Tembo Global Industries Limited (TEMBO)
₹58.82 +2.92% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Tembo Global's revenue was ₹302 Cr (+21.9% year on year, -12.6% on the previous quarter), and net profit ₹31.2 Cr (+56.0% year on year); the operating margin was 16.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹302 | +21.9% | -12.6% |
| Operating profit | ₹49.2 | +75.9% | +26.3% |
| Net profit | ₹31.2 | +56.0% | +4.0% |
| EPS (₹) | 1.59 | — | +9.6% |
| Operating margin | 16.3% | — | — |
EPS restated for the ₹10 to ₹1 split of Aug 2026: Q4 FY26 ₹14.51 to ₹1.45. No EPS growth against Q1 FY26: ₹10 to ₹1 split in Aug 2026.
TEMBO delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 43.71% of the TEMBO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 46.86%. That is close to its usual level. 2 bulk or block deals were reported in TEMBO in the last 60 days: ₹7 Cr bought and ₹7 Cr sold.
Delivery in the last 5 sessions: 54.5% · 40.7% · 53.9% · 45.5% · 43.7%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 6 Oct | Buy | Vistaar Trading Service Private Limited | ₹6.73 Cr | ₹58.26 | 1,155,179 | Bulk |
| 6 Oct | Sell | Vistaar Trading Service Private Limited | ₹6.71 Cr | ₹58.05 | 1,155,179 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Tembo Global Industries Limited has received listing and trading approval from BSE Limited for 19,35,51,980 equity shares of face value Re. 1/- each. The approval was granted via BSE's letter dated October 14, 2026. This administrative milestone follows corporate actions (such as stock splits or share issuances) and facilitates market liquidity for the specified shares on the BSE platform.
- Received BSE listing and trading approval for 19,35,51,980 equity shares
- Face value of the approved shares is Re. 1/- each
- BSE approval letter dated October 14, 2026 (Ref: LO/DL/PJ/TP/375/20269-27)
Tembo Global Industries has listed its equity shares on the Main Board of BSE, enhancing capital-market visibility. Alongside the listing, the company outlined its defence expansion via subsidiary Tembo Classic Engineering, including a proposed €50 million ammunition production collaboration with Belgium-based Lachaussee SA designed for ~100 million rounds annually. The company has already secured government licences for small arms and ammunition, targeting commercial production at its Amravati facility in Q1 FY2028. It has also formed a drone JV via JR UAV Limited and secured a 100% production buyback agreement with a strategic European partner.
- Listed on BSE Main Board on October 15, 2026, transitioning to dual-listing alongside NSE.
- Proposed €50 million ammunition project with Lachaussee SA with planned annual capacity of 100 million rounds.
- Secured government manufacturing licences for ammunition and small arms; facility under development in Amravati.
- Targeted commercial production timeline for defence manufacturing is Q1 FY2028.
- Secured a 100% production buyback arrangement with a strategic European technology partner.
Tembo Global Industries Limited submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent Bigshare Services Private Limited confirms that share certificates received for dematerialization were processed, mutilated, and cancelled within 15 days of receipt. All corresponding securities have been confirmed and listed on the stock exchange. This is a recurring administrative compliance filing with no impact on business operations or financials.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- RTA Bigshare Services confirmed securities were processed and members registered within 15 days
- Filing dated October 14, 2026
Tembo Global Industries clarified that it switched its credit rating agency from CARE Ratings to Infomerics Valuation and Rating Limited. Infomerics previously assigned ratings of IVR BBB+/Stable and IVR A2 on Rs 390.00 Cr bank loan facilities. Following Tembo's withdrawal request in July 2026, CARE marked the company as 'Issuer Not Cooperating' due to pending lender NOCs. The company stated this status is purely procedural, as it had stopped providing information to CARE after transitioning to Infomerics.
- Bank loan facilities rated at Rs 390.00 Crore transferred to Infomerics
- Assigned ratings are IVR BBB+/Stable (Long Term) and IVR A2 (Short Term)
- CARE Ratings marked the company as 'Issuer Not Cooperating' on September 30, 2026
- Majority of banker NOCs submitted to CARE to finalize rating withdrawal
Tembo Global Industries Limited has informed the exchanges that its scheduled plant visit for analysts and investors on September 19, 2026, has been postponed due to unforeseen exigencies. The visit will be rescheduled to a later date, which will be communicated separately. This is an administrative procedural update with no direct impact on operational or financial metrics.
- Plant visit previously scheduled for September 19, 2026 has been postponed
- Postponement cited as due to certain exigencies
- Revised schedule of the plant visit to be intimated separately in due course
Tembo Global Industries has received in-principle listing approval from the National Stock Exchange (NSE) for 40,50,000 equity shares of face value Re. 1/- each. These shares were allotted pursuant to the conversion of warrants issued on a preferential basis. The approval letters were issued by the exchange on September 11, 2026, and corrected on September 16, 2026. The new shares will be admitted to dealings once depository confirmations from NSDL/CDSL are finalized.
- NSE granted listing approval for 40,50,000 equity shares of Re. 1/- each.
- Shares issued upon conversion of preferential warrants under distinctive numbers 185451981 to 189501980.
- NSE approval letter Ref: NSE/LIST/56146-1 dated September 16, 2026, corrected the face value specification to Re. 1/- from Rs. 10/-.
- Shares to be credited to beneficiary accounts and admitted to trading following depository confirmations.
Tembo Global Industries has announced a physical plant visit and investor meeting for Birla Mutual Fund scheduled for Saturday, September 19, 2026, starting at 11:00 AM onwards in Mumbai. The company clarified that all discussions will be restricted to publicly available information without any unpublished price sensitive information (UPSI). As this is a standard analyst and institutional meeting intimation under Regulation 30, there is no direct financial impact from this filing.
- Physical plant visit and investor meeting scheduled for Saturday, September 19, 2026
- Meeting time fixed from 11.00 A.M. onwards in Mumbai
- Participant identified as Birla Mutual Fund
- No unpublished price sensitive information (UPSI) to be shared
Tembo Global Industries Limited has received in-principle approval from BSE Limited for listing its equity shares on the Main Board of BSE. Currently traded on the NSE with a market cap of approximately Rs 134 Cr, this step paves the way for dual-exchange listing. The transition typically enhances stock visibility and liquidity across broader retail and institutional trading segments. Final listing and trading approval dates remain subject to completion of requisite procedural formalities.
- Received in-principle approval from BSE Limited on September 15, 2026
- Approval pertains to listing of Equity Shares on the Main Board of BSE Limited
- Company trades under NSE symbol TEMBO and ISIN INE869Y01028
- Listing will provide trading presence beyond NSE, where market cap stands at Rs 134 Cr
Tembo Global Industries has issued the notice for its 16th Annual General Meeting scheduled for September 30, 2026, alongside publishing its FY26 Annual Report. The disclosures highlight a consolidated order book of ~₹1,548 Cr as of March 31, 2026 (representing ~1.35x TTM revenue), complemented by a bidding pipeline of ~₹2,256 Cr. For FY26, the company reported a consolidated PAT of ₹98 Cr (9.0% margin) and a diluted EPS of ₹51.23, while debt-to-equity improved to 0.77. AGM agenda items include standard director re-appointments by rotation and ratification of secretarial and cost auditor appointments.
- 16th AGM to be conducted virtually on September 30, 2026
- Consolidated order book stood at ~₹1,548 Cr as of March 31, 2026 (Engineering & EPC at ~₹1,478 Cr)
- Bidding pipeline (including L1) stood at ~₹2,256 Cr as of March 31, 2026
- FY26 consolidated PAT reached ₹98 Cr with a 9.0% PAT margin, compared to ₹55 Cr in FY25
- Consolidated debt-to-equity ratio improved to 0.77 in FY26 from 1.24 in FY25
Tembo Global Industries has submitted voting results and the Scrutinizer's report for its Extra-Ordinary General Meeting (EGM) held on September 04, 2026. Shareholders approved a special resolution to issue 2,00,00,000 convertible warrants on a preferential basis to promoter and non-promoter categories. The resolution received overwhelming approval, securing 99.99% votes in favor (6,62,74,840 votes). This approval facilitates capital raising to fund ongoing operations and strategic expansion initiatives.
- Shareholders approved the issuance of 2,00,00,000 convertible warrants on a preferential basis
- Special resolution passed with 99.99% votes in favour (6,62,74,840 votes) against 0.01% votes (1,270 votes)
- Total votes polled stood at 6,62,76,110 across 40 voting members
- Promoter group polled 6,59,05,500 votes (97.69% of their holding), 100% in favor
Tembo Global Industries' subsidiary, Tembo Classic Engineering Pvt. Ltd., has signed an MoU with Belgium-based Lachaussee SA to establish a complete ammunition production line in India. The proposed facility is designed to manufacture two types of ammunition with an annual capacity of approximately 100 million rounds. The project is valued at approximately €50 million, with equipment and project deliveries scheduled across 2028 and 2029. This marks a major step in Tembo's strategic diversification into the defence manufacturing space.
- MoU signed with Belgium's Lachaussee SA to set up an ammunition production line in India
- Project valued at approximately €50 million
- Planned production capacity of approximately 100 million rounds per year across 2 ammunition types
- Deliveries and commissioning scheduled for 2028 and 2029
Tembo Global Industries Limited has appointed M/s. Ramesh Chandra Bagdi & Associates, Practicing Company Secretaries, as the Secretarial Auditor for FY 2025-26. The appointment was approved by the Board of Directors on September 05, 2026, upon the recommendation of the Audit Committee. This is a standard annual statutory compliance requirement under SEBI Listing Regulations and the Companies Act. It has no material impact on the company's financial operations or operational roadmap.
- Appointed M/s. Ramesh Chandra Bagdi & Associates as Secretarial Auditor for FY 2025-26
- Appointment approved at the Board meeting held on September 05, 2026
- Meeting commenced at 11:45 AM and concluded at 12:00 Noon on September 05, 2026
- Auditor accreditation details: COP No. 2871 and Membership No. FCS F8276
Tembo Global Industries Limited has announced the cessation of M/s D. M. Zaveri & Co., Practicing Company Secretaries, as the Secretarial Auditor of the company with effect from September 04, 2026. The firm was previously appointed at the 15th AGM held on December 30, 2025, for a 5-year term spanning FY 2025-26 to FY 2029-30. The company noted there are no material reasons for resignation other than those cited in the resignation letter. The Audit Committee and Board will appoint a replacement Secretarial Auditor in due course.
- M/s D. M. Zaveri & Co. resigned as Secretarial Auditor effective September 04, 2026
- Auditor had been appointed at the 15th AGM on December 30, 2025, for a 5-year term through FY 2029-30
- Board and Audit Committee to initiate process for appointing a new Secretarial Auditor
Tembo Global Industries held an Extra-Ordinary General Meeting (EGM) on September 4, 2026, to vote on a Special Resolution for the issuance of 2,00,00,000 (2 crore) warrants convertible into equity shares on a preferential basis. The proposed issue will allocate warrants to both promoter and non-promoter categories. The meeting was attended by 48 members, and final scrutinizer results will be submitted to the stock exchange within two working days.
- Special Resolution tabled to issue 2,00,00,000 warrants convertible into equity shares on a preferential basis
- Warrants proposed to be allotted to both Promoter and Non-promoter categories
- EGM conducted via Video Conferencing on September 04, 2026, with 48 members in attendance
- Voting results and Scrutinizer Report to be submitted within two working days
Tembo Global Industries has issued a corrigendum following NSE observations ahead of its EGM on September 04, 2026, providing revised disclosures on its proposed ₹114.00 crore preferential issue of convertible warrants. The proceeds are planned to be utilized within six months: ₹57.00 crore (50%) for working capital, ₹28.50 crore (25%) for general corporate purposes, ₹25.50 crore for investments in EPC and Defence subsidiaries, and ₹3.00 crore for associates. The warrant allotment is split between promoter group entities (1.40 crore warrants) and non-promoter institutional funds (60 lakh warrants total across three funds).
- Proposed preferential warrant issue size stands at ₹114.00 crore (representing ~81.4% of current market cap)
- ₹57.00 crore (50% of issue) earmarked to support working capital for EPC, manufacturing, and Defence orders
- ₹25.50 crore allocated to six subsidiaries (including ₹10.50 crore to Tembo Classic Engineering for Defence)
- Promoter group entities to subscribe to 1.40 crore warrants, led by Fatema Shabbir Kachwala (70 lakh warrants)
- Three non-promoter funds (Zeal Global, AL Maha, Maestro Emerging) to be allotted 20 lakh warrants each
Financial Performance
Revenue Growth by Segment
The Engineering Products division recorded a 1.9x YoY growth in FY25 compared to FY24. In H1 FY26, the Engineering segment contributed 47% of revenue while Textiles contributed 53%. Overall revenue for Q2 FY26 grew by 49.8% YoY to INR 245.4 Crores, and H1 FY26 revenue surged 68.9% YoY to INR 493.5 Crores.
Geographic Revenue Split
As of H1 FY26, the revenue split is 84% Domestic and 16% Exports. The company maintains an international presence in the USA, Middle East (including Egypt), and Europe, aiming to diversify revenue and reduce reliance on the Indian domestic market.
Profitability Margins
Gross Profit Margin improved to 29.7% in FY25 from 18.4% in FY24. PAT Margin significantly improved to 7.34% in FY25 (INR 54.7 Cr) from 3.24% in FY24. In H1 FY26, PAT margin further expanded to 8.5% (INR 42.0 Cr), a 167 bps increase YoY, driven by the shift toward high-margin EPC and engineering manufacturing.
EBITDA Margin
EBITDA margin stood at 12.4% in H1 FY26, representing a 455 bps YoY expansion from 7.9% in H1 FY25. Q2 FY26 EBITDA margin was 13.5% (INR 33.2 Cr). This growth is attributed to operational efficiencies and a prudent focus on margin-accretive engineering and EPC segments.
Capital Expenditure
The company is undertaking a massive greenfield expansion at Vasai to increase capacity 6x from 18,000 MTPA to 105,000 MTPA by Q4 FY26. Additionally, a total capex outlay of INR 1,633 Crores is planned for unrelated diversifications into a 120MW Solar IPP and a guns/ammunition manufacturing unit.
Credit Rating & Borrowing
CARE Ratings reaffirmed the long-term rating at 'CARE BBB-' but revised the outlook from 'Stable' to 'Negative' in October 2025. This revision reflects risks from aggressive debt-funded capex. Finance costs rose 93.1% YoY to INR 11.6 Cr in H1 FY26 due to increased borrowing for expansion.
Operational Drivers
Raw Materials
Key raw materials include steel (for ERW pipes, fasteners, and hangers) and textile yarn. Steel represents a significant portion of the cost of goods sold, which stood at INR 361.1 Cr (73% of revenue) in H1 FY26.
Import Sources
Raw materials are sourced domestically within India for the engineering and textile segments, while the company leverages its presence in the Middle East and USA for market-specific requirements.
Key Suppliers
Not specifically named in the documents, but the company maintains long-term relationships with various suppliers to support its 18,000 MTPA production capacity.
Capacity Expansion
Current manufacturing capacity is 18,000 MTPA. The company is expanding this by 6x to reach 105,000 MTPA, with commercial production expected to commence in H1 FY26/Q4 FY26 to meet the growing order book of INR 1,525 Cr.
Raw Material Costs
Cost of Goods Sold (COGS) was INR 522.2 Cr in FY25. COGS as a percentage of revenue decreased from 81.6% in H1 FY25 to 73.2% in H1 FY26, indicating better procurement strategies and higher value-add in the EPC segment.
Manufacturing Efficiency
Efficiency is driven by forward and backward integration in the engineering segment. The shift to high-margin ERW pipe manufacturing is expected to improve PBILDT margins post-commissioning of the new facility.
Logistics & Distribution
Distribution is handled through domestic channels (84% of revenue) and international shipping to the USA and Middle East. Export-import policies and logistics uncertainties are cited as primary threats to trade stability.
Strategic Growth
Expected Growth Rate
63.36%
Growth Strategy
Growth will be achieved through a 6x capacity expansion to 105,000 MTPA, foraying into high-margin sectors like Defence (guns and ammunition) and Solar IPP (120MW), and executing a robust EPC order book of INR 967.59 Cr. The company is also targeting new sectors like port construction and data centers with a potential order value exceeding INR 700 Cr.
Products & Services
Specialized metal products including Pipe Support Systems, Fasteners, Anchors, HVAC systems, ERW Pipes, and textile yarn. Services include EPC contracting for civil, MEP, and irrigation infrastructure.
Brand Portfolio
Tembo
New Products/Services
New launches include ERW pipes (commissioned July 2025) and specialized Defence products. The company signed an MoU for a defence manufacturing unit in Maharashtra, expected to contribute significantly to future high-margin revenue.
Market Expansion
Expansion into the Gulf Cooperation Council (GCC) countries, USA, and Europe through a 75:25 strategic partnership with MASAH Specialized Construction Co.
Market Share & Ranking
Not disclosed in available documents, but the company is a prominent player in the pipe support and fastener industry with UL and FM approvals.
Strategic Alliances
Strategic partnership with MASAH Specialized Construction Co. (75:25) and an agency agreement with TAM Capital. It also operates JVs like Tembo PES JV and Tembo Global Infra Limited.
External Factors
Industry Trends
The industry is shifting toward localized manufacturing under 'Atmanirbhar Bharat'. Tembo is positioning itself by diversifying from pure trading (76% of FY24 revenue) to manufacturing and high-value EPC (39% manufacturing in FY25).
Competitive Landscape
Operates in a competitive landscape for yarn trading and industrial products, but differentiates through specialized engineering certifications and integrated manufacturing.
Competitive Moat
The moat is built on international quality certifications (UL and FM Approvals from USA) and a 6x capacity expansion. These certifications act as entry barriers and allow the company to win prestigious international clients.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and 'Make in India' initiatives, which drive demand for the company's irrigation and EPC services.
Consumer Behavior
Increased demand for sustainable infrastructure and renewable energy has prompted the company's entry into the Solar IPP sector.
Geopolitical Risks
Trade uncertainties and changes in export-import policies in the USA and Middle East could affect the 16% export revenue stream.
Regulatory & Governance
Industry Regulations
Products must comply with ISO 9001:2015, UL (Underwriter’s Laboratory Inc., USA), and FM Approval (USA) standards for fire sprinkler and pipe support installations.
Environmental Compliance
Not specifically disclosed in INR, but the company is entering the Solar IPP segment (120MW) to align with green energy trends.
Taxation Policy Impact
The effective tax rate for FY25 was approximately 28.2% (INR 21.5 Cr tax on INR 76.2 Cr EBT).
Risk Analysis
Key Uncertainties
The primary uncertainty is the successful execution of the INR 1,633 Cr unrelated greenfield capex in Solar and Defence. Failure or delay could impact liquidity, as reflected in the 'Negative' credit outlook.
Geographic Concentration Risk
84% of revenue is concentrated in the Indian domestic market, making the company vulnerable to local economic downturns.
Third Party Dependencies
The EPC business currently relies on procuring pipes from other manufacturers, though this dependency will reduce once the internal ERW pipe facility stabilizes.
Technology Obsolescence Risk
The company is mitigating technology risks by investing in new manufacturing units for ERW pipes and Zinc Flake Dies to maintain a competitive edge.
Credit & Counterparty Risk
EPC project receivables include a cash retention component. However, the company uses LC-backed trade receivables (90-180 days) to mitigate counterparty default risks.
