Triveni Engineering and Industries Ltd(TRIVENI)

NSE: TRIVENIBSE: 532356

₹ 222.65-1.59%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 4,906 crWebsite: www.trivenigroup.comUpdated: 27 Oct 2026

About

Triveni Engineering and Industries Ltd is among India's largest integrated sugar and ethanol manufacturers, operating 8 sugar mills and 6 distilleries in Uttar Pradesh alongside a water and wastewater treatment engineering business. In FY26 the company reported revenue of ₹7,620.85 crore. Its Power Transmission Business - ranked among the top five high-speed gear manufacturers globally with 12,500+ installations across 80+ countries - was demerged into Triveni Power Transmission Limited (TPTL) effective April 1, 2026, with TEIL retaining a 29.88% associate stake.^[1][2][3]

Business segments

Sugar contributed 54.7% of FY26 segment revenue (₹4,476.6 crore); mills crush cane and sell refined sugar to beverage, pharmaceutical, dairy and confectionery customers.^[4][1]
Distillery contributed 35.2% of FY26 segment revenue (₹2,882.79 crore); produces ethanol for OMC blending, ENA, and alcoholic beverages (IMIL/IMFL).^[4][1]
Power Transmission (now demerged into TPTL) contributed 4.2% of FY26 revenue (₹339.94 crore) at a 35.4% EBIT margin - the highest-margin segment.^[4][3]
Water & Wastewater Treatment contributed 3.3% of FY26 revenue (₹268.51 crore); executes EPC and long-duration O&M contracts for municipal and industrial clients.^[4][1]

Sugar and cogeneration operations

8 sugar mills in UP (7 FSSC-certified) with combined sugarcane crushing capacity of 70,500 TCD; 104.5 MW grid-connected bagasse-based cogeneration across six plants, with surplus sold to UPPCL.^[1]
Cane crushed in SS 2025-26 was 825.6 lakh quintals (8.25 million MT), down 8.8% over the previous season.^[1]
Gross sugar recovery in SS 2025-26 was 11.06%, an improvement of 26 basis points over the prior season.^[1]
Sir Shadi Lal Enterprises Limited (SSEL) was amalgamated into TEIL effective April 1, 2025, adding the Shamli sugar mill and its distillery (100 KLPD, presently not operational).^[1]

Distillery capacity and ethanol operations

Total distillation capacity is 960 KLPD across six UP facilities: 260 KLPD at Muzaffarnagar (two units), 100 KLPD at Shamli (not operational), 200 KLPD at Sabitgarh, 200 KLPD at Milak Narayanpur, and 200 KLPD at Rani Nangal.^[1]
Alcohol production in Q1 FY27 was 57,488 KL (−11.5% YoY); alcohol sales volume was 50,483 KL (−19.0% YoY) due to lower OMC offtake.^[3]
Grain-based ethanol was 61% of alcohol sales in Q1 FY27, up 3 percentage points YoY; feedstock mix for ESY 2026-27 is expected to shift to approximately a 3:1 grain-to-sugary ratio.^[3]
India achieved 20% ethanol blending (E20) in ESY 2025-26 with 717 crore litres procured industry-wide; grain-based ethanol constituted 66.9% of total ESY supply.^[3]

Key operating numbers

Sugar domestic dispatches in Q1 FY27 were 2,77,403 tonnes (+7.4% YoY) at an average realisation of ₹41,525/MT (+2.7% YoY).^[3]
Sugar inventory at end of Q1 FY27 stood at 3.59 lakh MT valued at ₹38.41/kg, versus 4.45 lakh MT at ₹37.41/kg a year earlier.^[3]
Industry closing sugar stock for SS 2025-26 estimated at approximately 4.10 MMT - the lowest level since September 2017.^[3]
Average alcohol realisation in Q1 FY27 was ₹59.20/litre (−0.3% YoY); distillery PBIT improved 32.3% to ₹31 crore despite a 19% volume decline, supported by lower maize costs and better DDGS realisations.^[3]
IMIL sales in FY26 were 58.9 lakh cases (+5.9% YoY); Q1 FY27 IMIL volumes were 15.57 lakh cases (−1.0% YoY) due to a UP excise quota policy change.^[1][3]

Alcoholic beverages - IMIL and IMFL

IMIL reached a top-5 position in Uttar Pradesh within four years, growing at 27%+ CAGR; IMIL capacity expanded to 90 lakh cases per annum.^[3]
IMFL was launched in Uttar Pradesh and Delhi, winning multiple industry awards in its first year but not yet profitable as of Q1 FY27.^[3]

Water and wastewater business

Water segment closing order book at end of Q1 FY27 was ₹1,472 crore (−5.2% YoY), of which ₹1,065 crore is long-duration O&M contracts.^[3]
Water revenue in Q1 FY27 fell 21.3% to ₹43 crore due to slow execution of Prayagraj and Vadodara EPC jobs; PBIT dropped to ₹2 crore versus ₹11 crore in Q1 FY26.^[3]
Two wholly-owned subsidiaries execute HAM projects: MWMPL (Mathura, under Namami Gange/NMCG) and Pali ZLD Pvt. Ltd (Pali, Rajasthan).^[1]
Water business submitted tenders in excess of ₹300 crore in Q1 FY27 and expects to be L1 in several bids in the subsequent quarter.^[3]

Power Transmission demerger and TPTL

The Composite Scheme of Arrangement became effective May 19, 2026; PTB was demerged into TPTL with effect from April 1, 2026. TPTL shares were allotted July 22, 2026.^[3]
TEIL retains a 29.88% equity stake in TPTL, accounting for ₹4.35 crore share of associate profit in Q1 FY27; TPTL listing application was to be filed the week of the Q1 FY27 earnings call.^[3]
PTB is an approved supplier to Siemens, Mitsubishi, Atlas Copco, Doosan, and the Indian Navy; installations span 80+ countries including Middle East, Europe, Japan, South America, Africa, and Russia.^[1]
A dedicated multi-modal defence manufacturing facility at Mysore was commissioned in December 2025; CNC lathe commissioned with additional machinery being installed.^[5]

Customers, reach and exports

TEIL's operations span 21 plants and 2 offices, serving customers in 28 states domestically and 22 countries internationally; exports represent 1.45% of total turnover in FY26.^[1]
PTB added 9 new OEM customers in H1 FY26, including marquee global names; breakthrough orders secured with ADNOC and Siemens Brazil in Q1 FY26.^[6][7]
A wholly-owned Swiss step-down subsidiary, Triveni Power Transmission GmbH, anchors the European sales and marketing presence opened in FY26.^[1]

Recent developments

PTB demerger scheme effective April 1, 2026 (NCLT approval May 19, 2026); TPTL shares allotted July 22, 2026 with listing application filed imminently as of the Q1 FY27 call.^[3]
Standalone gross debt reduced to ₹1,238 crore at end of Q1 FY27, down from ₹1,603 crore a year earlier; consolidated average cost of funds fell 70 bps to 6.8%.^[3]
SSEL was amalgamated with TEIL effective April 1, 2025, dissolving the subsidiary and vesting all its assets and liabilities in TEIL.^[1]
Supreme Court stay on OMC ethanol tender allocation is a near-term headwind for distillery volumes; the Attorney General sought permission to allocate 100 crore litres which would benefit Triveni.^[3]

Market Cap

₹4,906 Cr

High / Low

₹315 / 186

Stock P/E

17.7

Price / Book

1.5

Book Value

₹153

EPS

₹12.3

No. of Shares

21.89 Cr

ROCE

9.0%

ROE

8.3%

OPM

6.2%

Debt / Equity

0.64

Sales

₹7,621 Cr

Net Profit

₹269 Cr

Promoter holding

60.6%

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Triveni Engineering and Industries Ltd(TRIVENI)

About

Business segments

Sugar and cogeneration operations

Distillery capacity and ethanol operations

Key operating numbers

Alcoholic beverages - IMIL and IMFL

Water and wastewater business

Power Transmission demerger and TPTL

Customers, reach and exports

Recent developments

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