Tega Industries Limited announced that its shareholders approved a special resolution to raise funds through a preferential issue on a private placement basis. This approval was part of a postal ballot process concluded on September 21, 2026.

The company declared the results pursuant to Regulation 44(3) of SEBI (LODR) Regulations, 2015. The voting period for remote e-voting ran from August 23, 2026, to September 21, 2026. A total of 54,465 shareholders were on record as of August 19, 2026, for this specific resolution.

Preferential Issue Approval Details

The newly approved resolution sought consent for raising capital through a preferential issue. The vote saw strong support across all shareholder categories:

• Promoters and Promoter Group: Voted 100% in favour.
• Public Institutions: Voted 99.57% in favour, with 0.43% against.
• Public Non-Institutions: Voted 99.94% in favour, with 0.06% against.

Overall, the resolution passed with 99.91% of the votes polled in favour. Only 63,443 votes were cast against the proposal out of 66,947,156 votes polled.

Previous Postal Ballot Approvals

This approval follows a separate postal ballot held earlier in September 2026, where shareholders approved 21 resolutions. Those approvals covered material related party transactions, director re-appointments, and subsidiary asset management. The voting period for that earlier ballot ran from August 20, 2026, to September 18, 2026, with a record date of August 14, 2026, and 54,603 shareholders on record.

The majority of those earlier resolutions sought approval for material related party transactions between various step-down subsidiaries of Tega Industries. These entities include Commonwealth Steel Company Pty Ltd, PT Commonwealth Steel Indonesia, Molycop Singapore Trading Pte. Ltd., Grinding Media Inc., Moly-Cop USA LLC, Moly-Cop Adesur S.A., Moly-Cop Canada, Moly-Cop Chile S.A., Moly-Cop Mexico S.A. de C.V., and Santa Ana de Bolueta Grinding Media S.A.U.

Additionally, shareholders passed two special resolutions in that earlier ballot:

• Re-appointment of Ashwani Maheshwari as Independent Director for a second term of five years.
• Approval for creating pledge or security interest on shareholding of Material Subsidiary and sale, disposal, or leasing of assets of Material Subsidiaries.

One ordinary resolution approved Mehul Mohanka, Managing Director & Group CEO, holding an office or place of profit in a step-down subsidiary company.

Voting Results Overview

The following table summarizes the voting outcomes for key categories of resolutions from both ballots:

For the re-appointment of Ashwani Maheshwari, 66,908,520 votes were cast in favour against 84,204 votes against. The promoter group voted entirely in favour. Public institutions recorded 99.42% support, while public non-institutions showed 99.94% support.

Regarding the approval for Mehul Mohanka’s office in a step-down subsidiary, public institutions voted 91.36% in favour, with 8.64% against. This was the only resolution where institutional opposition exceeded 1%. Promoters voted 100% in favour.

What the Numbers Show

The combined voting data reveals consistent shareholder alignment on strategic corporate actions. While routine operational approvals like related party transactions received near-unanimous support (over 99.9%), governance-related items saw slightly higher dissent. Specifically, the resolution allowing the MD to hold an office in a step-down subsidiary faced 1.87% opposition overall, driven primarily by institutional investors who opposed it at a rate of 8.64%. In contrast, the new preferential issue received overwhelming institutional support (99.57% in favour), suggesting that investors are more receptive to capital raising activities than to executive role overlaps within the group structure.

Tega Industries has secured a confirmed work order worth ₹126.0 crore through its co-subsidiary, Tega McNally Minerals. The contract is awarded by Kalpataru Projects International Limited and covers design, engineering, manufacture, and commissioning over a 14-month execution timeline.

WHAT HAPPENED

The order was received on September 18, 2026. The scope includes design, engineering, manufacturing, inspection, transportation, supply, supervision of erection, testing, and commissioning. This transaction is executed by the company’s co-subsidiary, Tega McNally Minerals.

ORDER IN FINANCIAL CONTEXT

The ₹126.0 crore order represents approximately 16% of the company's average quarterly revenue of ₹787.10 crore. The total disclosed order book stands at ₹126.0 crore, reflecting this single new inflow against trailing twelve-month revenue. The book-to-bill ratio indicates minimal visible forward visibility beyond this specific contract, with 0.00 quarters of backlog coverage based on pre-computed metrics.

COMPANY ORDER TRACK RECORD

This is the first disclosed order win for the company in the last three fiscal quarters. No previous orders were disclosed in Q4FY26, Q3FY26, or Q2FY26, making it impossible to assess inflow velocity trends. The current order value stands alone without historical per-order size comparison.

Note: Data for Q4FY26 and Q3FY26 is omitted as no orders were disclosed.

EXECUTION AND REVENUE QUALITY

Recent quarterly results show significant volatility. Q1FY27 reported revenue of ₹1741.70 crore but suffered a net loss of ₹108.30 crore, with OPM contracting sharply to 3.22%. This contrasts with Q4FY26 and Q3FY26, which posted net profits of ₹42.70 crore and ₹19.70 crore respectively, with stable OPM around 11.4%. The margin compression in the latest quarter signals potential execution stress or one-off costs.

REVENUE GROWTH - ORDER WINS TRANSLATING TO REVENUE

Annual revenue has grown from ₹976.00 crore in FY22 to ₹1773.60 crore in FY26, representing a YoY growth of +5.5%. However, net profit growth decelerated significantly, falling by -28.7% in FY26 compared to +3.2% in FY25, suggesting top-line growth is not translating proportionally into bottom-line gains.

WORKING CAPITAL AND EXECUTION CAPACITY

The company maintains a robust liquidity position with a current ratio of 4.71x. Total Liabilities/Equity stands at 0.27x, reflecting a low-leverage balance sheet. Operating cashflow was positive at ₹350.30 crore in FY26, demonstrating cash generation capacity despite the recent quarterly net loss. This supports funding working capital requirements for the new order.

WHAT TO WATCH

• Execution rate: Monitor whether the ₹126.0 crore order converts to revenue efficiently given the 14-month timeline and recent margin pressure.
• OPM trajectory: Watch if operating margins recover from the 3.22% low in Q1FY27 towards the historical average of ~11%.
• Client concentration: Kalpataru Projects International Limited accounts for 100% of the currently disclosed order book.
• Quarterly profitability: Reversal of the Q1FY27 net loss trend is critical for restoring investor confidence.

KEY OBSERVATIONS

• Margin stress: Net loss of ₹108.30 crore in Q1FY27; execution stress visible in quarterly data.
• Valuation check (as on 18 Sep 2026): P/E of -15995.8x against ROCE of 6.23%. Valuation was pricing in execution improvement not yet visible in return ratios.
• Backlog signal: Book-to-bill of 0.00x. Execution capacity becomes the binding constraint as there is no visible forward backlog beyond this single order.