Future growth expectations in sales/revenue/volumes?

FY 2025-26 revenue guidance is Rs. 1,100 crore (conservative), with potential for higher achievement. FY 2026-27 revenue expected to grow around 30-35%, targeting Rs. 1,400 to Rs. 1,500 crore. Strong order book of Rs. 1,350 crore and L1 bidding pipeline of Rs. 2,000 crore supports growth. Defense segment revenues expected to start from FY 2025-26, contributing Rs. 300 crore+ in phase 1 and Rs. 650 crore+ in phase 2. Solar segment commissioning expected by FY 2025-26 end, supported by 25-year PPA agreements. Engineering and EPC divisions to continue driving volume growth, with six-fol

Any current/future new fundraising through debt or equity?

The company plans to raise debt of around Rs. 550 crore to Rs. 600 crore to finance solar and defense projects. Current gearing ratio is around 1:1; post raising debt and equity, gearing is expected not to exceed 2:1. A preferential equity issuance is being closed soon, aimed at raising capital primarily for working capital and defense investments. Equity infusion and debt raising are planned to fund CapEx and support business expansions in solar, defense, and EPC segments. The equity raise is scheduled via a board meeting and is expected to provide financial closure for planned projects. Exis

Any current/future capex/capital investment/strategic investment?

**Defense Segment**: Planned investment of around Rs. 1,000 crore over the next three years, including Rs. 700 crore in the first phase (assets on book) and Rs. 300-350 crore in the next two years for expansion. Technology transfer from a European partner with 100% production buy-back arrangement. Land acquisition for 100 acres ongoing in Amravati, Maharashtra. **Solar Segment**: Investment includes Rs. 100 crore already invested with financial closure achieved (debt and equity). Expansion includes a 120 MW solar power project with a 25-year PPA, commissioning expected by FY ‘26 end. Additio

Future growth expectations in earnings/operating earnings/profits/EPS?

FY ‘26 guidance: Revenue around Rs. 1,100 crore (conservative), with PAT expected between Rs. 80 crore to Rs. 100 crore. PAT margin expected to improve from current 7.7% towards 10% with increasing EPC contribution. FY ‘26-27 projections: Revenue around Rs. 1,400 crore to Rs. 1,500 crore; PAT anticipated to exceed Rs. 200 crore. Defense segment expected to contribute Rs. 250-300 crore revenue by FY ‘27 with around 25%-27% PAT margin (~Rs. 85-90 crore). Long-term growth from defense and solar sectors with phased revenue build-up, targeting Rs. 1,000 crore revenue in defense by FY ‘30. Order boo

Current/ Expected Orderbook/ Pending Orders?

As of June 30, 2025, the order book stands strong at approximately Rs. 1,350 crore. The company has identified a significant EPC-designated project worth Rs. 600 crore. An initial Rs. 24 crore order for this EPC project was secured in Q1 FY '26, with an additional Rs. 50 crore currently under negotiation. The L1 order bidding pipeline is valued at around Rs. 2,000 crore. Tembo expects to convert roughly 50% to 60% of its bidding pipeline into confirmed orders. The Northern India Water Treatment Plant project valued at Rs. 1,500 crore is ongoing, with Tembo aiming to secure between one-third to

Tembo Global Industries LtdQ1 FY26Industrial Products

Tembo Global Industries Ltd Q1 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹51.24P/E: 9.3Market Cap: ₹951 CrSector: Industrial Products

Management growth scorecard

Revenue

Category 2

Margin

Category 1

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 2

FY 2025-26 revenue guidance is Rs. 1,100 crore (conservative), with potential for higher achievement.
FY 2026-27 revenue expected to grow around 30-35%, targeting Rs. 1,400 to Rs. 1,500 crore.
Strong order book of Rs. 1,350 crore and L1 bidding pipeline of Rs. 2,000 crore supports growth.
Defense segment revenues expected to start from FY 2025-26, contributing Rs. 300 crore+ in phase 1 and Rs. 650 crore+ in phase 2.
Solar segment commissioning expected by FY 2025-26 end, supported by 25-year PPA agreements.
Engineering and EPC divisions to continue driving volume growth, with six-fold capacity expansion in process.
Revenue growth driven by diversification into high-growth sectors like defense, solar, and EPC, phasing out legacy textile business gradually.

Margin guidance

Category 1

FY ‘26 guidance: Revenue around Rs. 1,100 crore (conservative), with PAT expected between Rs. 80 crore to Rs. 100 crore.
PAT margin expected to improve from current 7.7% towards 10% with increasing EPC contribution.
FY ‘26-27 projections: Revenue around Rs. 1,400 crore to Rs. 1,500 crore; PAT anticipated to exceed Rs. 200 crore.
Defense segment expected to contribute Rs. 250-300 crore revenue by FY ‘27 with around 25%-27% PAT margin (~Rs. 85-90 crore).
Long-term growth from defense and solar sectors with phased revenue build-up, targeting Rs. 1,000 crore revenue in defense by FY ‘30.
Order book strong at Rs. 1,350 crore with Rs. 2,000 crore in L1 pipeline; conservative 50-60% conversion expected.
Operating cash flows currently negative due to investments and working capital, expected to improve as defense projects ramp up.

See what Tembo Global Industries Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company plans to raise debt of around Rs. 550 crore to Rs. 600 crore to finance solar and defense projects.
Current gearing ratio is around 1:1; post raising debt and equity, gearing is expected not to exceed 2:1.
A preferential equity issuance is being closed soon, aimed at raising capital primarily for working capital and defense investments.
Equity infusion and debt raising are planned to fund CapEx and support business expansions in solar, defense, and EPC segments.
The equity raise is scheduled via a board meeting and is expected to provide financial closure for planned projects.
Existing investments include around Rs. 100 crore already invested in the solar segment.
Land acquisition and subsidy discussions for defense projects are ongoing, linked to further equity and debt use.

Order book

Yes

As of June 30, 2025, the order book stands strong at approximately Rs. 1,350 crore.
The company has identified a significant EPC-designated project worth Rs. 600 crore.
An initial Rs. 24 crore order for this EPC project was secured in Q1 FY '26, with an additional Rs. 50 crore currently under negotiation.
The L1 order bidding pipeline is valued at around Rs. 2,000 crore.
Tembo expects to convert roughly 50% to 60% of its bidding pipeline into confirmed orders.
The Northern India Water Treatment Plant project valued at Rs. 1,500 crore is ongoing, with Tembo aiming to secure between one-third to two-thirds of the order.
Orders keep flowing in phases as drawings are received from the main client.
The company has also submitted bids for international projects totaling about Rs. 800 crore.

See what Tembo Global Industries Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Defense Segment: Planned investment of around Rs. 1,000 crore over the next three years, including Rs. 700 crore in the first phase (assets on book) and Rs. 300-350 crore in the next two years for expansion. Technology transfer from a European partner with 100% production buy-back arrangement. Land acquisition for 100 acres ongoing in Amravati, Maharashtra.
Solar Segment: Investment includes Rs. 100 crore already invested with financial closure achieved (debt and equity). Expansion includes a 120 MW solar power project with a 25-year PPA, commissioning expected by FY ‘26 end. Additional loans and land acquisition for 10 out of 30 sites underway.
EPC and Engineering: Six-fold capacity expansion plans including ERW pipes and channels manufacturing units.
Funding: Preferential equity issue closing soon; debt raising of Rs. 500-600 crore planned for solar and defense projects while maintaining a gearing ratio around 2:1.

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