Tega Industries Ltd(TEGA)

NSE: TEGABSE: 543413

₹ 1,721.6-2.87%refreshed 23 Oct, 03:51 pm ISTMarket cap: ₹ 12,934 crWebsite: www.tegaindustries.comUpdated: 24 Oct 2026

About

Tega Industries Ltd is an Indian manufacturer of mineral processing consumables - mill liners, wear liners, hydrocyclones, screens, trommels and conveyor products - and, through subsidiary Tega McNally Minerals, mineral processing equipment. In FY26 the consolidated business reported revenue of Rs 1,691.94 crore. On June 1, 2026 Tega completed the acquisition of Molycop, a global grinding media supplier, at an enterprise value of approximately USD 1.5 billion, creating a combined group with over 4,400 employees and 25 manufacturing facilities across 14 countries serving customers in more than 92 countries.^[1]

Business segments

Consumables segment revenue was Rs 1,433.99 crore (84.2% of segment revenue) in FY26; the annual report prints 14,301.24 for FY25, so the segment was broadly flat.^[2][3]
Equipment segment (Tega McNally Minerals) revenue was Rs 268.75 crore (15.8% of segment revenue) in FY26; the annual report prints 2,687.53 for FY26 vs 2,156.61 for FY25.^[2][3]
From Q1 FY27, Molycop - a global forged and high-chrome grinding media business - is consolidated as a third business; it contributed INR 12.9 Bn in revenue for the single month of June 2026.^[4]

Products and brands

Tega's consumables portfolio spans abrasion- and wear-resistant products made from rubber, polyurethane, steel and ceramics, used in grinding, screening and material handling operations.^[3]
DynaPrime is the flagship and fastest-growing product in the consumables portfolio; as of Q1 FY26 management targeted above 20% annual growth for the brand, mainly in Latin America.^[5]
Products launched as of FY25 include smart liners, sensor-based systems and recyclable polyurethane screens.^[6]
Molycop's portfolio includes forged grinding media (the core volume product) and high-chrome cast media, which it scaled from zero to 62,000 tons within two years, with a target of 200,000 tons (as of Q1 FY26).^[5]
Per the FY26 annual report, Molycop extends Tega's offering into grinding media, process optimisation and digital mining.^[3]

Manufacturing operations

Post-acquisition, the combined group operates 15 Molycop facilities in 9 countries, 6 Tega Industries facilities in 4 countries, and 4 Tega McNally Minerals facilities in 1 country.^[3]
Tega's Indian plants are at Dahej, Gujarat (commissioned 2013; Industry 4.0 with digital-twin manufacturing), Samali/Kolkata, West Bengal (1985), and Kalyani, West Bengal (1978).^[3]
Tega's international plants are in Chile (commissioned 2011), South Africa (2006) and Australia (2010); R&D is based in India and Chile.^[3]
The Samali plant has a 587 kWp solar power facility, planned to be scaled to 1 MW (as of FY25).^[6]
Molycop's forged grinding media capacity utilisation was approximately 70% as of Q1 FY26; owned high-chrome capacity of 20,000 tons in EMEA was running fully utilised.^[5]

Key operating numbers

Combined order book (Consumables + Equipment) stood at INR 12,313 Mn in Q1 FY27, compared with INR 11,402 Mn at Q3 FY26 and INR 10,053 Mn at Q1 FY26.^[4]
Per the FY26 annual report, Consumables revenue was flat in FY26 while order booking remained very good; year-end was affected by the Middle East crisis, the Ukraine war and logistics.^[3]
Molycop volumes for the 12 months ending June 2026 were 1.204 Mn tons, down from 1.223 Mn tons in the prior 12-month period.^[4]
Tega (ex-Molycop) gross margin was 62% in Q1 FY27 vs 59% in Q1 FY26; Molycop gross margin was 36% in Q1 FY27.^[4]
Consumables orders were approximately 90% international as of Q1 FY26; direct US revenue exposure from India exports was less than 2% of total revenue.^[5]

Customers and reach

Tega serves over 700 customers across steel, power, cement, iron ore, copper, zinc, aluminium, gold, platinum and aggregates in more than 92 countries, with sales offices in 18 Indian states.^[3]
The combined group employs over 4,400 people: approximately 2,000 in Tega, 1,500 in Molycop and 900 in Tega McNally Minerals.^[3]
Per the FY25 annual report, the mill liner market was about US$2.29bn in 2024 with a 5.25% CAGR forecast, and more than US$5 billion of announced mining investments are expected to lift demand through 2030.^[6]

Expansion and capex

Chile greenfield plant: soft commissioning targeted January 2027 and commercial production March 2027 (subject to approvals), later than the earlier Q2 FY27 target; at full use management expects incremental revenue of INR 1,000 crore.^[4][3]
Tega (ex-Molycop) FY27 capex is guided at approximately USD 40 Mn including Chile; Molycop capex for the 10-month FY27 period is estimated at USD 28 Mn, with a normal annual run-rate in the low USD 30 Mn.^[4]
Molycop targets integration synergies of approximately USD 20 Mn within two to two-and-a-half years from SG&A, procurement and operational efficiency.^[4]

Recent developments

Tega closed the Molycop acquisition on June 1, 2026, in consortium with Apollo-affiliated funds at an enterprise value of approximately USD 1.5 billion; Tega holds an 84% stake.^[3]
CFO Sharad Kumar Khaitan left on 5 May 2026; an interim CFO was appointed.^[3]
Molycop net debt fell to USD 672.5 Mn at June 30, 2026 from USD 1.0 Bn at March 31, 2026, due to equity contributed at closing and debt restructuring.^[4]
Cross-selling between Tega's mill liner customers and Molycop's grinding media network is being developed; management expects revenue from it to begin in Q3 - Q4 FY27.^[4]
Proceeds from a planned sale of a non-core land parcel are earmarked for repaying Molycop-level debt.^[4]
The FY26 annual report names West Asia conflict risks, particularly around the Strait of Hormuz.^[3]

Market Cap

₹12,934 Cr

High / Low

₹2,198 / 1,474

Stock P/E

480.9

Price / Book

3.8

Book Value

₹454

EPS

₹19.0

No. of Shares

7.51 Cr

ROCE

8.2%

ROE

5.9%

OPM

12.3%

Debt / Equity

0.09

Sales

₹1,692 Cr

Net Profit

₹143 Cr

Promoter holding

67.5%

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Tega Industries Ltd(TEGA)

About

Business segments

Products and brands

Manufacturing operations

Key operating numbers

Customers and reach

Expansion and capex

Recent developments

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