Tega Industries Limited stands as one of the world's leading manufacturers and distributors of specialized mining equipment and consumables, serving the global mineral beneficiation, mining, and bulk solids handling industries. 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. The company has evolved from its humble beginnings to become the second largest producers of polymer-based mill liners, based on revenues for the year 2020.
We are a multi-national company with presence in 92+ countries and are headquartered in Kolkata, India. Our manufacturing hubs, located across India, Australia, Chile and South Africa help us deliver quality and trust. The company operates through a comprehensive global network, with robust research and development, quality control and customer engagement have established us as the preferred partner for 700+ customers.
Tega Industries has strategically positioned itself across multiple continents through its manufacturing facilities. We have established three domestic manufacturing plants in Samali, Kalyani, and Dahej, and three international manufacturing plants in Australia, South America, and South Africa. This global manufacturing footprint enables the company to serve local markets effectively while maintaining cost competitiveness.
The company operates through two primary business segments that drive its revenue growth. The Company operates through two segments: Consumables, and Equipments. Consumables is engaged in manufacturing and distribution of specialized critical to operate and recurring consumable products for the global mineral beneficiation, mining and bulk solids handling industry. Equipments is engaged in manufacturing and marketing of crushing, screening, grinding, material handling and mineral processing equipment with integrated customer support and after-sales service.
Business Segments 1) Consumables (86% in FY24 vs ~97% in FY23): The company manufactures and distributes specialized 'critical to operate' and recurring consumable products for the global mineral beneficiation, mining, and bulk solids handling industry. This segment represents the core of Tega's business model, focusing on products that are essential for daily mining operations.
Tega Industries specializes in manufacturing critical consumables that are essential for mining operations. Tega offers a range of abrasion and wear resistant products and services required for mining, mineral processing, screening, grinding, material handling and beneficiation of minerals. The Company's primary offering is customized wear-resistant mill liners that are used for grinding and sizing of mineral ores.
The company's product portfolio includes more than 55 mineral processing and material handling products, with a DynaMax range of mill liners, which includes DynaSteel, DynaPrime, DynaWear, and DynaPulp. Among these, DynaPrime represents a significant technological breakthrough. Targeted at large mineral processing facilities that traditionally used heavy steel liners, Dynaprime is the world's first composite mill liner made of both rubber and steel - a hybrid solution that significantly extends liner life. It reduces installation downtime, cuts overall weight, and lowers power consumption - a game-changer for high-throughput operations.
Q4 FY25 Financial Highlights:
- Net profit of Tega Industries rose 13.88% to Rs 101.91 crore in the quarter ended March 2025 as against Rs 89.49 crore during the previous quarter ended March 2024.
- Sales rose 5.75% to Rs 536.11 crore in the quarter ended March 2025 as against Rs 506.98 crore during the previous quarter ended March 2024.
FY25 Full Year Performance:
- For the full year,net profit rose 3.23% to Rs 200.12 crore in the year ended March 2025 as against Rs 193.86 crore during the previous year ended March 2024.
- Sales rose 9.78% to Rs 1638.65 crore in the year ended March 2025 as against Rs 1492.71 crore during the previous year ended March 2024.
Market Capitalization and Valuation:
As of June 2025, the market cap of Tega Industries Ltd (TEGA) is ₹10321.65 Cr as of 13th June 2025. The company's stock has shown significant performance over the years, with Tega Industries Ltd share price moved up by 239.36% on BSE over the last three years.
One of Tega Industries' key strengths lies in its revenue stability driven by repeat customers. Demand for Tega Industries' products remains highly stable, with 70–75% of revenue generated from repeat orders, reflecting strong customer stickiness. This recurring revenue model is supported by the consumable nature of their products, as No matter how well-engineered the liner is, it has a limited life - usually between 6 to 18 months depending on the ore type, grinding intensity, and material used for the liner.
The company continues to expand its manufacturing capabilities and market reach. Construction of the new greenfield plant in Chile is set to begin soon, with commissioning expected by mid-CY26. Importantly, demand is being met via de-bottlenecking at existing facilities, ensuring no business loss.
In equipment manufacturing, the equipment segment delivered its best-ever quarterly revenue at ₹79.3 crore (+35% YoY), with a sharp EBITDA margin expansion to 16.6% (vs. 5% YoY). Management wants to take the contribution of the equipment business to 25% of consolidated sales vs. 13% in FY25 in the medium term.
The stock has shown resilience in market conditions, with the 52-week high of Tega Industries Ltd (TEGA) is ₹2328.90 and the 52-week low is ₹1200.05. Analysts remain positive about the company's prospects, with 100% of analysts recommend a 'BUY' rating for Tega Industries Ltd. Average target price of ₹1820.5 according to recent coverage.
Tega Industries represents a compelling investment opportunity in the mining equipment space, backed by strong fundamentals, global presence, innovative product portfolio, and a business model that generates recurring revenue through essential mining consumables. The company's strategic focus on expanding its equipment business while maintaining its leadership in consumables positions it well for future growth in the expanding global mining industry.
