Tega Industries Q1 FY27: Molycop Joins, Legacy Grows 21%

Tega Industries Limited reported Q1 FY27 results for the June 2026 quarter on 13 August; the print requires two lenses. Q1 FY27 numbers: Statutory consolidated: revenue Rs 1,723.4 crore vs Rs 356.1 crore YoY; net loss Rs 86.2 crore Adjusted group: PAT Rs 54.7 crore, up 26% YoY, stripping Rs 191 crore of Molycop transaction costs Molycop: one month only (closed 1 June); revenue Rs 1,283.4 crore, adjusted EBITDA Rs 162.8 crore, 109 KT volume, ahead of plan Legacy Tega ex Molycop: revenue Rs 431.8 crore, up 21%; margin 22.1% vs 19.1%; adjusted PAT Rs 44.4 crore, up 26% Order book Rs 1,231.3 crore, up 22%; consumables revenue up 36% Group debt: Rs 11,200 crore including Rs 2,600 crore of preference shares Tega Industries [][SHARE PRICE URL] shares closed near Rs 1,604 on 7 September 2026, down 24 percent from the Rs 2,125 high and 9 percent above the Rs 1,473 low. Market cap near Rs 12,000 crore. Trailing P/E is distorted by the statutory loss. My view: the legacy business proves the model; 21 percent organic growth, 300 bps margin expansion, 26 percent profit growth from an asset-light consumables franchise. Molycop changes the scale and the debt. At Rs 11,200 crore of group debt against Rs 12,000 crore of market cap, this is now a leveraged integration story, not the compounder it was. The case is Molycop's EBITDA de-levers the balance sheet to 1x by FY30 per management's target; one month ahead of plan is a start, not a proof. Fresh money waits for two to three quarters of EBITDA delivery and visible de-leveraging. Levels: Rs 1,473 the floor; Rs 1,700 to 1,750 the first reclaim; Rs 2,125 the high. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.