Triveni Engineering & Industries Ltd., one of the largest integrated sugar & ethanol manufacturers & engineered-to-order turbo gearbox manufacturers in the country and a leading player in water and wastewater management business, announced its financial results for the second quarter ended September 30, 2025 (Q2 FY 26). The Company has prepared the financial results based on the Indian Accounting Standards (Ind AS) and as in the past, has been publishing and analyzing results on a consolidated basis.
PERFORMANCE OVERVIEW: Q2/H1 FY 26 (Consolidated Results)
In ₹ crore
| Q2 FY 26 | Q2FY 25 | Change
% |
H1 FY 26 | H1 FY 25 | Change
% |
|
| Revenue from Operations (Gross) | 2,014.5 | 1,748.3 | 15.2 | 3,968.9 | 3,282.4 | 20.9 |
| Revenue from Operations (Net of excise duty) | 1,706.2 | 1,491.0 | 14.4 | 3,304.4 | 2,791.6 | 18.4 |
| EBITDA | 86.7 | 18.3 | 373.2 | 163.2 | 115.4 | 41.4 |
| EBITDA Margin | 5.1% | 1.2% | 4.9% | 4.1% | ||
| Share of income of Joint
Venture |
0.0 | -0.1 | -0.1 | -0.1 | ||
| Profit Before Tax (PBT) | 29.1 | -30.3 | NM | 32.0 | 11.5 | 177.8 |
| Profit After Tax (PAT) | 21.4 | -22.4 | NM | 23.5 | 8.6 | 174.0 |
| Other Comprehensive Income (Net of Tax) | -0.7 | -0.1 | -0.2 | -4.7 | ||
| Total Comprehensive Income | 20.7 | -22.5 | 23.3 | 3.8 | ||
| EPS (not annualised) (₹/share) | 1.18 | -1.02 | 1.38 | 0.39 |
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 crore are with interest subvention. On a consolidated basis, the gross debt is at ₹753 crore as on September 30, 2025 as compared to ₹ 536 crore as on September 30, 2024. 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:
▪ 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.
▪ 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 initial indications are encouraging – both in terms of crush and recovery. The cane prices (SAP) for the SS 2025-26 have been recently announced by the Uttar Pradesh government, and these have increased by Rs 300/MT. We would strive and look forward to increased recoveries and other efficiencies to contain our costs. We are making timely technology interventions at our plants to further improve process efficiencies and support our profitability journey. 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.
Improvement in distillery profitability has been due to higher production and sales volumes and due to correction in input costs, particularly maize. We again outgrew broader industry in the IMIL segment and are among the top five players in Uttar Pradesh. In the IMFL segment, we continue to strengthen the brand and expand distribution.
On our engineering business, The Power Transmission Business reported marginally better operating results and the order booking during H1 FY 26 has been subdued. However, based on the enquiries being received, we are hopeful of achieving good double digit growth in the FY 2025-26. We are in the process of setting up a subsidiary in Europe to market and promote the business of PTB. During the quarter we participated in some of the well-known exhibitions like TPS Houston and ROTIC Dubai. Through these initiatives, we demonstrated our products and execution capabilities and facilitated interaction with some
of the marquee clients. We also added new clients during the quarter, thereby further expanding our customer base.
Lastly, the proposed scheme of amalgamation with SSEL and the demerger of the Power Transmission business is expected to unlock value and drive operational efficiencies. The proposed scheme has been approved by stock exchange and the process of obtaining approval of NCLT has been initiated. The meetings of stakeholders (including creditors) under the NCLT process have been scheduled towards the end of November/early December”.
