Tega Industries (TEGA) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 revenue reached INR 4,211 million, up 15% year-on-year, with EBITDA at INR 849 million (20% margin) and PAT at INR 449 million, a 523% increase year-on-year.

• H1 FY26 revenue was INR 7,927 million, up 10% year-on-year, with EBITDA at INR 1,561 million (20% margin) and PAT at INR 803 million, up 83% year-on-year.

• The order book as of September 30, 2025, stands at INR 11,556 million, with INR 7,306 million executable within the next 12 months, providing strong revenue visibility.

• Unaudited standalone and consolidated financial results for Q2 and H1 FY26 were reviewed and approved by the Board and Audit Committee, with unmodified auditor's review reports.

• The company remains focused on sustainable growth, operational efficiency, and capturing emerging opportunities despite global macroeconomic headwinds.

Financial highlights

• Q2 FY26 revenue grew 15% year-on-year to INR 4,211 million; H1 FY26 revenue up 10% year-on-year to INR 7,927 million.

• Q2 FY26 EBITDA was INR 849 million (20% margin), up from INR 478 million (13% margin) in Q2 FY25.

• H1 FY26 EBITDA reached INR 1,561 million (20% margin), compared to INR 1,237 million (17% margin) in H1 FY25.

• Gross margin improved to 59% in Q2 FY26 from 53% in Q2 FY25, and to 59% in H1 FY26 from 56% in H1 FY25.

• EPS for Q2 FY26 was INR 6.75, up from INR 1.08 in Q2 FY25.

Outlook and guidance

• Management reaffirmed FY26 guidance: consumables business expected to grow ~15%, equipment business 25%+ year-on-year.

• H2 is traditionally stronger, and management expects to meet or exceed full-year estimates.

• Equipment business growth is expected to remain above guidance, though not at the Q2 run rate.

• Chile CapEx project remains on track for commercial production by Q2 FY27.

• Molycop acquisition expected to close by end-December or January, with consolidation from Q4 FY26.