TRIVENI
Micro CapTriveni Engineering & Industries Limited
Consumer
Triveni Engineering & Industries is a diversified conglomerate, a leading integrated sugar & ethanol manufacturer, engineered-to-order turbo gearbox producer, and a key player in water and wastewater management solutions in India. It operates eight sugar units and multiple distilleries in Uttar Pradesh.
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 is neutral, 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 -7% YoY · PAT -11% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,508 Cr | -7.4% | +2.0% |
| EBITDA | ₹277 Cr | -10.1% | +84.7% |
| Operating margin | 18.0% | -100 bps | +800 bps |
| PAT | ₹167 Cr | -10.7% | +114.1% |
| PAT margin | 11.1% | -41 bps | +579 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
FY26 consolidated revenue grew 10.6% to ~6,291 crore, with PBT (before exceptional items) up 16.7% to ~378 crore, driven by a strong distillery segment turnaround. Q4 FY26 revenue and PBT declined due to scaled ethanol dispatches and geopolitical impacts on the Power Transmission Business.
Despite Q4 FY226 challenges from ethanol dispatch adjustments and geopolitical impacts on the PTB, the company delivered healthy FY26 results, primarily due to the distillery segment's strong turnaround. The impending demerger of PTB in FY27 is a strategic move to unlock value, though its Q4 performance highlights external vulnerabilities. Sugar segment maintained profitability despite higher cane prices.
Distillery Segment Turnaround
Strong turnaround in operating performance due to lower procurement costs of maize and other production/operational efficiencies.
Sugar Segment Performance
Improved profitability due to higher sales volume, higher sugar realization price, higher recoveries, and cost optimization.
Power Transmission Business Order Book
Closing order book higher by 25% to ~485 crore, providing revenue visibility for coming quarters.
Water Sector Demand
Significant gap between demand and current availability, stricter ZLD norms, and increasing adoption of treated wastewater driving growth.
New Defence Manufacturing Facility
Key items of machinery have been installed/commissioned at the new Defence manufacturing facility for PTB.
Government Ethanol Blending Push
Government focused on increasing ethanol blending beyond E20 targets, exploring E-85/E-100 as fuel, Bio-Isobutanol blending, ethanol stoves, and SAF integration.
Firm Sugar Prices
Sugar stocks likely to settle around 4.6 MMT by end of sugar year 2025-26, expected to help sugar prices remain firm and stable.
Water Sector Policy Support
Stricter enforcement of ZLD norms and introduction of Liquid Discharge Management Rules 2025 accelerating industrial demand.
Ethanol Overcapacity & Pricing
Urgent need to address overcapacity of ethanol manufacturing facilities and unchanged prices for sugarcane-based feedstocks despite rising input costs.
Geopolitical Impact on PTB
Conflict in West Asia caused disruptions, impacting Q4 FY26 despatches for global and domestic PTB customers and deferment of deliveries.
Sugarcane Yields & Diversion
Sugarcane crush impacted by lower yields in West UP due to agro-climatic factors and substantial diversion to alternate sweeteners.
Geopolitical Instability
Ongoing geopolitical tensions can lead to deferment of deliveries and slowdown in order finalization, particularly impacting the PTB.
Input Cost Volatility
Increased cane price (~300/MT) impacts sugar profitability, while ethanol prices from sugarcane-based feedstocks remain unchanged despite rising input costs.
Regulatory Policy Changes
Uncertainty around government policy for ethanol pricing and blending targets could impact distillery segment profitability and capacity utilization.
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.
FY26 results provide a comprehensive view of annual performance and strategic progress, while Q4 results highlight recent operational challenges and segment-specific impacts, crucial for understanding sequential momentum and external factors.
FY26 Sugar Revenue
Revenue increased by 12.8% to ~4,476.6 crore in FY26.
FY26 Sugar PBIT
PBIT increased by 2.1% to ~272.0 crore in FY26.
SS 2025-26 Sugarcane Crush
Sugarcane crush was 8.25 Million Tonnes, lower by 8.8% compared to 9.05 Million Tonnes in SS 2024-25.
SS 2025-26 Gross Recovery
Gross recovery improved by 26 basis points to 11.06% in SS 2025-26 from 10.80% in SS 2024-25.
Strategic Demerger of PTB
Composite Scheme of Arrangement is effective; PTB demerger will be accounted for in FY27, pursuing this business in Triveni Power Transmission Ltd.
Addressing Ethanol Pricing
Management expects the Government to address ethanol pricing issues on priority and evolve a framework for long-term industry stability.
PTB International Market Focus
Company continues to focus on gaining market share in the international market for PTB, with a new step-down subsidiary in Switzerland.
Water Business International Opportunities
The Company is evaluating various international opportunities in the water and wastewater treatment sector.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Ethanol Blending Policy & Pricing | Blending achieved 19.99% in ESY 2025-26; sugarcane-based ethanol prices unchanged for 3 years. | Government action on ethanol pricing for sugarcane-based feedstocks and progress on 'Beyond E-20' roadmap. |
| Power Transmission Business Order Book & Execution | Closing order book at ~485 crore (+25% YoY); Q4 revenue impacted by deferments. | Conversion of high enquiry levels into new orders, execution of existing orders, and growth in international market share post-demerger. |
| Sugar Cane Development & Recovery | Sugarcane crush lower by 8.8% in SS 2025-26; gross recovery improved by 26 bps. | Continued efforts to enhance yields, lower CO 238 variety proportion in West UP, and impact on future crush volumes and recoveries. |
| Water Business Order Conversion | Visibility of large number of enquiries in the sector; closing order book at ~1,503 crore (-6% YoY). | Conversion of high enquiry levels into new orders, especially in EPC category and ZLD projects, to drive revenue growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 +2.5% / mo
Technical chart
TRIVENIweekly · 3Y-7.0%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 51.
- SMA20 rising (~2.5% over last month) — short-term momentum positive.
- RSI(14) at 51 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 14% off 52W high · 18% 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
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 10/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -320.5%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 3/25; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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: +0 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.
Mixed Trust: Claim history is still being built. It ranks around the 34th percentile of the scored universe and 34th percentile within Consumer. Main check: results consistency is weak at 29/100.
Healthy Trust Lite: Promoter holding is 61%. Key concern: Operating cash flow is negative at ₹-106 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 34th pctile, median 67 · Micro: 19th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed 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 61%.
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸6/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-106 Cr.
- ▸4 recent quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -5.3%.
- ▸2/7 recent quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 28.70
- P/B
- 2.39
- EV/EBITDA
- 14.74
- Market Cap
- 8011.00Cr
Profitability
- ROE
- 8.65%
- ROCE
- 8.99%
- ROA
- 4.13%
- Dividend Y
- 0.68%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- -1.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- -19.00%
Balance Sheet
- Debt/Equity
- 0.65
- Interest Coverage
- 5.46×
- Altman Z
- 3.65
- Book Value
- 153.00
Cash Flow
- FCF Yield
- 0.31%
- FCF Positive Y
- 6/5
- OCF
- 188.00 Cr
- EPS TTM
- 12.28
Shareholding
- Promoter Hold
- 60.98%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 38%
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.