Breaking Down Tega Industries Limited Financial Health: Key Insights for Investors

From a Kolkata workshop in 1976 to a publicly listed global specialist, Tega Industries Limited has built a commanding footprint in mining consumables and equipment-partnering with Sweden's Skega in 1979, acquiring Skega outright by 2001, and expanding further with the March 2023 acquisition of McNally Sayaji; the company's December 2021 IPO raised ₹619.23 crore (13,669,478 shares) and today the promoter group retains a controlling 74.8% stake (49,768,945 shares) while public shareholders hold 25.2% (16,766,547 shares), supported by an authorized capital of ₹105.00 crore and paid-up capital of ₹66.54 crore; operating across consumables and equipment with manufacturing in India, South Africa, Australia and Chile, Tega serves over 700 customers in 92+ countries, reports a Q3 FY25 consumables revenue jump of 24% YoY, and sits on a robust order book of ₹1,155.6 crore (₹730.6 crore to be executed in the next 12 months), while projects like the Chile capex ($30-35 million) slated for commercial production by Q2 FY27 and a focus on sustainability (DynaGreen™), R&D-driven product innovation and recurring aftermarket revenue streams combine to explain how this niche engineering player converts wear-resistant technology into diversified, recurring cash flows.

Tega Industries Limited (TEGA.NS): Intro

• Founded: 1976 (Kolkata, India)
• Core focus: Wear-resistant consumables, mill liners, hydrocyclone parts, flotation products, conveyor accessories and turnkey wear solutions
• Primary markets: Mining, mineral processing, bulk materials handling, infrastructure and industrial minerals

• Product sales: High-wear consumables (liners, hydrocyclone parts, flotation components), engineered components and associated spare parts.
• Project & turnkey solutions: End-to-end wear and process solutions including design, supply and onsite services for plants and conveyors.
• Aftermarket and maintenance: Recurring revenue from spare parts, relines and service contracts targeting mid-to-long term plant operations.
• M&A and global network: Revenue and capabilities expanded via acquisitions (e.g., Skega AB stake acquisition in 2001, McNally Sayaji in 2023) and subsidiaries across geographies.

• Technology lineage from Skega AB-enhanced material handling and mineral processing know-how since 1979.
• Diversified product portfolio across wear parts, polymer ceramic solutions and engineered equipment.
• Global manufacturing and service presence enabling proximity to major mining regions.
• Ability to capture aftermarket revenues and long-term service contracts that provide steady cash flows.

• IPO proceeds: ₹619.23 crore
• Shares issued in IPO: 13,669,478 equity shares
• Key acquisition date: March 2023 - McNally Sayaji Engineering Limited
• Headquarters: Kolkata, India; global manufacturing & service footprint

Tega Industries Limited (TEGA.NS): History

• Promoter & promoter group holding (as of 10-Sep-2025): 74.8% - 49,768,945 shares
• Public shareholders: 25.2% - 16,766,547 shares
• Listings: NSE symbol 'TEGA', BSE scrip code 543413
• Authorized capital: ₹105.00 crore; Paid-up capital: ₹66.54 crore
• Registered office: Godrej Waterside, Tower-II, Office No.807, 8th Floor, Block DP-5, Salt Lake Sector V, Bidhannagar, Kolkata, West Bengal, India, 700091

• Provide engineered consumables and services that improve equipment uptime, safety and processing efficiency for mining and mineral plants.
• Drive aftermarket and service-led revenue growth to complement product sales, aiming for higher recurring revenue share.
• Expand technical capability and geographic reach through targeted investments and alliances.

• Product sales: mill liners, wear-resistant components, hydrocyclones, and polymer solutions sold to OEM and end-user mines.
• Aftermarket services: on-site installation, lining services, inspection, and spares supply-higher margin and recurring.
• Engineering solutions: custom design and process-improvement contracts that command premium pricing.
• Global distribution & local manufacturing: reduces lead times and logistic costs, supporting competitive margins across regions.

• High promoter holding (74.8%) indicates stable control and long-term strategic direction.
• Paid-up capital of ₹66.54 crore supports ongoing capex and working capital needs for global operations.
• Listing on NSE & BSE provides liquidity and access to public capital markets for growth funding.

Tega Industries Limited (TEGA.NS): Ownership Structure

• Mission and Values: Tega is focused on delivering high-performance wear solutions that reduce downtime and total cost of ownership for customers.
• Innovation & Engineering Excellence: Continuous R&D, custom liners, mill internals and polymeric solutions tailored to complex beneficiation processes.
• Sustainability: Programs such as DynaGreen™ promote responsible recycling of worn components, contributing to a circular economy and reduced landfill waste.
• People & Culture: Emphasis on professionalism, welfare, mutual respect and team spirit - declaring employees as part of the "Tega family."
• Governance & Ethics: Operates under a robust Code of Business Conduct with emphasis on compliance, transparency and stakeholder trust.
• Stakeholder Relationships: Long-term partnerships with customers, suppliers and employees to drive sustainable growth and collective success.

• Sale of engineered wear parts and linings (mill liners, chute liners, screens) to mining and mineral processing plants - primary revenue driver.
• Aftermarket services and OEM replacements, including installation support and life-cycle optimization contracts.
• Polymeric and rubber products, custom fabrication and composite solutions for downstream handling systems.
• Value-added services: site audits, wear-life analysis, refurbishment and recycling (DynaGreen™) which recover value from used components.

• Global manufacturing footprint combined with local service centers to reduce lead times and inventory costs for customers.
• R&D-led product optimization that extends component life, reducing customers' operational expenditure and driving repeat aftermarket revenue.
• Focus on sustainability and recycling creates new revenue streams and improves customer ESG profiles.

Tega Industries Limited (TEGA.NS): Mission and Values

• Consumables: Manufacture and distribution of specialized wear- and process-critical products such as liners, rubber and polyurethane components, mill internals, flotation products, and engineered ceramic wear parts used across crushing, grinding and material handling circuits.
• Equipment: Design, manufacture and marketing of equipment for crushing, screening, grinding, classification and material handling, combined with integrated customer support including installation, commissioning, spare parts and after-sales service.

• Manufacturing footprint: Facilities in India, South Africa, Australia and Chile enable local supply and faster service for major mining regions.
• Geographic reach: Products and services supplied across 92+ countries, supporting large-scale miners, mid-tier operations and OEMs.
• R&D and engineering: Centralized and regional R&D drives product development, material science improvements (rubber, polyurethane, ceramics, metallurgy) and application engineering tailored to customer ore types and process flows.

• Product sales: Recurring revenue from consumables (high-frequency, replacement-driven sales) - primary margin driver due to repeat consumption and installed base.
• Capital equipment sales: Project and one-off equipment sales for new plants, expansions and retrofit projects - typically larger ticket, phased recognition linked to delivery and commissioning milestones.
• After-sales & services: Spare parts, maintenance contracts, site services, wear-life optimisation and retrofits provide higher-margin annuity revenue and strengthen customer stickiness.
• Engineering & solutions: Project engineering, custom design and process optimisation services add value and often lead to downstream consumables sales.

• Integrated value chain: In-house design, materials development and manufacturing across multiple geographies reduce lead time and enhance quality control.
• Installed base & consumable-driven economics: Large installed base globally creates recurring demand for replacement parts and wear components.
• Order book visibility: A robust order book (₹1,155.6 crore) with ₹730.6 crore executable in the next 12 months supports short-term revenue visibility and capacity planning.
• Customer support ecosystem: On-site services, predictive maintenance and spare parts distribution improve customer retention and margins.

• Promoter alignment: Promoter-held stake (typical for listed industrial groups) supports long-term strategy and capital allocation focused on industrial cycles and R&D reinvestment.
• Public listing: As a listed company (TEGA.NS), financial reporting, disclosure and corporate governance frameworks shape capital-raising and investor engagement.
• Global subsidiary model: Regional entities in mining regions (e.g., South Africa, Australia, Chile) enable compliance with local procurement and mining supply norms while supporting export flows from India-based manufacturing.

• Materials engineering: Advanced elastomers, polyurethanes, ceramics and metallurgical solutions to extend wear life and lower total cost of ownership.
• Process optimisation: Tailoring consumables and configurations to ore characteristics to improve throughput and energy efficiency for customers.
• Product modularity: Designing interchangeable components and retrofits to simplify aftermarket logistics and reduce downtime at customer sites.

Tega Industries Limited (TEGA.NS): How It Works

• Consumables: OEM-grade liners, mill lifters, screens, hydrocyclone parts, rubber and ceramic wear parts and grinding media sold to mines and concentrators.
• Equipment: Dewatering screens, hydrocyclones, trommels and complete mineral processing systems - expanded through the acquisition of McNally Sayaji Engineering Limited.
• After‑market services: Supply of wear parts, onsite services, spares and power‑consumable packages that create recurring revenue streams and strong customer lock‑in.

• Consumables momentum: Consumables segment reported a 24% year‑on‑year increase in Q3 FY25, reflecting rising wear‑part demand and price realization.
• Equipment expansion: McNally Sayaji acquisition broadens the product portfolio and creates cross‑sell opportunities into established equipment projects.
• Global diversification: Over 700 customers across 92+ countries reduce single‑market concentration risk and support steady order inflows.
• Strategic contracts: Long‑term supply agreements (including a multi‑year deal with Europe's largest copper mine) provide predictable revenues and enhance bidding credibility.
• Recurring income mix: After‑market consumables and services form the backbone of margin stability through repeated part replacements and service contracts.

• Order intake: OEM projects and aftermarket orders booked; equipment projects carry longer lead times and milestones.
• Manufacturing & sourcing: In‑house plants and supplier network produce engineered parts; margins higher on proprietary or value‑added items.
• Installation & commissioning: Equipment projects recognized over milestones; services recognized on delivery/contract terms.
• Recurring aftermarket: Wear parts and spares replaced on schedule, generating stable, high‑frequency cash flows and improving lifetime customer profitability.

Tega Industries Limited (TEGA.NS): How It Makes Money

• Core products: mill liners, hydrocyclones, screens, screens media, rubber and polyurethane wear parts.
• Services: aftermarket spares, site refurbishment, installation, technical support and lifecycle contracts.
• Project sales: turnkey and capex-related supply agreements for processing plants and plant expansions.

• Market position: Global leader in critical consumables for mining and mineral processing with an expanding product portfolio after the McNally Sayaji acquisition, enabling integrated solutions across crushing, grinding and screening.
• Revenue visibility: A robust order book of ₹1,155.6 crore with ₹730.6 crore executable in 12 months underpins near-term topline certainty.
• Growth drivers: Rising capex in gold and copper mining, emphasis on localized manufacturing (Chile project $30-35m) to mitigate supply chain risks, and aftermarket demand for wear parts and services.
• Strategic outlook: Continued focus on innovation, sustainability and customer-centric engineering positions Tega to capture higher-value project work and recurring aftermarket revenue.