23
24
25
74
PBT
27
63
42
115
48
16
72
124
43
59
32
67
-116
Tax %
20%
25%
15%
22%
23%
54%
24%
18%
18%
24%
38%
37%
-7%
Net Profit
21
47
36
89
37
7
54
102
35
45
20
43
-108
EPS in Rs
3.22
7.13
5.36
13.45
5.52
1.09
8.15
15.32
5.31
6.75
2.62
5.68
-14.41
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
622
534
497
549
634
685
806
952
1,214
1,493
1,639
1,692
3,059
Expenses
547
481
467
475
534
576
613
768
942
1,176
1,298
1,461
2,828
Operating Profit
75
53
31
74
100
109
193
184
271
317
341
231
231
OPM %
12%
10%
6%
13%
16%
16%
24%
19%
22%
21%
21%
14%
8%
Other Income
5
6
24
22
9
12
50
27
25
27
48
88
89
Interest
36
23
20
22
25
23
19
17
19
33
28
23
133
Depreciation
26
30
35
33
38
38
40
39
41
64
101
95
146
PBT
18
5
0
40
46
59
184
155
236
247
259
201
41
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
-1
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
0.64
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 Jun 2026
Promoters 67.50%
DIIs 18.68%
Public 6.46%
Others 4.56%
FIIs 2.80%
Total 100.00%
  Aug 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Nov 2025Dec 2025Mar 2026Jun 2026
Promoters
98.02%
79.17%
79.17%
79.17%
79.17%
79.17%
79.10%
74.99%
74.88%
74.88%
74.79%
74.79%
74.79%
74.80%
74.80%
74.80%
74.80%
67.27%
67.27%
67.50%
67.50%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
1.83%
0.00%
1.47%
1.70%
1.76%
1.68%
1.73%
1.75%
1.87%
1.35%
1.47%
2.14%
2.80%
DIIs
0.00%
7.49%
8.95%
9.57%
10.91%
11.67%
11.96%
16.64%
17.53%
17.99%
19.10%
18.95%
19.12%
19.02%
18.77%
18.38%
10.74%
18.25%
18.62%
18.96%
18.68%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
0.00%
9.01%
8.73%
8.14%
6.55%
5.85%
5.36%
4.92%
4.78%
4.52%
3.89%
3.75%
3.52%
3.69%
3.60%
3.76%
6.72%
7.00%
6.76%
6.48%
6.46%
Others
1.98%
4.33%
3.15%
3.12%
3.37%
3.31%
3.59%
3.45%
0.97%
2.61%
0.75%
0.82%
0.81%
0.81%
1.10%
1.31%
5.87%
6.12%
5.87%
4.91%
4.56%
No. of Shareholders
36
1,48,948
1,12,682
1,03,560
91,496
82,067
70,716
60,665
59,458
59,603
56,862
56,233
53,318
53,534
52,986
53,229
57,447
56,547
56,174
53,867
53,397

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 market capitalisation of Tega Industries Ltd?
Tega Industries Ltd has a market capitalisation of approximately ₹12939.24 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Tega Industries Ltd?
The Price-to-Earnings (PE) ratio of Tega Industries Ltd is 2711.56. 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 ₹1,473 and a high of ₹2,125. This range helps investors understand the stock's price volatility and recent trading levels.
Does Tega Industries Ltd pay dividends?
Yes, Tega Industries Ltd has a dividend yield of 0.11%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Tega Industries Ltd?
Tega Industries Ltd has a Return on Equity (ROE) of 14.33%. 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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