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Trident Q2 FY27 results: net profit up 93.1% to ₹175.58 crore, revenue down 3.8%
Trident Limited reported consolidated Q2 FY27 revenue of ₹1,719 crore, down 3.8% from the year-ago quarter and the previous quarter, while EBITDA rose 46.5% year on year to ₹313.80 crore. Net profit rose 93.1% year on year to ₹175.58 crore and basic EPS rose to ₹0.34, as the EBITDA margin expanded 6.2 percentage points to 18.2%.
Key points
- Consolidated Q2 FY27 revenue was ₹1,719 crore, down 3.8% from Q2 FY26 and 3.8% from Q1 FY27.
- EBITDA rose 46.5% year on year to ₹313.80 crore, while EBITDA margin improved from 12.0% to 18.2%.
- Net profit was ₹175.58 crore, up 93.1% year on year and 11.1% from Q1 FY27; basic EPS was ₹0.34.
- H1 FY27 revenue was ₹3,506.31 crore, up 0.4% from H1 FY26, while PAT rose 44.5% to ₹333.67 crore.
- The board approved a ₹4,650 crore capacity expansion and modernisation project across the company’s business segments.
How did Trident perform in Q2 FY27?
Trident reported consolidated Q2 FY27 revenue of ₹1,719 crore, down 3.8% from ₹1,787 crore in Q2 FY26 and ₹1,787 crore in Q1 FY27. Total income was ₹1,737.06 crore, down 3.7% year on year and from the previous quarter. On the standalone basis, revenue was ₹1,716.99 crore, down 3.8%, and PAT was ₹170.63 crore.
Consolidated EBITDA rose 46.5% year on year to ₹313.80 crore from ₹214.23 crore, and increased 4.7% from ₹299.81 crore in Q1 FY27. The EBITDA margin expanded 6.2 percentage points from 12.0% to 18.2% year on year, and 1.4 percentage points from 16.8% in the previous quarter.
Consolidated PAT rose 93.1% year on year to ₹175.58 crore from ₹90.93 crore, and rose 11.1% from ₹158.09 crore in Q1 FY27. Basic EPS was ₹0.34, compared with ₹0.18 in Q2 FY26 and ₹0.31 in Q1 FY27. PBT rose 85.5% year on year to ₹227.33 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,719 | 1,787 | 1,787 | −3.8% | −3.8% |
| Other income | 17.58 | 16.39 | 16.07 | +9.4% | +7.3% |
| Total expenses | 1,510 | 1,587 | 1,681 | −10.2% | −4.9% |
| EBITDA | 313.80 | 299.81 | 214.23 | +46.5% | +4.7% |
| EBITDA margin | 18.2% | 16.8% | 12.0% | +6.2 pp | +1.4 pp |
| Profit before tax | 227.33 | 216.02 | 122.56 | +85.5% | +5.2% |
| Tax | 56.91 | 58.16 | 33.03 | +72.3% | −2.1% |
| Net profit | 175.58 | 158.09 | 90.93 | +93.1% | +11.1% |
| EPS (₹) | 0.34 | 0.31 | 0.18 | +88.9% | +9.7% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Trident's costs and profit?
Total expenses fell 10.2% to ₹1,510 crore from ₹1,681 crore in Q2 FY26. Cost of materials rose 2.7% to ₹935.80 crore, employee cost fell 2.2% to ₹220.10 crore, finance costs rose 30.9% to ₹32.53 crore, depreciation fell 13.7% to ₹71.52 crore and other expenses fell 3.1% to ₹376.09 crore.
Other income rose 9.4% to ₹17.58 crore from ₹16.07 crore in the year-ago quarter and 7.3% from ₹16.39 crore in Q1 FY27. There was no exceptional item. Tax expense rose 72.3% year on year to ₹56.91 crore from ₹33.03 crore, and fell 2.1% from ₹58.16 crore in the previous quarter.
The filing figures show that lower total expenses, lower depreciation and lower other expenses accompanied the rise in EBITDA and profit. The filing does not provide a stated reason for the year-on-year movement in the cost of materials, finance costs or tax expense.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 935.80 | 911.28 | +24.52 | +2.7% |
| Employee cost | 220.10 | 225.15 | −5.05 | −2.2% |
| Finance costs | 32.53 | 24.86 | +7.67 | +30.9% |
| Depreciation | 71.52 | 82.88 | −11.36 | −13.7% |
| Other expenses | 376.09 | 388.31 | −12.22 | −3.1% |
| Total expenses | 1,510 | 1,681 | −170.95 | −10.2% |
| Other income | 17.58 | 16.07 | +1.51 | +9.4% |
| Tax | 56.91 | 33.03 | +23.88 | +72.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹3,506.31 crore, up 0.4% from ₹3,494.06 crore in H1 FY26. Total income was ₹3,540.28 crore, compared with ₹3,530.14 crore in the year-ago period.
H1 FY27 PBT rose 42.9% to ₹443.35 crore from ₹310.3 crore, while PAT increased 44.5% to ₹333.67 crore from ₹230.89 crore. EPS was ₹0.65, compared with ₹0.45 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 3,506 | 3,494 | +0.4% |
| Profit before tax | 443.35 | 310.30 | +42.9% |
| Net profit | 333.67 | 230.89 | +44.5% |
| EPS (₹) | 0.65 | 0.45 | +44.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹7,335.21 crore, compared with ₹7,536.83 crore at 31 March 2026. Total equity rose to ₹4,872.89 crore from ₹4,771.42 crore, while borrowings fell to ₹1,367.54 crore from ₹1,767.77 crore. Cash was ₹28.27 crore, compared with ₹30.86 crore.
Inventories declined to ₹1,077.81 crore from ₹1,204.75 crore. Trade receivables rose to ₹264.47 crore from ₹246.87 crore and trade payables increased to ₹416.68 crore from ₹364.72 crore. H1 FY27 operating cash flow was ₹798.47 crore, compared with ₹645.29 crore in H1 FY26.
Investing cash flow was negative ₹75.2 crore, compared with negative ₹397.98 crore a year earlier, while financing cash flow was negative ₹725.86 crore against negative ₹297.21 crore. Capital expenditure was ₹102.08 crore, compared with ₹100.12 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 7,335 | 7,537 |
| Total equity | 4,873 | 4,771 |
| Borrowings | 1,368 | 1,768 |
| Cash and equivalents | 28.27 | 30.86 |
| Inventories | 1,078 | 1,205 |
| Trade receivables | 264.47 | 246.87 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 798.47 | 645.29 |
| Cash from investing | −75.20 | −397.98 |
| Cash from financing | −725.86 | −297.21 |
| Capital expenditure | 102.08 | 100.12 |
Source: Company's results filing (XBRL).
How has Trident done over the last 8 quarters?
Revenue rose in Q2 FY27 to ₹1,719.48 crore from ₹1,786.83 crore in Q1 FY27, while PAT increased to ₹175.58 crore from ₹158.09 crore. The EBITDA margin also increased to 18.2% from 16.8%, showing higher profit and margin alongside lower revenue in the latest quarter.
Across the reported series, revenue was highest at ₹1,864.34 crore in Q4 FY25 and lowest at ₹1,574.46 crore in Q3 FY26. PAT was highest at ₹175.58 crore in Q2 FY27 and lowest at ₹44.24 crore in Q3 FY26. The EBITDA margin was highest at 18.2% in Q2 FY27 and lowest at 8.6% in Q3 FY26.
Profit rose year on year in each of the last two quarters. Revenue, PAT and the EBITDA margin had moved higher from Q3 FY26 through Q1 FY27, before revenue declined and profit and margin increased in Q2 FY27.
Which businesses drove the quarter?
Yarn revenue rose 10.3% year on year to ₹1,018.96 crore from ₹923.64 crore, while EBIT increased to ₹191.19 crore from ₹47.24 crore. The segment’s reported EBIT margin was 18.8%.
Towel revenue fell 21.1% to ₹570.75 crore from ₹723.46 crore, and EBIT fell to ₹32.58 crore from ₹78.23 crore. The reported EBIT margin was 5.7%. Bedsheets revenue rose 19.2% to ₹311.36 crore, with EBIT of ₹38.57 crore and an EBIT margin of 12.4%.
Paper and chemicals revenue rose 16.6% to ₹287.9 crore from ₹246.89 crore, while EBIT fell to ₹34.27 crore from ₹43.05 crore. Its reported EBIT margin was 11.9%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Yarn | 1,019 | +10.3% | 191.19 | 18.8% |
| Towel | 570.75 | −21.1% | 32.58 | 5.7% |
| Bedsheets | 311.36 | +19.2% | 38.57 | 12.4% |
| Paper and chemicals | 287.90 | +16.6% | 34.27 | 11.9% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
On 2 November 2026, Trident’s board approved a capacity expansion and modernisation project of ₹4,650 crore across the company’s business segments. The filing stated that the project includes 99,840 additional spindles at Budhni, a new yarn facility at Dhar with 199,680 spindles, 336 additional looms, 28 TPD of additional paper capacity and a 60 MW hybrid renewable energy project comprising 60 MW of wind and 20 MW of solar power.
The same-day filing stated that 179.2 acres of leasehold land for the Dhar yarn facility had been acquired at a cost of approximately ₹106.09 crore. The board also approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, reviewed by S.R. Batliboi & Co. LLP.
The same-day filings did not report a dividend, fund raise or appointment. The investor presentation mentioned an interim dividend of ₹0.50 per share for FY27, but the board’s same-day result and expansion filings did not provide details on that dividend.
What did Trident's management say?
Management said the company’s priorities included company-wide cost optimisation to reduce conversion cost and enhance margins. Its 2026–2030 roadmap includes expansion and diversification, including AI-driven projects, while product development focuses on differentiated and innovative products aimed at premium pricing in luxury, fashion accents and sports segments.
Management reported exports at 53% of standalone quarterly income and said renewable energy accounted for 38.97% of the total energy mix at 30 September 2026. The presentation did not provide quantified revenue, margin, capacity or capital-expenditure guidance.
The presentation identified lower consolidated Q2 FY27 total income, textile concentration and margin compression in Paper and Chemicals as risks. It also noted that Paper and Chemicals EBIT fell 20.40% year on year and its EBIT margin contracted 553 bps to 11.90%, while consolidated finance cost rose 30.85% year on year to INR 325 Mn.
How did Trident shares react?
Trident’s shares rose 4.8% within 5 minutes of the filing appearing, 5.5% after 15 minutes and 9.3% after 30 minutes. From the previous close of ₹22.31, the stock was up 7.8% by the close of the first trading session after the results and up 7.0% by the next day’s close from the same pre-results close.
The Other Textile Products industry median was unchanged on the reaction day and rose 1.4% by the next day’s close. Trident therefore exceeded the industry median by 7.8 percentage points on the reaction day and 5.6 percentage points by the next day’s close. No five-day move or market-index comparison was available.
Earlier reaction-day moves were mixed: the stock rose 13.3% on 21 May 2025, fell 4.8% on 18 May 2024 and recorded moves ranging from negative 4.0% to 2.8% on the other listed result dates.
| After the filing | Stock | Other Textile Products median |
|---|---|---|
| 5 minutes | +4.8% | |
| 15 minutes | +5.5% | |
| 30 minutes | +9.3% | |
| Reaction day | +7.8% | +0.0% |
| Next day | +7.0% | +1.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 21 July 2026 | +0.5% |
| 19 May 2026 | −0.7% |
| 9 February 2026 | +2.8% |
| 13 November 2025 | −1.4% |
| 24 July 2025 | −0.2% |
| 21 May 2025 | +13.3% |
| 24 January 2025 | −4.0% |
| 18 May 2024 | −4.8% |
Source: MarketPing price-reaction measurement.
How did other Other Textile Products companies do?
Among the 61 Other Textile Products companies compared, the median revenue growth was 24.1%. Ten peers grew revenue more slowly than Trident, while 51 peers grew revenue faster than Trident. Of the 64 peers for which profit was compared, 43 reported higher profit.
Trident’s revenue declined 3.8% year on year in Q2 FY27, below the industry median revenue growth of 24.1%. The peer data therefore placed Trident’s revenue growth below the median, although its consolidated PAT rose 93.1% year on year.
| Trident revenue growth (YoY) | −3.8% |
|---|---|
| Median of 61 other Other Textile Products companies | +24.1% |
| Companies with slower revenue growth than Trident | 10 of 61 |
| Companies with faster revenue growth than Trident | 51 of 61 |
| Companies whose net profit rose | 43 of 64 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Trident's revenue in Q2 FY27?
Revenue from operations was ₹1,719 crore, down 3.8% from ₹1,787 crore in Q2 FY26 (consolidated).
Did Trident make a profit in Q2 FY27?
Yes. Net profit was ₹175.58 crore, against a net profit of ₹90.93 crore in Q2 FY26.
What was Trident's EPS in Q2 FY27?
Basic earnings per share were ₹0.34, against ₹0.18 in Q2 FY26.
How did Trident shares react to the Q2 FY27 results?
On the reaction day the stock moved +7.8% from the previous close; the median Other Textile Products stock moved +0.0%.
When did Trident announce its Q2 FY27 results?
On 2 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of The Unaudited Financial Results (Standalone And Consolidated) Of The Company For The Quarter And Half Year Ended September 30, 2026 (BSE, 26 October 2026) · PDF
- Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended September 30, 2026 (BSE, 2 November 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 2 November 2026) · PDF
- The investor presentation (3 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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