Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹8,494Cr
Rev Gr TTM
Revenue Growth TTM
19.58%
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 47.9 | -2.3 | 4.7 | -10.4 | -17.7 | 8.6 | 5.8 | -3.3 | 25.1 | 22.9 | 14.4 | 16.5 |
| 1,319 | 1,073 | 1,346 | 1,118 | 1,057 | 1,214 | 1,486 | 1,191 | 1,321 | 1,545 | 1,640 | 1,327 |
Operating Profit Operating ProfitCr |
| 16.6 | 10.4 | 4.5 | 14.7 | 18.9 | 6.6 | 0.3 | 6.1 | 18.9 | 3.4 | 3.9 | 10.2 |
Other Income Other IncomeCr | 22 | 12 | 12 | 22 | 16 | 11 | 14 | 24 | 9 | 23 | 21 | 1 |
Interest Expense Interest ExpenseCr | 10 | 21 | 10 | 6 | 18 | 26 | 16 | 11 | 30 | 38 | 22 | 13 |
Depreciation DepreciationCr | 24 | 25 | 26 | 26 | 27 | 29 | 32 | 33 | 32 | 35 | 36 | 36 |
| 251 | 91 | 39 | 182 | 217 | 42 | -30 | 58 | 255 | 3 | 29 | 103 |
| 60 | 23 | 10 | 45 | 56 | 11 | -8 | 15 | 68 | 1 | 8 | 25 |
|
Growth YoY PAT Growth YoY% | 74.3 | 1.8 | -97.9 | -6.7 | -15.4 | -54.2 | -177.0 | -69.0 | 16.2 | -93.2 | 195.4 | 82.7 |
| 12.0 | 5.6 | 2.1 | 10.5 | 12.4 | 2.4 | -1.5 | 3.4 | 11.5 | 0.1 | 1.3 | 5.3 |
| 8.1 | 3.1 | 1.3 | 6.3 | 7.4 | 1.4 | -1.0 | 1.9 | 8.6 | 0.2 | 1.2 | 3.8 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| -34.6 | -7.1 | 47.5 | 19.3 | -6.5 | 40.8 | 5.3 | -8.2 | 30.9 | -7.1 | 9.0 | 12.7 |
| 2,079 | 1,790 | 2,303 | 3,094 | 2,843 | 3,893 | 4,116 | 3,657 | 5,001 | 4,594 | 5,213 | 5,833 |
Operating Profit Operating ProfitCr |
| -0.9 | 6.5 | 18.5 | 8.2 | 9.8 | 12.2 | 11.9 | 14.8 | 11.0 | 12.0 | 8.4 | 9.0 |
Other Income Other IncomeCr | 30 | 38 | -36 | 34 | 84 | 57 | 32 | 75 | 1,498 | 62 | 58 | 54 |
Interest Expense Interest ExpenseCr | 122 | 115 | 127 | 85 | 68 | 79 | 52 | 55 | 57 | 56 | 83 | 102 |
Depreciation DepreciationCr | 59 | 58 | 57 | 55 | 57 | 75 | 79 | 81 | 93 | 104 | 126 | 140 |
| -169 | -10 | 302 | 169 | 268 | 446 | 460 | 574 | 1,964 | 529 | 324 | 390 |
| -17 | 0 | 49 | 50 | 52 | 110 | 165 | 150 | 172 | 134 | 86 | 102 |
|
| 13.8 | 93.5 | 2,680.5 | -52.9 | 81.5 | 55.0 | -12.1 | 43.9 | 322.5 | -78.0 | -39.7 | 21.0 |
| -7.4 | -0.5 | 9.0 | 3.5 | 6.9 | 7.5 | 6.3 | 9.9 | 31.9 | 7.6 | 4.2 | 4.5 |
| -5.9 | -0.3 | 9.8 | 4.6 | 8.4 | 13.3 | 12.0 | 17.5 | 74.6 | 18.1 | 10.9 | 13.8 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 26 | 26 | 26 | 26 | 26 | 25 | 24 | 24 | 22 | 22 | 22 | 22 |
| 633 | 623 | 810 | 921 | 1,115 | 1,314 | 1,532 | 1,889 | 2,643 | 2,879 | 3,089 | 3,064 |
Current Liabilities Current LiabilitiesCr | 1,859 | 1,919 | 1,932 | 1,968 | 2,186 | 2,106 | 1,549 | 1,882 | 1,390 | 1,794 | 2,482 | 964 |
Non Current Liabilities Non Current LiabilitiesCr | 445 | 447 | 340 | 118 | 479 | 601 | 515 | 503 | 400 | 423 | 600 | 600 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 1,724 | 1,776 | 2,093 | 1,988 | 2,576 | 2,650 | 2,213 | 2,558 | 2,742 | 3,089 | 3,622 | 2,006 |
Non Current Assets Non Current AssetsCr | 1,239 | 1,239 | 1,015 | 1,044 | 1,230 | 1,396 | 1,407 | 1,740 | 1,712 | 2,029 | 2,620 | 2,685 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | -141 | -95 | 145 | 621 | -169 | 510 | 791 | -173 | 397 | 100 | -106 |
Investing Cash Flow Investing Cash FlowCr | -33 | -27 | -39 | -41 | -215 | -107 | -108 | -257 | 1,414 | -359 | -323 |
Financing Cash Flow Financing Cash FlowCr | 172 | 120 | -102 | -583 | 394 | -386 | -704 | 442 | -1,762 | 263 | 395 |
|
Free Cash Flow Free Cash FlowCr | -181 | -135 | 104 | 569 | -407 | 394 | 704 | -465 | 162 | -255 | -404 |
| 92.6 | 972.3 | 57.2 | 521.1 | -78.0 | 152.3 | 268.4 | -40.9 | 22.2 | 25.4 | -44.6 |
CFO To EBITDA CFO To EBITDA% | 785.9 | -76.3 | 27.7 | 225.0 | -54.6 | 94.0 | 141.7 | -27.3 | 64.5 | 16.0 | -22.3 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 475 | 1,304 | 2,288 | 1,054 | 1,571 | 906 | 2,044 | 7,523 | 5,950 | 6,799 | 8,411 |
Price To Earnings Price To Earnings | 0.0 | 0.0 | 9.0 | 8.8 | 7.3 | 2.7 | 6.9 | 17.7 | 3.3 | 17.2 | 34.6 |
Price To Sales Price To Sales | 0.2 | 0.7 | 0.8 | 0.3 | 0.5 | 0.2 | 0.4 | 1.8 | 1.1 | 1.3 | 1.5 |
Price To Book Price To Book | 0.7 | 2.2 | 2.7 | 1.1 | 1.4 | 0.7 | 1.3 | 3.9 | 2.2 | 2.3 | 2.7 |
| -101.5 | 22.9 | 7.3 | 7.8 | 10.2 | 4.2 | 5.4 | 14.3 | 11.0 | 13.0 | 21.7 |
Profitability Ratios Profitability Ratios |
| 20.3 | 27.6 | 34.9 | 23.2 | 29.2 | 26.7 | 26.5 | 33.4 | 27.3 | 31.1 | 27.4 |
| -0.9 | 6.5 | 18.5 | 8.2 | 9.8 | 12.2 | 11.9 | 14.8 | 11.0 | 12.0 | 8.4 |
| -7.4 | -0.5 | 9.0 | 3.5 | 6.9 | 7.5 | 6.3 | 9.9 | 31.9 | 7.6 | 4.2 |
| -2.4 | 4.8 | 18.2 | 12.3 | 12.2 | 19.3 | 20.1 | 18.0 | 56.2 | 13.5 | 8.0 |
| -23.1 | -1.5 | 30.3 | 12.6 | 19.0 | 25.0 | 18.9 | 22.2 | 67.2 | 13.6 | 7.7 |
| -5.1 | -0.3 | 8.1 | 3.9 | 5.7 | 8.3 | 8.1 | 9.9 | 40.2 | 7.7 | 3.8 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Company Overview**
Triveni Engineering & Industries Ltd. (TEIL) is a diversified Indian industrial conglomerate with integrated operations across three core segments:
- **Power Transmission (Gears & Defence)**
- **Water & Wastewater Solutions**
- **Sugar, Alcohol, and FMCG (Triveni Brands)**
Founded in 1932, the company has evolved from a sugar-focused enterprise into a technologically advanced, multi-industry player with a strong focus on engineering excellence, sustainability, and indigenization. It operates over 22 manufacturing facilities and maintains a global footprint in over 90 countries.
---
### **1. Power Transmission Business (PTB) – Market Leadership & International Expansion**
Triveni’s Power Transmission Business, headquartered in Mysuru, Karnataka, is India’s **largest manufacturer of high-speed, engineered-to-order gearboxes**, with over 48 years of experience and a global reputation for reliability, quality, and rapid delivery.
#### **Key Highlights (2025):**
- **Global Market Leadership:**
- Over **12,500 high-speed gearboxes installed** globally, serving sectors like oil & gas, petrochemicals, steel, cement, sugar, and power.
- Market leader in high-speed gearboxes with capacity up to **70 MW and 70,000 rpm**, compliant with stringent **API, AGMA, CE, and ATEX** standards.
- **Defence Technology & Indigenization:**
- Developed **indigenous lightweight marine gearboxes and propulsion shafting**; successfully delivered and commissioned for an **Indian Coast Guard vessel**, reinforcing India’s defence self-reliance.
- Secured orders for **54 gearboxes** across Fast Patrol Vessels (FPV) and Offshore Patrol Vessels (OPV), and propulsion shafting for a global technology partner.
- In-house development of **fin stabiliser control systems** and **marine propulsion integration systems**.
- Strategic joint venture with **Rolls-Royce** and collaboration with **GEAE Technology USA** to indigenously manufacture **LM2500 gas turbine components**, including base frames and acoustic enclosures.
- Building a **dedicated multi-modal defence manufacturing, integration, and testing facility** in Mysuru to support naval and defence programs under the **Atmanirbhar Bharat** initiative.
- **Capacity Expansion & Financial Scale:**
- Increased annual gear manufacturing capacity (excluding defence) from **₹400 crore to ₹700 crore** by September 2026, supported by a **₹60 crore capex** in FY25.
- A new facility with **80–100 tonne handling capacity** and specialized test benches is under development for defence-grade products.
- **Global Performance & Orders:**
- Secured international orders from the **Middle East, Africa, and Latin America**, displacing European suppliers.
- Key export wins include:
- **54MW Frame-6 Gas Turbine Load Gearboxes**
- **27MW Compressor Gearbox for a European OEM**
- **48MW Steam Turbine Generator Gearbox**
- Integrated **Compressor Internals and Full Blowers**
- Entering **Japanese and South American markets**, and participating in **FPSO (Floating Production, Storage, and Offloading)** projects.
- **Aftermarket Excellence:**
- Replaced over **1,200 gearboxes from 90+ global brands**, demonstrating unmatched retrofitting capabilities.
- Offers value-added services: **health monitoring, diagnostics, reverse engineering, rapid spares, and on-site training**, minimizing client downtime.
- **Strategic Initiatives:**
- Invested in **AI-driven platform “Xperia”** for immersive AR-based customer training on gearbox installation and maintenance.
- Expanded gearbox size capability to **2.8 meters in diameter** (from 2m), targeting larger global projects.
- Established **Centres of Excellence** in Gear Technology, Rotor Dynamics, and Vibration Analysis.
---
### **2. Water & Wastewater Solutions – End-to-End EPC & O&M Services**
Triveni’s Water Business Group (WBG) is a **leading provider of sustainable water and wastewater treatment solutions** across municipal, industrial, and urban sectors.
#### **Key Highlights (2025):**
- **Operational Scale:**
- Treats over **12,200 million liters per day (MLD)** of water and wastewater.
- Over **1,200 installations completed** and **100+ major EPC projects executed** across India, Maldives, and Bangladesh.
- **Project Models & Capabilities:**
- Offers full lifecycle solutions via **EPC, BOOT, DBO, PPP, and Hybrid Annuity Model (HAM)** frameworks.
- Specializes in **Zero Liquid Discharge (ZLD), sludge management, desalination, reuse, and biogas recovery**.
- Technology partnerships with **Aqwise (Israel), GAA (Germany), Premier Tech (Canada)** for **MBBR, SBR, ASP, and membrane filtration**.
- **Recent Projects & Funding:**
- Executed **210 MLD WTP in Greater Noida** and **205 MLD STP in Delhi (JICA-funded)**.
- Won international contracts:
- **80 MLD sewerage project in Khulna, Bangladesh (ADB-funded)**
- **Water and wastewater system for six islands in the Maldives (Exim Bank-funded)**
- Active in **Namami Gange, Jal Jeevan Mission**, and other national programs.
- **Future Growth Opportunities:**
- Targeting **sewage recycling** in thermal power plants as a new revenue stream.
- Evaluating international tenders with **multilateral funding (ADB, JICA, World Bank)** and pre-qualifications in place.
- Focused on **public-private partnerships (PPP)** and **HAM projects** to leverage India’s ₹50,000 crore+ water infrastructure funding pipeline.
---
### **3. Sugar, Ethanol & IMFL – Forward Integration & Market Expansion**
Triveni has transitioned from a traditional sugar manufacturer into a diversified agri-value chain leader with robust **ethanol, Indian Made Indian Liquor (IMIL)**, and **Indian Made Foreign Liquor (IMFL)** operations.
#### **Key Highlights (2025):**
- **Sugar Operations:**
- Operates **five sugar manufacturing units** in Uttar Pradesh (Deoband, Khatauli, Sabitgarh, Shamli/SSEL, Ramkola).
- Total crushing capacity: **63,000 TCD**, supported by **360,000+ farmer associates**.
- Produces **refined, pharmaceutical-grade, raw, and crystal sugar** with **104.5 MW co-generation** (power sold to UPPCL).
- **Ethanol & Distillery Capacity:**
- Commissioned a **200 KLPD multi-feed distillery at Rani Nangal**, bringing total ethanol capacity to **660 KLPD**.
- **Dual-feed capability** — can process **molasses, rice, and maize**, enhancing resilience and profitability.
- Committed to **India’s E20 ethanol blending program**, with strategic feedstock diversification reducing import dependence.
- **Alcohol & FMCG Expansion:**
- **IMIL (Country Liquor):**
- Rank **fifth-largest player in UP**, with **55.7 lakh cases sold in FY25**, up **24.5% YoY**.
- **IMFL (Foreign Liquor):**
- Launched two new **premium whisky brands** under its own labels:
- **Matsya Triple Reserve (Premium)**
- **The Crafters Stamp Rare Artisan (Super-Premium)**
- Both brands won awards: **Spiritz Achievers Awards 2024**, **INDSPIRIT 2025**, **World Whiskies Award Design**.
- Bottling plant under development at **Muzaffarnagar (₹25 crore capex)** to support IMFL scale-up.
- **By-Products & Sustainability:**
- **Distillers Dried Grains Solubles (DDGS):** Protein-rich animal feed, sold to institutional buyers.
- **Potash-rich fly ash:** Converted into **fertilizer compliant under Fertilizer Control Order**, reducing dependency on imported MOP.
- **CO₂ capture and utilization** initiatives underway.
- **Farmer & Agronomy Innovation:**
- Deployed **Triveni Cane app** and **AI-powered agricultural assistant** via WhatsApp for:
- Disease identification, pest prediction, crop advice, hyperlocal weather forecasting.
- Uses **satellite mapping and drones** for disease surveillance and yield optimization.
- Initiated **varietal substitution program** to replace ageing cane in low-lying areas.
---
### **4. Strategic Initiatives & Growth Framework**
- **Corporate Restructuring (2025):**
- **Demerger of Power Transmission Business** into a separately listed entity to enable **focused capital allocation**, **dedicated investor targeting**, and **distinct growth strategies**.
- **Amalgamation of Sir Shadi Lal Enterprises (SSEL)** to consolidate sugar and ethanol operations and enhance raw material security.
- **Digital Transformation:**
- Implemented **SAP S/4HANA with generative AI tool “Joule”** to become a **data-driven organization**.
- **IoT-enabled supply chains, GPS farming, and drone spraying** streamline operations.
- **Capital Allocation:**
- **₹1,574 crore returned to stakeholders** over five years via dividends and buybacks.
- Ongoing investments in **capex, R&D, automation**, and **human capital** to sustain growth.
- **Sustainability & ESG:**
- Focus on **ZLD, waste-to-energy (WtE), by-product monetization, and carbon footprint reduction**.
- Energy self-sufficiency via cogeneration and biomass utilization.
---
### **Financial & Market Position Summary (2025)**
| Segment | Key Metrics |
|--------|-----------|
| **Power Transmission** | ₹700 crore annual capacity by 2026; 12,500+ global installations; ₹475 crore order bookings (FY25) |
| **Water Business** | 12,200+ MLD treated; 1,200+ installations; ₹1,223 crore order book |
| **Sugar & Alcohol** | 63,000 TCD, 660 KLPD ethanol, 7.5 lakh cases/month bottling capacity |
| **Global Reach** | 90+ countries; exports to Middle East, Africa, Latin America, Europe, Japan |
---