NSE: TRIVENI · BSE: 532356
TRIVENI ENGG. & INDS. LTD
An integrated sugar manufacturer that converts sugarcane into refined sugar, ethanol and power, and also runs a water and wastewater treatment business. Sugar accounted for 54.7% of FY26 segment revenue at Rs 4,476.6 cr and distillery 35.2% at Rs 2,882.79 cr. The water segment was 3.3% of revenue; power transmission (4.2%) was demerged into Triveni Power Transmission Ltd effective May 19, 2026, with Triveni retaining a 29.88% stake as an associate. Sugarcane and grain are the dominant input costs, taking 61.5% of revenue. In Q1 FY27 the company crushed 8.25 mn tons of sugarcane at 11.1% recovery. India achieved the 20% ethanol blending milestone, a key outlet for the distillery segment. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sugar (55%), Distillery (35%), Power Transmission (4%), Water (3%), Others (3%). Cyclical agro-processing — sugar and distillery volumes and prices move with the sugarcane cycle and government ethanol policy.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,694 | 6,310 | 6,151 | 6,808 | 7,621 |
| EBITDA (ex other income) | 628 | 2,017 | 626 | 476 | 534 |
| margin % | 13.4 | 32.0 | 10.2 | 7.0 | 7.0 |
| Owners' profit | 424 | 1,792 | 395 | 238 | 269 |
| EPS, as reported (₹) | 17.54 | 74.58 | 18.05 | 10.88 | 12.19 |
| ROE % · ROCE % | 22.2 · 23.6 | 67.2 · 65.4 | 13.6 · 17.6 | 7.5 · 10.8 | 8.0 · 11.9 |
| Debt / equity (x) | 0.82 | 0.34 | 0.49 | 0.62 | 0.64 |
| Cash from operations | (173) | 397 | 100 | (106) | 188 |
| Capex | (292) | (234) | (356) | (298) | (182) |
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 | 1,748 | 1,600 | 1,925 | 1,954 | 2,014 | 1,818 | 1,834 | 1,950 |
| Profit before tax | (30) | 57 | 255 | 3 | 29 | 104 | 230 | 0 |
| Net profit | (22) | 43 | 187 | 2 | 21 | 78 | 167 | 4 |
| EPS (₹) | (1.02) | 1.94 | 8.55 | 0.02 | 1.18 | 3.84 | 7.60 | 0.17 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| SUGAR | 4,477 | 54.7 |
| DISTILLERY | 2,883 | 35.2 |
| POWER TRANSMISSION | 340 | 4.2 |
| WATER | 269 | 3.3 |
| OTHERS | 219 | 2.7 |
| Total, before eliminations | 8,187 | 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. % |
|---|---|---|---|---|---|---|---|---|
| BALRAMPUR CHINI MILLS LTD | 13,331 | 34.4 | 3.22 | 21.2 | 9.1 | 9.7 | 5.4 | 7.9 |
| TRIVENI ENGG. & INDS. LTD ◆ | 4,955 | 17.6 | 1.48 | 11.6 | 8.0 | 9.4 | 10.1 | 3.3 |
| BAJAJ HINDUSTHAN SUGAR LT | 4,237 | 13.1 | 1.11 | 20.6 | 3.3 | 1.5 | (3.9) | (10.4) |
| BANNARI AMMAN SUGARS LTD | 3,944 | 32.4 | 2.06 | — | 7.7 | 8.7 | — | 0.5 |
| SHREE RENUKA SUGARS LTD | 3,894 | — | — | 70.7 | 29.6 | (108.2) | 10.2 | (3.1) |
| DALMIA BHARAT SUG IN LTD | 3,284 | 13.7 | 1.02 | 9.1 | 7.3 | 8.0 | 6.1 | 8.3 |
| UTTAM SUGAR MILLS LTD. | 1,202 | 13.8 | 1.35 | 8.1 | 11.3 | 12.7 | — | 4.5 |
| DHAMPUR SUGAR MILLS LTD. | 1,064 | 15.2 | 0.89 | 9.8 | 5.5 | 5.8 | (7.9) | 4.7 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.6 | 14.5 | 13 of 20 | 37% |
| P/B | 1.5 | 0.9 | 20 of 26 | 24% |
| ROCE | 9.4 | 3.0 | 6 of 27 | 81% |
| ROE | 8.0 | 3.5 | 8 of 26 | 72% |
| Debt / Equity | 0.6 | 0.6 | 14 of 26 | 48% |
| EBITDA margin | 3.3 | 4.6 | 16 of 26 | 40% |
| Revenue growth | (0.2) | 5.5 | 14 of 25 | 46% |
| Profit growth | 73.8 | (14.4) | 8 of 27 | 73% |
| Market cap | 4955 | 282 | 2 of 28 | 96% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Triveni to hold Q2 and H1 FY27 results call on November 3, 2026 | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Board meeting set for November 2, 2026 results | results | low | — | — |
| 19 Oct 2026 · GST penalty of Rs 22.9 lakh on Shamli Sugar Unit; company to appeal | regulatory legal | medium | — | — |
| 16 Oct 2026 · Newspaper notice on special window for physical share transfer | compliance | minimal | — | — |
| 9 Oct 2026 · TPTL gets BSE and NSE listing approval, trading from Oct 12 | strategic transactions | high | — | — |
| 9 Oct 2026 · TPTL gets BSE/NSE listing approval; trading starts Oct 12, 2026 | strategic transactions | high | — | — |
| 8 Oct 2026 · RTA compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closed for Q2 FY26 Results | compliance | minimal | — | — |
| 16 Sept 2026 · Triveni Engineering certifies fractional share proceeds under Composite Scheme | strategic transactions | high | — | — |
| 16 Sept 2026 · Triveni certifies distribution of fractional share proceeds post-merger scheme | strategic transactions | 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.