Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Aug - Newspaper Publication for Special Window for Transfer and Dematerialization of Physical securities
Source: Bse
Triveni Engineering & Industries Limited (TRIVENI)
Micro CapFMCG stocks · Micro cap · NSE
Triveni Engineering & Industries Ltd. (TRIVENI) is an integrated sugar & ethanol manufacturer and a leading player in water and wastewater management. Post-demerger of its Power Transmission Business, the company focuses on its core segments, aiming to leverage structural opportunities in sugar, alcohol, and water solutions.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:50 pm ISTDetails
Quote19 Oct, 05:50 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result29 Jul, 11:33 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · FMCG P/E 37.8 (n=42)
Technical timing lens
Trend score and candlestick chart
29BearishSMA20 -10.7% / mo · MACD + · near 52W low · sector -4.5pp vs Nifty 500 (3M)
Stock trend: 37
Sector RS: 18
Sector 3M: -10.2% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TRIVENID candles · FIT view-41.0%Latest close ₹246.41 on 2026-10-19
Bar
-0.2%
RSI
47
MACD hist
2.70
52W pos
10%
2026-10-19O ₹247.00H ₹253.50L ₹242.30C ₹246.41Vol 6.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TRIVENINifty FMCGNifty 500
- TRIVENI
- -47.6%
- Nifty 500
- -5.6%
- Nifty FMCG
- -10.5%
- Vs Nifty 500
- -42.0 pp
Chart stats
19 Oct 2026- From 52W high
- -49.7%
- 52W range position
- 10%
- ATR (14)
- 4.5%
- Volume vs 20D
- 0.86x
- Avg traded value
- ₹17.6 Cr
- 20D price channel
- ₹228.6 - ₹260.9
₹490.1
₹220.1 - ₹490.1
₹11.2
Latest completed session
20-session average
37.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED31
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent80
Revenue +2.1% · PAT +73.8% YoY
Technical
Bearish29
Price trend and sector-relative-strength timing.
Valuation
Legacy model-187.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence72
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +2% YoY · PAT +74% YoY · margin expansion · +12% QoQ · operating leverage
Filed 29 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,580.5 Cr | +2.1% | +12.2% |
| EBITDA | ₹53.1 Cr | +43.8% | -77.5% |
| Operating margin | 3.4% | +98 bps | -1341 bps |
| PAT | ₹3.7 Cr | +73.8% | -97.8% |
| PAT margin | 0.2% | +9 bps | -1166 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 21.50
- P/B
- 1.67
- EV/EBITDA
- 12.17
- Market Cap
- 5627.00Cr
Profitability
- ROE
- 8.68%
- ROCE
- 9.02%
- ROA
- 4.14%
- Dividend Y
- 1.08%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- -1.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- -19.00%
Balance Sheet
- Debt/Equity
- 0.65
- Interest Coverage
- 5.37×
- Altman Z
- 3.16
- Book Value
- 153.00
Cash Flow
- FCF Yield
- 0.44%
- FCF Positive Y
- 6/5
- OCF
- 188.00 Cr
- EPS TTM
- 12.55
Shareholding
- Promoter Hold
- 60.58%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 52%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,581+12.2% vs prev
Net Profit
₹ CrLatest: 3.6-97.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 47.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~12.0% over last month) — short-term momentum negative.
- RSI(14) at 47 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 50% off 52W high · 12% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation8/30
Growth3/25
Quality0/20
Balance Sheet11/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
31
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
31/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 11/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -187.8%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 3/25; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
21.5
PB
1.7
EV/EBITDA
12.2
ROE
8.7%
ROCE
9.0%
FCF Yield
0.4%
Debt/Equity
0.7
MoS
-187.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
31
Previous: 31
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-187.8%
Previous: -187.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
31
31
31
31
31
31
31
31
31
31
31
31
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹207.85
-18.5% MoS
Growth-justified P/E
6.8
Growth-justified Value
₹85.59
-187.8% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
PICCADIL
Micro
Piccadily Agro Industries Limited
Retail
match 108
54
41.4
17.4%
+10%
FAIR VALUE
RENUKA
Micro
Shree Renuka Sugars Limited
Retail
match 107
14
—
—
—
OVERVALUED
TI
Micro
Tilaknagar Industries Limited
Retail
match 96
31
59.9
12.6%
-33%
OVERVALUED
MANORAMA
Micro
Manorama Industries Limited
Retail
match 95
58
48.9
39.3%
+8%
FAIR VALUE
PRAJIND
Micro
Praj Industries Limited
Retail
match 95
25
104.0
1.5%
-8169%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-12T08:43:09.345Z
Management commentary snapshot
Q1 FY27 consolidated revenue grew 2.1% YoY to ₹1,581 crores, with EBITDA margin improving by 14 bps to 4.0%. Profitability was driven by better operating performance in Sugar and Alcohol segments, despite lower alcohol offtake and water business revenue decline. PBT turned positive at ₹5 crores from ₹-9 crores YoY.
The company reported improved profitability in Q1 FY27, primarily from sugar margin expansion and alcohol segment efficiencies. The demerger of Power Transmission Business is effective, sharpening focus. While alcohol sales declined, management expects long-term demand growth from new policy initiatives. Water business execution remains slow.
Growth engines
Ethanol Blended Petrol Program
Government's 'Beyond E20' roadmap, adoption of flex-fuel vehicles, and SAF integration are expected to provide long-term growth opportunities for the ethanol industry.
Water Infrastructure Investments
Rising investments in water infrastructure, wastewater treatment, water reuse, and ZLD solutions create significant opportunities across municipal and industrial segments.
Favorable Sugar Fundamentals
Domestic sugar fundamentals remain favorable, supported by expected lower carry-forward inventories and uncertainty surrounding next season's production due to El-Nino.
Tailwinds
Domestic Sugar Stock Levels
Sugar stock at the end of SS 2025-26 is expected to reach a 10-year low level at 4.10 MMT.
Global Sugar Balance
Global sugar balance sheet for SS 2025-26 to 2026-27 is transitioning from a comfortable production surplus toward a tighter or deficit outlook.
Ethanol Policy Support
New Policy initiatives under the 'Beyond E-20' framework, including flex-fuel vehicles and new applications for ethanol, have potential to strengthen long-term demand.
Water Sector Regulatory Push
Stricter enforcement of ZLD norms and introduction of Liquid Discharge Management Rules 2025 are accelerating industrial demand for water solutions.
Headwinds
Sugarcane Yields
Challenging operating environment characterized by lower sugarcane yields.
Increased Sugarcane Prices
Increased sugarcane prices impacted the cost of sugar sold in Q1 FY27.
Ethanol Demand Dynamics
Evolving ethanol demand dynamics, with present capacities outstripping demand, needs rectification.
Water Business Execution Delays
Decline in water business revenue due to slow execution of Prayagraj and Vadodara EPC jobs.
Risk radar
El-Niño Impact on Sugar Production
Uncertainty regarding El-Niño may adversely affect the production volume of SS 2026-27.
Ethanol Capacity vs. Demand
The present position of capacities outstripping demand needs to be rectified to exploit full potential of ethanol.
Rising Sugarcane FRP
Central Government raised the Fair and Remunerative Price (FRP) for SS 2026-27 by ₹10/qtl. to ₹365/qtl.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company explicitly presents Q1 FY27 against Q1 FY26, and notes the seasonality of the Sugar Business, making year-on-year comparison more appropriate for performance evaluation.
Sector KPIs management disclosed
Revenue from Operations (Net)
Revenue from Operations (Net of excise duty) grew by 2.1% YoY to ₹1,581 crores.
EBITDA Margin
EBITDA margin improved by 14 bps to 4.0% in Q1 FY27.
Sugar Domestic Dispatches (Volume)
Sugar Domestic Dispatches increased by 7.4% YoY to 277,403 Tonnes.
Sugar Average Realisation (Pricing)
Average Realisation for sugar improved by 2.7% YoY to ₹41,525/MT.
Management forward view
Sugar Business Focus
Focus continues to be on improving cane availability, enhancing recoveries, and strengthening operational efficiencies.
Alcohol Business Strategy
Will continue to optimise product mix and leverage integrated manufacturing infrastructure to benefit from evolving biofuel opportunities.
Capital Allocation & Balance Sheet
Remain focused on disciplined capital allocation, balance sheet improvement, and sustainable growth.
Water Business Expansion
Evaluating various international opportunities in the water sector where qualification strengths and funding visibility provide attractive growth prospects.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Sugar Inventory | 3.59 lakhs MT (June 30, 2026) | Impact of El-Niño on SS 2026-27 production and inventory levels. |
| Alcohol Sales Volume | 50,483 KL (-19.0% YoY) | Effectiveness of 'Beyond E-20' policies in boosting demand and rectifying capacity-demand imbalance. |
| Water Order Book | ₹1,472 crores (June 30, 2026) | Execution speed of EPC jobs and conversion of bid pipeline into new orders. |
| Consolidated Gross Debt | ₹1,301 crores | Continued reduction in debt levels and average cost of funds. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
72Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 69th percentile of the scored universe and 20th percentile within FMCG. Main check: results consistency is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
129 docs text-extracted · 33 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
69th percentile
overall median 67 · FMCG: 20th pctile, median 79 · Micro: 50th pctile, median 73
Evidence depth
Financial-only
129 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
50
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 60.6%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.4%.
- ▸6 years of positive FCF.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 18.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Triveni Engineering & Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug - Notice of 90th AGM & E-voting information published in the Newspapers
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Aug - Notice of 90th Annual General Meeting & E-voting information published in the Newspapers
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Notice Of The 90Th Annual General Meeting And Annual Report (FY 2025-26) 13 Aug
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.