1. Opening Hook
While global geopolitics, tariffs, wars, and shipping routes were busy causing drama, Tega Industries quietly did what it does best—sold mining consumables and equipment like nothing happened.
Q2 FY26 was supposed to be noisy. Instead, Tega showed up with clean numbers, higher margins, and an order book thick enough to survive three macro cycles. Management spoke calmly, almost suspiciously calmly, about 20% EBITDA margins while casually dropping “55% equipment growth” like it’s normal.
The real suspense, though, isn’t in the quarter. It’s in the room Tega hasn’t entered yet—the Molycop consolidation door, half open, paperwork pending, bankers warming up.
Read on. The business is stable, the margins are expanding, and the acquisition elephant is getting closer to the balance sheet.
2. At a Glance
- Revenue up 15% (₹421 cr) – Mining didn’t blink, neither did Tega.
- EBITDA margin at 20% – From 13% last year, efficiency finally showed up.
- Consumables up 10% – Steady, boring, and exactly what you want.
- Equipment up 55% – McNally clearly found its groove.
- Order book ₹1,156 cr – Visibility so good it feels pre-booked.
- Gross margin at 59% – Raw material volatility politely ignored.
3. Management’s Key Commentary
“We remain on track to achieve our FY26 guidance.”
(Translation: Nothing to see here, just consistent execution.) 😏
“Equipment business grew 55% year-on-year.”
(Translation: That 25% guidance? Cute.)
“Gross margins improved by 300 basis points.”
(Translation: Mix matters, and this one behaved.)
“U.S. tariffs impact is limited to 2–3% of revenue.”
(Translation: Headlines loud, financial impact whisper-quiet.)
“Chile capex will be operational by Q2 FY27.”
(Translation: Tariff-proofing in progress.)
“Molycop transaction is on track, subject to
