Triveni Engineering & Industries (TRIVENI) Q4 25/26 earnings summary

Executive summary

• Achieved 10.1% CAGR in gross revenue from FY21–26, with consolidated FY26 revenue at ₹7,620.85 crore, and non-sugar business contribution rising from 20% to 46%.

• Net profit after tax for FY26 stood at ₹268.71 crore, with EPS at ₹12.19.

• Major corporate restructuring: amalgamation of SSEL and demerger of Power Transmission Business (PTB) into TPTL, approved by NCLT and effective May 2026.

• Consistent shareholder returns via dividends and record buyback of ₹800 crore in FY23; FY26 dividend totaled ₹2.75/share.

• Strong balance sheet with improved leverage, cost of funds, and ICRA AA+ (Stable) credit rating.

Financial highlights

• FY26 gross revenue grew 11.9% YoY to ₹7,621 crore; net revenue up 10.6% YoY to ₹6,291 crore.

• FY26 EBITDA rose 16.9% YoY to ₹624 crore; EBITDA margin improved to 9.9%.

• FY26 PAT increased 12.8% YoY to ₹269 crore; EPS up 12% YoY to ₹12.19.

• Debt-to-equity ratio improved to 0.35x in FY26, with total consolidated debt at ₹914 crore.

• Total comprehensive income for FY26 was ₹270.77 crore; operating margin at 6%.

Outlook and guidance

• Sugar: Higher realisation prices and improved recoveries partially offset increased cane costs; subdued exports due to global prices.

• Alcohol: Government push for ethanol blending, expected higher offtake by OMCs, and focus on cost optimization.

• Power Transmission: Robust domestic demand, doubled enquiries in FY26, and strong export market outlook; impact of PTB demerger to be reflected in FY27.

• Water: New opportunities in recycling and ZLD, with international expansion under evaluation.

• Seasonality in the sugar business may cause quarterly performance variations.