TEGA Q3 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
₹404 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹60 Cr
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
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What the record says.
Tega Industries reported a challenging Q3 FY26 with revenue of Rs 417.5 crore and EBITDA margin compressed to 14% from 24% YoY, primarily due to one-time acquisition-related expenses (~Rs 45-50 crore) and new labor code charges (~Rs 6 crore). Excluding these, margins would have remained above 20%. The 9-month revenue stood at Rs 1,210.3 crore (up 6% YoY) with equipment business showing strong 34% growth, while consumables grew only ~2% YTD due to order deferrals and customer inventory adjustments. Management revised FY26 consumables guidance from 15% to ~8% growth but maintained long-term 15% CAGR target. The order book of Rs 1,142 crore (Rs 812 crore executable in 12 months) provides revenue visibility. Mollikop acquisition is on track for March 2026 closure with 84% stake now held. Key risks include execution variability in equipment segment, delayed consumable conversions, and ongoing acquisition financing complexity.
Colored figures show movement against the previous available record.
Guidance to track
- Previously guided at 15% growth but now expected around 8% due to order deferrals and customer inventory adjustments; long-term 15% CAGR target remains intact.
- Equipment segment expected to grow 28-30% for full year FY26, driven by strong order book execution and demand momentum.
- Chileex project is on track for commercial production in Q2 FY27; alternate plans in place to address capacity limitations during transition.
- Customer trials and negotiations at advanced stages in Europe, Latin America, and Australia; expected to begin meaningful contribution from FY27 onwards.
Risks flagged
- Consumables grew only ~2% YTD vs guided 15% due to delayed purchase orders and customer consumption pattern changes. Conversion of new customers has been pushed by 1-2 quarters.
- Equipment revenue declined sequentially from Rs 77 crore in Q2 to Rs 47.5 crore in Q3 due to project timing variability; management advises viewing business on full-year basis.
- While management stated current funds are sufficient, they indicated potential for additional equity raise if required. Refinancing fees will be incurred in future quarters upon deal closure.
- 75-77% of consumable revenues come from gold and copper mining sectors. Management deflected questions on Dina Prima segment contribution citing confidentiality, raising potential concentration risk opacity.
Key quotes
- While you know our sustainable spares business which is repeat business has come back very strong, some of the initiatives on conversions of new customers have had a time lag where some of the purchase orders or the orders that were to come through have been delayed by a quarter or two.
- The consumable business, we generally operate in gross margins of 57 to 60% and EBITDA margins anything between 22 to 23%. That's the reason why we told that in spite of the volatility and the uncertainties we have been able to maintain the gross margins.
- If the prices rise, people find an opportunity and more process. The business definitely grows for us. For example, if the mines are churning a higher amount of throughput, to have that higher throughput, they need to have a higher input. And if they need to have a higher input, it means more consumables will be required.
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