TEGA INDUSTRIES LIMITED (TEGA): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹1,683 latest close · +2.4% over the last 90 sessions

₹1,683 month-end · −13.1% over 12 months

₹1,683 month-end · +71.0% over 3 years

₹1,683 month-end · +183.7% since Dec '21

52-week range ₹1473.00 to ₹2198.00 · 1-year volatility 39.2%

Was the rally earned?

1 year3 years

-13%share price, 1 yearEarnings-driven

Mostly earnings.

Per-share earnings took off 359 points, while the multiple moved less (P/E 64.8x to 2629.7x).
The share count rose 6%.

Net profit growth-353 ptsNet profit fell about 98%, which lowers the price.

P/E change+346 ptsThe P/E rose from 64.8x to 2629.7x, which lifts the price.

Share count change-5 ptsShare count rose 6%, which lowers the price.

+71%share price, 3 yearsMultiple-driven

Partly.

Most of the rise came from investors paying a higher multiple (P/E 35.5x to 2629.7x); per-share earnings took off 499 points.
The share count rose 6%.

Net profit growth-491 ptsNet profit fell about 98%, which lowers the price.

P/E change+570 ptsThe P/E rose from 35.5x to 2629.7x, which lifts the price.

Share count change-7 ptsShare count rose 6%, which lowers the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with WELSPUN CORP

How rough has the ride been?

Maximum drawdown-44.9%recovered 2023-05

1-year volatility39.2%annualised

Beta vs sector index0.823-year daily, correlation 0.42

Volume spikes15last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-44.9% (2021-12 peak to 2022-02 low, recovered 2023-05)

-42.2% (2024-11 peak to 2025-03 low, not yet recovered)

-21.5% (2023-08 peak to 2023-10 low, recovered 2023-12)

Most recent volume spikes

2026-09-30: 8.9x the 50-day median, price +2.2% that day

2026-09-23: 6x the 50-day median, price +0.5% that day

2026-09-22: 12x the 50-day median, price -2.8% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

2629.7xP/E todayNear its historic high

Against its own history97th percentile

CheapestMedian 51.1xDearest

Usual range 26.0x to 66.2x since 2021-12.

Against Producer Manufacturing2629.7x vs 29.6x

This company

2629.7x

Sector median

29.6x

8794% above the Producer Manufacturing median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Producer Manufacturing is valued

Where does it rank among Producer Manufacturing peers?

Each cell is the company's percentile rank among its Producer Manufacturing peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE20th▼ 38 pts vs a year ago
Op. margin10th▼ 64 pts vs a year ago
Revenue growth97th▲ 56 pts vs a year ago
EPS growth5th▼ 31 pts vs a year ago
Debt/equity ↓65th▲ 14 pts vs a year ago
Cash cycle ↓35th▲ 13 pts vs a year ago
P/E ↓1st▼ 16 pts vs a year ago
12M momentum40th▼ 39 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory

What is the price implying?

~31%annual earnings growth implied by the priceIn line with delivered growth

At normalised P/E (five-year average earnings) of 75.9x, a holder earning 12%/yr needs earnings to grow about 31.4%/yr for 10 years, then trade at 15x.

Delivered33.7%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg

Gap−2.3 ptsimplied minus delivered

Rank578thmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	33.1%	34.3%	35.5%
15x	30.2%	31.4%	32.6%
20x	26.6%	27.7%	28.9%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 31.4%/yr

Looking back

Jan 2022Price implied 28%/yr; EPS has since grown −4%/yr (5.0 yrs)

Past comparisons cover only companies listed today (survivorship bias) and say nothing about future outcomes.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Producer Manufacturing The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹1683.00
P/E: 2629.7x
ROCE: 8.0%
Market Cap: ₹12726 cr
Revenue (TTM): ₹3059 cr
P/S: 4.2x
P/B: 3.7x
ROE: 0.1%
Operating Margin: 3.2%
Debt / Equity: 0.1x
Promoter Holding: 67.5%
12M Momentum: -13.1%

52-week range

₹1473.00₹2198.00

29% of the way from its 52-week low to its high

Price risk

1Y volatility

39.2%

Beta vs sector

1-year daily

0.93

Balance sheet & cash

Interest cover

operating profit ÷ interest

1.3x

Cash from profit, 3Y

operating cash flow ÷ net profit

1.48x

Share count, 1Y

+11.9%

Are profits backed by cash?

4 of 6checks within range1 beyond a threshold

Other income reliance210%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 209.5%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate—Not enough data

Not enough reported data to compute this.

Cash conversion1.48xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.48x (cash from operations ₹797 cr, net profit ₹537 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-15 daysWithin range

Debtor days are below the median of the previous three fiscal years by 15 days (97 vs 112). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress17% of fixed assetsWithin range

Capital work-in-progress is 17% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+74 days / 2 yrsNear threshold

Days payable changed by +74 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 2 years, promoters trimmed 7.4 pts; FIIs added 1.3 pts.
The number of shareholders fell from 59,603 to 53,397 (-10%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change

Promoters74.9%67.5%-7.4 pts

FIIs1.5%2.8%+1.3 pts

DIIs18.3%18.7%+0.4 pts

Public and others5.3%11.0%+5.7 pts

Number of shareholders

53,397shareholders-10% since Dec '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−6.6%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like TEGA INDUSTRIES LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −29% to +38% vs the market, against −1% for all non-financial companies in the same months.
The gap against the base rate (−6.0%, 80% range −16.9% to +8.7%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 1 beyond the range shown, drawn at the edge

Similar setups' median

−6.6%

All companies' median

−0.6%

Beat the market

42% vs 49%

50 past situations · 50 companies · 36 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
MAXHEALTH Health Services	Mar 2022	—	7%	+69%	−22%	+34%
SWSOLAR Industrial Services	Jul 2024	—	4%	+72%	−16%	−57%
EIHOTEL Consumer Services	Jun 2022	—	-3%	+12%	−25%	+41%
SUNDROP Consumer Non-Durables	Oct 2025	—	0%	−17%	−28%	−17%
RHIM Producer Manufacturing	Mar 2025	—	9%	−8%	−31%	−32%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
EMBDL Finance	Oct 2025	—	4%	−16%	−41%	−44%
UNICHEMLAB Health Technology	May 2020	—	-2%	−34%	−36%	+54%
OPTIEMUS Distribution Services	Dec 2022	—	2%	−3%	−28%	−21%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and interest cover. This company is loss-making, so it was only compared with loss-making companies. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to TEGA INDUSTRIES LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

SG MARTSGMART

Utilities

67%similar

operating marginmarket cap

COHANCE LIFESCIENCESCOHANCE

Health Technology

63%similar

EPS growthoperating margin

ORCHID PHARMAORCHPHARMA

Health Technology

62%similar

P/EEPS growth

PSP PROJECTSPSPPROJECT

Industrial Services

60%similar

ROCErevenue

RAYMOND LIFESTYLERAYMONDLSL

Process Industries

52%similar

operating marginvolatility

JUPITER WAGONSJWL

Producer Manufacturing

47%similar

revenuepromoter holding

DIAMOND POWER INFRASTRUCTURE LDIACABS

Producer Manufacturing

43%similar

revenue growthP/E

BEMLBEML

Producer Manufacturing

42%similar

ROCEdebt/equity

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Jun '24

2026
SepResultsRevenue (TTM) reached a new high of ₹3,059 cr.
SepPeer rankSlipped to the bottom quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
SepPriceVolume reached 42.9x its 50-day median on 2026-09-21; price +9.6% that day.
JunResultsYear-on-year EPS growth turned negative.
JunValuationP/E crossed above the 90th percentile of its own history to date (83.3x).
JunPeer rankSlipped to the bottom quartile of Producer Manufacturing on ROCE (from the 2nd quartile).
JunSharesShare count is up 11.9% over 12 months.
MayPriceVolume reached 62.1x its 50-day median on 2026-05-29; price +10.4% that day.

Show 22 earlier events

2026
MarPromoterPromoter holding fell 7.5 pts to 67.3%.
MarPeer rankSlipped to the 3rd quartile of Producer Manufacturing on operating margin (from the top quartile).
MarPriceVolume reached 15.3x its 50-day median on 2026-03-20; price +5.3% that day.
2025
DecResultsYear-on-year EPS growth turned positive.
DecInstitutionsFII + DII holding fell 7.9 pts over 2 quarters to 12.6%.
DecPeer rankMoved into the top quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
SepResultsYear-on-year EPS growth turned negative.
SepPeer rankSlipped to the 2nd quartile of Producer Manufacturing on operating margin (from the top quartile).
JulValuationP/E crossed above the 90th percentile of its own history to date (63.4x).
JulPriceVolume reached 34.2x its 50-day median on 2025-07-15; price +3.4% that day.
MayPriceVolume reached 8.9x its 50-day median on 2025-05-27; price +8.0% that day.
MarResultsYear-on-year EPS growth turned positive.
MarPriceFell 42% from the Nov 2024 peak to the Mar 2025 low.
MarPeer rankMoved into the top quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
FebPriceVolume reached 18.2x its 50-day median on 2025-02-05; price +7.6% that day.
2024
DecResultsYear-on-year EPS growth turned negative.
DecValuationP/E crossed above the 90th percentile of its own history to date (61.6x).
DecPeer rankSlipped to the 3rd quartile of Producer Manufacturing on operating margin (from the top quartile).
NovPriceVolume reached 8.9x its 50-day median on 2024-11-14; price -6.0% that day.
AugPriceVolume reached 6.9x its 50-day median on 2024-08-08; price +0.1% that day.
JunResultsRevenue (TTM) reached a new high of ₹1,492 cr.
JunPeer rankSlipped to the 3rd quartile of Producer Manufacturing on EPS growth (from the top quartile).

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history60 months · 2021-12 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	2629.7x	₹3059 cr	0.1%	8.0%	0.1x
2026-10	2630.0x	₹3059 cr	0.1%	8.0%	0.1x
2026-09	3291.7x	₹3059 cr	0.1%	8.0%	0.1x
2026-08	77.9x	₹1692 cr	4.5%	8.0%	0.1x
2026-07	73.0x	₹1692 cr	4.5%	8.0%	0.1x
2026-06	83.3x	₹1692 cr	4.5%	8.0%	0.1x
2026-05	58.9x	₹1701 cr	15.6%	18.0%	0.2x
2026-04	55.4x	₹1701 cr	15.6%	18.0%	0.2x
2026-03	55.4x	₹1701 cr	15.6%	18.0%	0.2x
2026-02	51.2x	₹1706 cr	18.2%	18.0%	0.2x
2026-01	47.9x	₹1706 cr	18.2%	18.0%	0.2x
2025-12	54.9x	₹1706 cr	18.2%	18.0%	0.2x
2025-11	64.8x	₹1654 cr	15.3%	18.0%	0.2x
2025-10	64.9x	₹1654 cr	15.3%	18.0%	0.2x
2025-09	63.3x	₹1654 cr	15.3%	18.0%	0.2x
2025-08	61.4x	₹1638 cr	15.4%	18.0%	0.2x
2025-07	63.4x	₹1638 cr	15.4%	18.0%	0.2x
2025-06	51.8x	₹1638 cr	15.4%	18.0%	0.2x
2025-05	58.5x	₹1609 cr	16.9%	19.0%	0.3x
2025-04	47.9x	₹1609 cr	16.9%	19.0%	0.3x
2025-03	52.3x	₹1609 cr	16.9%	19.0%	0.3x
2025-02	52.0x	₹1540 cr	15.3%	19.0%	0.3x
2025-01	59.5x	₹1540 cr	15.3%	19.0%	0.3x
2024-12	61.6x	₹1540 cr	15.3%	19.0%	0.3x
2024-11	54.7x	₹1564 cr	18.9%	19.0%	0.3x
2024-10	61.0x	₹1564 cr	18.9%	19.0%	0.3x
2024-09	59.6x	₹1564 cr	18.9%	19.0%	0.3x
2024-08	58.5x	₹1492 cr	17.4%	19.0%	0.3x
2024-07	65.5x	₹1492 cr	17.4%	19.0%	0.3x
2024-06	56.2x	₹1492 cr	17.4%	19.0%	0.3x
2024-05	53.7x	₹1214 cr	18.9%	21.0%	0.3x
2024-04	54.0x	₹1214 cr	18.9%	21.0%	0.3x
2024-03	44.8x	₹1214 cr	18.9%	21.0%	0.3x
2024-02	42.0x	₹1214 cr	18.9%	21.0%	0.3x
2024-01	41.7x	₹1214 cr	18.9%	21.0%	0.3x
2023-12	41.5x	₹1214 cr	18.9%	21.0%	0.3x
2023-11	35.5x	₹1214 cr	18.9%	21.0%	0.3x
2023-10	32.9x	₹1214 cr	18.9%	21.0%	0.3x
2023-09	33.6x	₹1214 cr	18.9%	21.0%	0.3x
2023-08	35.9x	₹1214 cr	18.9%	21.0%	0.3x
2023-07	35.5x	₹1214 cr	18.9%	21.0%	0.3x
2023-06	35.0x	₹1214 cr	18.9%	21.0%	0.3x
2023-05	51.0x	₹952 cr	17.1%	19.0%	0.3x
2023-04	37.3x	₹952 cr	17.1%	19.0%	0.3x
2023-03	39.8x	₹952 cr	17.1%	19.0%	0.3x
2023-02	35.6x	₹952 cr	17.1%	19.0%	0.3x
2023-01	34.8x	₹952 cr	17.1%	19.0%	0.3x
2022-12	32.9x	₹952 cr	17.1%	19.0%	0.3x
2022-11	31.9x	₹952 cr	17.1%	19.0%	0.3x
2022-10	30.6x	₹952 cr	17.1%	19.0%	0.3x
2022-09	30.1x	₹952 cr	17.1%	19.0%	0.3x
2022-08	31.2x	₹952 cr	17.1%	19.0%	0.3x
2022-07	27.0x	₹952 cr	17.1%	19.0%	0.3x
2022-06	26.1x	₹952 cr	17.1%	19.0%	0.3x
2022-05	18.7x	₹806 cr	24.2%	26.0%	0.4x
2022-04	18.0x	₹806 cr	24.2%	26.0%	0.4x
2022-03	19.9x	₹806 cr	24.2%	26.0%	0.4x
2022-02	18.1x	₹806 cr	24.2%	26.0%	0.4x
2022-01	21.1x	₹806 cr	24.2%	26.0%	0.4x
2021-12	25.1x	₹806 cr	24.2%	26.0%	0.4x

Methodology and data notes