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Makes wear-resistant rubber and polymer mill liners and screening media used in mining and mineral processing.
Makes wear-resistant rubber and polymer mill liners and screening media used in mining and mineral processing.
Sells wear parts that mining customers must replace regularly, so revenue is repeat and tied to how much ore is processed rather than to new-plant construction. Most sales are outside India.
In one line: A niche global mining-equipment consumables maker.
Moat: narrow (process know-how, switching costs). Customized wear-liner designs tied to specific mills create switching costs for mining customers.
Headquarters: Kolkata, India · Founded: 1976 · Employees: 655
Size Tega Industries (TEGA.NS) is an India Consumer Discretionary company (Trucks/Construction/Farm Machinery) with a market value of $1.34B, the 502nd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,689 on 6 Nov 2026.
Performance Over six months the shares gained 2.6%, against +7.3% for the median peer and 0.0% for the India market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 84.9% over the last twelve months (peer median +18.6%); the operating margin is 11.6% (peer median 9.2%).
Valuation It trades at 40.1× forward earnings against a peer median of 31.5× (5th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 30% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +14 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.1 points below its cost of capital (10.9% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹30.6B | ₹16.8B | ₹16.3B | ₹14.8B | ₹12.1B |
| Revenue growth | — | +3% | +10% | +23% | — |
| Gross profit | ₹9.89B | ₹5.38B | ₹5.07B | ₹4.81B | ₹4.37B |
| EBITDA | ₹5.00B | ₹2.27B | ₹3.31B | ₹3.01B | ₹2.85B |
| Net income | ₹211M | ₹1.43B | ₹2.00B | ₹1.94B | ₹1.84B |
| Free cash flow | n/a | ₹2.04B | ₹219M | ₹1.76B | ₹755M |
| Capital expenditure | n/a | ₹1.36B | ₹1.70B | ₹554M | ₹922M |
| Total debt | n/a | ₹3.98B | ₹3.30B | ₹3.08B | ₹3.61B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tega Industries TEGA.NS | $1.34B | +3% | +85% | 12% | 40.1× | 29.9% |
| Metso METSO.HE | $15.8B | +14% | +8% | 15% | 23.6× | 15.3% |
| FLSmidth & Co. A/S FLS.CO | $4.88B | +22% | -20% | 13% | 13.9× | 2.8% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TEGA.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.5% | -3.3% | lowest of 21 |
| 6-month return | +2.6% | +7.3% | 9th lowest of 21 |
| Distance from 52-week high | -23.1% | -24.1% | 11th highest of 21 |
| Revenue growth (TTM) | +84.9% | +18.6% | highest of 20 |
| Operating margin | 11.6% | 9.2% | 7th highest of 21 |
| Forward P/E | 40.1× | 31.5× | 5th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 29.9% | 29.2% | 7th least demanding of 13 |
| Growth delivered (Del g) | +16.2% | +21.5% | 6th lowest of 12 |
| Hurdle (Req g minus delivered) | +13.6 pp | -0.1 pp | 4th most demanding of 12 |
| ROIC minus cost of capital | -3.1 pp | +0.7 pp | 10th lowest of 21 |
| EV / EBITDA | 25.4× | 21.8× | 7th most expensive of 20 |
| Net debt / EBITDA | -3.9× | 1.0× | 2nd least indebted of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tega Industries TEGA.NS | India | $1.34B | +3% | +85% | 12% | 40.1× | 29.9% | +16.2% |
| Ventive Hospitality VENTIVE.NS | India | $1.34B | -17% | +15% | 29% | 26.2× | 29.9% | +78.5% |
| Thangamayil Jewellery THANGAMAYL.NS | India | $1.37B | +1% | +78% | 6% | 29.4× | 28.5% | +36.1% |
| Pearl Global Industries PGIL.NS | India | $1.31B | +51% | +14% | 8% | 36.9× | 25.0% | +27.5% |
| ASK Automotive ASKAUTOLTD.NS | India | $1.28B | +35% | +39% | 9% | 34.3× | n/a | n/a |
| Varroc Engineering VARROC.NS | India | $1.28B | +40% | +22% | 6% | 31.5× | 29.9% | +15.1% |
| SEDEMAC Mechatronics SEDEMAC.NS | India | $1.42B | +56% | +61% | 15% | 73.8× | n/a | n/a |
| CIE Automotive India CIEINDIA.NS | India | $1.42B | -26% | +12% | 11% | 12.2× | 8.6% | +9.2% |
| JBM Auto JBMA.NS | India | $1.24B | -21% | +16% | 9% | n/a | n/a | n/a |
| SKF India (Industrial) SKFINDUS.NS | India | $1.23B | +9% | n/a | 11% | 33.3× | 36.9% | n/a |
| Vedant Fashions MANYAVAR.NS | India | $1.22B | +6% | +2% | 32% | 29.6× | 21.4% | +21.5% |
| CEAT CEATLTD.NS | India | $1.52B | +6% | +24% | 7% | 31.0× | 24.9% | +15.5% |
| Gujarat Mineral Development GMDCLTD.NS | India | $1.56B | -34% | +19% | 15% | 16.0× | n/a | n/a |
| Sky Gold and Diamonds SKYGOLD.NS | India | $1.56B | +92% | +73% | 7% | 31.5× | n/a | n/a |
| Bluestone Jewellery and Lifestyle BLUESTONE.NS | India | $1.15B | +41% | +38% | 9% | 132.9× | n/a | n/a |
| Honasa Consumer HONASA.NS | India | $1.61B | +32% | +21% | 10% | 52.9× | 42.5% | +39.1% |
| Whirlpool Of India WHIRLPOOL.NS | India | $1.11B | -16% | +6% | 2% | 29.3× | 47.2% | +6.4% |
| PC Jeweller PCJEWELLER.NS | India | $1.63B | +67% | +29% | 24% | n/a | n/a | n/a |
| Travel Food Services TRAVELFOOD.NS | India | $1.63B | -6% | -2% | 30% | 31.7× | 13.0% | +15.6% |
| JK Tyre & Industries JKTYRE.NS | India | $1.10B | -12% | +13% | 7% | 20.6× | n/a | n/a |
| Westlife Foodworld WESTLIFE.NS | India | $1.08B | +31% | +10% | 5% | 343.5× | 49.0% | +21.7% |