BSE: 512101
TRIOCHEM PRODUCTS LTD.
Classified in the pharmaceuticals sector, the company reported nil revenue from operations in FY26 with total income of Rs 86.45 lakhs. The Board has acknowledged that post-Covid business impact continues, particularly affecting operations that require personal relationships, alongside a shrinking regular customer base. The company recorded a loss before exceptional items of Rs 64.85 lakhs in FY26, but reported a net profit of Rs 797.07 lakhs driven by an exceptional gain of Rs 1,116.65 lakhs from the sale of immovable properties and investment properties in Maharashtra, which had a written-down value of Rs 56.92 lakhs and were sold for approximately Rs 1,173.20 lakhs in cash. The company carries no outstanding loans or financial indebtedness, and operating cash flow was negative Rs 287.40 lakhs in FY26. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Pharmaceutical operations. Pharmaceutical company with no operating revenue in FY26, debt-free, reliant on asset sale gains for profitability
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 9 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | 1 | (1) | (2) | (1) | 10 |
| margin % | 15.1 | — | — | — | — |
| Owners' profit | 1 | (1) | (1) | (0) | 8 |
| EPS, as reported (₹) | 53.99 | (36.13) | (41.36) | (16.33) | 325.34 |
| ROE % · ROCE % | 10.1 · 13.6 | (7.6) · (10.1) | (6.9) · (9.1) | (2.9) · (1.8) | 38.6 · 50.8 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 3 | (2) | (4) | 0 | (3) |
| Capex | (0) | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | (0) | (0) | (0) | (0) | (0) | (0) | 11 |
| Net profit | (0) | (0) | 0 | (0) | (0) | (0) | (0) | 8 |
| EPS (₹) | (3.20) | (1.49) | 3.60 | (18.44) | (1.25) | (7.86) | (5.38) | 339.83 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | 50.5 | 10.8 | 4 of 183 | 98% |
| ROE | 38.6 | 9.8 | 9 of 166 | 95% |
| Debt / Equity | 0.0 | 0.2 | 1 of 166 | 79% |
| Profit growth | 1942.8 | 30.9 | 4 of 158 | 98% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Board meeting set for November 4, 2026 results approval | results | low | — | — |
| 16 Oct 2026 · Quarterly dematerialisation compliance certificate submitted to BSE | compliance | minimal | — | — |
| 16 Oct 2026 · No defaults on loans or debt for quarter ended September 2026 | credit debt | high | — | — |
| 16 Oct 2026 · TrioChem Products discloses loan default to banks or financial institutions | credit debt | low | — | — |
| 16 Oct 2026 · No non-convertible securities, certificates not applicable | compliance | minimal | — | — |
| 16 Oct 2026 · No interest or dividend payment obligations due for Oct to Dec 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · Triochem Products announces trading window closure ahead of Q2 results | compliance | minimal | — | — |
| 24 Aug 2026 · Triochem Products submits FY26 Annual Report approved at AGM | compliance | low | — | — |
| 24 Aug 2026 · Triochem Products AGM: All 3 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 22 Aug 2026 · Triochem Products 54th AGM: key resolutions passed, Rs 1,116 lakh gain from asset sale | board shareholder meetings | low | — | — |
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.