Triveni Enterprises Limited

Consumer Cyclical — Textile Manufacturing · BSE

₹0.93−₹0.01 (−1.06%)

DalalBaazaar Score

41 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

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

What does this company do?

Triveni Enterprises Limited trades in textiles in India. The company also engages in the distribution of telecommunication products. Triveni Enterprises Limited was incorporated in 1984 and is based in Nashik, India.

IndustryTextile Manufacturing

SectorConsumer Cyclical

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

MARUTI SUZUKI INDIA LTD.P/E 25.2x · ROE 13.4%

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

TRENT LTDP/E 87.2x · ROE 25.9%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

What is its competitive advantage?Little sign of one

Returns on capital of 1.7% 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.

ROCE1.7%

ROE1.3%

Peer median ROE25.9%

DalalBaazaar Score

41/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Profit has declined at 24.6% a year

Quality vs. Valuation

Company Quality

35/ 100

Weak

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

Valuation

70/ 100

Cheap

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

Optically cheap, but the underlying business scores poorly. Cheap-and-weak is what a value trap looks like from the outside — the low price may be deserved.

Historical Valuation

Current P/E

31.0x

3Y Median

44.3x

40 monthly readings · mean 51.0x · range 29.0x–93.3x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 30% below its 3y median of 44.3x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 55% below the peer median of 69.2x.

vs. its own history

Cheap

44.3x median over 40 months · -30%

vs. sector peers

Cheap

69.2x median of 4 peers · -55%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

31.0x

P/B

0.43x

EV/EBITDA

27.9x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Return on capital is rising
ROCE has improved from -0.4% to 1.7%.
Valuation below its historical average
At 31.0x the stock trades 30% below its own median of 44.3x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Free cash flow is negative
The business is not currently covering its capital spending from operations.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🟡Profit is decliningFinancial
Net profit is down 57% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 30% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
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?

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

1Free cash flow remains positive✗ -₹1 Cr
Profit that never becomes cash eventually stops being profit.
2ROCE stays above 8%✗ 1.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
3Valuation vs its own median of 44.3x✓ 31.0x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

3 / 9 checks passed

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

Price history

Quick Metrics

2 good · 6 neutral · 3 weak

Market Cap

₹5 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

31.0x

Fair

Fairly valued against the generic band

P/B Ratio

0.43x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.03

Profitable

Profitable on a per-share basis

ROE

1.3%

Weak

Weak capital efficiency

ROCE

1.7%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

0.0%

Modest

Slow profit growth

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹1 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹0.93

Operating Margin

0.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

13.68

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.26

Defensive

Steadier than the market

52W Range Position

12%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

1.0 / 1.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

45.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹9 Cr	—	₹3 Cr	—	—
EBITDA	-₹0 Cr	-₹0 Cr	-₹0 Cr	₹0 Cr	—
EBITDA Margin	-0.5%	—	-3.2%	—	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-24.6%
EPS	₹0.06	₹0.03	₹0.03	₹0.03	-20.6%
ROE	3.1%	1.4%	1.7%	1.3%	—
ROCE	-0.4%	-3.0%	-0.9%	1.7%	—
Total Debt	₹1 Cr	₹1 Cr	—	—	—
Free Cash Flow	-₹4 Cr	-₹1 Cr	-₹0 Cr	-₹1 Cr	—

🟢 EBITDA has turned positive, from -₹0 Cr to ₹0 Cr.

🔴 PAT (Net Profit) has shrunk at 24.6% a year over 3 years.

🔴 EPS has shrunk at 20.6% a year over 3 years.

🔴 ROE has fallen from 3.1% to 1.3% over 3 years (-1.8 pts).

🟢 ROCE has risen from -0.4% to 1.7% over 3 years (+2.2 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹12 Cr

Total Liabilities

₹1 Cr

Total Debt

—

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹1 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

36.9%

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

2 mixed4 general

Triveni Enterprises discloses AGM voting results, all resolutions pass

scanx.trade, 05 OctResults

🟡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 & Industries Share Price Forecast to 2030

Univest, 14 Jul

Triveni Enterprises submits FY26 annual report ahead of AGM

scanx.trade, 30 Sept

Triveni Engineering shares adjust 38.5% as stock turns ex-demerger. What lies ahead for 95,000 shareholder

The Economic Times, 22 Jul

Triveni Enterprises Ltd

Equitypandit, 22 Jan

Triveni Engineering Shares Rally on Strong Q4 Earnings

Groww, 28 MayPrice 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.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
2 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🔴Business QualityWeak6.1/20

🟢Financial HealthStrong13.2/20

🔴GrowthWeak2.4/20

🔴ProfitabilityWeak4.5/15

🟢ValuationAttractive10.9/15

🔴RiskHigh4.4/10

Cheap, but for a reason

The low price is the whole case here, and the business underneath scores poorly. Cheap-and-weak is what a value trap looks like from the outside — it needs a specific reason the numbers are about to improve, not just the observation that they are low. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✗Free cash flow remains positive-₹1 Cr
✗ROCE stays above 8%1.7%
✓Valuation vs its own median of 44.3x31.0x today