please find enclosed transcript of Investor meet held on February 20, 2026.
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Triton Valves held a virtual investor meet where management shared Q3 FY26 results and growth outlook. Group consolidated revenue grew over 25% year-on-year in Q3, with normalized EBITDA margin expanding from 6.5% to 7.5%, and YTD normalized EBITDA rising to Rs 30 crore from Rs 24 crore. Management highlighted a Rs 100-150 crore per year TPMS opportunity (with mass production already underway for Bosch and set to start for Continental/Aumovio and Sensata in 6-9 months), translating to a Rs 500+ crore 5-year order book. The EV battery vent business is the sole supplier to Ather Energy and TVS Motor, with new programmes lined up from Bajaj and Honda. The climate control division remains loss-making due to Chinese dumping despite technical approvals from major brands like Voltas, Daikin, LG, Samsung; its merger with the holding company is pending NCLT approval. The board has recommended a 3:1 bonus issue subject to shareholder approval by April 11, 2026.
Improving margins, a strong TPMS order pipeline, and growing EV business are positive for medium-term growth, though climate control losses and the pending NCLT merger remain near-term overhangs. The 3:1 bonus issue should boost stock liquidity and retail participation.