Tembo Global Industries is an Indian engineering company that makes the metal support systems, fasteners, and pipe hangers that hold together the hidden infrastructure of buildings, factories, and refineries - and then installs them on site. It began in 2010 as a trading firm, but over a decade it transformed into a manufacturer with hard-to-replicate international safety certifications, and then into an EPC (Engineering, Procurement, Construction) contractor that bids for and builds entire industrial projects. The recurring approach is to use the cash and credibility from its core manufacturing engine to enter adjacent, larger-ticket businesses - first EPC contracting, and now defence manufacturing and solar power - each built on the capabilities of the one before. # Business segments Four engines at different stages - a certified metal-products and EPC core that generates the cash, a legacy textile trading business, and two large-scale bets in defence and solar power that are still under construction. ## 1. Engineering Solutions & EPC: the core engine that makes and installs industrial support systems **The company manufactures certified metal components that hold pipes, ducts, and cables in place inside large structures, and then bids for the turnkey contracts to install entire mechanical, electrical, and plumbing systems - so it captures both the product sale and the project fee.** - **Certifications open doors that rivals cannot enter** - Tembo is the only Indian company to hold both UL and FM approvals from the USA for fire sprinkler system components, which means its pipe hangers and fasteners are pre-qualified for use in projects designed by international consultants across the Middle East and America. - **EPC turns a product catalogue into a project pipeline** - since entering EPC contracting in 2023, the company has won work installing fuel farm systems at airports, pipelines at refineries, and HVAC and electrical packages for clients like L&T and Tata Projects, building an engineering order book of INR 1,478 crores as of March 2026. - **A deep bench of project directors de-risks execution** - the EPC team is led by six senior project directors with decades of experience in ports, jetties, fuel farms, and water treatment, supported by over 120 engineering professionals, which allows the company to pursue complex offshore bids like a Rs. 300 crore project in Kuwait. - **Export relationships are built on long-term trust, not spot sales** - the company sells to over 30 countries through a network of agents and direct marketing, with top export customers in the Middle East and USA forming moderately concentrated, multi-year relationships where no single client exceeds 10% of revenue. ## 2. Textiles: a legacy trading business that runs on other people's factories **The company buys and sells fibres, yarn, and fabrics to domestic clients without investing its own capital in manufacturing, generating volume but at thin margins.** - **A pure trading model with no factory risk** - the textiles division processes and supplies fibres and yarn according to client specifications, but the company does not deploy any of its own capex into textile production, so the business is asset-light and can be scaled up or down with demand. - **Domestic-only, broad product range** - the segment sells everything from shirting fabric and suiting to bedsheets and knitted fabric, entirely within India, to a mix of importers, chain stores, retailers, and brands. - **A low-margin contributor that funds the core** - with an EBIT margin of 1.8% in FY26, the textiles business is not a profit centre in itself, but it generates cash flow and maintains customer relationships that the company has held since its trading origins. ## 3. Defence Solutions: a Make-in-India bet on small arms, backed by a European partner **The company is building a large-scale factory to manufacture small arms and ammunition under a technology partnership with a European firm that has committed to buy 100% of the output - a model that aims to remove demand risk from the start.** - **A European partner with a buy-back guarantee** - Tembo has signed an MoU with the Government of Maharashtra for a defence products manufacturing unit, supported by a technology tie-up with a leading European company that includes a strategic buy-back arrangement to purchase 100% of the production output, which means the factory is being built with a guaranteed offtake from day one. - **A retired-army leadership team brings procurement know-how** - the defence division is led by a decorated former colonel who facilitated INR 18,000 crores of defence contracts for the Indian Army during his service, giving the company deep insight into the military procurement process. - **The capex is large, but the ambition is larger** - the project carries a total outlay of INR 1,000 crores, with the company aiming to become a world-class manufacturer under the banner "Make in India for India and the WORLD". ## 4. Solar Power: a 120 MW greenfield plant with a 25-year government contract **The company is developing a solar power project in Maharashtra where the state electricity distribution company has already agreed to buy the power for a quarter of a century, turning sunlight into a predictable, long-dated revenue stream.** - **A 25-year power purchase agreement removes price risk** - the company has signed a PPA with Maharashtra State Electricity Distribution Co. Ltd (MSEDCL) for the full 120 MW capacity, so the offtake and tariff are locked in before the plant is even built. - **Land and funding are largely in place** - land has been acquired for 28 of the 30 required sites, and financial institutions have sanctioned approximately INR 471 crores of the INR 640 crore project cost, with the first loan disbursement already made. - **Commissioning is imminent** - the company expects the plant to be commissioned by Q2 FY27, with commercial operations starting in Q3 FY27, meaning the segment will begin contributing revenue within the next financial year. # Group structure and partners **Tembo Global operates through a web of subsidiaries and joint ventures that extend its reach into new geographies and sectors, with a Saudi Arabian partnership and a pending merger among the most consequential moves.** - **A Saudi joint venture opens the Gulf market** - the company has a 25% stake in MASAH-TEMBO Manufacturing Company in Saudi Arabia, a partnership with Masah Specialized Construction Co. that is designed to sell Tembo's products into the GCC, USA, and Europe, and has already identified opportunities in solar and defence. - **A subsidiary merger will simplify the structure** - Tembo Global Infra Limited, which manufactures ERW pipes and runs EPC operations, is being amalgamated into the parent company, subject to regulatory approvals, which will consolidate the engineering business under one entity. - **The defence subsidiary is now a 75%-owned platform** - the company completed the acquisition of a 75.09% stake in Tembo Classic Engineering (formerly Tembo Defence Products) in February 2026 for Rs. 126.71 crores, making it the vehicle for the entire defence manufacturing push. - **International trading subsidiaries provide local presence** - Tembo Global LLC in Egypt and United Global Industries USA Inc. in America serve as trading outposts for the company's manufactured products, though the USA entity is minority-owned at 21%.