Annual report
Annual Report 2026
Source: Nse
Trom Industries Ltd. (TROM)
SME CapIndustrials stocks · SME cap · NSE
Trom Industries is a Gujarat-based solar EPC company delivering clean, reliable, cost-efficient renewable energy solutions across residential, commercial, industrial, and government segments. Offers complete engineering, procurement, and construction services for rooftop, ground-mounted, hybrid, and solar lighting projects.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result01 Jun, 08:50 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
43NeutralSMA20 -3.1% / mo · MACD +
Stock trend: 41
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TROMD candles · FIT view-19.3%Latest close ₹57.70 on 2026-10-21
Bar
-7.8%
RSI
52
MACD hist
0.69
52W pos
22%
2026-10-21O ₹62.60H ₹62.60L ₹55.00C ₹57.70Vol 4,800 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
TROMNifty India ManufacturingNifty 500
- TROM
- -0.5%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +6.0 pp
Chart stats
21 Oct 2026- From 52W high
- -47.4%
- 52W range position
- 22%
- ATR (14)
- 5.3%
- Volume vs 20D
- 0.87x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹51 - ₹63.8
₹109.8
₹42.9 - ₹109.8
₹3.1
Latest completed session
20-session average
56.4% annualized volatility
Research snapshot
What the evidence says now
Investable 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
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · UNDERVALUED68
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad25
Revenue +167.7% · PAT -25.0% YoY
Technical
Neutral43
Price trend and sector-relative-strength timing.
Valuation
Legacy model+80.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence59
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 31 Mar 2026
Bad · 25/100PAT -25% YoY · Rev +168% YoY · margin expansion · +108% QoQ
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹83 Cr | +167.7% | +107.5% |
| EBITDA | ₹4 Cr | NDF | -33.3% |
| Operating margin | 5.0% | NDF | -1100 bps |
| PAT | ₹3 Cr | -25.0% | -25.0% |
| PAT margin | 3.6% | NDF | -639 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 7.27
- P/B
- 0.94
- EV/EBITDA
- 7.48
- Market Cap
- 50.30Cr
Profitability
- ROE
- 13.80%
- ROCE
- 16.20%
- ROA
- 6.67%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 41.00%
- EPS 5Y
- 89.00%
- Revenue 3Y
- 73.00%
- EPS 3Y
- 188.00%
Balance Sheet
- Debt/Equity
- 0.60
- Interest Coverage
- 5.50×
- Altman Z
- 2.87
- Book Value
- 58.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -4.00 Cr
- EPS TTM
- 7.53
Shareholding
- Promoter Hold
- 69.52%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 18%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 83.0+107.5% vs prev
Net Profit
₹ CrLatest: 3.0-25.0% 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
Mixed signalsSignals are conflicting — long-term trend down. RSI 52. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~3.2% over last month) — short-term momentum negative.
- RSI(14) at 52 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 47% off 52W high · 34% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
23
RS percentile
Stage 4 Downtrend
1M return
-0.6%
3M return
-12.0%
6M return
-14.4%
1Y return
-39.3%
RS 1D
-6
RS 20D
+5
Sector rank
#2
Industry rank
#22
Stage evidence
- Price is 2.8% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.8%.
- Both 3-month and 6-month returns are negative.
50-DMA
price above
200-DMA
price below
Sector
leading
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
245 observations
21 Oct 2026Value 63.24-1.94%
RS vs Nifty 50063
Valuation & peers
U-Score 68 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 68 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth25/25
Quality7/20
Balance Sheet9/15
Cash Flow1/10
Piotroski
6/9 (+3)
Penalties
-7
Raw sum
68
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
68/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 80.5%.
- Valuation contributes 30/30 to the score.
- Growth contributes 25/25 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Quality is weaker at 7/20; 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
7.3
PB
0.9
EV/EBITDA
7.5
ROE
13.8%
ROCE
16.2%
FCF Yield
—
Debt/Equity
0.6
MoS
+80.5%
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
68
Previous: 67 (+1)
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+80.5%
Previous: +79.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
68
68
68
68
68
67
67
67
67
67
67
67
Factor attribution
Valuation
30+1
was 29
Modelled fair value
Graham Number
₹99.47
+42.0% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹295.93
+80.5% MoS
PEG
0.06
Comparable companies
Peers
Business-comparable peers in Industrials — 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
BEWLTD
SME
BEW Engineering Ltd.
Industrial Machinery
match 86
45
16.9
2.7%
+46%
WATCHLIST
PRESSTONIC
SME
Presstonic Engineering Ltd.
Industrial Machinery
match 84
38
25.8
6.5%
+41%
WATCHLIST
ISHAN
SME
Ishan International Ltd.
Industrial Machinery
match 78
19
11.1
2.4%
-1026%
OVERVALUED
EEPL
SME
Eppeltone Engineers Ltd.
Industrial Machinery
match 71
53
15.1
18.8%
+64%
FAIR VALUE
HBLENGINE
Small
HBL Engineering Limited
Industrial Machinery
match 66
68
28.8
45.3%
+27%
UNDERVALUED
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 under stressReviewed 2026-10-03T07:21:02.466Z
Management commentary snapshot
H1 FY26 revenue moderated 12% YoY to INR40.73 crores, but profitability improved significantly with EBITDA up 16% to INR6.98 crores and PAT up 6% to INR4.39 crores, driven by better project mix and operational efficiency.
While profitability improved due to stable panel prices and better project mix, the 12% revenue decline in a booming sector is concerning. Management attributes this to billing delays and execution challenges due to weather, but also admits financial constraints limit taking larger orders. The company's growth rate significantly lags peers, raising questions about its competitive positioning and ability to capitalize on industry tailwinds.
Current business mix
Revenue by Segment
Latest issuer-disclosed distribution across 2 reported categories.
Residential22.5%
Government & Industrial77.5%
Growth engines
Institutional & Government Orders
Continued traction in institutions and government orders, strengthening pipeline with mindful new wins.
Commercial & Industrial Segment
Secured new domestic EPC projects across key segments, including multiple rooftop projects from JIDA and SPV projects from leading steel manufacturers.
RESCO Portfolio
Steadily building our annuity-based RESCO portfolio, with 27 MW orders in pipeline for execution within one year.
Geographic Expansion
Expanding presence beyond Gujarat to Maharashtra, Rajasthan, and MP, including a 50 MW tender in Maharashtra with Oriana Power.
Capacity and execution
Manufacturing Entry
Considering entering manufacturing of a unique and robust product in the future, pipeline is being set.
Battery Storage System
Working on battery storage systems, which is seen as a huge market for the next 10-15 years.
Tailwinds
Renewable Energy Push
Large environment for renewable energy remains encouraging with strong push for solar rooftop and commercial adoption.
Supportive Government Policies
Supporting government policies are helping solar growth steadily, driving momentum for rooftop adoption programs.
Stable Panel Prices
Panel rates are stable this year, unlike last year's fluctuations due to duty structures, leading to better margins.
Headwinds
Billing Delays
Revenue moderation in H1 FY26 due to billing pending for completed projects, as invoices are raised only after meter installation.
Weather Impact
Rains caused site stoppages, delaying billing and contributing to revenue moderation.
Financial Constraints
Restricted from taking larger orders (INR200-500 crores) due to insufficient finance on hand to execute projects before payment.
Residential Segment Competition
PM Surya Ghar scheme has many small companies, leading to intense price competition and lower margins, making it less attractive for TROM.
Risk radar
Raw Material Price Volatility
Fluctuations in panel and inverter prices due to government policy changes on duties can impact profit margins.
Execution Delays
Natural effects like rains or client-side issues (e.g., unclear ground) can delay project completion beyond the typical 2-3 months.
Working Capital Management
Increased inventory days due to pending invoices for completed projects, indicating potential working capital strain.
Competitive Landscape
Intense competition in the residential segment from numerous small players, leading to price consciousness and lower margins.
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 earnings call explicitly compares H1 FY26 results (revenue, EBITDA, PAT, margins) directly against H1 FY25, indicating a year-on-year comparison is the primary basis for assessing performance.
Sector KPIs management disclosed
Revenue
Total revenue for H1 FY26 was INR40.73 crores, a 12% moderation YoY from INR46.29 crores in H1 FY25.
EBITDA
EBITDA increased to INR6.98 crores in H1 FY26 from INR6 crores last year, a growth of more than 16% YoY.
EBITDA Margin
EBITDA margin improved to 17.13% in H1 FY26 compared to 12.96% in H1 FY25.
Net Profit
Net profit for H1 FY26 stood at INR4.39 crores against INR4.13 crores last year, showing a growth of a little over 6% YoY.
Management forward view
FY26 Revenue Outlook
Expects to achieve INR120-130 crores revenue for FY26, representing around 30% growth compared to last year.
Long-term Growth Target
Looking for around 30% to 40% growth every year.
Strategic Focus
Strengthening EPC acquisition, expanding presence across new states, and steadily building annuity-based RESCO portfolio.
Investment in Systems
Investing in better systems and processes to support scale, improve efficiency, and ensure quality and reliability.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution | INR30 crores expected to be billed by March FY26. | Monitor actual billing against this target to assess execution efficiency and revenue conversion. |
| Revenue Growth Rate | FY26 target of INR120-130 crores (30% YoY growth). | Watch for actual revenue growth to align with management's stated target, especially given past moderation and peer performance. |
| Working Capital Cycle | Inventory days increased due to pending invoices. | Monitor inventory levels and receivables to ensure efficient working capital management as projects scale. |
| RESCO Portfolio Build-out | 27 MW orders in pipeline for RESCO model within one year. | Track progress on RESCO project execution and commissioning, and the associated ROI. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
59Limited 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 25th percentile of the scored universe and 20th percentile within Industrials. Main check: results consistency is weak at 38/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
1 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
25th percentile
overall median 67 · Industrials: 20th pctile, median 68 · SME: 27th pctile, median 64
Evidence depth
Financial-only
1 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
Needs extra due diligence; demand valuation comfort and recent improvement.
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
40
weak · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
58
watch · capital discipline
Results
38
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 69.5%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-4 Cr.
- ▸ROCE trend is -17.1%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 15.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Trom Industries Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportMar 2026
Sep 2026 · Shareholders meeting 24 Aug - Trom Industries submits FY26 annual report; AGM on 18 September 2026 with director appointment and related-party approvals.
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Annual report
Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.