Tega Industries Limited (TEGA) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cofacto Research Published November 03, 2026 5 min read

Tega Industries, a maker of mining consumables and equipment, reports its second quarter of FY 2026-2027 with Molycop now consolidated for a full three months after the June 1, 2026 acquisition. The print will speak to whether consolidated EBITDA margins hold near the guided ~15% on a heavier Molycop mix, and whether the equipment business recovers from Q1's 44% revenue decline.

Quick Details

Results date	November 05, 2026
Quarter	Q2 FY 2026-2027
Previous quarter revenue	Rs. 17,409 Mn (total income, Q1 FY27)
Previous quarter PAT	Reported loss of Rs. (1,082.52) Mn; adjusted PAT Rs. 547.03 Mn
Previous quarter EBITDA margin	~15% adjusted EBITDA margin (adjusted EBITDA Rs. 2,639 Mn)
Net debt (latest quarter)	Molycop net debt INR 63.66 billion (USD 672.5 Mn) at June 30, 2026; group debt INR 112 billion including INR 26 billion redeemable preference shares
Market cap	Rs. 12,764.58 Cr
CMP	Rs. 1,688.3

Tega Industries Limited Q2 Results Date and Time

The board of Tega Industries meets on November 5, 2026 to approve the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The trading window was shut from October 1 to November 7, 2026.

An earnings call for Q2/H1 FY27 is scheduled for November 5, 2026 at 6:00 PM IST. Speakers include Mehul Mohanka (MD & Group CEO), Ravi Narayan Joshi (CFO), Lance Dawber (COO, Molycop), Patrick Koley (CFO, Molycop) and Sourav Sen (CEO, TMML).

Separately from the November 5 board agenda, the company declared a final dividend of Rs. 2 per share (20% on FV Rs. 10) for FY 2025-26 at its 50th AGM, with a record date of September 14, 2026 and payment on or before October 23, 2026.

Key Things To Watch

Performance vs guidance tracking: Key guidance items from the August 13, 2026 call and what to check on November 5:

Consolidated EBITDA margin — ~15% for FY27 — Q2 print vs 15% and mix effects
Equipment growth — 25% for FY27 — recovery from Q1's 44% decline; equipment EBITDA margin 12-13% vs a broadly breakeven Q1 base
Molycop volume/EBITDA — +5%/+4% over the 10-month FY27 period — quarterly tracking; Molycop growth 3% for FY27
Net debt — decrease by year-end (CY2026) — September 30 net debt vs USD 672 Mn at June 30; Tega finance cost INR 110-120 Cr for FY27 vs H1 run-rate

One-time items and margin optics

Management stated all Molycop one-time expenses are factored into Q1 results (~INR 190 crores across Q1 FY27 and the prior quarter) — watch for any new one-time items
Reconciliation of the 21-22% blended (ex-Molycop framing) EBITDA margin guide against the ~15% consolidated guide

Strategic initiative updates expected

Chile plant: soft commissioning January 2027 and commercial production March 2027, subject to local regulatory approvals — clearance status update expected
The detailed Molycop-focused investor presentation requested by analysts on the Q4 FY26 call

Risks and headwinds to monitor

Chinese competitive intensity in Latin America, acknowledged by management, countered via Molycop's market position and shorter lead times
Freight costs and container availability — increases are contractually passed through with about a one-quarter lag, and Molycop hedges ocean freight
Cobre Panama/Grasberg restart progress against the FY28 volume-deferral framing; Grasberg full capacity targeted by end-CY2027

Frequently Asked Questions

How much in synergies does Tega expect from the Molycop acquisition?

Management has guided to approximately USD 20 million of synergies over the next two to two and a half years, via expense optimization, SG&A costs, operational efficiency and procurement. Revenue synergies lie with Tega, cost synergies with Molycop, and a third basket is the sale of non-core assets.

Will Tega Industries report more one-time Molycop expenses in Q2 FY27?

Management stated on the Q1 FY27 call that all Molycop one-time expenses are factored into Q1 results, totaling approximately INR 190 crores across Q1 FY27 and the prior quarter. Q1's reported loss of Rs. (1,082.52) Mn was driven by the Rs. 1,910 Mn one-time acquisition and integration charge.

Is Tega's equipment business expected to recover in FY27?

Equipment revenue fell almost 44% in Q1 FY27 on customer-clearance delays and lower volumes, against a FY27 guidance of 25% growth with a 12-13% EBITDA margin. The order book stood at Rs. 12,313 Mn at June 30, 2026, up 22% YoY, with management having pointed to an expected H1 FY27 execution pickup.

What did management say about dividends versus capex after the Molycop acquisition?

Management was asked repeatedly about capital allocation between dividends and capex post-Molycop and said, "I can't give you a clear guidance at this juncture". The three verticals — Tega Consumables, Tega Equipment and Molycop — are currently running as separate businesses.

How much debt did Tega take on for the Molycop deal, and what is the deleveraging plan?

Group debt stood at INR 112 billion at June 30, 2026, including INR 26 billion of redeemable preference shares, with Molycop net debt at USD 672 million versus USD 1.0 billion at March 31. Management expects net debt to decrease by end-CY2026 and targets 3x leverage within 3 to 4 years.