NSE: TRITONV · BSE: 505978
TRITON VALVES LTD.
Manufactures valves — including tyre valves, TPMS valves and EV valves — and brass components at its Mysore facility, supplying automotive OEMs, EV makers and a European defence customer. Consolidated FY26 revenue was ₹578.42 cr, up 18.4% from ₹488.37 cr, against a single reported operating segment at the standalone level of ₹434.27 cr. The EV Valves vertical grew 49.7% YoY to ₹15.35 cr, and the brass/metals division is targeting 7,000+ tons with 15-25% volume growth going forward. A 7-year contract with Aumovio (spun off from Continental in 2025) covers roughly 4.7 crore TPMS valves and about ₹112 cr of revenue over CY2027-2031, with mass production already begun for Mitsubishi Electric and first exports booked to China. The company is merging its wholly owned subsidiary Tritonvalves Climatech into the parent and has guided to ₹1,000 cr of revenue by FY29-30. Raw materials at 76.3% of revenue are the dominant cost, leaving reported FY26 EBITDA margin of 6.78%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Valves and brass components (single reported segment) (100%). Auto components manufacturer with a materials-heavy cost structure and cyclical end-market exposure across automotive, EV and metals verticals.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 322 | 362 | 428 | 488 | 578 |
| EBITDA (ex other income) | 18 | 14 | 31 | 31 | 39 |
| margin % | 5.7 | 3.9 | 7.2 | 6.4 | 6.7 |
| Owners' profit | (3) | 0 | 3 | 5 | 10 |
| EPS, as reported (₹) | (28.36) | (83.27) | 26.94 | 43.03 | 19.58 |
| ROE % · ROCE % | (3.6) · 5.8 | (12.1) · 2.1 | 2.7 · 14.6 | 4.7 · 16.2 | 7.6 · 18.8 |
| Debt / equity (x) | 1.52 | 1.83 | 1.16 | 1.21 | 1.03 |
| Cash from operations | (13) | 16 | 25 | (13) | 18 |
| Capex | (13) | (13) | (3) | (17) | (14) |
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 | 106 | 118 | 122 | 142 | 135 | 132 | 153 | 159 |
| Profit before tax | 2 | 3 | 2 | 1 | 2 | 3 | 4 | 5 |
| Net profit | 2 | 2 | 1 | 0 | 2 | 2 | 3 | 4 |
| EPS (₹) | 13.54 | 16.56 | 9.01 | 4.11 | 12.81 | 16.12 | 20.63 | 7.03 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Automotive Valves (AV) | 118 | 51.7 |
| Climate Control Valves (CCV) | 4 | 1.9 |
| Metals (MT) | 106 | 46.4 |
| Total, before eliminations | 229 | 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. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.0 | 25.3 | 34 of 119 | 72% |
| P/B | 1.0 | 3.2 | 14 of 117 | 89% |
| ROCE | 9.5 | 12.6 | 80 of 125 | 36% |
| ROE | 7.6 | 11.7 | 82 of 117 | 30% |
| Debt / Equity | 1.0 | 0.3 | 106 of 117 | 10% |
| EBITDA margin | 7.1 | 12.2 | 102 of 118 | 14% |
| Revenue growth | 11.9 | 20.2 | 84 of 113 | 26% |
| Profit growth | 637.2 | 24.4 | 3 of 115 | 98% |
| Market cap | 123 | 1460 | 103 of 126 | 18% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · RTA compliance certificate for Q2 FY26 dematerialization | compliance | minimal | — | — |
| 5 Oct 2026 · 50th AGM: All 8 resolutions approved by shareholders | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Triton Valves closes trading window ahead of Q2 FY26 results | compliance | minimal | — | — |
| 25 Sept 2026 · 50th AGM held; dividend of INR 2.5 per share declared | board shareholder meetings | low | — | — |
| 3 Sept 2026 · 50th AGM notice published in newspapers | compliance | minimal | — | — |
| 2 Sept 2026 · AGM on Sep 25, 2026: 25% dividend, director reappointments, key resolutions | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Triton Valves 50th AGM Notice: Dividend of Rs 2.50, Director Re-appointments | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Triton Valves Q1 FY27 Investor Meet Transcript | investor communications | low | — | — |
| 21 Aug 2026 · Investor call recording uploaded on company website | investor communications | low | — | — |
| 21 Aug 2026 · Triton Valves Q1 FY27 results: revenue up 38.5% YoY to INR 186.6 cr | investor communications | 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.