Any current/future new fundraising through debt or equity?

The company plans an addition of debt around Rs. 300 to Rs. 350 crores by FY’27. This debt addition is mainly to fund CAPEX for solar, defense projects, and working capital requirements. As of now, there are no plans for new CAPEX beyond the ongoing solar, defense, and factory expansion projects. No specific mention of new equity fundraising was made during the call.

Future growth expectations in sales/revenue/volumes?

Tembo Global Industries targets revenues of approximately Rs. 1,600 crores for FY’27, reflecting a 30% to 40% growth. The company aims to scale up to Rs. 20,000 crores in top line by FY 2030. The defense segment is expected to contribute around 5% to 10% of FY’27 revenue, ramping up from Q4 FY’27 with full utilization targeted from FY’28 onwards. Engineering and EPC segments are anticipated to grow, supported by ongoing expansions and improved operational efficiencies. Solar projects are planned to be commissioned by end of Q2 or early Q3 FY’27, beginning to contribute to revenue thereafter. C

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

Tembo targets revenue growth to approximately Rs. 1,600 crores in FY’27, reflecting a 30%-40% increase. For FY’30, the company aims a top line of Rs. 20,000 crores, indicating a very high CAGR. PAT margins expected: 10%-12% at the group level for FY’27. Defense segment anticipated to deliver high PAT margins of around 30%-35% at peak scale. Defense business revenue expected to reach Rs. 300-400 crores in the first 12 months, with PAT around Rs. 170-180 crores. Operating margins expected to improve through better project management and operational efficiencies. No major CAPEX planned for FY’28;

Current/ Expected Orderbook/ Pending Orders?

Current order book stands at approximately Rs. 1,548 crores, primarily from the engineering and EPC segments. This order book is supported by a strong bidding pipeline exceeding Rs. 2,200 crores, providing clear medium-term revenue visibility. Defense segment contributes around 5% to 10% of the projected revenue for FY’27, with defense orders expected to start contributing from the 4th quarter of FY’27. Order inflows from the Middle East, particularly from the MASAH JV, are currently slow but expected to pick up in the second half or third quarter of the year. The company is continuous

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Tembo Global Industries LtdQ1 FY26Industrial Products

Tembo Global Industries Ltd Q1 FY26 Earnings Call Analysis

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

No additional CAPEX planned for FY’28 as of now (Page 13). Current CAPEX focused on solar projects, defense manufacturing, and factory expansion (Page 5). Solar project CAPEX around Rs. 600 crores; approximately Rs. 300 crores already spent (Page 9). Debt addition of Rs. 300 to 350 crores projected for FY’27 to fund CAPEX in solar, defense, and working capital (Page 6). Defense sector has already planned factory expansion and secured manufacturing licenses; production ramp-up expected in FY’27 and beyond (Pages 3, 4, 14). Factory capacity expansion from 18,000 MTA to 100,000 MTA started in Jan

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

Price: ₹554P/E: 11.3Market Cap: ₹891 CrSector: Industrial Products

Management growth scorecard

Revenue

Category 1

Margin

Category 1

Fundraise

Yes

Order

Yes

Capex

Yes

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

Full analysis

Revenue guidance

Category 1

→Tembo Global Industries targets revenues of approximately Rs. 1,600 crores for FY’27, reflecting a 30% to 40% growth.
→The company aims to scale up to Rs. 20,000 crores in top line by FY 2030.
→The defense segment is expected to contribute around 5% to 10% of FY’27 revenue, ramping up from Q4 FY’27 with full utilization targeted from FY’28 onwards.
→Engineering and EPC segments are anticipated to grow, supported by ongoing expansions and improved operational efficiencies.
→Solar projects are planned to be commissioned by end of Q2 or early Q3 FY’27, beginning to contribute to revenue thereafter.
→Capacity expansions, particularly at the Vasai plant, and defense manufacturing facilities will support future volume growth.
→The company plans sustained order book replenishment with a current order book of Rs. 1,548 crores and a bidding pipeline over Rs. 2,200 crores.

Margin guidance

Category 1

→Tembo targets revenue growth to approximately Rs. 1,600 crores in FY’27, reflecting a 30%-40% increase.
→For FY’30, the company aims a top line of Rs. 20,000 crores, indicating a very high CAGR.
→PAT margins expected: 10%-12% at the group level for FY’27.
→Defense segment anticipated to deliver high PAT margins of around 30%-35% at peak scale.
→Defense business revenue expected to reach Rs. 300-400 crores in the first 12 months, with PAT around Rs. 170-180 crores.
→Operating margins expected to improve through better project management and operational efficiencies.
→No major CAPEX planned for FY’28; current expansions focus on solar, defense, and factory capacity.
→Blended margins for the engineering and EPC segments around 10%-12% PAT.
→Ongoing ramp-up of capacity expected over next 2-3 years to support growth and margin improvement.

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Fundraise plans

Yes

→The company plans an addition of debt around Rs. 300 to Rs. 350 crores by FY’27.
→This debt addition is mainly to fund CAPEX for solar, defense projects, and working capital requirements.
→As of now, there are no plans for new CAPEX beyond the ongoing solar, defense, and factory expansion projects.
→No specific mention of new equity fundraising was made during the call.

Order book

Yes

→Current order book stands at approximately Rs. 1,548 crores, primarily from the engineering and EPC segments.
→This order book is supported by a strong bidding pipeline exceeding Rs. 2,200 crores, providing clear medium-term revenue visibility.
→Defense segment contributes around 5% to 10% of the projected revenue for FY’27, with defense orders expected to start contributing from the 4th quarter of FY’27.
→Order inflows from the Middle East, particularly from the MASAH JV, are currently slow but expected to pick up in the second half or third quarter of the year.
→The company is continuously receiving orders daily, with factories running on two shifts to meet demand.

Capex plans

Yes

- No additional CAPEX planned for FY’28 as of now (Page 13). - Current CAPEX focused on solar projects, defense manufacturing, and factory expansion (Page 5). - Solar project CAPEX around Rs. 600 crores; approximately Rs. 300 crores already spent (Page 9). - Debt addition of Rs. 300 to 350 crores projected for FY’27 to fund CAPEX in solar, defense, and working capital (Page 6). - Defense sector has already planned factory expansion and secured manufacturing licenses; production ramp-up expected in FY’27 and beyond (Pages 3, 4, 14). - Factory capacity expansion from 18,000 MTA to 100,000 MTA started in January 2026, with a ramp-up over 2 to 3 years (Page 7). Overall, current and near-term capital investments concentrate on solar and defense verticals along with capacity expansion to support growth.

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