Triveni Engineering & Industries Limited (TRIVENI)
Micro CapFMCG stocks · Micro cap · NSE
Triveni Engineering & Industries is a diversified Indian conglomerate with leading positions in sugar, alcohol/distillery, and power transmission. It operates 8 sugar plants (70,500 TCD), 5 distillery facilities (860 KLPD), and has a significant presence in water & wastewater treatment.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +2% YoY · PAT +74% YoY · margin expansion · +12% QoQ · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 consolidated gross revenue grew 11.9% YoY to 7,621 Cr, driven by higher sugar and distillery volumes and improved sugar realizations. PAT increased 12.8% YoY to 269 Cr, primarily due to distillery segment's lower maize costs and efficiencies. Q4 FY26 gross revenue declined 4.8% YoY, PAT fell 10.5% YoY.
FY26 results show robust growth in sugar and distillery segments, offsetting Q4 softness. Strategic restructuring and capacity additions in Power Transmission and Alcohol position the company for future growth, despite some policy uncertainties in sugar.
Ethanol Blending Program
Strong government push for EBP beyond E-20 and flex-fuel vehicles as a strategic imperative.
High-Speed Gearboxes
Dominant domestic position, expanding international footprint, with robust industrial capex and economic growth.
Rural Prosperity & Agri-focus
Well-positioned to benefit from rising rural prosperity and increasing Government focus on agriculture and rural development.
Import Substitution
Opportunities in both ethanol (biofuel) and engineering segments, aligning with national priorities.
Gears Capacity Expansion
Power Transmission business is executing capacity additions to reach 700 crore capacity (not including Defence) by September 2026.
Defence Manufacturing Facility
Major machineries like CNC lathe, Deep hole drilling, Boring machine installed/commissioned at the new Defence facility with production in progress.
New Multi-modal Facility
Expansions include setting up a new multi-modal facility, dedicated to Defence products.
Aftermarket Bay
Expansions include setting up a dedicated Aftermarket bay at the existing facility.
Ethanol Blending Program
Strong Government push for enhancing ethanol blending in petrol beyond E-20 and consumption through flex fuel vehicles.
Industrial Capex & Economic Growth
Outlook for the domestic product segment within high-speed gears is promising with robust industrial capex and economic growth.
Rural Prosperity & Agri-focus
Well-positioned to benefit from rising rural prosperity and increasing Government focus on agriculture and rural development.
Water Treatment Opportunities
New opportunities emerging in recycle, reuse and Zero Liquid Discharge kind of business on EPC as well as PPP model.
Softened Global Sugar Prices
In view of softened global prices, sugar exports have remained subdued.
Geopolitical Tensions
Caused deferment in Power Transmission deliveries and contributed to cost pressures.
Climatic Factors
Sugarcane crush for SS 2025-26 was impacted by climatic factors across the state of UP.
STG Market Slowdown
Slowdown in order finalisation in the Steam Turbine Generator (STG) market for domestic projects.
Sugar MSP
It is imperative for the government to increase the MSP of sugar to ensure the long-term viability and profitability of the sugar sector.
Ethanol Pricing
Hopeful of Government announcing enhancement of ethanol prices supplied from sugarcane-based feed stocks.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
The company's core businesses, sugar and alcohol, are seasonal. Year-over-year comparisons provide a more accurate view of underlying performance trends by mitigating seasonal fluctuations.
Domestic Sugar Dispatches
FY26: 9,79,195 Tonnes (+10.4% YoY)
Sugar Average Realisation
FY26: 40,679/MT (+3.8% YoY)
Sugar Segment EBIT Margin
FY26: 6.1%
Alcohol Production
FY26: 236,510 KL (+18.2% YoY)
Ethanol Offtake
Expectation of higher ethanol offtakes by OMCs.
IMIL Market Position
In IMIL, continue to enhance market position and focus on improving profitability.
Export Market Expansion
Continued engagement with key customers and major OEMs and proven technical competence provide opportunities to expand in the export market.
El-Nino Impact
Expecting relatively low impact of El-Nino in our areas.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Sugar MSP | Government decision awaited. | Any announcement on Minimum Selling Price (MSP) revision for sugar. |
| Ethanol Prices | Hopeful of enhancement from sugarcane-based feedstocks. | Government announcement on ethanol price enhancement. |
| Power Transmission Order Book | 485 Cr (Q4 FY26). | Continued growth in order booking and conversion to revenue. |
| Non-Sugar Revenue Contribution | 46% (FY26, up from 20% in FY21). | Continued increase in non-sugar business contribution to overall revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 -13.6% / mo · MACD +
Technical chart
TRIVENIdaily · 1Y · AUTO-30.7%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 44.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~15.8% over last month) — short-term momentum negative.
- RSI(14) at 44 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 44% off 52W high · 25% 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 & score drivers
U-Score 30 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 30 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -222.0%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 3/25; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
Healthy Trust Lite: Promoter holding is 60.6%. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · FMCG: 20th pctile, median 78 · Micro: 50th pctile, median 73
129 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 23.20
- P/B
- 1.80
- EV/EBITDA
- 12.87
- Market Cap
- 6074.00Cr
Profitability
- ROE
- 8.68%
- ROCE
- 9.02%
- ROA
- 4.14%
- Dividend Y
- 1.00%
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
- 3.24
- Book Value
- 153.00
Cash Flow
- FCF Yield
- 0.41%
- FCF Positive Y
- 6/5
- OCF
- 188.00 Cr
- EPS TTM
- 12.55
Shareholding
- Promoter Hold
- 60.58%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 69%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.