Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
Tega Industries Ltd.
NSE: TEGAIndustrialsSpecialty Industrial Machinery
- Last close
- ₹1,723.50
- Day change
- −₹47.20 (−2.67%)vs
- Market cap
- ₹14,789 crIndian rupees
- Research updated
- 1 report
Follow Tega Industries
Create an account, then follow this company for weekday briefs. You will return to Tega Industries after signing in.
About Tega Industries
Tega Industries Ltd. is a prominent manufacturer and industrial technology company specializing in the engineering and production of consumables for the mining and mineral processing industries. Its primary function is to provide high-quality and reliable equipment designed to enhance productivity and efficiency in extractive operations. The company's product portfolio includes a wide range of technologically advanced solutions such as mill liners, hydrocyclones, polyurethanes, and flotation systems, all crucial in the efficient processing and separation of minerals. By focusing on innovation and sustainability, Tega Industries aids mining operations in improving operational efficiency and reducing environmental footprint. Notably, it serves a diverse range of important sectors within the mining industry, extending its impact across global markets. Headquartered in India, Tega Industries Ltd. is recognized for its robust research and development capabilities and a strong commitment to customer satisfaction, playing a significant role in elevating the global standards of the mining equipment sector.
- Sector
- Industrials
- Industry
- Specialty Industrial Machinery
- Listing
- NSE: TEGA
- Chief executive
- Mr. Mehul Mohanka
- Employees
- 655
- Headquarters
- Kolkata, India
- ISIN
- INE011K01018
- Website
- tegaindustries.com
Public research · Report of
Business model & financial foundation
Tega Industries (NSE: TEGA), Mining consumables and equipment (mill liners, grinding media, screening and wear solutions): revenue of ₹1,692 crore in FY26 (+3.3% on FY25), an EBITDA margin of 13.7%, net profit of ₹142.7 crore and net cash of ₹1,997 crore.
- Revenue, FY26 (₹ crore)
- 1,692
- consolidated
- Revenue growth, FY26
- +3.3%
- on FY25
- EBITDA margin, FY26
- 13.7%
- EBITDA statutory: revenue less cogs, employee, other exp (excl other income) / revenue
- Net profit, FY26 (₹ crore)
- 142.7
- to owners
- Return on equity, FY26
- 5.9%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,997
- Net debt: borrowings less cash, free deposits, current investments
- Market capitalisation (₹ crore)
- 12,900
- at the close of 15 Oct 2026
Company profile
Tega Industries, founded in 1976 in Kolkata, supplies mill liners, screening media, wear products and other mineral-processing consumables to global mining customers. It operates plants in India, Chile, South Africa and Australia, and owns mineral-processing equipment maker Tega McNally Minerals. The Molycop acquisition completed in June 2026 adds a major global grinding-media business alongside Apollo's minority participation.
| Item | Value |
|---|---|
| Legal name | Tega Industries Limited |
| Exchange and ticker | NSE: TEGA; BSE: 543413 |
| ISIN | INE011K01018 |
| CIN | L25199WB1976PLC030532 |
| Sector | Capital Goods |
| Industry | Mining consumables and equipment (mill liners, grinding media, screening and wear solutions) |
| Headquarters | Kolkata, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since 2024-08-09) |
| Market capitalisation | ₹12,900 crore (15 Oct 2026) |
| Shares outstanding | 7.51 crore shares (FY26) |
| Price | ₹1,969 (close, 15 Oct 2026) |
| 52-week range | ₹1,473 - ₹2,198 (to 15 Oct 2026) |
| Website | https://www.tegaindustries.com |
Corporate structure and shareholding
Parent: Nihal Fiscal Services Pvt Ltd (promoter holding company, 49.88% at 30 Sep 2026).
| Entity | Holding | Business |
|---|---|---|
| Tega Holdings Pte Ltd (Singapore) | 100% | Overseas holding company; material subsidiary |
| Tega Industries Africa (Pty) Ltd | 100% | Manufacturing and sales, South Africa; material subsidiary |
| Tega Industries Chile SpA | 100% | Manufacturing and sales, Chile; material subsidiary |
| Tega McNally Minerals Ltd | 100% | Mineral processing equipment, India (ex-McNally Sayaji, acquired via NCLT in Feb 2023); material subsidiary |
| Tega MC Investment Pte Ltd (Singapore) | 100% | Acquisition vehicle that holds the Nov 2025 preferential issue proceeds; material subsidiary |
| Tega MC SG Investments III Pte Ltd (Molycop HoldCo) | 84.18% | HoldCo for the Molycop acquisition (grinding media); Apollo funds hold 15.82% |
| Losugen Pty Ltd (Australia) | 100% | Took over the Tega Industries Australia business in May 2025 |
| Tega Industries Canada Inc | 100% | Sales and service, Canada |
| Tega Industries Inc (USA) | 100% | Sales and service, USA |
| Tega Do Brasil | 99.99% | Sales and service, Brazil |
| Hosch Equipment (India) Ltd | 50% | Joint venture for conveyor belt cleaning; equity-accounted |
ICRA and Crisil consolidation lists also include Tega Investments South Africa, Tega Holdings Pty, Edoctum SA, Tega Industries Peru SAC, Tega Industries Ghana and Tega MC JV/SG/Global/Australia/Canada/US holding entities. The Molycop group has been consolidated from 1 Jun 2026.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 67.27% | 67.50% | 67.50% | 67.50% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 1.50% | 2.14% | 2.80% | 2.86% |
| Domestic institutions | 18.60% | 18.96% | 18.68% | 17.15% |
| of which mutual funds | 14.66% | 14.99% | 14.35% | 13.21% |
| Retail | 6.48% | 6.47% | 7.99% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Tega makes mineral-processing consumables for gold, copper and iron-ore mines (polymer and composite mill liners, screens, wear parts) and, through TMML/McNally, processing equipment. Since 1 Jun 2026 it controls about 84.2% of Molycop's ordinary equity. The holding sits in a JV holdco with Apollo, which owns about 15.8%, and Apollo also holds USD270mn of redeemable preferences. Molycop is the global leader in grinding media; about 85% of its contracts are steel-indexed. FY26 includes no Molycop earnings, and Q1 FY27 includes only June.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share | ebitda recast, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Consumables / Consumables-Others (legacy Tega) | 1,434 | 84.8% | 197.4 | 85.4% | 275.0 | 100.0% |
| Equipment (Tega McNally Minerals) | 268.8 | 15.9% | 34.0 | 14.7% | ||
| Intersegment eliminations (signed) | -10.8 | -0.6% | -0.30 | -0.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| AIA Engineering (AIAENG) | Closest listed peer: high-chrome grinding media and mill liners sold to global mining (Vega brand); competes with Tega and Molycop. |
| Carborundum Universal (CARBORUNIV) | Wear-resistant ceramics and abrasives; includes mining-linked industrial consumables and overseas subsidiaries. |
| Grindwell Norton (GRINDWELL) | Industrial consumables and abrasives business with a recurring, consumable-led revenue model similar to Tega's. |
| BEML (BEML) | Mining equipment supplier exposed to the same mining capex cycle (India). |
| Lloyds Engineering Works (LLOYDSENGG) | Indian heavy engineering and capital equipment; peer in the screener's set at a similar market cap. |
| Triveni Turbine (TRITURBINE) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 932.5 | 1,194 | 1,493 | 1,639 | 1,692 |
| Cost of revenue (vendor classification) * | 402.6 | 527.6 | 645.5 | 698.5 | 685.1 |
| Other operating costs (vendor classification) * | 215.2 | 248.8 | 313.6 | 346.3 | 488.7 |
| EBITDA (vendor classification) * | 196.4 | 279.6 | 317.3 | 369.6 | 294.4 |
| EBIT (EBITDA + other income - D&A) | 164.8 | 252.7 | 274.5 | 281.6 | 217.6 |
| Finance costs (incl lease interest) | 9.84 | 16.6 | 32.0 | 26.9 | 22.6 |
| Profit before tax | 155.0 | 236.1 | 247.0 | 259.2 | 201.1 |
| Total tax expense | 38.1 | 52.1 | 53.1 | 59.1 | 58.5 |
| Profit for the year (incl NCI) | 116.9 | 184.0 | 193.9 | 200.1 | 142.7 |
| Diluted EPS (INR) | 17.55 | 27.62 | 29.09 | 30.08 | 20.54 |
| Materials consumed + stock-in-trade purchases + inventory change | 645.5 | 698.5 | 685.1 | ||
| Employee benefits expense | 219.9 | 249.2 | 279.9 | ||
| Other expenses | 311.4 | 351.2 | 495.8 | ||
| EBITDA statutory: revenue less cogs, employee, other exp (excl other income) | 316.0 | 339.8 | 231.1 | ||
| Other income | 22.2 | 43.2 | 81.6 | ||
| Depreciation and amortisation | 63.7 | 101.3 | 95.1 | ||
| Exceptional items (statutory line) | 0.00 | 0.00 | 0.00 | ||
| Share of profit of JV (Hosch Equipment India) | 4.43 | 4.47 | 6.07 | ||
| Profit attributable to non-controlling interest | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners of Tega Industries | 193.9 | 200.1 | 142.7 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 736.0 | 1,049 | 1,192 | 1,397 | 3,407 |
| Borrowings non-current + current (excl lease liabilities) | 245.2 | 360.9 | 243.1 | 261.9 | 317.6 |
| Cash and cash equivalents | 39.5 | 45.7 | 86.3 | 114.3 | 1,164 |
| Trade receivables | 276.5 | 403.1 | 447.3 | 501.0 | 451.9 |
| Inventories | 252.1 | 289.6 | 370.1 | 414.5 | 436.9 |
| Trade payables (MSME + others) | 96.7 | 111.9 | 183.4 | 222.3 | 333.5 |
| Net property, plant and equipment * | 1.18 | 2.63 | 3.23 | 85.4 | 98.7 |
| Capital work in progress | 10.2 | 12.0 | 10.7 | 45.7 | 107.2 |
| Total assets | 1,179 | 1,634 | 1,890 | 2,095 | 4,315 |
| Lease liabilities non-current + current | 64.9 | 67.7 | 80.8 | ||
| Other bank balances (deposits >3m incl earmarked) | 0.39 | 6.86 | 958.6 | ||
| Current investments (mutual funds at FVTPL) | 247.9 | 239.7 | 198.7 | ||
| Net debt: borrowings less cash, free deposits, current investments | -91.5 | -92.1 | -1,997 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 18.5 | 177.5 | 252.1 | 195.0 | 350.3 |
| Free cash flow (vendor definition) * | -27.3 | 86.3 | 196.7 | 24.9 | 214.4 |
| Dividends paid to equity holders (cash) | -13.3 | -13.3 | -13.3 | ||
| Payment for purchase of capital assets (gross cash outflow) | -40.3 | -90.9 | -55.4 | -170.2 | -135.9 |
| Proceeds from sale of capital assets | 1.02 | 0.39 | 0.96 | ||
| FCF = CFO less gross cash capex | 196.7 | 24.9 | 214.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding at period end (crore) | 5.95 | 6.63 | 6.65 | 6.65 | 7.51 |
| Weighted average diluted shares (crore) | 6.66 | 6.65 | 6.95 | ||
| EBITDA as presented in company investor deck | 316.0 | 339.8 | 312.8 | ||
| Adjusted EBITDA incl other income, ex one-time items (company) | 383.0 | 396.7 | |||
| One-time expenses inside operating lines (labour code + Molycop deal costs) | 83.9 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 353.3 | 409.3 | 536.1 | 356.1 | 405.4 | 403.7 | 526.8 | 1,723 |
| Cost of revenue (vendor classification) * | 167.6 | 168.1 | 224.9 | 146.0 | 167.4 | 162.0 | 209.8 | 992.7 |
| Other operating costs (vendor classification) * | 89.2 | 84.2 | -15.1 | 91.5 | 98.8 | 120.1 | 185.4 | 499.1 |
| EBITDA (vendor classification) * | 49.2 | 103.8 | 155.3 | 72.5 | 87.4 | 61.4 | 97.6 | 73.9 |
| EBIT (EBITDA + other income - D&A) | 21.2 | 76.8 | 130.4 | 48.0 | 62.1 | 36.1 | 71.4 | -0.64 |
| Finance costs (incl lease interest) | 6.79 | 6.34 | 7.06 | 6.18 | 5.78 | 5.55 | 5.09 | 116.7 |
| Profit before tax | 15.8 | 71.6 | 124.1 | 43.2 | 58.7 | 31.9 | 67.3 | -116.5 |
| Total tax expense | 8.58 | 17.4 | 22.2 | 7.87 | 13.8 | 12.1 | 24.6 | -8.23 |
| Profit for the period (incl NCI) | 7.22 | 54.2 | 101.9 | 35.3 | 44.9 | 19.7 | 42.7 | -108.3 |
| Diluted EPS (INR; quarters not annualised) | 1.08 | 8.15 | 15.32 | 5.31 | 6.75 | 2.83 | 5.68 | -11.47 |
| Materials consumed + stock-in-trade purchases + inventory change | 167.6 | 168.1 | 224.9 | 146.0 | 167.4 | 161.9 | 209.8 | 992.7 |
| Employee benefits expense | 62.2 | 65.6 | 64.0 | 63.0 | 70.0 | 75.5 | 71.5 | 176.1 |
| Other expenses | 89.2 | 84.2 | 97.3 | 91.5 | 98.8 | 120.1 | 185.4 | 499.1 |
| EBITDA statutory: revenue less cogs, employee, other exp (excl other income) | 34.4 | 91.3 | 149.9 | 55.6 | 69.2 | 46.2 | 60.2 | 55.6 |
| Other income | 13.5 | 11.4 | 6.68 | 15.5 | 15.7 | 13.8 | 36.5 | 17.4 |
| Depreciation and amortisation | 26.6 | 25.8 | 26.2 | 23.1 | 22.8 | 24.0 | 25.2 | 73.6 |
| Exceptional items (statutory line) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit of JV (Hosch Equipment India; Molycop JVs from Q1FY27) | 1.38 | 1.12 | 0.79 | 1.35 | 2.41 | 1.35 | 0.96 | 0.87 |
| Profit/(loss) attributable to non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -22.1 |
| Profit attributable to owners of Tega Industries | 7.22 | 54.2 | 101.9 | 35.3 | 44.9 | 19.7 | 42.7 | -86.2 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 18.5% | 28.1% | 25.0% | 9.8% | 3.3% |
| EBITDA margin | 21.2% | 20.7% | 13.7% | ||
| Net margin | 13.0% | 12.2% | 8.4% | ||
| Return on equity | 17.3% | 15.5% | 5.9% | ||
| Return on capital employed | 18.2% | 21.1% | 19.3% | 18.2% | 8.1% |
| Return on assets | 11.0% | 10.0% | 4.5% | ||
| Net debt (₹ crore) | -91.5 | -92.1 | -1,997 | ||
| Net debt / EBITDA | -0.29x | -0.27x | -8.64x | ||
| Interest cover | 16.7x | 15.3x | 8.59x | 10.5x | 9.63x |
| Asset turnover | 0.85x | 0.85x | 0.85x | 0.82x | 0.53x |
| Receivable days | 108 | 123 | 109 | 112 | 97 |
| Inventory days (on revenue) | 99 | 89 | 91 | 92 | 94 |
| Payable days (on revenue) | 38 | 34 | 45 | 50 | 72 |
| Cash conversion | 1.30x | 0.97x | 2.46x | ||
| Capex intensity | 4.3% | 7.6% | 3.7% | 10.4% | 8.0% |
| Free cash flow (₹ crore) | -21.8 | 86.6 | 196.7 | 24.8 | 214.4 |
| Dividend payout | 6.9% | 6.6% | 9.3% | ||
| EPS, diluted (₹) | 17.55 | 27.62 | 29.09 | 30.08 | 20.54 |
| Book value per share (₹) | 123.7 | 158.2 | 179.1 | 209.9 | 453.5 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA statutory: revenue less cogs, employee, other exp (excl other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt: borrowings less cash, free deposits, current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA statutory: revenue less cogs, employee, other exp (excl other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Tega Industries includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Tega Industries
- Research reportLatest
Same sector
More research in Industrials
Adani Ports and Special Economic Zone Limited
NSE: ADANIPORTS
Industrials · Marine Shipping
₹1,702.70 last close on 23 Oct 2026 −2.70%Research updated
Hindustan Aeronautics Ltd.
NSE: HAL
Industrials · Aerospace & Defense
₹4,725.00 last close on 23 Oct 2026 −3.08%Research updated
Bharat Electronics Limited
NSE: BEL
Industrials · Aerospace & Defense
₹362.00 last close on 23 Oct 2026 −0.69%Research updated
InterGlobe Aviation Ltd.
NSE: INDIGO
Industrials · Airlines
₹4,549.00 last close on 23 Oct 2026 −1.11%Research updated
Bharat Heavy Electricals Ltd.
NSE: BHEL
Industrials · Specialty Industrial Machinery
₹387.50 last close on 23 Oct 2026 −2.86%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.