Tega Industries Q2 FY27 Results Analysis: Slips to Rs. 47 Cr Loss, Molycop Lifts Revenue

Cofacto Research Published November 05, 2026 4 min read

Negative

Tega Industries Ltd's Q2 FY27 numbers came in soft. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	November 05, 2026
Revenue (Q2)	Rs. 4,254.03 Cr (+949.46% YoY)
PAT (Q2)	Rs. -58.77 Cr
EBITDA margin	14.02% (-693 bps YoY)
EPS (Q2)	Rs. -6.32

Quarter Snapshot

Q2 FY27 is a structural transition print: Molycop's first full quarter lifted revenue to Rs.4,254.03 Cr and adjusted EBITDA to Rs.596.42 Cr (14.02% margin, near the ~15% guide), while legacy consumables grew 26.71% YoY. However, the company missed its own guidance on equipment revenue (-13.03% YoY vs +25% target), equipment margin (1.82% vs 12-13%), and consumables margin (17.84% vs 20-23%), and reported a loss to owners of Rs.(47.47) Cr under a Rs.131.68 Cr tax charge and Rs.291.90 Cr of acquisition finance costs. Net debt of ~Rs.10,574.34 Cr, recurring one-time deal costs, and Rs.8,612.53 Cr of provisional goodwill/intangibles are the key watch items into the 5 November call.

Q2 FY27 Expectations vs Results

Driver	What happened	Verdict
Revenue ahead on two full Molycop months	Rs.4,254.03 Cr, +146.83% QoQ	Played out
Blended margin pulled toward the guided ~15%	14.02% adjusted (H1 14.39%)	Played out
Equipment recovery from Q1's decline	−13.03% YoY, margin 1.82%	Partially
Consumables normalizing toward ~15% pace	+26.71% YoY (still above pace)	Played out
Finance costs the dominant drag	Rs.291.90 Cr consolidated; standalone H1 Rs.48.97 Cr within guide	Played out
No new one-time items ("all factored into Q1")	Rs.66.60 Cr booked in Q2	Contradicted
Molycop net debt path observable	Not addressed at that granularity in the filing	Not observable

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
Consolidated EBITDA margin ~15% FY27	Q1 FY27 earnings call (Aug 13, 2026)	14.02% adjusted (H1 14.39%) — within ~100 bps	On Track
Consumables EBITDA margin 20–23% annually	Q1 FY27 earnings call	17.84% (segment-note basis)	Missed
Consumables growth ~15% CAGR (long-term)	Q1 FY27 earnings call	+26.71% YoY	On Track
Equipment growth +25% FY27	Q4 FY26 earnings call (Jun 2, 2026)	−13.03% YoY (H1 −27.96%)	Missed
Equipment EBITDA margin 12–13% FY27	Q4 FY26 earnings call	1.82%	Missed
Molycop growth ~3% FY27	Q4 FY26 earnings call	Not derivable — no prior-year segment comparative	Too Early
Tega (standalone) finance cost Rs.110–120 Cr FY27	Q1 FY27 earnings call	Rs.48.97 Cr in H1	On Track
Molycop EBITDA margin "relatively flat"	Q1 FY27 earnings call	12.67% vs 13.24% June base	On Track

Key Investment Insights

Key Positives

Consolidated revenue of Rs.4,254.03 Cr, up 146.83% QoQ on Molycop's first full quarter of consolidation
Adjusted EBITDA of Rs.596.42 Cr at a 14.02% margin, within ~100 bps of management's ~15% FY27 guidance
Molycop Grinding Media segment margin of 12.67% held near the 13.24% June base, consistent with management's 'relatively flat' framing
Legacy Consumables-Others grew 26.71% YoY with segment margin up 135 bps YoY to 17.84%
H1 CFO of Rs.712.63 Cr and FCF of Rs.480.31 Cr; CFO covered 0.83× of H1 adjusted EBITDA
PBT swung back to Rs.72.90 Cr from Q1's loss of Rs.(1,164.77) Cr
Calcutta HC set aside the Rs.13.79 Cr tax demand on TMML in October 2026

Risk Factors

Reported loss to owners of Rs.(47.47) Cr (EPS Rs.(6.32)) with a tax charge of Rs.131.68 Cr exceeding PBT of Rs.72.90 Cr (effective rate 180.62%)
Acquisition finance costs of Rs.291.90 Cr in Q2 (vs Rs.5.78 Cr a year ago) are the dominant below-EBITDA drag; net debt stands at ~Rs.10,574.34 Cr
Equipment segment revenue fell 13.03% YoY with a 1.82% EBITDA margin against management's 12-13% FY27 guide; H1 revenue is -27.96% YoY, making the +25% FY27 target implausible
Consumables EBITDA margin of 17.84% is below the guided 20-23% band on the segment-note basis
Rs.66.60 Cr of additional Molycop transaction expenses booked in Q2 despite management's Q1 claim that all one-time expenses were factored in; cumulative Rs.335.13 Cr
Goodwill plus acquired intangibles of Rs.8,612.53 Cr remain provisional under Ind AS 103; owners' equity fell Rs.204.73 Cr since March 2026