BSE: 502281
TRIVENI GLASS LTD.
Manufactured glass for the construction materials industry, but has been non-operational since February 2006 and reports zero revenue from operations. What flows into the income statement now is limited to interest income and the sale of fixed assets, with total income of Rs 38.65 lakhs in FY26 against Rs 100.20 lakhs in the prior year. The company swung to a net loss of Rs 74.57 lakhs in FY26 from a profit of Rs 8.83 lakhs in FY25, and the audited balance sheet shows negative net worth of Rs 1,545.89 lakhs against total debt of Rs 1,872.02 lakhs. For Q1 FY27, the board approved results showed revenue of Rs 12.86 lakhs and a net profit of Rs 15.83 lakhs. It has also approved two related-party deals with promoter group firm USGWPL subject to shareholder approval: supply of metal and wood scrap up to Rs 15 lakh per year for 5 years, and a motor car lease at Rs 10,000 monthly plus GST for 5 years from October 2026. The statutory auditor issued an unmodified opinion on the FY26 results. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Sale of fixed assets, Interest income, Related-party scrap supply (proposed). Non-operational, asset-shrinking shell with negative net worth and limited income from asset sales and interest
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (40) | (3) | (1) | (1) | (1) |
| margin % | — | — | — | — | — |
| Owners' profit | (39) | 2 | 3 | 0 | (1) |
| EPS, as reported (₹) | (312.83) | 1.32 | 2.28 | 0.07 | (0.59) |
| ROE % · ROCE % | 204.9 · 215.3 | (9.5) · (10.0) | (19.5) · (20.8) | (0.6) · (0.6) | 4.8 · 4.8 |
| Debt / equity (x) | (0.99) | (1.08) | (1.27) | (1.27) | (1.21) |
| Cash from operations | (67) | (1) | (1) | (1) | (0) |
| 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) | (0) |
| Net profit | 0 | (0) | 0 | (0) | (0) | (0) | (0) | (0) |
| EPS (₹) | 0.00 | (0.04) | 0.22 | (0.11) | (0.06) | (0.02) | (0.01) | (0.02) |
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. % |
|---|---|---|---|---|---|---|---|---|
| RAMCO INDUSTRIES LIMITED | 2,504 | 7.6 | 0.55 | 10.0 | 6.8 | 4.3 | 8.2 | 19.2 |
| ARISINFRA SOLUTIONS LTD | 1,159 | 16.6 | 1.54 | 10.1 | 8.0 | 10.2 | — | 12.0 |
| BIRLANU LIMITED | 946 | — | 0.85 | 16.9 | (10.8) | (6.5) | 4.2 | 6.8 |
| EVEREST INDUSTRIES LTD | 766 | — | 1.55 | — | (20.6) | (16.0) | 3.1 | 31.7 |
| MARBLE CITY INDIA LIMITED | 393 | 51.9 | 4.21 | 17.3 | 9.5 | 7.0 | — | 23.5 |
| SAHYADRI INDUSTRIES LTD | 350 | 7.8 | 0.86 | — | 7.1 | 9.4 | — | 16.1 |
| MIDWEST ENERGY LIMITED | 348 | 221.9 | 0.87 | — | (3.5) | (2.3) | — | 19.4 |
| GLITTEK GRANITES LTD. | 199 | 226.9 | 18.19 | — | (3.6) | (3.6) | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | 4.8 | 2.8 | 8 of 22 | 67% |
| Profit growth | (89.0) | 83.2 | 19 of 19 | 0% |
| Market cap | 10 | 49 | 20 of 22 | 10% |
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 to approve September 2026 quarterly and half-year results | results | low | — | — |
| 13 Oct 2026 · Routine quarterly demat certificate filed under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 7 Oct 2026 · Promoter Jitendra Kumar Agrawal buys 15,000 shares of Triveni Glass | ownership changes | low | — | — |
| 30 Sept 2026 · Director Anil Kumar Dhawan buys 20,257 Triveni Glass shares | ownership changes | medium | — | — |
| 30 Sept 2026 · Trading Window to Close Ahead of Q2 FY27 Results Announcement | compliance | minimal | — | — |
| 14 Sept 2026 · Shareholders approve continuation of two senior independent directors | management changes | medium | — | — |
| 14 Sept 2026 · Two RPTs with promoter group firm approved at AGM | business updates | medium | — | — |
| 14 Sept 2026 · Independent Director Ishwar Chandra Agarwal reappointed for second 5-year term | management changes | medium | — | — |
| 14 Sept 2026 · Triveni Glass 55th AGM: all 7 resolutions passed | compliance | minimal | — | — |
| 14 Sept 2026 · AGM 2026 voting results: all 7 resolutions approved | 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.