Triveni Engineering & Industries Limited

Consumer Defensive — Confectioners · NSE

₹251.50+₹4.25 (+1.72%)

DalalBaazaar Score

46 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Low

Driven by small-cap size, which brings sharper price swings, falling profits.

In simple words: Reasonable but unspectacular business quality, but sales are shrinking. The direction of profits is 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 Triveni Engineering & Industries Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Triveni Engineering & Industries Limited engages in the sugar and allied businesses, and engineering businesses in India and internationally.

IndustryConfectioners

SectorConsumer Defensive

Employees3,081

Annual revenue₹6,275 Cr

How does it make money?

Turns over ₹6,275 Cr a year. Of every ₹100 of sales, about ₹4 reaches shareholders as profit, with ₹10 left at the operating level before interest, tax and depreciation. Each of its 3,081 employees supports ₹2.04 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.04 Cr

Who are its competitors?

The closest listed comparisons in its industry are HINDUSTAN UNILEVER LTD., ITC LTD, NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES 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?Little sign of one

Returns on capital of 12.1% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE51.0%

What is the outlook?

3 analysts covering the stock expect revenue to grow about 6.1% and earnings to grow about 14.3% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+6.1%

Est. earnings growth+14.3%

Analysts3

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +13% while net margin moved -87% 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+13%

Margin effect-87%

DalalBaazaar Score

46/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 8.0% is weak
✗ ROE has fallen by 59.2 points over the period

Quality vs. Valuation

Company Quality

41/ 100

Weak

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

Valuation

67/ 100

Fair

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

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

19.7x

3Y Median

21.3x

40 monthly readings · mean 20.2x · range 4.2x–38.0x

Sector Median

43.3x

median of 4 sector peers

🟡Currently trading close to its 3y median of 21.3x — the market is paying about what it usually pays for this company.

🟢Against its sector it trades 55% below the peer median of 43.3x.

vs. its own history

Fair

21.3x median over 40 months · -8%

vs. sector peers

Cheap

43.3x median of 4 peers · -55%

vs. generic bands

Fair

15x–35x

EV/EBITDA

12.0x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 67.2% to 8.0% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 65.9% to 12.1% — often a sign of competition or overexpansion.

Red Flags

4 items require attention · 1 high · 3 watch

🔴Debt has risen sharplyFinancial
Total debt is up 133% over 3 years, from ₹929 Cr to ₹2,161 Cr.
🟡Profit is decliningFinancial
Net profit is down 85% over 3 years.
🟡Margins are compressingFinancial
EBITDA margin is down 2.6 points over 3 years.
🟡Inventory building faster than salesFinancial
Inventory up 50% against revenue up 13% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 55% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 12.8% to 10.2%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 3.4x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Growth barely outpaces inflation
Revenue compounding at 4.0% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Returns on shareholder capital are falling
ROE has dropped from 67.2% to 8.0%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Small 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

1EBITDA margin holds above 8%✓ 10.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 3.4x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Revenue growth stays above 4% a year✓ 4.0% CAGR
Latest reported year was -1.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4Free cash flow remains positive✓ ₹5 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 9%✓ 12.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 12 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
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

2 good · 7 neutral · 2 weak

Market Cap

₹5,542 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

19.7x

Fair

Fairly valued against the generic band

P/B Ratio

1.66x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹12.79

Profitable

Profitable on a per-share basis

ROE

8.0%

Moderate

Moderate capital efficiency

ROCE

12.1%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.65x

Moderate

Moderate leverage

Revenue Growth (YoY)

-1.1%

Shrinking

Sales are contracting

Profit Growth (YoY)

-15.0%

Falling

Profits are shrinking

Dividend Yield

1.09%

Modest

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

Free Cash Flow

₹5 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

11.8x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

1.4%

Weak

Thin margins leave little room for error

Net Margin

4.3%

Average

Average bottom-line conversion

Current Ratio

1.49

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.37

Defensive

Steadier than the market

52W Range Position

12%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

242.6 / 258.1

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

51.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹5,575 Cr	₹5,209 Cr	₹5,662 Cr	₹6,275 Cr	+4.0%
EBITDA	₹715 Cr	₹691 Cr	₹541 Cr	₹638 Cr	-3.7%
EBITDA Margin	12.8%	13.3%	9.6%	10.2%	—
PAT (Net Profit)	₹1,792 Cr	₹395 Cr	₹243 Cr	₹269 Cr	-46.9%
EPS	₹74.58	₹18.05	₹11.11	₹12.19	-45.3%
ROE	67.2%	13.6%	7.8%	8.0%	—
ROCE	65.9%	17.6%	11.1%	12.1%	—
Total Debt	₹929 Cr	₹1,424 Cr	₹1,980 Cr	₹2,161 Cr	+32.5%
Free Cash Flow	₹162 Cr	-₹256 Cr	-₹406 Cr	₹5 Cr	-68.5%

🟢 Revenue has grown at 4.0% a year over 3 years.

🔴 EBITDA has shrunk at 3.7% a year over 3 years.

🔴 EBITDA Margin has fallen from 12.8% to 10.2% over 3 years (-2.6 pts).

🔴 PAT (Net Profit) has shrunk at 46.9% a year over 3 years.

🔴 EPS has shrunk at 45.3% a year over 3 years.

🔴 ROE has fallen from 67.2% to 8.0% over 3 years (-59.2 pts).

🔴 ROCE has fallen from 65.9% to 12.1% over 3 years (-53.8 pts).

🔴 Total Debt has grown at 32.5% a year over 3 years.

🔴 Free Cash Flow has shrunk at 68.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹6,521 Cr

Total Liabilities

₹3,178 Cr

Cash & Equivalents

₹55 Cr

Operating Cash Flow

₹188 Cr

Capex

-₹183 Cr

Shareholding (proxy)

Institutional Holding

9.1%

Insider Holding

67.4%

Corporate Actions

Dividend Rate

₹2.75

Ex-Dividend Date

31 Aug 2026

Analyst Consensus

Recommendations

3 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹342

+36.0% vs CMP

Target Range

₹272 – ₹415

Peer Comparison

Company	P/E	ROE
HINDUSTAN UNILEVER LTD.	42.5x	21.5%
ITC LTD	16.6x	27.4%
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%

Recent News

4 mixed2 general

Triveni Engineering & Industries (TRIVENI) Share Price Rises 5.38% Today

Univest, 12 OctPrice 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.

Earnings Report: Triveni Engineering & Industries Limited Missed Revenue Estimates By 13%

Simply Wall Street, 02 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Triveni Engineering to Host Q1 Earnings Call on July 30 at 12 PM

Sahi, 22 JulResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Triveni Engineering demerger: Last day to buy stock to get Triveni Power Transmission shares. Check detail

The Economic Times, 21 Jul

Earnings call transcript: Triveni Engineering posts q1 fy 2027 profit rebound

Investing.com, 30 JulResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Triveni Power Transmission Lists on BSE/NSE Effective October 12, 2026

Whalesbook, 09 Oct

Watch Items

Revenue growth is negative (-1.1%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

MiddlingFinancial Health · Valuation · Risk

WeakBusiness Quality · Growth · Profitability

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 5 tripwires tripped — Debt / EBITDA falls below 3x · see Key things to watch ↑