Tega Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Tega Industries Ltd filed with BSE on 08 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Tega Industries reported FY26 consolidated revenue of INR17,736 million, up 5% year-on-year, with EBITDA before exceptional items of INR3,967 million and margins of 22%. The company completed its acquisition of Molycop in partnership with Apollo Funds on June 1, 2026, adding approximately $838 million of debt at the Molycop level and INR1,500 crores of debt at the parent level. Management discussed order book growth, a Chile plant commissioning update, and provided guidance on consumables, equipment, and Molycop growth for FY27.
Numbers mentioned
Consolidated revenue: INR17,736 million (FY26)
p. 3
“Our consolidated revenue for the year ended FY '26 stood at INR17,736 million, representing a 5% year-on-year growth.”
Mehul Mohanka, page 3 of the filed PDF · View the filing
EBITDA before exceptional items: INR3,967 million (FY26)
p. 3
“We delivered an EBITDA before exceptional items of INR3,967 million for the full year, with EBITDA margins of 22%.”
Mehul Mohanka, page 3 of the filed PDF · View the filing
Equipment business revenue: INR2,688 million (FY26)
p. 3
“Our equipment business recorded strong momentum, closing the full year with revenue of INR2,688 million, a 25% year-on-year increase compared to the same period last year.”
Mehul Mohanka, page 3 of the filed PDF · View the filing
Order book: approximately INR12,060 million (as of March 31, 2026)
p. 3
“As of March 31, our order book stands at approximately INR12,060 million with INR9,060 million executable within the next 12 months.”
Mehul Mohanka, page 3 of the filed PDF · View the filing
Total group income: INR17,736 million (FY26 vs FY25)
p. 4
“Our group income -- total income for the period ending March '26 stood at INR17,736 million vis-a-vis INR16,818 million in FY '25.”
Shyama Prasad Ganguly, page 4 of the filed PDF · View the filing
EBITDA margin: 22% (FY26)
p. 5
“Our EBITDA margin is at 22% in FY '26 against EBITDA margin of INR3,829 million in FY '25, which was 23% in FY '25.”
Shyama Prasad Ganguly, page 5 of the filed PDF · View the filing
Equipment business EBITDA margin: 12% to 13% (FY26)
p. 5
“Equipment business has shown a robust growth of 25% at revenue from operation level. EBITDA margin has gone up from 12% to 13% and PBT margin from 4% to 8%.”
Shyama Prasad Ganguly, page 5 of the filed PDF · View the filing
Onetime exceptional expenses: INR839 million (FY26)
p. 5
“Additional charge in employee benefit expense as a onetime charge on account of new Labour codes, which accounts for in totality INR839 million.”
Shyama Prasad Ganguly, page 5 of the filed PDF · View the filing
Order book: INR12,060 million, with INR9,060 million executable within 1 year (as at 31st March 2026)
p. 5
“We have an order book of INR12,060 million as at 31st March '26, out of which executable orders within 1 year is INR9,060 million.”
Shyama Prasad Ganguly, page 5 of the filed PDF · View the filing
Pending order growth: 18% (year-on-year as at 31 March 2026)
p. 5
“Pending order as at 31st March '26 is higher by 18% over last year.”
Shyama Prasad Ganguly, page 5 of the filed PDF · View the filing
Q4 total group income: INR5,633 million (Q4 FY26)
p. 5
“The total group income for Q4 FY '26 stood at INR5,633 million with an adjusted EBITDA of INR1,632 million, which is 29%.”
Shyama Prasad Ganguly, page 5 of the filed PDF · View the filing
Consumable business revenue: INR4,406 million (Q4 FY26)
p. 5
“Revenue from operations of Consumable business segment reported INR4,406 million in Q4 vis-a-vis INR4,568 million in similar period, which is down by INR162 million.”
Shyama Prasad Ganguly, page 5 of the filed PDF · View the filing
Gross margin: 60% (FY26 vs 58% prior year)
p. 5
“We have maintained healthy gross margin of 60% at the group level vis-a-vis 58% last year same period in spite of the raw material volatility, global uncertainty and higher share of Equipment business segment.”
Shyama Prasad Ganguly, page 5 of the filed PDF · View the filing
Molycop debt at acquisition: $838 million (as of first of June 2026)
p. 6
“With respect to debt addition, we'll be adding close to $838 million of debt in our financial as of first of June, which is what we had taken over as debt.”
Himanshu Raijada, page 6 of the filed PDF · View the filing
Parent-level acquisition debt: INR1,500 crores
p. 6
“At parent level, we'll be adding a debt of INR1,500 crores in our book, which we have taken from Standard Chartered and other banks, including Axis and EXIM.”
Himanshu Raijada, page 6 of the filed PDF · View the filing
Molycop revenue: $1,539 million (prior year)
p. 7
“Molycop last year was $1,539 million for previous year.”
Himanshu Raijada, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Consumable business growth — 15% CAGR · long-term
stated firmly by Pratik Basu Roy
p. 9
“No, I think it's just the cyclicality of the business that is there. So we remain firm on our guidance of 15% plus on a long-term basis.”
Pratik Basu Roy, page 9 of the filed PDF · View the filing
Equipment business growth — 25% · FY27
stated firmly by Sourav Sen
p. 6
“And I think for our Equipment business, we also expect a similar growth like we did in FY '26, which is in the range of 25%.”
Sourav Sen, page 6 of the filed PDF · View the filing
Molycop revenue growth — 3% · FY27
stated conditionally by Himanshu Raijada
p. 7
“And most likely, this is high-level assumptions what we have, the growth outlook, what we are looking for FY '27 is 3% in FY '27 in particular.”
Himanshu Raijada, page 7 of the filed PDF · View the filing
Debt leverage — 3x leverage · 3 to 4 years
stated as an aspiration by Himanshu Raijada
p. 7
“So in particular, we -- our very primary focus will be to bring down the debt in the next 3 years to a level wherein 3x of leverage.”
Himanshu Raijada, page 7 of the filed PDF · View the filing
Chile plant commissioning — commission the plant · early Q3
stated conditionally by Shyama Prasad Ganguly
p. 7
“Chile plant commissioning and the construction is going as per our plan. So almost civil work has been completed, 50%, 60% of civil work has been completed, and we are expecting by early Q3, we'll be able to commission the plant.”
Shyama Prasad Ganguly, page 7 of the filed PDF · View the filing
Molycop acquisition costs — $30 million · Q1 FY27
stated firmly by Himanshu Raijada
p. 8
“So of course, in case if you're looking for a number, it will be close to $30 million of acquisition costs, which we'll have to pay in Q1.”
Himanshu Raijada, page 8 of the filed PDF · View the filing
Chile capex — $25 million to $30 million · FY27
stated firmly by Shyama Prasad Ganguly
p. 10
“So in FY '27, the Chile capex will be completed, which was around $25 million to $30 million, which we initially estimated.”
Shyama Prasad Ganguly, page 10 of the filed PDF · View the filing
Tega sustaining capex — INR50 crores to INR60 crores · FY27
stated firmly by Shyama Prasad Ganguly
p. 10
“Other than this, we keep on investing on our capex on modernization of our plant and sustaining capex, which ranges around INR50 crores to INR60 crores, which happens across the geographies.”
Shyama Prasad Ganguly, page 10 of the filed PDF · View the filing
Molycop maintenance capex — $20 million · FY27
stated firmly by Himanshu Raijada
p. 10
“So currently, what we have budgeted is for kind of maintenance capex of $20 million.”
Himanshu Raijada, page 10 of the filed PDF · View the filing
Blended EBITDA margin — 21%, 22% · going forward
stated firmly by Shyama Prasad Ganguly
p. 13
“So we are still holding this guidance of EBITDA margin at 21%, 22% at a blended level.”
Shyama Prasad Ganguly, page 13 of the filed PDF · View the filing
Debtor days (DSO) — 100 to 105 days
stated firmly by Shyama Prasad Ganguly
p. 14
“So on the receivable front, if you see, so receivable normally, we maintain 100 to 105 days of DSOs, and we shall be continuing to maintain that.”
Shyama Prasad Ganguly, page 14 of the filed PDF · View the filing
Equipment segment EBITDA margin — 12% to 13% · FY27
stated firmly by Sourav Sen
p. 15
“No I think in our guidance, we are talking about 12% to 13% of EBITDA -- and which is basically we will maintain the similar kind of profitability what we did in FY '26.”
Sourav Sen, page 15 of the filed PDF · View the filing
New aggregate product launch — launch new product · Q3
stated firmly by Sourav Sen
p. 13
“This will be -- this product will be launched in Q3. That is what we kind of -- we expect.”
Sourav Sen, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Molycop will add $838 million in debt, and the parent level will add INR1,500 crores.
Answered by Himanshu Raijada
Asked by Deepak Poddar: What debt will be added at parent and Molycop level due to the acquisition?
p. 6
“With respect to debt addition, we'll be adding close to $838 million of debt in our financial as of first of June, which is what we had taken over as debt.”
Himanshu Raijada, page 6 of the filed PDF · View the filing
Civil work is 50-60% complete and commissioning is expected by early Q3, subject to regulatory approvals.
Answered by Shyama Prasad Ganguly
Asked by Chirag Muchhala: What is the update on the Chile plant commissioning?
p. 7
“Chile plant commissioning and the construction is going as per our plan. So almost civil work has been completed, 50%, 60% of civil work has been completed, and we are expecting by early Q3, we'll be able to commission the plant.”
Shyama Prasad Ganguly, page 7 of the filed PDF · View the filing
Management said orders came in late February and March, so the growth is reflected in order book and finished goods rather than revenue yet.
Answered by Pratik Basu Roy
Asked by Chirag Muchhala: Why has consumable revenue been flat this year despite industry growth?
p. 8
“So the industry, there's actually, as we said in our opening statement, there's robust growth is there. Actually, there is a demand and supply kind of a gap that's coming forecasted for the future.”
Pratik Basu Roy, page 8 of the filed PDF · View the filing
Management attributed the shortfall to logistical disruption affecting shipping and container availability, leading to a buildup in finished goods.
Answered by Shyama Prasad Ganguly
Asked by Varun Jain: Why did consumables growth diverge so much from the 8% guided in the February call?
p. 9
“And to add this, Varun, because of the start of this work, there was quite a significant amount of disruption in the logistical area and which has led to the increase in our FG because material was produced, could not be dispatched because of the availability of the vessel connection and the containers which we have seen in the month of March.”
Shyama Prasad Ganguly, page 9 of the filed PDF · View the filing
Management said no such 7-8% guidance was previously given on their calls and that expectations for mines like Cobre Panama and Grasberg returning have been pushed to FY28.
Answered by Himanshu Raijada
Asked by Varun Jain: Is the earlier Molycop growth guidance of 7-8% now revised down to 3%?
p. 14
“Sorry, Varun, I think I need to check from where that guidance is coming from because in our earlier calls, we have never given such guidance of 7%, 8% of growth in Molycop.”
Himanshu Raijada, page 14 of the filed PDF · View the filing
Management said the dip was due to lower consumables revenue, and reaffirmed the blended EBITDA margin guidance of 21-22%.
Answered by Shyama Prasad Ganguly
Asked by Ankur Periwal: What explains the dip in EBITDA margin despite gross margin expansion?
p. 13
“So if you talk about EBITDA margin, we have always given a guidance that our blended EBITDA margin will be around 21%, 22%. Yes, of course, this year, it is slightly lower because of the revenue has not been picked up in the consumables segment.”
Shyama Prasad Ganguly, page 13 of the filed PDF · View the filing
Management attributed it to improved payables and better debtor collections reducing DSOs.
Answered by Krishna Singh
Asked by Ankur Periwal: What drove the working capital reduction this year?
p. 14
“So basically, you rightly pointed out, this is because of payable improvement. And you have seen the overall debtor number of days also reduced to some extent.”
Krishna Singh, page 14 of the filed PDF · View the filing
Risks flagged
Logistical disruption affecting vessel connectivity and container availability, delaying shipments
p. 11
“The only challenge that we faced is with respect to this Middle East disturbances because of which the vessel connectivity was not there and the container availability, which has led to the increase in finished goods by almost INR50 crores, which can result into INR100 crores of additional revenue.”
Shyama Prasad Ganguly, page 11 of the filed PDF · View the filing
Deferral of mine restarts (Cobre Panama and Grasberg) pushing back expected Molycop volume growth
p. 15
“But this we are seeing as per the market indicators, this will be deferred to FY '28. Hence, we don't see a particular jump in FY '27.”
Himanshu Raijada, page 15 of the filed PDF · View the filing
Raw material volatility and global uncertainty affecting margins
p. 5
“We have maintained healthy gross margin of 60% at the group level vis-a-vis 58% last year same period in spite of the raw material volatility, global uncertainty and higher share of Equipment business segment.”
Shyama Prasad Ganguly, page 5 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.