Triton Valves Limited

Consumer Cyclical — Auto Parts · NSE

₹1,065.00+₹3.20 (+0.30%)

DalalBaazaar Score

59 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

Driven by moderate debt load, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Thin profit margins are the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of Triton Valves Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Triton Valves Limited manufactures and sells valves, cores and accessories to tire, tube, and original equipment manufacturers in India and internationally. It operates through Automotive Valves, Climate Control Valves, and Metals segments.

IndustryAuto Parts

SectorConsumer Cyclical

Employees243

Annual revenue₹540 Cr

How does it make money?

Turns over ₹540 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation. Each of its 243 employees supports ₹2.22 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.22 Cr

Who are its competitors?

The closest listed comparisons in its industry are BOSCH LIMITED, MARUTI SUZUKI INDIA LTD., TVS MOTOR COMPANY LTD, EICHER MOTORS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 18.6% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE23.0%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +57% while net margin moved -171% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+57%

Margin effect-171%

DalalBaazaar Score

59/ 100

Moderate

Weighted across six categories. Every point is explained below.

✓ Beta of 0.36 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

63/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

63/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

30.1x

Sector Median

45.7x

median of 4 sector peers

🟢Against its sector it trades 34% below the peer median of 45.7x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

45.7x median of 4 peers · -34%

vs. generic bands

Fair

15x–35x

EV/EBITDA

16.2x

PEG

—

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 4.3% to 7.7% over 3 years.
Cash generation is improving
Free cash flow is up 35% over 3 years.
Return on equity is rising
ROE has improved from -12.1% to 7.6%.
Return on capital is rising
ROCE has improved from 2.1% to 18.6%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 18.6% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 4.3% to 7.7%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 34% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 3.2x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 12% a year✓ 16.3% CAGR
Latest reported year was 38.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 6%✓ 7.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 3.2x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Interest cover stays above 3x✗ 2.0x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹4 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

7 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high

Price history

Quick Metrics

5 good · 5 neutral · 1 weak

Market Cap

₹546 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

30.1x

Fair

Fairly valued against the generic band

P/B Ratio

4.25x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹35.33

Profitable

Profitable on a per-share basis

ROE

7.6%

Weak

Weak capital efficiency

ROCE

18.6%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

1.03x

Moderate

Moderate leverage

Revenue Growth (YoY)

38.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

537.0%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.23%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹4 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

4.9%

Weak

Thin margins leave little room for error

Net Margin

2.8%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.20

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.36

Defensive

Steadier than the market

52W Range Position

23%

Mid-range

Technical Snapshot

RSI (14)

36.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹343 Cr	₹401 Cr	₹451 Cr	₹540 Cr	+16.3%
EBITDA	₹15 Cr	₹31 Cr	₹34 Cr	₹42 Cr	+41.0%
EBITDA Margin	4.3%	7.8%	7.5%	7.7%	—
PAT (Net Profit)	-₹9 Cr	₹3 Cr	₹5 Cr	₹10 Cr	—
EPS	₹-20.82	₹6.73	₹10.08	₹19.58	—
ROE	-12.1%	2.7%	4.7%	7.6%	—
ROCE	2.1%	14.6%	16.0%	18.6%	—
Total Debt	₹131 Cr	₹120 Cr	₹132 Cr	₹132 Cr	+0.2%
Free Cash Flow	₹3 Cr	₹21 Cr	-₹29 Cr	₹4 Cr	+10.5%

🟢 Revenue has grown at 16.3% a year over 3 years.

🟢 EBITDA has grown at 41.0% a year over 3 years.

🟢 EBITDA Margin has risen from 4.3% to 7.7% over 3 years (+3.4 pts).

🟢 PAT (Net Profit) has turned positive, from -₹9 Cr to ₹10 Cr.

🟢 EPS has turned positive, from ₹-20.82 to ₹19.58.

🟢 ROE has risen from -12.1% to 7.6% over 3 years (+19.7 pts).

🟢 ROCE has risen from 2.1% to 18.6% over 3 years (+16.5 pts).

🟡 Total Debt has been broadly flat over 3 years (0.2% a year).

🟢 Free Cash Flow has grown at 10.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹325 Cr

Total Liabilities

₹197 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹18 Cr

Capex

-₹14 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

59.6%

Corporate Actions

Dividend Rate

₹2.5

Ex-Dividend Date

18 Sept 2026

Peer Comparison

Company	P/E	ROE
BOSCH LIMITED	56.9x	15.9%
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TVS MOTOR COMPANY LTD	56.8x	35.8%
EICHER MOTORS LTD	34.7x	23.0%

Recent News

1 mixed5 general

Triton Valves Issues Postal Ballot Notice for 3:1 Bonus Shares and Board Resolutions

scanx.trade, 15 Oct

Triton Valves Signs ₹100-110 Crore TPMS Supply Deal

HDFC Sky, 31 Jul

Triton Valves Limited (TRITONV) Share Price NSE

TechGraph, 07 Oct

Triton Valves Ltd. Share Price Up 12.96%: Stock Analysis

Univest, 14 AugPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Triton Valves Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Get Ready To Get Bonus Shares In 3:1 Ratio! Record Date On 1st April; Check Allotment Date

Goodreturns, 26 Mar

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongGrowth

MiddlingBusiness Quality · Financial Health · Profitability · Valuation

WeakRisk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you.

2 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Interest cover stays above 3x · see Key things to watch ↑