Tega Industries LimitedMetals & MiningTEGA
Q1 FY27 concall · earnings callTega Industries Limited
Tega Group delivered strong consolidated performance, highlighted by robust legacy Tega consumables growth and the successful first-month integration of the Molycop acquisition.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue | ₹1,720 Cr | n/a | |
| Consolidated Adjusted EBITDA | ₹264 Cr | n/a | |
| Consolidated Adjusted EBITDA Margin | 15% | n/a | |
| Tega Consumables Revenue | ₹400 Cr | 36% | |
| Tega Consumables EBITDA Margin | 24.1% | 320 bps | |
| Tega Equipment Revenue | ₹35.8 Cr | -44% | |
| Order Book (Tega) | ₹1,230 Cr | n/a |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹409.27 Cr+20.3% YoY+15.8% QoQ | ₹54.25 Cr+52.3% YoY+651.4% QoQ | ₹8.15+52.1% YoY+654.6% QoQ |
| Q2 FY25 | ₹353.30 Cr-6.4% YoY+3.9% QoQ | ₹7.22 Cr-84.8% YoY-80.3% QoQ | ₹1.08-84.9% YoY-80.4% QoQ |
| Q1 FY25 | ₹339.98 Cr+26.8% YoY-32.9% QoQ | ₹36.74 Cr+71.8% YoY-58.9% QoQ | ₹5.52+71.4% YoY-59.1% QoQ |
| Q4 FY24 | ₹506.98 Cr+27.9% YoY+49% QoQ | ₹89.49 Cr+15.8% YoY+151.2% QoQ | ₹13.48+15.7% YoY+151.5% QoQ |
| Q3 FY24 | ₹340.20 Cr+14.6% YoY-9.9% QoQ | ₹35.62 Cr-26.4% YoY-24.8% QoQ | ₹5.36-26.6% YoY-24.8% QoQ |
TL;DR
- Consolidated revenue from operations at INR 17.2 billion with adjusted EBITDA of INR 2.64 billion (15% margin), including one month of Molycop.
- Tega consumables revenue grew 36% YoY to INR 4 billion with EBITDA margin expanding 320 bps to 24.1%.
- Equipment business revenue declined 44% YoY to INR 358 million due to customer clearance delays.
- Molycop contributed revenue of INR 12.9 billion and EBITDA of INR 1.6 billion (13% margin) for June 2026.
- Order book for Tega consumables and equipment stands at INR 12.3 billion.
- Acquisition-related one-time expenses of INR 1.9 billion were incurred in Q1.
Said on the call
“We are pleased to note that the Molycop's June 2026 performance, both in terms of revenue and EBITDA, was directionally ahead of our expectation at the time of the acquisition.”
From the Q&A
| Topic | What management said |
|---|---|
| Molycop Revenue Synergies & Ramp-up | Management expects revenue ramp-up from cross-selling to begin in Q3/Q4 FY27 and requests patience for definitive numbers. |
| Molycop Margins & Seasonality | Molycop margins should be relatively flat; there is little quarter-to-quarter seasonality, but results are better analyzed on a per-ton basis due to steel-indexed contracts. |
| Chile Plant Commissioning | The Chile plant is on track for soft commissioning in January 2027 and commercial production by March 2027, subject to local regulatory approvals. |
| Debt and Capex | Group total debt is INR 112 billion; Molycop net debt is USD 672 million, expected to decline by year-end. FY27 capex guidance: Tega ~USD 40M, Molycop (10-month) ~USD 28M. |
| Molycop Volume & Growth | Molycop's volume for the 12 months ending June 2026 was 1.204 million tons. For the 10-month period (FY27), volume is expected to grow ~5% and EBITDA ~4%. |
| Tega Consumables Growth Guidance | Long-term guidance for Tega consumables revenue growth is maintained at 15% CAGR, with Q1's 36% growth partly due to spillover from Q4 orders. |
| Freight Cost Inflation | Both Tega and Molycop have seen freight costs rise but have mechanisms (pass-through clauses, hedging) to mitigate the P&L impact. |
Guidance
- Expect to realize approximately USD 20 million of synergies from Molycop integration in the next 2 to 2.5 years.
- Long-term revenue growth guidance for Tega consumables business is 15% CAGR.
- Consolidated EBITDA margin expected to be around 15% for FY27.
- Molycop volume expected to grow ~5% and EBITDA ~4% for the 10-month period (FY27).
- Chile plant soft commissioning targeted for January 2027, commercial production by March 2027.
Source
Summary written from the transcript filed by Tega Industries Limited for the call held on 13 Aug 2026; published 20 Aug 2026, 13:25 IST.
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