TEGA Q1 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹356 Cr
verified against source
Revenue YoY
6%
reported change
EBITDA
₹72.5 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Tega Industries reported muted Q1 FY26 results with consolidated revenue of 3,716 million (+6% YoY), reflecting slow execution in consumables (82% revenue mix) partially offset by strong equipment segment growth of 78% YoY to 643 million. EBITDA declined 6% YoY to 725 million with margins contracting ~240bps to 20%, impacted by seasonal weakness (Q1 being the lowest quarter) and product mix shift toward lower-margin spares. The order book stands at ~10,053 million (~6,130 million executable within 12 months) providing revenue visibility. Management maintained 15% CAGR guidance and targets >25% growth in equipment business. Chile capex of $30 million is on track for commercial production around mid-2026. Key risks include geopolitical supply chain disruptions, delayed shipments pushed to Q2-Q3, and potential US tariff escalation (though direct India exposure is <2% of revenue).
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirms long-term 15% CAGR growth target on group level, supported by robust order book and diversified mining exposure.
- McNally equipment segment expected to grow >25%, outpacing group average, driven by domestic iron ore, power plant, and aggregate crushing opportunities.
- Consumer segment EBITDA margins guidance of 22-23% maintained; margins expected to improve with revenue pickup in H2 as operating leverage kicks in.
- Chile greenfield facility requires ~$30 million capex over 2 years (FY26-27); commercial production expected around mid-2026 with ~₹1,000 crore incremental topline potential.
Risks flagged
- Q1 revenue impacted by shipment deferments pushed into Q2 and Q3 due to customer requests and logistics disruptions. Management declined to quantify the exact deferred amount.
- Equipment EBITDA margins declined due to product mix shift toward spares (30-35% vs ~45-55% equipment). Management attributed this to quarterly effect but did not provide margin recovery timeline.
- Analyst questioned whether India-specific tariffs could disproportionately impact Tega given competitors' manufacturing locations. Management cited 4-5% total US revenue exposure but did not address competitive positioning in detail.
- Management declined to provide order book breakdown between consumables and equipment segments despite repeated analyst requests, limiting visibility into segment-wise execution plans.
Key quotes
- We are confident of our growth story as we have been growing at 15% CAGR and we maintain those estimates even for the current period.
- In the consumables approximately 90% is outside India and domestic we have around 10%.
- The ones that had deferred in Q4 has come in. The ones there are some which has been deferred into also in Q2 and some also goes as long as into Q3 because of the customer request.
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