Tega Industries Limited (TEGA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+4.5%

₹1,785.24

vs ₹1,708.50 price

Levered DCF

₹2,799.23

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	82.42×	48.63×	44.3×	25.27×	23.94×	30.13×	73.49×	147.57×
P/B	3.45×	6.97×	7.21×	4.43×	3.8×	6.69×	10.41×	12×
P/S	6.95×	6.04×	5.87×	3.89×	3×	5.22×	7.03×	7.59×
EV / EBITDA	31.47×	25.79×	25.93×	16.9×	14.76×	18.03×	43.45×	47.47×
Gross margin	37.3%	56.7%	55.9%	55.8%	56.8%	58.9%	60.0%	59.4%
Operating margin	12.6%	14.9%	17.3%	19.2%	16.1%	20.5%	14.2%	11.9%
Net margin	8.4%	12.4%	13.2%	15.4%	12.5%	17.3%	9.6%	5.1%
Current ratio	4.72×	2.49×	2.31×	2.53×	2.32×	2.25×	1.82×	1.48×
Debt / equity	0.12×	0.24×	0.26×	0.34×	0.33×	0.36×	0.6×	0.61×
Interest coverage	9.45×	9.63×	8.22×	12.67×	13.38×	10.93×	4.67×	3.14×
Dividend yield	0.1%	0.1%	0.2%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	9.3%	6.6%	6.9%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.2%	14.3%	16.3%	17.5%	15.9%	22.2%	14.2%	8.1%
Return on invested capital	4.0%	10.7%	13.2%	12.6%	11.4%	14.0%	12.8%	8.1%
Return on assets	3.3%	9.6%	10.3%	11.3%	9.9%	13.4%	7.4%	4.1%
Free cash flow yield	1.8%	0.3%	2.3%	1.9%	-1.0%	3.0%	2.1%	0.9%
Earnings yield	1.2%	2.1%	2.3%	4.0%	4.2%	3.3%	1.4%	0.7%
Enterprise value	₹100.3B	₹99.4B	₹88.1B	₹49.7B	₹30B	₹42.8B	₹50.5B	₹50.4B
Net debt / EBITDA	-5.41×	0.54×	0.65×	1.07×	1.01×	0.72×	2.07×	2.11×
Cash conversion cycle (days)	133	214	218	246	252	170	190	184