Triveni Engineering & Industries Limited
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Key numbers — 40 extracted
rs,
₹ 3,304 crore
₹ 32 crore
₹ 23.5 crore
4.9%
4.1%
5.1%
1.2%
18%
21%
8%
14%
Guidance — 20 items
Performance Highlights
opening
“For Q2 FY26, Net turnover increased by 14%, supported by healthy double digit growth across both businesses.”
Performance Highlights
opening
“Overall average cost of funds (standalone) is at 6.4% during Q2 FY26 as against 6.7% in the previous corresponding period.”
Sugar and Allied Businesses
opening
“▪ Net turnover increased by 18% in Q2 FY26 and by 21% in H1 FY 26 , supported by 14% increase in consolidated Sugar dispatches as well as improved sugar realisations and 19% increase in sales volume of alcohol.”
Engineering Businesses
opening
“While the order booking had been subdued during the quarter, we have witnessed significant improvement in enquiry levels, indicating a pick up in demand momentum going forward.”
Engineering Businesses
opening
“2 ▪ The order booking of Water Business has not been as per the expectations, but we expect some traction in the subsequent quarters.”
Engineering Businesses
opening
“Besides, firm sugar prices are imperative to meet the increased costs and maintain our profitability, and we would expect Government to increase the MSP of sugar, which is long outstanding demand of the industry.”
Consolidated
opening
“1 FSSC: Food Safety System Certification 4 • Substantial period of H1 FY26 and the entire Q2 FY 26 represent off-season period, and no manufacturing operations take place during this period.”
Consolidated
opening
“• Ethanol constituted 92% of alcohol sales during Q2 FY26, compared to 93% in Q2 FY25.”
Consolidated
opening
“• Sale of Ethanol/ENA produced from sugarcane-based feedstocks (majorly B-heavy) constituted 46% of the total alcohol sales for Q2 FY26 (44% for Q2 FY25), while Ethanol/ENA produced from grain contributed to the balance 54% in Q2 FY26 (56% for Q2 FY25).”
Consolidated
opening
“• To meet the target of 20% blending during the ESY, the OMCs may float other cycles of EOI (approx.”
Risks & concerns — 4 flagged
Sawhney, Chairman and Managing Director, Triveni Engineering & Industries Ltd, said: “Despite a seasonally weak quarter, I am happy to share a significant improvement in financial performance for the quarter majorly led by improved operations of Distillery.
— Engineering Businesses
This further puts pressure on profitability of Sugar producers in UP and necessitates a review of Sugar Minimum Support Price (MSP) to bring it in line with increase in input costs.
— Consolidated
However, prices began a meaningful decline from April onward, hitting multi-month lows in early July and recording 4.25-year lows in the second half of September 2025.
— Consolidated
• Significantly strengthened balance sheet over the past five years, enhancing the Company’s risk- return profile.
— Note
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Opening remarks
Performance Highlights
▪ Net turnover (Net of excise duty) for H1 FY 26 increased by 18%, supported by 21% increase in sugar and Allied businesses and 8% increase in engineering businesses. For Q2 FY26, Net turnover increased by 14%, supported by healthy double digit growth across both businesses. ▪ Healthy increase in profitability (PBT) in H1 FY 26 (+178%) and Q2 FY 26, mainly supported by improvements in the Distillery operations and Engineering Business. Power Transmission business supported profitability with another healthy quarter. Sugar business profitability remained subdued in view of major period of the half year being off-season with no manufacturing activity and all expenses pertaining to such period have been expensed during the period. ▪ The gross debt on a standalone basis as on September 30, 2025 increased to ₹ 505 crore as compared to ₹ 383 crore as on September 30, 2024. Standalone debt at the end of the period under review, comprises term loans of ₹310 crore, out of which loans of ₹158 cr
Sugar and Allied Businesses
▪ Net turnover increased by 18% in Q2 FY26 and by 21% in H1 FY 26 , supported by 14% increase in consolidated Sugar dispatches as well as improved sugar realisations and 19% increase in sales volume of alcohol. ▪ Significant improvement in segment profitability. Sugar results in Q2 include income of Rs 16.81 crores arising from revision of power tariff which are applicable from 01-04-2024. ▪ Higher sales volume and correction in maize prices resulted in much improved results for the distillery operations. ▪ Overall Sugarcane crop position seems healthy for the upcoming Sugar Season (SS) 2025-26. ▪ Actively participated in the latest EOI floated by Public sector OMCs. In addition to this, also secured allocation by private OMCs.
Engineering Businesses
▪ Power Transmission Business (PTB) reported marginal increase in revenue and profitability. PBIT continues to be at 36% for H1 FY 26 despite absorbing incremental expenses relating to increase in capacity. While the order booking had been subdued during the quarter, we have witnessed significant improvement in enquiry levels, indicating a pick up in demand momentum going forward. 2 ▪ The order booking of Water Business has not been as per the expectations, but we expect some traction in the subsequent quarters. Turnover and segment profits during H1 FY 26 are 19 % and 41% higher than the H1 FY 25. Commenting on the Company’s financial performance, Mr. Dhruv M. Sawhney, Chairman and Managing Director, Triveni Engineering & Industries Ltd, said: “Despite a seasonally weak quarter, I am happy to share a significant improvement in financial performance for the quarter majorly led by improved operations of Distillery. We have recently commenced sugarcane crush for the new sugar season and
SSEL
Sugar Domestic Dispatches (Tonnes) Average Realisation (₹/MT) Revenue (₹ crore) PBIT (₹ crore) NM: Not Meaningful
Consolidated
Q2 FY 26 Q2 FY 25 Change % H1 FY 26 H1 FY 25 Change % 2,55,220 2,37,164 40,639 1,119.1 -7.0 38,626 943.4 -28.3 7.6 5.2 18.6 75 4,95,374 4,64,349 40,557 2,195.8 -2.2 38,826 1,942.9 8.8 6.7 4.5 13.0 NM Q2 FY 26 Q2 FY 25 Change % H1 FY 26 H1 FY 25 Change % 21,005 39,896 95.5 -5.4 3,885 38,262 15.9 -7.1 440.7 4.3 500.9 24 39,047 39,838 188.3 -2.6 3,885 38,262 15.9 -7.7 905.1 4.1 1085.3 66 Q2 FY 26 Q2 FY 25 Change % H1 FY 26 H1 FY 25 Change % Sugar Domestic Dispatches (Tonnes) 2,76,225 2,41,048 40,583 38,620 1,214.6 959.3 14.6 5.1 26.6 5,34,421 4,68,234 40,505 38,821 2,384.1 1,958.8 14.1 4.3 21.7 Average Realisation (₹/MT) Revenue (₹ crore) PBIT (₹ crore) -35.4 Note: Consolidated includes SSEL for the period from June 21, 2024 i.e. for the period post becoming a subsidiary of the -12.4 -4.8 1.1 65 NM Company and resultantly, the figures for the current periods are not comparable with previous periods. 1 FSSC: Food Safety System Certification 4 • Substantial period of H1 FY26 and the entire
Triveni
Operational details Production (KL) Sales (KL) Avg. Realisation (₹/ ltr) IMIL Sales (Lakh Cases) Financial details Q2 FY 26 Q2 FY 25 Change % H1 FY 26 H1 FY 25 Change % 59,551 53,024 63.3 13.5 39,238 55,181 64.1 12.8 51.8 -3.9 -1.2 5.5 6.4 -2.1 1,24,510 1,15,358 61.2 29.2 93,859 95,807 62.6 24.5 1,489.8 1,185.5 825.3 694.7 32.6 20.4 -2.2 19.1 25.7 18.8 54.3 16.5 229.6 Gross Revenue (₹ crore) Revenue Net of Excise Duty (₹ crore) PBIT (₹ crore) 705.5 663.1 397.2 405.7 29.3 -3.1 6