Tega Industries (TEGA) Q2 26/27 earnings summary

Executive summary

• H1 FY27 consolidated revenue was ₹59,774.77 million and total income was ₹60,356 million; adjusted EBITDA was ₹8,720 million and adjusted PAT was ₹452 million.

• H1 reported net loss was ₹1,670.26 million; Molycop contributed revenue from four months of consolidation starting 1 June 2026.

• Legacy consumables and equipment delivered record H1 revenue, up 20% YoY, with EBITDA before one-time expenses up 25%.

Financial highlights

• Q2 consolidated revenue was ₹42,540.35 million; EBITDA before one-time expenses was ₹6,081 million at a 14.2% margin.

• H1 consolidated gross profit was ₹24,039 million at a 40% margin; adjusted EBITDA margin was 14%.

• H1 reported PAT was a loss of ₹1,670.26 million versus adjusted PAT of ₹452 million; adjusted results exclude one-time acquisition costs, an exceptional item and related tax impact.

• H1 legacy revenue rose 20% to ₹9,143 million; EBITDA before one-time expenses increased 25% to ₹1,949 million, with margin up 70 bps to 20.4%.

• H1 acquisition transaction costs were ₹2,575.53 million; Q2 included ₹665.98 million.

Outlook and guidance

• Molycop volume growth guidance remains 5%; management expects 100 bps of synergy-related margin uplift in the coming year and has a longer-term consolidated margin vision of 17%-18%, with timing uncertain.

• Equipment growth guidance was reduced from 25% to 15% as customer approvals delayed orders; management expects a strong Q3/Q4 recovery.

• Chile remains on track for January startup and March 2027 commercial production; capacity is intended to support expected 15% CAGR over four to five years.

• Order book excluding grinding media was ₹13,976 million at 30 September 2026, up 21% YoY; ₹11,576 million was executable within one year.

• Priorities include deleveraging through operating cash flow, working-capital release and non-core asset proceeds; no increase in debt is planned.