Triveni Engineering & Industries Ltd. has reported an increase in net turnover (Net of excise duty) for 9M FY 26 / Q3 FY 26 by 17.8% and 16.5% respectively due to higher sales volume in sugar and distillery segments and improved sugar realisation prices.
The turnover of the Engineering business increased by 11% and 15% during 9M FY 26 and Q3 FY 26, respectively. The company said that strong operating performance in terms of profitability (PBT before exceptional items) in 9M FY26 (+128%) and Q3 FY26 (+118 %) is mainly attributable to strong performance in the Distillery and sugar segments.
There has been a major turnaround in the distillery segment due to high sales volume, lower procurement costs of maize and other internal efficiencies whereas much improved performance in sugar segment, despite significant increase in cane price, has been due to higher sales volume and sugar realisation prices, and lower inventory write down of sugar inventories in view of higher recoveries and other cost optimisation.
The company has made a provision of Rs 22.40 crores based on the estimated impact of changes brought about by the New Labour codes in respect of employee benefit expenses and disclosed as Exceptional Items.
Dhruv M. Sawhney, Chairman and Managing Director, Triveni Engineering & Industries Ltd, said that the company has delivered healthy results, mainly due to much improved performance in the Sugar and Distillery segments.
“The crush during the ongoing season (Oct’25 – Dec’25) is higher by 4%, and the gross recoveries are higher by 29 basis points, over the previous year. The yields in our area of operation seem lower than earlier projected, but the recovery trends are on the higher side. Further, the sugar realisation prices are higher by 5.6%, which, together with improved recoveries and internal efficiencies have partially mitigated the impact of increased cane price. In view of softened global prices, the exports have been subdued, and thus, the government must increase the MSP of sugar to ensure the long-term viability and profitability of the sugar sector. Further, ethanol prices need to be revised upwards, which will also help increase the diversion of sugar for ethanol production, thereby helping prune excessive sugar inventories and maintain sugar prices,” he said.
Sawhney said that there was a marked improvement in distillery operations, mainly contributed by higher production/sale volume, lower procurement cost of maize and improved recovery, efficiencies and cost optimisation.
“The offered supplies in the recent tender, being much higher than the requirements of OMCs, are indicative of overcapacity in the country. We would expect the Government to take policy decisions for EBP in excess of 20% and /or announce other application areas. We have recently expanded our IMFL range to Delhi, thereby significantly expanding our reach and footprint,” he stated.
PERFORMANCE OVERVIEW: Q3/9M FY 26 (Consolidated Results) In ₹ crore
| Q3 FY 26 | Q3FY 25 | Change % | 9M FY 26 | 9M FY 25 | Change % | |
| Revenue from Operations (Gross) | 1,818.3 | 1,600.3 | 13.6 | 5,787.2 | 4,882.7 | 18.5 |
| Revenue from Operations (Net of excise duty) | 1,478.1 | 1,268.3 | 16.5 | 4,782.5 | 4,060.0 | 17.8 |
| EBITDA | 174.9 | 101.0 | 73.2 | 338.1 | 216.4 | 56.3 |
| EBITDA Margin | 11.8% | 8.0% | 7.1% | 5.3% | ||
| Share of income of Joint
Venture |
-0.9 | 0.1 | -1.0 | 0.1 | ||
| Profit Before Tax (before exceptional items) | 125.2 | 57.6 | 117.6 | 157.2 | 69.1 | 127.6 |
| Exceptional items (net) | -22.4 | 0.0 | -22.4 | 0.0 | ||
| Profit Before Tax (PBT) | 102.8 | 57.6 | 78.7 | 134.8 | 69.1 | 95.2 |
| Profit After Tax (PAT) | 77.8 | 42.6 | 82.7 | 101.3 | 51.1 | 98.0 |
| Other Comprehensive Income (Net of Tax) | 0.3 | -1.6 | 0.1 | -6.3 | ||
| Total Comprehensive Income | 78.1 | 41.0 | 90.3 | 101.4 | 44.9 | 126.0 |
| EPS (not annualised)
(₹/share) |
3.8 | 1.9 | 97.6 | 5.2 | 2.3 | 123.8 |
Performance
Triveni:
| Sugar Season 2025-26 Oct – Dec 2025 | Sugar Season 2024-25 Oct – Dec 2024 | Change (%) | |
| Sugarcane Crush (Million Tonnes) | 3.2 | 3.2 | NM |
| Gross Recovery (%) | 10.6 | 10.2 | 36 bps |
| Net Recovery (%)* | 10.6 | 9.1 | 149 bps |
| Sugar Production (Tonnes) | 334,522 | 286,227 | 16.9% |
SSEL:
| Sugar Season 2025-26 Oct – Dec 2025 | Sugar Season 2024-25 Oct – Dec 2024 | Change
(%) |
|
| Sugarcane Crush (Million Tonnes) | 0.3 | 0.2 | 95.7% |
| Gross Recovery (%) | 9.8 | 10.1 | -31 bps |
| Net Recovery (%)* | 9.8 | 8.8 | 103 bps |
| Sugar Production (Tonnes) | 32,513 | 14,867 | 118.7% |
Consolidated:
| Sugar Season 2025-26 Oct – Dec 2025 | Sugar Season 2024-25 Oct – Dec 2024 | Change (%) | |
| Sugarcane Crush (Million Tonnes) | 3.5 | 3.4 | 4.0% |
| Gross Recovery (%) | 10.5 | 10.2 | 29 bps |
| Net Recovery (%)* | 10.5 | 9.1 | 143 bps |
| Sugar Production (Tonnes) | 367,034 | 301,094 | 21.9% |
* Net Recovery is after diversion of sugar in BHM
The company said that the sugar inventory as of December 31, 2025, was 30.7 lakh quintals, which is valued at ₹ 39.2/kg (December 31, 2024 – 29.5 lakh quintal valued at Rs 38.8/Kg).
