Announcement
Announcement Pursuant To Reg. 30 Of The SEBI LODR Regulations, 2015 23 Sep - CITT ruled for Moly-Cop Canada in NQ-2026-002; anti-dumping and countervailing duties will be collected.
Source: Bse
Tega Industries Limited (TEGA)
Large CapIndustrials stocks · Large cap · NSE
Tega Industries manufactures and distributes consumables and equipment for the mining and mineral processing industry. The company recently acquired the Molycop grinding media business, significantly expanding its product portfolio and market reach, now operating across two main segments.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result13 Aug, 02:31 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
54NeutralSMA20 +18.4% / mo · MACD −
Stock trend: 60
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TEGAD candles · FIT view+5.4%Latest close ₹1792.00 on 2026-10-21
Bar
-3.9%
RSI
41
MACD hist
-37.86
52W pos
44%
2026-10-21O ₹1865.00H ₹1873.20L ₹1775.60C ₹1792.00Vol 3.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TEGANifty India ManufacturingNifty 500
- TEGA
- +9.6%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +16.1 pp
Chart stats
21 Oct 2026- From 52W high
- -18.5%
- 52W range position
- 44%
- ATR (14)
- 5.1%
- Volume vs 20D
- 0.47x
- Avg traded value
- ₹89 Cr
- 20D price channel
- ₹1,775.6 - ₹2,198
₹2,198
₹1,473 - ₹2,198
₹91.8
Latest completed session
20-session average
47.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · OVERVALUED29
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +384.0% · PAT -408.6% YoY
Technical
Neutral54
Price trend and sector-relative-strength timing.
Valuation
Legacy model-7024.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Weak Trust47
medium confidence · 4/8 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 2/100PAT -409% YoY · margin compression · Rev +384% YoY · +227% QoQ
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,723 Cr | +384.0% | +226.9% |
| EBITDA | ₹56 Cr | +0.0% | -6.7% |
| Operating margin | 3.2% | -1280 bps | -780 bps |
| PAT | ₹-108 Cr | -408.6% | -351.2% |
| PAT margin | -6.3% | -1610 bps | -1443 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 4.16
- EV/EBITDA
- 38.69
- Market Cap
- 14189.00Cr
Profitability
- ROE
- 5.94%
- ROCE
- 8.14%
- ROA
- -0.02%
- Dividend Y
- 0.11%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 22.61%
- Revenue 3Y
- 12.00%
- EPS 3Y
- -8.00%
Balance Sheet
- Debt/Equity
- 0.12
- Interest Coverage
- 1.74×
- Altman Z
- 8.25
- Book Value
- 454.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 350.00 Cr
- EPS TTM
- 0.64
Shareholding
- Promoter Hold
- 67.51%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 57%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,723+226.9% vs prev
Net Profit
₹ CrLatest: -108-351.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 41. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~15.5% over last month) — short-term momentum positive.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 18% off 52W high · 22% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
69
RS percentile
Stage 2 UptrendRecent S2
1M return
-15.8%
3M return
+9.6%
6M return
+5.4%
1Y return
-6.5%
RS 1D
-2
RS 20D
-5
Sector rank
#6
Industry rank
-
Stage evidence
- Price is 4.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.0%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
29 Sept 2026
S2 age
15 trading sessions
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 98.96-3.04%
RS vs Nifty 50099
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth13/25
Quality0/20
Balance Sheet7/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
29
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
29/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 13/25 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -7024.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
—
PB
4.2
EV/EBITDA
38.7
ROE
5.9%
ROCE
8.1%
FCF Yield
—
Debt/Equity
0.1
MoS
-7024.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
29
Previous: 29
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-7024.7%
Previous: -7316.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
28
28
28
28
28
28
29
29
29
29
29
29
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹80.86
-2116.3% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹25.15
-7024.7% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
PRAJIND
Micro
Praj Industries Limited
Retail
match 97
25
104.0
1.5%
-8169%
OVERVALUED
LTFOODS
Large
LT Foods Limited
Retail
match 93
57
22.7
14.7%
+51%
FAIR VALUE
TRAVELFOOD
Large
Travel Food Services Limited
Retail
match 92
60
33.2
35.3%
+1%
UNDERVALUED
PTCIL
Large
PTC Industries Limited
Retail
match 92
27
316.0
7.2%
-661%
OVERVALUED
SAPPHIRE
Large
Sapphire Foods India Limited
Retail
match 90
30
2616.0
-1.0%
-6447%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-10-13T08:43:08.695Z
Management commentary snapshot
Tega Group reports strong Q1 FY27 adjusted performance, with total income up 368% YoY, driven by the Molycop acquisition. Tega (Ex Molycop) segment shows robust 23% YoY growth in total income, while group reported PAT was negative due to Rs 1,910 Mn one-time transaction expenses.
The Molycop acquisition has fundamentally reshaped Tega's scale and financial profile. While adjusted figures are strong, the substantial one-time transaction costs led to a reported net loss. The successful integration and sustained profitability of the newly acquired grinding media business are critical for the investment thesis.
Current business mix
Revenue from Operations by Segment (Q1 FY27)
Latest issuer-disclosed distribution across 2 reported categories.
Grinding Media (Molycop)75.0%
Tega (Ex Molycop)25.1%
Growth engines
Molycop Acquisition Scale
The acquisition of the Grinding Media business (Molycop) contributed Rs 12,916.40 Mn in revenue for June 2026, significantly expanding the group's scale.
Tega (Ex Molycop) Organic Growth
The existing Consumable and Equipment segment (Tega Ex Molycop) reported robust 21.2% YoY growth in Revenue from Operations.
Headwinds
One-time Acquisition Expenses
The group incurred substantial one-time expenses of Rs 1,910 Mn related to the Molycop transaction, leading to a reported net loss for Q1 FY27.
Risk radar
Molycop Integration & Profitability
The Grinding Media segment, acquired in June 2026, reported a lower Adjusted EBITDA Margin of 13% and Adjusted PAT Margin of 1% for its partial quarter, indicating potential integration challenges.
High Finance Cost
Group finance cost surged to Rs 1,167.08 Mn in Q1 FY27, primarily due to the Molycop acquisition, up from Rs 61.79 Mn in Q1 FY26.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Tega (Ex Molycop) results are best compared YoY to assess organic growth and seasonal trends. Molycop's contribution is for a partial quarter (June 2026), making QoQ comparisons for the combined entity relevant for sequential momentum post-acquisition.
Sector KPIs management disclosed
Order Book in Hand
The company reported an order book of Rs 12,313 Mn as of Q1 FY27.
Tega (Ex Molycop) Revenue Growth
Revenue from Operations for Tega (Ex Molycop) grew 21.2% YoY to Rs 4,318.02 Mn in Q1 FY27.
Tega (Ex Molycop) Adjusted EBITDA Margin
Adjusted EBITDA Margin for Tega (Ex Molycop) improved to 22% in Q1 FY27 from 19% in Q1 FY26.
Grinding Media Adjusted EBITDA Margin
The newly acquired Grinding Media segment reported an Adjusted EBITDA Margin of 13% for the month of June 2026.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Molycop Segment Profitability | Adjusted EBITDA Margin 13%, Adjusted PAT Margin 1% (for June 2026). | Improvement in Molycop's margins as it integrates and operates for a full quarter, indicating successful synergy realization. |
| Tega Group Adjusted EPS | Rs 6.88 for Q1 FY27. | Sustained growth in adjusted EPS, reflecting successful integration and operational efficiency post-acquisition. |
| Order Book Growth | Rs 12,313 Mn. | Consistent growth in the order book and efficient conversion into revenue, signaling future execution potential. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
capex timelinenot yet verifiablequantified
The Chile capex project is on track and will be ready for commercial production by Q2 FY '27 (September 2026).
Timeframe: Q2 FY '27Direction: PositiveConfidence: High
"ready for commercial production by Q2 FY '27"
margin outlookfailedquantified
The equipment business is expected to sustain EBITDA margins of approximately 14% going forward.
Timeframe: Near-termDirection: StableConfidence: High
"this is going to sustain 14% EBITDA margins"
Outcome check: OPM moved from 17.0% to average 11.0% (-6.0 pp).
project executionnot yet verifiablequantified
Out of the total order book, INR 7,306 million is scheduled for execution over the next 12 months.
Timeframe: Next 12 monthsDirection: PositiveConfidence: High
"INR7,306 million scheduled for execution over the next 12 months"
project executionnot yet verifiablequantified
The company will raise an additional INR 400 crores to INR 500 crores of equity to complete the Molycop acquisition financing.
Timeframe: Near-termDirection: PositiveConfidence: High
"equity raise of about anywhere between INR400 crores to INR500 crores"
revenue outlookcontradictedquantified
The company stands by its full-year guidance of approximately 15% growth for the consumables business in FY '26.
Timeframe: FY '26Direction: PositiveConfidence: High
"consumer business will grow at about 15%"
Outcome check: Revenue YoY averaged -1.2% across 1 later quarter(s).
revenue outlookcontradictedquantified
The McNally equipment business is expected to touch a revenue run rate of INR 1,000 crores in the next 3 to 4 years.
Timeframe: Next 3 to 4 yearsDirection: PositiveConfidence: Medium
"McNally equipment business touching INR1,000 crores"
Outcome check: Revenue YoY averaged -1.2% across 1 later quarter(s).
revenue outlookcontradictedquantified
The McNally equipment business is expected to grow by 25% or more over last year in FY '26.
Timeframe: FY '26Direction: PositiveConfidence: High
"McNally business will definitely grow 25% plus and above"
Outcome check: Revenue YoY averaged -1.2% across 1 later quarter(s).
regulatory expectationnot yet verifiable
The Molycop transaction is expected to close by end of December 2025 or January 2026, with consolidation starting in Q4 FY '26.
Timeframe: Q4 FY '26Direction: PositiveConfidence: Medium
"expect the transaction to close anything between December or January"
Trust Score
47Weak Trust · medium confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Management has 0% delivered/partly-delivered outcomes on 4 checked claims, with 4 adverse claim outcomes. It ranks around the 4th percentile of the scored universe and 2nd percentile within Industrials. Main check: results consistency is weak at 17/100.
Mixed Trust: 4/8 extracted management claims have outcome checks; 0% were fully delivered and 0 were partially delivered. 4 claim(s) were contradicted or failed. Key concern: 4/4 matched management claims were contradicted or failed.
Computed 21 Oct 2026
management-trust-v1
44 extracted concalls · 4/8 claims matched
Score band
Weak Trust
Management or financial behaviour needs caution. Demand stronger valuation compensation.
Relative rank
4th percentile
overall median 67 · Industrials: 2nd pctile, median 68 · Large: 2nd pctile, median 73
Evidence depth
Early sample
4/8 claims checked. Use as directional, not final.
Claim delivery
0% delivered or partly delivered
4/8 claims checked · 4 contradicted/failed claims
How to read this Trust Score
Weak Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
67
acceptable · leverage and solvency
Discipline
30
weak · capital discipline
Results
17
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 67.5%.
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸4/4 matched management claims were contradicted or failed.
- ▸Interest coverage is 1.7x.
- ▸ROE is low at 5.9%.
Continue researching Tega Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement Pursuant To Reg. 30 Of The SEBI LODR Regulations 18 Sep - Tega McNally Minerals won a Rs 126 crore domestic contract from Kalpataru Projects, executable over 14 months.
Source: Bse
Announcement
Announcement Pursuant To Reg. 30 Of The SEBI LODR Regulations, 2015. 11 Sep - NSE-required update to preferential issue: ₹95.4 crore proceeds, issue price ₹1,994 per share.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Monitoring Agency Report 13 Aug - Final monitoring report: Rs 17.13 billion preferential proceeds fully used for Molycop acquisition; no deviation.
Source: Bse
Announcement
Announcement Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 15 Jul - Chilean tribunal dismissed Tega Chile’s tax-loss appeal; disputed amount CLP 3.17 billion, tax exposure INR 8.73 crore.
Source: Bse
Announcement
Announcement Pursuant To Reg. 30 Of The SEBI (LODR) Regulations, 2015 18 May - Board approved ₹1,500 crore facility and up to $5 million investment for Molycop acquisition financing.
Source: Bse
AnnouncementQ4 2026
Q4 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 15 May - Q4 FY26 monitoring report: no proceeds utilised; Rs 17.13 crore remains invested via subsidiary FDs.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 15 May - Crisil downgraded Tega Industries to A+/Stable and A1; bank facilities enhanced to Rs 2,000 crore.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.