Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹125Cr
Electric Equipment - Gensets/Turbines
Rev Gr TTM
Revenue Growth TTM
-25.88%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

TRL
VS
| Quarter | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | | | | | -3.7 | 494.0 | -105.3 | 13.7 |
| 6 | 2 | 26 | 13 | 10 | 15 | 8 | 14 |
Operating Profit Operating ProfitCr |
| 69.0 | 20.6 | 19.0 | 21.9 | 51.8 | 13.2 | 591.3 | 24.3 |
Other Income Other IncomeCr | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 0 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation DepreciationCr | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| 14 | 0 | 5 | 3 | 10 | 2 | -5 | 4 |
| 4 | 0 | 2 | 1 | 3 | 2 | 0 | 0 |
|
Growth YoY PAT Growth YoY% | | | | | -37.9 | -810.0 | -225.3 | 92.8 |
| 50.0 | 3.5 | 11.4 | 12.0 | 32.3 | -4.2 | 267.4 | 20.4 |
| 9.3 | 0.1 | 3.3 | 1.8 | 5.6 | -0.6 | -3.7 | 3.0 |
| Financial Year | Mar 2025 | TTM |
|---|
|
| | -25.1 |
| 51 | 47 |
Operating Profit Operating ProfitCr |
| 28.5 | 12.7 |
Other Income Other IncomeCr | 0 | 6 |
Interest Expense Interest ExpenseCr | 1 | 1 |
Depreciation DepreciationCr | 2 | 2 |
| 18 | 10 |
| 6 | 6 |
|
| | -60.7 |
| 17.3 | 9.1 |
| 10.8 | 4.3 |
| Financial Year | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 12 | 12 |
| 75 | 77 |
Current Liabilities Current LiabilitiesCr | 46 | 60 |
Non Current Liabilities Non Current LiabilitiesCr | 1 | 10 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 107 | 123 |
Non Current Assets Non Current AssetsCr | 34 | 37 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | -12 |
Investing Cash Flow Investing Cash FlowCr | -8 |
Financing Cash Flow Financing Cash FlowCr | 21 |
|
Free Cash Flow Free Cash FlowCr | -27 |
| -101.4 |
CFO To EBITDA CFO To EBITDA% | -61.6 |
| Financial Year | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 236 |
Price To Earnings Price To Earnings | 19.2 |
Price To Sales Price To Sales | 3.3 |
Price To Book Price To Book | 2.7 |
| 12.2 |
Profitability Ratios Profitability Ratios |
| 39.6 |
| 28.5 |
| 17.3 |
| 19.1 |
| 14.1 |
| 8.7 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
**Taylormade Renewables Limited (TRL)** is a leading Indian clean-tech company at the forefront of sustainable industrial innovation. The company specializes in **solar thermal energy**, **zero liquid discharge (ZLD) wastewater treatment**, and **circular economy solutions** for high-impact sectors including sugar, dairies, distilleries, chemicals, pharmaceuticals, refineries, and food processing. TRL combines in-house engineering, manufacturing, and R&D to deliver **patented, turnkey systems** that drive decarbonization, resource recovery, and regulatory compliance.
With a strategic shift toward infrastructure-led models, TRL now operates as a **developer, owner, and operator** of clean-tech utilities through **Build-Own-Operate (BOO)** and **BOOT (Build-Own-Operate-Transfer)** frameworks, enabling recurring, high-margin revenue streams.
---
### **Core Business Segments**
1. **Wastewater Treatment & ZLD Solutions**
- Proprietary technologies: **TRL RAIN™**, **TRL RAIN Plus+™**, **TRL RAIN ULTRA™**, **Zeo-Membrane™**, and **EC ULTRA™**
- Focus on **Zero Liquid Discharge (ZLD)**, solvent recovery, brine concentration, and hazardous effluent purification
- Systems deliver >95% water recovery, operate without chillers/vacuum pumps, and require minimal chemical input
2. **Solar Thermal Applications**
- Industrial-scale **parabolic dish concentrators** and **CPC collectors** generating process heat up to 400°C
- Applications: boiler pre-heating, evaporation, cooking, desalination, hydrogen support, and EOR
- Flagship installations at IIT Roorkee, IOCL (Baroda, Faridabad, Asaoti), and Satara Jail
3. **Circular Food & Sugar Innovations**
- **TRL Paneer Plus™**: Increases paneer yield by 20%, produces lactose-free, high-protein dairy products
- **Enhanced Sugar Manufacturing Process**: Chemical-free, reduces water & energy by up to 80%, improves sugar recovery by ~10%
- Achieves full ZLD and premium sugar quality (transparent, low ICUMSA)
---
### **Strategic Developments (2024–2025)**
- **Acquisition & Vertical Integration (Mar 2025)**
Acquired **51% stake in Taylormade Enviro Pvt. Ltd. (TEPL)**, establishing its first subsidiary. TEPL brings **modular fabrication, hazardous waste treatment**, and **CETP capabilities**, enhancing on-ground execution and scalability for BOO projects.
- **First BOO Plant Commissioned – Tarapur (Jun–Sep 2025)**
- Received **Consent to Operate (CTO)** from Gujarat Pollution Control Board (GPCB)
- Treats complex industrial effluents using **TRL RAIN™ ZLD technology**; already processed over 300,000 L
- Functions as a **national benchmark** for sustainable industrial water management
- Generates **recurring revenue (~₹100 crore expected)** via long-term service contracts
- Plans for **brownfield expansion in FY25–26**
- **Shift to Annuity-Based Revenue Model**
Transitioned from EPC to **BOO/BOOT infrastructure models**, offering:
- **No upfront capex** for clients
- Guaranteed regulatory compliance
- Remote monitoring, AI-powered O&M
- Monetization via **water credits, carbon credits**, and service fees
- **Geographical Expansion**
- Land acquisition underway at **Dahej and Sayakha** for new BOO plants
- Upcoming projects in **Andhra Pradesh, Sayakha, and Tarapur**
- Targeting 16+ BOO plants across Gujarat; international rollout in planning
---
### **Technology & Innovation**
TRL is a **patent-rich innovator** in clean-tech with no direct market competition for several core technologies.
#### **Key Patented Systems:**
- **TRL RAIN™**
- Thermal evaporation-condensation system for ZLD at low temperatures (≥65°C), no vacuum or chemicals
- Handles RO reject, mine water, saline effluents, and spent wash
- Self-cleaning, modular, and scalable (10 KLD to 1,000 KLD+)
- **TRL RAIN ULTRA™**
- Solvent recovery system using **waste or renewable heat** (no chilling towers or vacuum pumps)
- Achieves **~100% solvent recovery**, closed-loop operation
- Deployed in paints, pharmaceuticals, and chemical sectors
- **TRL Zeo-Membrane™**
- Proprietary membrane technology for high-organic-load effluents (distillery, dairy, brine)
- Operates across wide pH/temperature ranges
- Low fouling, high throughput, compact footprint
- Basis for **Paneer Plus™** and **ZLD integrations**
- **TRL EC ULTRA™**
- Electrocoagulation system treating greywater, hospital effluents, and runoff
- No pre-treatment needed for pH 5–9
- Reduces sludge and chemical usage by 60–80%
#### **R&D Partnerships**
- **Bhabha Atomic Research Centre (BARC):** Co-developing 9 advanced water treatment systems
- **IOCL (Indian Oil Corporation Ltd):** Joint pilots in solar thermal energy and bio-refining
- **NFCSF (National Federation of Cooperative Sugar Factories):** Technology validation and national access to 200+ sugar plants
---
### **Market Recognition & Approvals**
- **NFCSF Approval (Jun 2025):**
Registered as approved manufacturer for sugar and distillery plants (2025–2028). Enables deployment of **chemical-free sugar tech** via BOO, EPC, or licensing.
- **International Credibility:**
Successful project in **Busia Sugar, Uganda**, demonstrating cross-border replicability in challenging climates and regulations.
- **Global Recognition:**
TRL RAIN technology validated for **international water standards**, especially in petroleum and chemical sectors.
---
### **Client Engagement & Order Book**
- **Marquee Clients:**
**Asian Paints, ONGC, SABIC, PI Industries, IOCL, Coca-Cola, Ami Organics, Kunjir Bioenergy, Deepak Phenolics**
- **Export Orders:**
Kenya (100 KLD), with planned expansion to USA, Canada, and GCC via **Optimor Ventures LLC** (exclusive U.S. channel partner, May 2025)
- **Order Book:**
Estimated at **USD 40 million**, including multiple ZLD, solar thermal, and membrane projects
---
### **Differentiators**
1. **End-to-End Ownership**
TRL **designs, builds, owns, operates, and maintains** systems, ensuring performance and building long-term client trust.
2. **No Upfront Cost Model**
BOO/BOOT eliminates client capex, accelerating adoption and de-risking sustainability transitions.
3. **In-House Capabilities**
Full vertical integration: R&D → manufacturing → deployment → O&M across India
4. **AI & Digital Integration**
Real-time monitoring, adaptive control, predictive maintenance via machine learning platforms
5. **Environmental Impact**
- **Zero toxic sludge** in sugar manufacturing
- **85% water recovery** in industrial processes
- Reduced CO₂, VOCs, and dependency on fossil fuels
---
### **Growth Strategy**
- **Domestic:**
Scale BOO plants across industrial clusters in **Gujarat, Maharashtra, Andhra Pradesh, and UP**
Establish **CETPs in industrial parks** and focus on **water-stressed regions**
- **International:**
Target **water-scarce, off-grid areas** in Africa, Middle East, and South Asia with modular solutions
- **New Verticals:**
Expansion into **green hydrogen (input water treatment)**, **semiconductor-grade water**, **bio-CNG**, and **membrane-based food processing**
- **Revenue Model:**
Shift towards **high-margin recurring income** from asset ownership and credit monetization (water, carbon)