TEGA
Large CapTega Industries Limited
Consumer
Tega Industries Limited is an industrial company, as evidenced by its financial reporting structure including 'Cost of Material Consumed' and 'Gross Profit'. The company's operations involve significant capital expenditure, indicated by its 'Capital work-in-progress' figures.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 4/8 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -2% YoY · PAT -58% YoY · margin compression · +30% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹527 Cr | -1.7% | +30.4% |
| EBITDA | ₹60 Cr | -60.0% | +30.4% |
| Operating margin | 11.0% | -1700 bps | +0 bps |
| PAT | ₹43 Cr | -57.8% | +115.0% |
| PAT margin | 8.2% | -1087 bps | +321 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 Total Income grew 4% YoY to Rs. 5,633 Mn, with Adjusted EBITDA up 4% YoY to Rs. 1,632 Mn and Adjusted PAT up 7% YoY to Rs. 1,092 Mn. For FY26, Total Income rose 5% YoY to Rs. 17,736 Mn, Adjusted EBITDA increased 4% YoY to Rs. 3,967 Mn, and Adjusted PAT surged 13% YoY to Rs. 2,266 Mn. Order book stands at Rs. 12,060 Mn.
The company delivered modest top-line and EBITDA growth for both Q4 and FY26, with stronger adjusted PAT growth for the full year. The significant order book provides near-term revenue visibility, and improving gross margins are a positive. However, one-time expenses impacted reported profits.
Order Book
Order Book as on March 31, 2026, was Rs. 12,060 Mn, with Rs. 9,060 Mn executable within 1 year.
Capital Work-in-Progress
Capital work-in-progress increased from Rs. 457.12 Mn in Mar-25 to Rs. 1,072.15 Mn in Mar-26.
One-time Expenses
FY26 included ~Rs. 839 Mn in one-time expenses, and Q4 FY26 included ~Rs. 665 Mn, related to Labour code impact and Molycop acquisition charges.
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.
YoY comparison is provided for both Q4 and the full financial year, indicating overall annual performance and seasonal trends. QoQ comparison is also provided for Q4 versus Q3, showing sequential momentum in the latest quarter.
Gross Profit Margin
Gross Profit Margin for Q4 FY26 was 60% (vs 58% in Q4 FY25). For FY26, it was 60% (vs 57% in FY25).
Input-cost trends
Total Raw Material consumed for FY26 was Rs. 6,850.60 Mn, a decrease from Rs. 6,984.52 Mn in FY25.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution | Rs. 9,060 Mn executable within 1 year. | Timely execution and conversion of the order book into revenue. |
| Gross Profit Margin | 60% in Q4 FY26 and FY26. | Sustained or improving margins amidst potential input cost fluctuations. |
| Capital Work-in-Progress | Rs. 1,072.15 Mn as of Mar-26. | Commissioning of new assets and subsequent revenue generation from these investments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The Chile capex project is on track and will be ready for commercial production by Q2 FY '27 (September 2026).
"ready for commercial production by Q2 FY '27"
The equipment business is expected to sustain EBITDA margins of approximately 14% going forward.
"this is going to sustain 14% EBITDA margins"
Outcome check: OPM moved from 17.0% to average 11.0% (-6.0 pp).
Out of the total order book, INR 7,306 million is scheduled for execution over the next 12 months.
"INR7,306 million scheduled for execution over the next 12 months"
The company will raise an additional INR 400 crores to INR 500 crores of equity to complete the Molycop acquisition financing.
"equity raise of about anywhere between INR400 crores to INR500 crores"
The company stands by its full-year guidance of approximately 15% growth for the consumables business in FY '26.
"consumer business will grow at about 15%"
Outcome check: Revenue YoY averaged -1.2% across 1 later quarter(s).
The McNally equipment business is expected to touch a revenue run rate of INR 1,000 crores in the next 3 to 4 years.
"McNally equipment business touching INR1,000 crores"
Outcome check: Revenue YoY averaged -1.2% across 1 later quarter(s).
The McNally equipment business is expected to grow by 25% or more over last year in FY '26.
"McNally business will definitely grow 25% plus and above"
Outcome check: Revenue YoY averaged -1.2% across 1 later quarter(s).
The Molycop transaction is expected to close by end of December 2025 or January 2026, with consolidation starting in Q4 FY '26.
"expect the transaction to close anything between December or January"
Trend score and candlestick chart
44NeutralSMA20 -6.0% / mo
Technical chart
TEGAweekly · 3Y-17.5%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 55.
- SMA20 falling (~6.4% over last month) — short-term momentum negative.
- RSI(14) at 55 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 13% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Growth contributes 14/25 to the score.
Main drags
- Fair-value margin of safety is negative at -21.5%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 3/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
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 4th percentile within Consumer. 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.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Consumer: 4th pctile, median 67 · Large: 2nd pctile, median 74
4/8 claims checked. Use as directional, not final.
4/8 claims checked · 4 contradicted/failed claims
How to read this Trust Score
Weak Trust · medium confidenceRead 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.
Trust positives
- ▸Promoter holding is 67.5%.
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
Trust risks
- ▸Promoter holding fell 7.3%.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸4/4 matched management claims were contradicted or failed.
- ▸ROE is low at 5.9%.
Intrinsic value
Fundamentals
Valuation
- P/E
- 93.30
- P/B
- 3.90
- EV/EBITDA
- 42.06
- Market Cap
- 13314.00Cr
Profitability
- ROE
- 5.94%
- ROCE
- 8.09%
- ROA
- 3.31%
- 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
- 10.04×
- Altman Z
- 7.93
- Book Value
- 454.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 350.00 Cr
- EPS TTM
- 18.99
Shareholding
- Promoter Hold
- 67.51%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 46%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — 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.