$TEGA

Overall, I’d call this result “okay but a bit disappointing”, not terrible, but clearly weaker than what you’d like to see. On a consolidated basis for FY26, revenue has inched up only modestly while net profit has actually fallen compared with last year, and EPS is down as well. A big reason is sharply higher “other expenses” from Molycop acquisition costs and new labour‑code provisions, which have dragged margins despite a healthy underlying mining cycle. Total comprehensive income looks strong because of FX gains and cash‑flow hedge movements, but that is largely accounting and not core business profitability. If you look at history, FY25 still showed revenue and profit growth over FY24, so FY26 breaks that steady compounding trend. Meanwhile, key peer AIA Engineering has just reported mid‑single‑digit revenue growth but nearly 20 percent profit growth and a much higher dividend, showing that good execution in this space is still possible. Given all this, I’d tag Tega’s FY26 result as “normal‑to‑weak”: top line okay, bottom line under pressure. In simple words, business tailwinds remain, but management now has to prove they can bring margins back up after these one‑off hits. I wouldn’t panic, but I also wouldn’t celebrate yet either.