• The document is a transcript of the Q2 and H1 FY27 Earnings Conference Call held on Thursday, November 05, 2026, at 6:00 PM IST.
  • The stated purpose of the call was to discuss the financial and operational performance for the quarter and half year ended September 30, 2026, and to provide an update on the recently acquired Molycop business.
  • The meeting was held after the earnings announcement.

Management Participants:

  • Tega Industries Limited: Mr. Mehul Mohanka (Managing Director and Group Chief Executive Officer), Mr. Ravi Narayan Joshi (Chief Financial Officer), Mr. Sourav Sen (Chief Executive Officer - Tega McNally Minerals Limited), Mr. Pratik Basu Roy (President — Product Management).
  • Molycop: Mr. Lance Dawber (Chief Operating Officer), Mr. Patrick Koley (Chief Financial Officer).
  • The call was moderated by Ms. Sakshi Mehta from MUFG Intime.

Financial Period Discussed: Q2 and H1 FY27 (Quarter and Half Year ended September 30, 2026).

Key Financial Highlights (as disclosed):

Tega Group (Consolidated - incl. Molycop from June 1, 2026):

  • H1 FY27 Revenue: INR 59,775 million (vs. INR 7,614 million in H1 FY26).
  • H1 FY27 EBITDA (before one-time): INR 8,720 million (Margin: 14.4%).
  • H1 One-time expenses: INR 2,576 million (Molycop acquisition costs).
  • H1 Exceptional item: INR 117 million (inventory step-up charge).
  • Q2 FY27 Consolidated Revenue: INR 42,540 million.
  • Q2 FY27 EBITDA (before one-time): INR 6,081 million (Margin: 14.2%).
  • The group reported a loss after tax of INR 1,670 million for H1, but an adjusted PAT (excluding one-time items) was positive INR 452 million.
  • Finance cost for H1 was INR 4,086 million.
  • Gross borrowings stood at INR 114,923 million as of September 30, 2026, with net debt at INR 104,612 million.

Tega Legacy Business (Ex-Molycop):

  • H1 FY27 Revenue: INR 9,143 million (up 20% YoY).
  • H1 FY27 EBITDA: INR 1,949 million (up 25% YoY; Margin: 20.4%, up 70 bps).
  • H1 Gross Margin: 61% (vs. 59% YoY).
  • Consumables Business (H1): Revenue of INR 8,117 million (up 30% YoY); EBITDA of INR 1,916 million (up 42% YoY; Margin: 22.4%, up 190 bps).
  • Equipment Business (H1): Revenue of INR 973 million.
  • Q2 FY27 Revenue: INR 4,825 million (up 19% YoY, up 11% QoQ).
  • Q2 FY27 EBITDA: INR 937 million (Margin: 18.8%).
  • Consumables (Q2): Revenue of INR 4,209 million (up 26% YoY); EBITDA of INR 905 million (Margin: 20.8%).
  • Equipment (Q2): Revenue of INR 615 million (up 72% QoQ); returned to positive EBITDA; Gross Margin of 60%.
  • Order book (ex-Molycop) as of September 30, 2026: INR 13,976 million (up 14% QoQ), with INR 11,576 million executable within 12 months.

Molycop Business (Grinding Media):

  • Q2 FY27 Revenue: INR 37,716 million (~USD 396 million).
  • Q2 FY27 EBITDA: INR 5,144 million (~USD 54 million; Margin: 14%).
  • 4-mth (Jun-Sep) H1 FY27 Revenue: ~INR 50,632 million.
  • 4-mth (Jun-Sep) H1 FY27 EBITDA: INR 6,772 million.
  • Volume growth for the 4-month period was 2.2% YoY.
  • Q2 included ~INR 666 million (USD 27.5 million) of transaction-related costs.

Strategic & Operational Updates:

  • Management stated that one-time Molycop acquisition costs have tapered meaningfully and are largely behind, with no further one-times expected from Q3 onwards.
  • A trial supply of Molycop's grinding media to an existing Tega customer has been initiated (500 tons), with an annualized potential of over 30,000 tons.
  • Molycop volume growth guidance was maintained at 5% annually.
  • The equipment business guidance was revised downward from 25% to 15% growth for the year due to customer delays, but a strong H2 rebound is expected.
  • The Chile plant is on track for soft commissioning in January 2027 and commercial production by March 2027.
  • Management's top financial priority is steadily reducing leverage through operating cash flows, working capital efficiencies, and integration synergies.
  • A cost synergy target of USD 20 million over 2-2.5 years was reaffirmed, with an aim to improve Molycop's EBITDA margin by 100 basis points.

Compliance Statement: The transcript was filed pursuant to Regulation 30 read with Schedule III of the SEBI (LODR) Regulations, 2015. The document itself is a record of the call and does not contain a separate UPSI disclaimer within the provided text.

Additional Notes Section

  • The document is the complete transcript of the earnings conference call.
  • The transcript includes a detailed Q&A session with analysts.
  • Financial data was extensively disclosed during the call, as detailed in the summary above.