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Triveni Engineering & Industries Q2 FY27 results: net profit ₹93.65 crore vs ₹21.38 crore, revenue up 1.7%
Triveni Engineering & Industries Ltd reported consolidated Q2 FY27 revenue of ₹2,049 crore and a net profit of ₹93.65 crore, with EBITDA margin rising to 7.1%. Profit increased from ₹21.38 crore in Q2 FY26 and ₹3.65 crore in Q1 FY27, while the first-half net profit reached ₹97.3 crore.
Key points
- Consolidated Q2 FY27 revenue was ₹2,049 crore, up 1.7% from Q2 FY26 and 5.1% from Q1 FY27.
- EBITDA was ₹144.70 crore in Q2 FY27, with margin at 7.1% versus 3.3% in Q2 FY26 and 2.7% in Q1 FY27.
- Net profit was ₹93.65 crore and basic EPS was ₹4.25 in Q2 FY27, compared with a net profit of ₹21.38 crore and EPS of ₹1.18 in Q2 FY26.
- H1 FY27 revenue was ₹3,999.2 crore, while net profit was ₹97.3 crore and EPS was ₹4.42, compared with ₹23.48 crore and ₹1.38 in H1 FY26.
- Borrowings declined to ₹469.8 crore as on 30 September 2026 from ₹2,147.41 crore as on 31 March 2026, while cash rose to ₹275.54 crore from ₹55.22 crore.
How did Triveni Engineering & Industries perform in Q2 FY27?
Triveni Engineering & Industries reported consolidated Q2 FY27 revenue of ₹2,049 crore, up 1.7% from ₹2,014 crore in Q2 FY26 and 5.1% from ₹1,950 crore in Q1 FY27. EBITDA rose 118.9% year on year to ₹144.70 crore and margin expanded 3.8 percentage points to 7.1%.
Net profit was ₹93.65 crore in Q2 FY27, against ₹21.38 crore in Q2 FY26 and ₹3.65 crore in Q1 FY27. Basic EPS was ₹4.25, compared with ₹1.18 and ₹0.17, respectively, while profit before tax reached ₹118.62 crore from ₹29.06 crore a year earlier.
On a standalone basis, Q2 FY27 revenue was ₹2,048.95 crore and profit after tax was ₹86.59 crore. The board approved the unaudited standalone and consolidated results for Q2 and H1 FY27 ended 30 September 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,049 | 1,950 | 2,014 | +1.7% | +5.1% |
| Other income | 20.43 | 10.44 | 20.59 | −0.8% | +95.7% |
| Total expenses | 1,951 | 1,960 | 2,006 | −2.7% | −0.5% |
| EBITDA | 144.70 | 53.05 | 66.10 | +118.9% | +172.8% |
| EBITDA margin | 7.1% | 2.7% | 3.3% | +3.8 pp | +4.4 pp |
| Profit before tax | 118.62 | 0.34 | 29.06 | +308.2% | +34788.2% |
| Tax | 32.49 | 1.03 | 7.71 | +321.4% | +3054.4% |
| Net profit | 93.65 | 3.65 | 21.38 | +338.0% | +2465.8% |
| EPS (₹) | 4.25 | 0.17 | 1.18 | +260.2% | +2400.0% |
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 Triveni Engineering & Industries' costs and profit?
Total expenses fell 2.7% to ₹1,951 crore in Q2 FY27 from ₹2,006 crore in Q2 FY26. Cost of materials declined ₹37.25 crore to ₹245.51 crore, finance costs fell ₹6.60 crore to ₹14.90 crore, depreciation fell ₹4.52 crore to ₹31.61 crore and other expenses fell ₹2.79 crore to ₹475.11 crore.
Employee cost declined ₹4.71 crore to ₹102.46 crore from ₹107.17 crore, while other income fell ₹0.16 crore to ₹20.43 crore from ₹20.59 crore. There was no exceptional item in either quarter, and tax expense rose ₹24.78 crore to ₹32.49 crore from ₹7.71 crore.
Against Q1 FY27, cost of materials fell ₹96.28 crore to ₹245.51 crore, finance costs fell ₹17.02 crore to ₹14.90 crore and other expenses fell ₹31.34 crore to ₹475.11 crore. Other income rose ₹9.99 crore to ₹20.43 crore, while tax expense rose ₹31.46 crore to ₹32.49 crore; there was no exceptional item.
Management said the improvement was primarily attributable to higher sugar realisations, a higher proportion of high-margin maize feedstock, improved DDGS realisations, higher alcohol volumes and lower finance costs.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 245.51 | 282.76 | −37.25 | −13.2% |
| Employee cost | 102.46 | 107.17 | −4.71 | −4.4% |
| Finance costs | 14.90 | 21.50 | −6.60 | −30.7% |
| Depreciation | 31.61 | 36.13 | −4.52 | −12.5% |
| Other expenses | 475.11 | 477.90 | −2.79 | −0.6% |
| Total expenses | 1,951 | 2,006 | −55.12 | −2.7% |
| Other income | 20.43 | 20.59 | −0.16 | −0.8% |
| Tax | 32.49 | 7.71 | +24.78 | +321.4% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹3,999.2 crore, up 0.8% from ₹3,968.92 crore in H1 FY26. Total income was ₹4,030.07 crore, compared with ₹4,012.49 crore, while profit before tax rose 271.5% to ₹118.96 crore from ₹32.02 crore.
Net profit for H1 FY27 was ₹97.3 crore, up 314.4% from ₹23.48 crore in H1 FY26. Basic EPS increased to ₹4.42 from ₹1.38. Management said higher sugar realisations, a favourable product mix in the Alcohol business, stronger DDGS income and lower finance costs supported the turnaround.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 3,999 | 3,969 | +0.8% |
| Profit before tax | 118.96 | 32.02 | +271.5% |
| Net profit | 97.30 | 23.48 | +314.4% |
| EPS (₹) | 4.42 | 1.38 | +220.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As on 30 September 2026, total assets were ₹4,192.75 crore, compared with ₹6,521.19 crore as on 31 March 2026. Total equity declined to ₹3,101.4 crore from ₹3,342.83 crore, while borrowings fell to ₹469.8 crore from ₹2,147.41 crore and cash rose to ₹275.54 crore from ₹55.22 crore.
Inventories declined to ₹780.48 crore from ₹2,985.99 crore, trade receivables fell to ₹338.65 crore from ₹559.47 crore and trade payables declined to ₹106.85 crore from ₹445.69 crore. Management said net debt was ₹157 crores as on 30 September 2026, compared with ₹702 crores a year earlier.
H1 FY27 operating cash flow was ₹2,086.93 crore, compared with ₹1,485.36 crore in H1 FY26. Investing cash flow was negative ₹87.28 crore against negative ₹108.01 crore, financing cash flow was negative ₹1,753.63 crore against negative ₹1,333.98 crore, and capital expenditure was ₹46.96 crore versus ₹114.49 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4,193 | 6,521 |
| Total equity | 3,101 | 3,343 |
| Borrowings | 469.80 | 2,147 |
| Cash and equivalents | 275.54 | 55.22 |
| Inventories | 780.48 | 2,986 |
| Trade receivables | 338.65 | 559.47 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 2,087 | 1,485 |
| Cash from investing | −87.28 | −108.01 |
| Cash from financing | −1,754 | −1,334 |
| Capital expenditure | 46.96 | 114.49 |
Source: Company's results filing (XBRL).
How has Triveni Engineering & Industries done over the last 8 quarters?
Revenue reached its highest level in the latest series in Q2 FY27 at ₹2,049 crore, while its lowest point was ₹1,600.3 crore in Q3 FY25. After declining to ₹1,818.28 crore in Q3 FY26, revenue rose in the following three quarters, including the latest increase of 5.1% from Q1 FY27.
Net profit peaked at ₹187.12 crore in Q4 FY25 and bottomed at ₹2.1 crore in Q1 FY26. It subsequently rose to ₹167.45 crore in Q4 FY26, fell to ₹3.65 crore in Q1 FY27 and recovered to ₹93.65 crore in Q2 FY27.
EBITDA margin peaked at 16.0% in Q4 FY25 and bottomed at 2.7% in Q1 FY26. It then rose to 15.1% in Q4 FY26, returned to 2.7% in Q1 FY27 and increased to 7.1% in Q2 FY27. Profit rose year on year in each of the last two quarters.
Which businesses drove the quarter?
Sugar revenue increased 3.9% to ₹1,261.98 crore from ₹1,214.57 crore in Q2 FY26. Segment EBIT was ₹98.75 crore, compared with negative ₹12.38 crore in the year-ago quarter, while the reported EBIT margin was 7.8%.
Distillery revenue rose 12.1% to ₹791.2 crore from ₹705.49 crore, and EBIT increased to ₹42.56 crore from ₹27.72 crore. The reported EBIT margin was 5.4%. Management said higher grain-based ethanol dispatches and improved DDGS realisations supported the segment.
Water revenue fell 12.9% to ₹47.4 crore from ₹54.39 crore, while EBIT declined to ₹0.97 crore from ₹2.20 crore. The reported EBIT margin was 2.0%, and management said revenue was affected by the pace of execution on select EPC projects.
Others revenue increased 15.5% to ₹60.68 crore from ₹52.55 crore, while EBIT rose to ₹0.41 crore from ₹0.09 crore. The reported EBIT margin was 0.7%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| SUGAR | 1,262 | +3.9% | 98.75 | 7.8% |
| DISTILLERY | 791.20 | +12.1% | 42.56 | 5.4% |
| WATER | 47.40 | −12.9% | 0.97 | 2.0% |
| OTHERS | 60.68 | +15.5% | 0.41 | 0.7% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for Q2 and H1 FY27 ended 30 September 2026. The company also filed the limited-review reports of the statutory auditors and the newspaper publication with the results.
The same-day filings did not announce a dividend, fund raise or appointment. The investor presentation stated that the dividend payout ratio is in the range of 15-25% of normal business income after deduction of tax, but did not specify a timeframe.
What did Triveni Engineering & Industries' management say?
Management said the company’s objective remained to increase cane crush, with focus on cane development, crop surveillance, recovery improvement and operational efficiencies for the new crushing season. It said field indications in Uttar Pradesh were relatively constructive, but late-October unseasonal rainfall and thunderstorms required field-level assessment and could delay crushing or dilute recoverable sugar.
Management said the Alcohol business benefited from higher grain-based ethanol dispatches, improved DDGS realisations and operational efficiencies. It identified firmer maize procurement prices, lower maize-ethanol tender prices, reduced sugarcane-related ethanol supply and substantial industry capacity as risks to margins and utilisation.
Management said Water revenue and PBIT fell because of slow EPC execution. It noted that H1 orders received declined 35.2% and the closing order book declined 4.5% year on year, while stating that the business retained a healthy order book with a significant long-duration O&M component.
Management identified sugar-price exposure to government interventions, release quotas, stockholding restrictions, imports, Brazil’s output, the sugar-ethanol mix and currency movements. It also said the company would focus on feedstock economics, product mix, allocation optimisation, by-product value maximisation and cost efficiencies.
How did Triveni Engineering & Industries shares react?
The results were filed after market hours. From the price when the filing appeared, the stock was up 1.6% after 5 minutes, up 0.5% after 15 minutes and down 1.8% after 30 minutes. It closed the reaction day 3.0% above its pre-results close and was up 3.7% by the next day’s close on a cumulative basis.
The Sugar industry’s median move was 0.5% on the reaction day and 4.3% by the next day’s close. Triveni therefore moved 2.5 percentage points above the industry median on the reaction day and 0.5 percentage points below it by the next day’s close. No five-day or one-month reaction was available.
Earlier reaction-day moves were negative on 29 July 2026, 29 May 2026, 30 January 2026, 29 July 2025, 4 February 2024 and 5 November 2024. They were positive on 6 November 2025 and 27 May 2025, ranging from negative 6.1% to positive 6.2%.
| After the filing | Stock | Sugar median |
|---|---|---|
| 5 minutes | +1.6% | |
| 15 minutes | +0.5% | |
| 30 minutes | −1.8% | |
| Reaction day | +3.0% | +0.5% |
| Next day | +3.7% | +4.3% |
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 |
|---|---|
| 29 July 2026 | −2.9% |
| 29 May 2026 | −2.4% |
| 30 January 2026 | −1.6% |
| 6 November 2025 | +0.6% |
| 29 July 2025 | −6.1% |
| 27 May 2025 | +6.2% |
| 4 February 2025 | +0.5% |
| 5 November 2024 | −2.7% |
Source: MarketPing price-reaction measurement.
How did other Sugar companies do?
Five other Sugar companies were compared for revenue growth, with a median revenue growth of 4.3%. Two peers grew slower than Triveni and three grew faster than Triveni, whose quarterly revenue growth was 1.7%.
Six peers were compared for profit, and six reported higher profit. The peer comparison was available as on 4 November 2026.
| Triveni Engineering & Industries revenue growth (YoY) | +1.7% |
|---|---|
| Median of 5 other Sugar companies | +4.3% |
| Companies with slower revenue growth than Triveni Engineering & Industries | 2 of 5 |
| Companies with faster revenue growth than Triveni Engineering & Industries | 3 of 5 |
| Companies whose net profit rose | 6 of 6 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Triveni Engineering & Industries' revenue in Q2 FY27?
Revenue from operations was ₹2,049 crore, up 1.7% from ₹2,014 crore in Q2 FY26 (consolidated).
Did Triveni Engineering & Industries make a profit in Q2 FY27?
Yes. Net profit was ₹93.65 crore, against a net profit of ₹21.38 crore in Q2 FY26.
What was Triveni Engineering & Industries' EPS in Q2 FY27?
Basic earnings per share were ₹4.25, against ₹1.18 in Q2 FY26.
How did Triveni Engineering & Industries shares react to the Q2 FY27 results?
On the reaction day the stock moved +3.0% from the previous close; the median Sugar stock moved +0.5%.
When did Triveni Engineering & Industries announce its Q2 FY27 results?
On 2 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Prior Intimation Under Regulation 29 Of The Securities And Exchange Board Of India (LODR) Regulations 2015, As Amended ('SEBI Listing Regulations') Of The Meeting Of The Board Of Directors Of Triveni Engineering & Industries Limited. (BSE, 27 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Pursuant To Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015, As Amended ('SEBI LODR Regulations') (BSE, 2 November 2026) · PDF
- Outcome Of Board Meeting Dated 2-11-2026 Pursuant To Regulation 30 Of The Securities And Exchange Board Of India (LODR) Regulations, 2015, As Amended ('SEBI LODR Regulations') (BSE, 2 November 2026) · PDF
- Outcome Of Board Meeting Dated 2-11-2026 Pursuant To Regulation 30 Of The Securities And Exchange Board Of India (LODR) Regulations, 2015, As Amended ('SEBI LODR Regulations') (BSE, 2 November 2026) · PDF
- Outcome Of Board Meeting Dated 2-11-2026 Pursuant To Regulation 30 Of The Securities And Exchange Board Of India (BSE, 2 November 2026) · PDF
- The investor presentation (2 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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