please find attached transcript of Investor meet held on November 14, 2025.
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Triton Valves reported a strong Q2 FY26 with the automotive vertical delivering 20% year-on-year volume growth. Standalone product sales rose from Rs 62 crore to Rs 74 crore, while consolidated revenue grew 11% to Rs 131 crore. Normalized EBITDA improved by 115-116 basis points year-on-year, with management crediting favourable product mix and optimised commodity management. The metals vertical faced order delays due to a 20-25% spike in copper prices, and the climate control vertical was weak due to a short summer and Chinese import pressure. Management guided EBITDA margins to approach 10% by Q4 FY26 from current ~7.5%, with a long-term target of Rs 1,000 crore revenue and 10% EBITDA (i.e., ~Rs 100 crore EBITDA) over 3-5 years. ROCE target was set at moving from 9.5% toward 12%.
Positive for shareholders: management has provided clear margin improvement roadmap with concrete targets, and new wins in higher-margin segments (TPMS, EV components, defense alloys) should support earnings growth. Short-term stock sentiment may improve given the explicit margin expansion guidance, though near-term commodity volatility and Q3 seasonality remain overhangs.