TRIDENT
Large CapTrident Limited
Consumer
Trident Limited is an integrated home textile manufacturer (Yarn, Bath & Bed Linen) and a producer of Paper, Chemical, and Energy. It is the world's largest wheat straw-based paper manufacturer and a leading integrated home textile manufacturer, with a global presence and 16,000+ workforce.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -12% YoY · PAT -23% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,633 Cr | -12.4% | +3.8% |
| EBITDA | ₹227 Cr | -7.3% | +66.9% |
| Operating margin | 14.0% | +100 bps | +500 bps |
| PAT | ₹102 Cr | -23.3% | +131.8% |
| PAT margin | 6.3% | -89 bps | +345 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 consolidated results show strong sequential recovery with EBITDA up 56% QoQ and PBT up 137% QoQ, driven by improved textile EBIT margins. However, YoY performance declined, with total income down 12.38% and net profit down 23.56%.
While Q4 FY26 saw a significant sequential rebound in profitability, the YoY decline in total income and net profit raises concerns about sustained growth. The textile segment's margin recovery is positive, but the overall revenue contraction needs close monitoring for a robust thesis.
Revenue Split between Segments (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Developing Differentiated Products
Developing new differentiated and innovative products leveraging consumer sentiments and behavior to earn premium.
Catering to Niche Segments
Catering to luxury, fashion accents, & sports segments.
Domestic and Global Presence
Strong domestic and Global presence (2020-2025 phase).
Digital Transformation
Digital Trident and AI driven projects (Going Forward 2026-2030).
Solar Power Capacity
An additional 5.40 MWp rooftop solar capacity installed at Budhni facility, increasing total installed capacity to 57.38 MWp.
Global Home Textile Market Growth
Global Home Textile Market size projected to reach USD 197.28 billion by 2031 at a 6.31% CAGR.
Indian Home Textile Market Growth
Indian Home Textile Market size expected to grow from USD 11.91 billion in 2026 to USD 16.76 billion by 2031 at a CAGR of 7.08%.
India-UK FTA
India-UK FTA signed in July has eliminated tariffs on textile products, which will boost trade.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ comparison is crucial to assess sequential momentum and recovery in margins, especially for the textile segment. YoY comparison is necessary to evaluate overall business health and growth against previous year's performance, considering potential seasonality.
Consolidated EBITDA Margin
Improved QoQ, slightly better YoYQ4 FY26: 15.05% (vs. 9.99% QoQ, 14.02% YoY)
Consolidated PBT Margin
Improved QoQ, slightly lower YoYQ4 FY26: 8.87% (vs. 3.87% QoQ, 9.12% YoY)
Consolidated Net Profit
Strong QoQ growth, significant YoY declineQ4 FY26: INR 1,020 Mn (vs. INR 442 Mn QoQ, INR 1,334 Mn YoY)
Exports as % of Income (Standalone)
Stable QoQ, declined YoYQ4 FY26: 54% (vs. 53% QoQ, 58% YoY)
Cost Optimization Initiatives
Driving company-wide cost optimization initiatives to reduce conversion cost and enhance margins.
Brand Building
Focus on brand building (2020-2025 phase).
Expansion and Diversification
Future plans include expansion and diversification (2026-2030).
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Textile Segment EBIT Margin | 13.36% in Q4 FY26 | Sustained improvement and stability above previous year's levels. |
| Total Income Growth | INR 16,501 Mn in Q4 FY26 (down 12.38% YoY) | Reversal of YoY decline and consistent revenue growth. |
| Net Debt/EBITDA | 1.05x as on Mar'26 | Reduction in leverage ratios, especially with increased debt QoQ. |
| Exports as % of Income | 54% in Q4 FY26 | Stability or growth in export contribution, given global market opportunities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
43NeutralSMA20 -5.0% / mo
Technical chart
TRIDENTweekly · 3Y-27.5%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 44. Wait for confirmation.
- SMA20 falling (~5.2% over last month) — short-term momentum negative.
- RSI(14) at 44 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 28% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 12/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -205.3%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 6/25; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 70th percentile of the scored universe and 70th percentile within Consumer. Main check: results consistency is weak at 36/100.
Healthy Trust Lite: Promoter holding is 73.7%. Key concern: 1/4 latest quarters had positive YoY revenue growth.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 70th pctile, median 67 · Large: 47th pctile, median 74
109 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 73.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.7%.
- ▸10 years of positive FCF.
Trust risks
- ▸1/4 latest quarters had positive YoY revenue growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 32.50
- P/B
- 2.56
- EV/EBITDA
- 11.87
- Market Cap
- 12251.00Cr
Profitability
- ROE
- 8.03%
- ROCE
- 9.86%
- ROA
- 5.00%
- Dividend Y
- 2.08%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 3.00%
- Revenue 3Y
- 2.00%
- EPS 3Y
- -5.00%
Balance Sheet
- Debt/Equity
- 0.38
- Interest Coverage
- 7.62×
- Altman Z
- 4.95
- Book Value
- 9.36
Cash Flow
- FCF Yield
- 0.69%
- FCF Positive Y
- 10/5
- OCF
- 760.00 Cr
- EPS TTM
- 0.74
Shareholding
- Promoter Hold
- 73.68%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 17%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.