NSE: TRIDENT · BSE: 521064
TRIDENT LIMITED
Manufactures cotton yarn, towels and bedsheets and converts wheat straw into paper and chemicals through vertically integrated facilities in Punjab and Madhya Pradesh. In FY26 the yarn segment led at ₹3,524.44 crore of revenue, followed by towels at ₹2,584.51 crore, paper and chemicals at ₹1,039.74 crore and bedsheets at ₹987.28 crore, taking consolidated revenue to ₹6,701.05 crore. About 53.73% of FY26 turnover came from exports to roughly 100 countries and the company employs 16,303 people; in Q1 FY27 yarn generated ₹954 crore, home textiles ₹941 crore and paper and chemicals ₹297 crore. Raw materials are the biggest input at 50.4% of revenue, with employees at 12.9%, other operating expenses at 22.8%, depreciation at 4.7% and capex at 4.7%. FY26 EBITDA margin was 14.0767% and net debt to EBITDA stood at 0.83x; the company recently set up a new domestic wholly owned subsidiary to drive brand-building and overseas sales. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Yarn (43%), Towel (32%), Paper and chemicals (13%), Bedsheets (12%). Cyclical, vertically integrated, asset-heavy textiles and paper.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,998 | 6,332 | 6,809 | 6,987 | 6,701 |
| EBITDA (ex other income) | 1,512 | 947 | 940 | 911 | 869 |
| margin % | 21.6 | 15.0 | 13.8 | 13.0 | 13.0 |
| Owners' profit | 834 | 441 | 350 | 370 | 377 |
| EPS, as reported (₹) | 1.67 | 0.88 | 0.69 | 0.73 | 0.74 |
| ROE % · ROCE % | 21.7 · 26.8 | 10.5 · 12.3 | 8.1 · 10.8 | 8.0 · 10.2 | 7.9 · 10.5 |
| Debt / equity (x) | 0.41 | 0.34 | 0.48 | 0.34 | 0.37 |
| Cash from operations | 903 | 1,426 | 287 | 945 | 760 |
| Capex | (362) | (779) | (647) | (230) | (316) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,713 | 1,667 | 1,864 | 1,707 | 1,787 | 1,574 | 1,633 | 1,787 |
| Profit before tax | 99 | 102 | 172 | 188 | 123 | 59 | 143 | 216 |
| Net profit | 83 | 80 | 133 | 140 | 91 | 44 | 102 | 158 |
| EPS (₹) | 0.17 | 0.15 | 0.25 | 0.27 | 0.18 | 0.09 | 0.20 | 0.31 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Yarn | 3,524 | 43.3 |
| Towel | 2,584 | 31.8 |
| Bedsheets | 987 | 12.1 |
| Paper and chemicals | 1,040 | 12.8 |
| Total, before eliminations | 8,136 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 35,410 | 38.8 | 6.21 | 25.6 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,311 | 73.9 | 4.08 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,333 | 16.6 | 1.35 | 11.0 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED ◆ | 11,018 | 27.7 | 2.31 | 13.5 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,338 | 55.3 | 3.54 | 20.1 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,621 | 36.8 | 5.63 | 23.8 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,197 | 22.0 | 2.79 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,161 | 68.6 | 2.22 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.7 | 16.5 | 115 of 179 | 36% |
| P/B | 2.3 | 1.1 | 142 of 185 | 23% |
| ROCE | 8.6 | 4.3 | 62 of 215 | 72% |
| ROE | 7.9 | 4.7 | 63 of 188 | 67% |
| Debt / Equity | 0.4 | 0.4 | 91 of 188 | 52% |
| EBITDA margin | 17.7 | 9.8 | 42 of 198 | 79% |
| Revenue growth | 4.7 | 6.9 | 103 of 192 | 47% |
| Profit growth | 12.9 | 20.0 | 116 of 203 | 43% |
| Market cap | 11018 | 59 | 4 of 223 | 99% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Trident board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 16 Oct 2026 · Trident gets ESG rating of 64 for 2026, unchanged from 2025 | business updates | medium | — | — |
| 14 Oct 2026 · Trident re-appoints Rahul Roongta as Group Chief Financial Officer | management changes | high | — | — |
| 6 Oct 2026 · Newspaper notice on special window for physical share dematerialisation | compliance | minimal | — | — |
| 5 Oct 2026 · Filing of Reg 74(5) certificate for Q2 FY26 | compliance | minimal | — | — |
| 28 Sept 2026 · Trident Limited has informed the exchange about the change in management. | management changes | critical | — | — |
| 28 Sept 2026 · Trident Group CEO Samir Joshipura resigns effective Sep 30, 2026 | management changes | critical | — | — |
| 28 Sept 2026 · Trident tells physical shareholders to update KYC or face dividend withholding | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window closed from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 8 Sept 2026 · CARE Ratings reaffirms Trident bank facility ratings with stable outlook | credit debt | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.