Tega Industries Ltd. (TEGA) AI Stock Analysis

• Market Cap: ₹131.72B
• Dividend Yield: 0.1%
• Average Volume (3M): 24.41K
• Price to Earnings (P/E): 172.3
• Beta (1Y): 0.61
• Revenue Growth: 10.80%
• EPS Growth: 39.83%
• Country: IN
• Employees: 702
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial - Machinery
• EPS (TTM): 2.60
• Shares Outstanding: 75,127,700
• 10 Day Avg. Volume: 4,036
• 30 Day Avg. Volume: 24,407
• PEG Ratio: 15.59
• Price to Book (P/B): 6.97
• Price to Sales (P/S): 5.99
• P/FCF Ratio: 391.61
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 35.03
• Revenue Forecast (FY): ₹18.53B

• Rating: 61 Neutral
• Price Target: ₹1,764.00 ▼(-9.40% Downside)
• Action: Reiterated Date: 10/21/25
• Date: Action: Reiterated 10/21/25

Tega Industries Ltd. scores moderately due to strong financial performance, which is offset by high valuation concerns and mixed technical indicators. The company's robust revenue and profit growth are significant strengths, but the high P/E ratio and low dividend yield suggest potential overvaluation. Technical analysis indicates neutral to bearish momentum, further impacting the overall score.

Positive Factors

Recurring consumable business model

Tega's core sales are wear parts and consumables whose replacement is driven by operating hours and ore characteristics. That creates recurring O&M spending and predictable demand from existing mine sites, supporting durable revenue visibility and customer stickiness over cycles.

High margins and operational efficiency

Sustained gross and EBIT margins indicate pricing power, efficient manufacturing and engineering execution. Strong margins provide internal funds for R&D, capex and service capabilities, improving resilience and long-term ability to invest in product and geographic expansion.

Prudent balance sheet and solid returns

Low leverage and a high equity ratio give Tega financial flexibility to absorb mining-cycle shocks and fund organic growth. A mid-teens ROE shows effective capital use, supporting sustainable reinvestment and reducing refinancing risk during downturns.

Negative Factors

Exposure to mining-cycle cyclicality

Revenue and order cadence depend heavily on mining production and capex decisions. That structural exposure can produce lumpy demand, revenue volatility and intermittent order book contractions, complicating capacity planning and long-term revenue predictability.

Fluctuating free cash flow generation

Although operating cash conversion is strong (~0.97x net income), variability in free cash flow growth and recent slight decline limit consistent internal funding for capex, dividends or acquisitions. Recurrent FCF volatility raises planning and investment execution risk.

Growth in total liabilities requires monitoring

Rising liabilities, noted by management, could erode the current low-leverage profile if trends continue. Increased obligations may pressure liquidity or require higher financing, reducing flexibility to invest or buffer against sector downturns over the medium term.

Tega Industries Ltd. Business Overview & Revenue Model

Company Description

Tega Industries Limited designs, manufactures, distributes, and installs process equipment and accessories for the mineral processing, mining, material handling, and environment industries. It offers a range of grinding mill liners, such as DynaPrime, DynaSteel, DynaPulp, and DynaWear; trommels for heavy duty, medium duty and light duty applications along with structure, rubber or polyurethane screen panels, spirals, connecting pieces and end flanges.; Rapido, a screening machine used for separation of particles; and screening solutions comprise screening decks, such as bolt down panels, cross tension panels, flip flo panels, panel cords, dewatering panels, polysnap panels, anti-clogging panels, and button type panels. The company also provides hydrocyclones for extracting or separating slurry particles; conveyor products, including spill-ex skirt sealing systems, ceramic pulley laggings, and Centrax that guide the conveyor belt system; pumps; and chutes and flotation parts. In addition, it offers plant audit consultancy services for grinding and classification upgrades; and maintenance and operations solutions, as well as supplies spare parts. The company serves in India, Africa, South East Asia, Australia, South America, North America, Europe, the Middle East, and Russia. It also exports its products. The company was formerly known as Tega India Limited and changed its name to Tega Industries Limited in January 2002. Tega Industries Limited was incorporated in 1976 and is based in Kolkata, India. Tega Industries Limited is a subsidiary of Nihal Fiscal Services Private Limited.

How the Company Makes Money

Tega Industries generates revenue primarily through the sale of its products and services, which includes consumables like rubber linings, screens, and other wear-resistant materials. The company has established a strong presence in both domestic and international markets, allowing it to tap into diverse revenue streams from various geographical regions. Additionally, Tega Industries benefits from long-term contracts and partnerships with major mining companies, which provide a steady flow of income. The company may also engage in after-sales services and maintenance contracts, further contributing to its revenue. Key factors influencing its earnings include market demand for mining equipment, the global minerals market trends, and the efficiency of its production processes.

Tega Industries Ltd. Financial Statement Overview

Summary

Tega Industries Ltd. demonstrates strong financial performance with consistent revenue growth, robust profit margins, and effective cost management. The balance sheet reflects solid financial health with low leverage, while cash flow statements indicate adequate operational cash generation despite fluctuating free cash flow trends.

Income Statement

Tega Industries Ltd. demonstrates a strong income statement with consistent revenue growth over the years, reaching a notable 10.5% increase from 2024 to 2025. The company maintains a robust gross profit margin of 35.96% for 2025, alongside a strong net profit margin of 12.21%. The EBIT margin is exceptionally high at 42.16%, indicating effective cost management and operational efficiency. Overall, the income statement reflects excellent sales growth and profitability, positioning the company well within its industry.

Balance Sheet

The balance sheet of Tega Industries reflects solid financial health with a low debt-to-equity ratio of 0.24, indicating prudent leverage management. The return on equity (ROE) is stable at 14.33%, suggesting effective use of equity capital to generate profits. The equity ratio stands at 66.65%, highlighting strong equity financing. However, the growth in total liabilities warrants monitoring to ensure long-term financial stability.

Cash Flow

Cash flow analysis shows that Tega Industries has a positive free cash flow for 2025, although the free cash flow growth rate fluctuated significantly in recent years. The operating cash flow to net income ratio is at a favorable 0.97, indicating that the company can convert a substantial portion of its income into cash. Despite a slight decline in free cash flow in 2025, the company maintains adequate cash flow from operations to support its business activities.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	16.55B	16.26B	14.82B	12.06B	9.42B	7.94B
Gross Profit	9.48B	9.13B	4.81B	6.67B	5.30B	4.63B
EBITDA	3.82B	3.40B	3.40B	2.91B	2.02B	2.36B
Net Income	1.99B	2.00B	1.94B	1.84B	1.17B	1.36B
Balance Sheet
Total Assets	0.00	20.95B	18.90B	16.34B	11.79B	10.18B
Cash, Cash Equivalents and Short-Term Investments	3.61B	3.61B	3.35B	2.38B	2.15B	2.05B
Total Debt	0.00	3.30B	3.08B	3.61B	2.45B	2.20B
Total Liabilities	-13.97B	6.99B	6.98B	5.85B	4.43B	4.05B
Stockholders Equity	13.97B	13.97B	11.92B	10.49B	7.36B	6.14B
Cash Flow
Free Cash Flow	0.00	248.50M	1.97B	863.40M	-272.86M	1.22B
Operating Cash Flow	0.00	1.95B	2.52B	1.79B	137.13M	1.70B
Investing Cash Flow	0.00	-1.32B	-906.63M	-2.34B	-256.40M	-797.29M
Financing Cash Flow	0.00	-380.19M	-1.15B	630.35M	30.85M	-790.04M

Tega Industries Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1947.05
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:TEGA, the sentiment is Negative. The current price of 1947.05 is above the 20-day moving average (MA) of 1740.52, above the 50-day MA of 1810.83, and above the 200-day MA of 1819.43, indicating a bearish trend. The MACD of -11.37 indicates Negative momentum. The RSI at 41.38 is Neutral, neither overbought nor oversold. The STOCH value of 56.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:TEGA.

Tega Industries Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PRIVISCL	64 Neutral	₹116.29B	35.11	―	0.15%	24.25%	96.45%
HEG	62 Neutral	₹104.86B	14.55	―	0.33%	3.93%	41.77%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
TEGA	61 Neutral	₹131.72B	172.32	―	0.10%	10.80%	39.83%
ALKYLAMINE	61 Neutral	₹73.43B	48.28	―	0.62%	3.95%	8.28%
RHIM	59 Neutral	₹82.77B	38.50	―	0.55%	8.65%	―
GRAPHITE	54 Neutral	₹138.32B	46.09	―	1.93%	-7.12%	-48.28%

Tega Industries Ltd. Corporate Events

Tega Industries Publishes Q3 and Nine-Month FY26 Earnings Call Transcript

Tega Industries Limited has released the transcript of its earnings conference call for the quarter and nine months ended December 31, 2025, held on February 12, 2026. The call, led by Managing Director and Group CEO Mehul Mohanka and other senior executives, covered the company’s financial and operational performance for Q3 and the nine-month period of FY26.

The transcript has been filed with the stock exchanges in compliance with SEBI disclosure regulations and is available on the company’s investor relations website. This move underscores Tega’s ongoing emphasis on transparency and timely communication with shareholders and market participants regarding its business progress and outlook.

Tega Industries Upsizes Investment to Lift Stake in Singapore JV Vehicle to Over 84%

Tega Industries has announced that its wholly owned subsidiary, Tega MC Investment Pte. Ltd. (Tega HoldCo), has exercised an upsize option to increase its planned investment in Tega MC JV Holdings Pte. Ltd. (SG Company) by USD 35 million. Following this move, Tega HoldCo will invest a total of USD 394.3 million for an equivalent number of ordinary shares, resulting in an approximately 84.2% stake in SG Company, while co-investor AP Jupiter Holdco (Apollo HoldCo) will hold around 15.8% through a USD 74.1 million investment in ordinary shares. The structure of Apollo HoldCo’s separate USD 270 million investment in redeemable preference shares of Tega MC SG Investments I Pte. Ltd. remains unchanged, underscoring Tega’s strategy to consolidate control over the SG Company vehicle while retaining significant strategic and financial backing from Apollo.

Tega Industries Secures NSE, BSE Listing for Preferential Allotment Shares

Tega Industries Limited has received listing approval from the National Stock Exchange of India and BSE for 8,592,206 equity shares of Rs 10 each issued on a preferential basis to promoters and non-promoters, increasing its listed capital to Rs 75.13 crore, comprising 7,51,27,698 fully paid equity shares. The expanded equity base reflects a completed preferential allotment that strengthens the company’s capital structure and broadens its shareholder base, with potential implications for liquidity and market visibility of the stock.