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Swing Capital

Tega Industries Ltd

NSE: TEGA BSE: 543413

Established in 1976, Tega Industries is a leading manufacturer and distributor of specialized, critical, and recurring consumable products for the global mineral beneficiation, mining, and bulk solids handling industry. Globally, Tega industries are the second largest producers of polymer-based mill liners, based on revenues for the year 2020.[1]

₹1,562
52W: ₹1431 — ₹2130
PE 76.9 · Book ₹184 · +749% vs book
Market Cap₹11,735 Cr
Stock P/E76.9Price to Earnings
ROCE17.8%Return on Capital
ROE14.4%Return on Equity
Div. Yield0.13%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 22.0% CAGR over last 5 years

Weaknesses

  • −Stock is trading at 8.42 times its book value
  • −Company has a low return on equity of 12.7% over last 3 years.
  • −Earnings include an other income of Rs.62.2 Cr.
  • −Promoter holding has decreased over last 3 years: -11.6%
  • −Working capital days have increased from 107 days to 154 days

Shareholding Pattern

Promoters67.51%
FIIs2.14%
DIIs18.97%
Public11.38%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.78%74.78%74.8%▲0.074.8%74.8%74.8%67.27%▼7.567.51%▲0.2
FIIs1.7%1.77%▲0.11.68%▼0.11.73%▲0.11.75%▲0.01.87%▲0.11.48%▼0.42.14%▲0.7
DIIs18.94%19.11%▲0.219.02%▼0.118.76%▼0.318.38%▼0.410.74%▼7.618.63%▲7.918.97%▲0.3
Public4.56%4.32%▼0.24.5%▲0.24.7%▲0.25.07%▲0.412.58%▲7.512.63%▲0.111.38%▼1.3

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales199164228237198247213168233187
Expenses156131172170163189167132171161
Operating Profit43335767355847356226
OPM %22%20%25%28%18%24%22%21%27%14%
Net Profit33234651315638384828
EPS ₹4.983.516.857.644.658.435.725.777.223.75

AI Insights

Revenue Trend

TTM revenue at ₹801Cr, down 10.5% YoY. OPM at 21%.

Debt Position

Borrowings at ₹99Cr. Debt-to-equity ratio: 0.08x. Healthy balance sheet.

Capex Cycle

CWIP at ₹4Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 18.97% (+2.33pp change). FIIs: 2.14% (-0.36pp change). Promoters hold 67.51%.

Margin & Efficiency

ROCE improving from 0% (Mar 2016) to 18% (Mar 2025). Working capital days: 154.

Valuation

PE 76.9x with 17.8% ROCE. Price is 749% above book value of ₹184. Dividend yield: 0.13%.

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