Triveni Engineering & Industries Ltd., one of India’s largest integrated sugar and ethanol producers and a leading manufacturer of turbo gearboxes and water management solutions, reported a notable financial rebound in the first half of FY26. The strong performance was driven by improved distillery economics, higher alcohol sales, and sustained resilience in its engineering businesses, offsetting a seasonally subdued sugar quarter.

Consolidated revenue from operations (net of excise duty) rose to Rs 3,304 crore in H1 FY26, marking an 18 percent increase compared with Rs 2,792 crore during the same period last year. The second quarter alone delivered Rs 1,706 crore in revenue, up 14 percent year-on-year, reflecting healthy double-digit growth across sugar, alcohol and engineering operations. Profitability surged sharply. EBITDA for the half-year increased 41 percent to Rs 163.2 crore, while Profit Before Tax jumped to Rs 32 crore, a 178 percent rise over the previous year’s Rs 11.5 crore. The Company delivered a Profit After Tax of Rs 23.5 crore in H1 FY26 versus Rs 8.6 crore a year ago, reflecting a 174 percent improvement, with Q2 profitability turning positive from last year’s losses.

Sugar and allied businesses posted a strong topline uplift backed by 14 percent growth in sugar dispatches, firm sugar realizations, and a 19 percent rise in alcohol volumes. The quarter also benefited from tariff revisions in power sales, adding Rs 16.8 crore to earnings. As the new crushing season begins, early indicators on sugarcane availability and recovery remain encouraging. With the Uttar Pradesh State Advised Price recently raised by Rs 300 per metric tonne, Triveni reiterated the industry’s long-standing need for an upward revision in sugar MSP to maintain mill viability and ensure fair value for farmers amid rising cane costs.

Distillery performance was a key earnings driver as higher production, increasing IMIL and IMFL traction, and improved maize pricing sharply lifted the segment’s profitability. Triveni also secured ethanol allocations from both public and private oil marketing companies in the latest cycle, reinforcing growth visibility as India deepens blending mandates.

In the engineering portfolio, the Power Transmission Business continued to deliver industry-leading profitability despite subdued order intake in the quarter. Enquiry momentum in recent months suggests a stronger H2, with the Company targeting double-digit growth for the year. Triveni plans to establish a subsidiary in Europe to expand its export footprint and recently showcased its manufacturing and execution capabilities at premier global exhibitions including TPS Houston and ROTIC Dubai, which generated new customer engagements. The Water Business delivered significant improvement in turnover and earnings compared to the previous year, and the Company expects order conversion to accelerate in the coming quarters as infrastructure pipelines revive.

Standalone gross debt as of September 30, 2025 stood at Rs 505 crore, compared to Rs 383 crore a year earlier, driven by growth investments but supported by a competitive average cost of funds at 6.4 percent, helped by interest-subvention loans. On a consolidated basis, total gross debt was Rs 753 crore at the end of the period.

Commenting on the results, Dhruv M. Sawhney, Chairman and Managing Director, said the quarter represented a meaningful step-up in performance. He noted that firm sugar prices are critical to address cost inflation, even as technology interventions across factories aim to lift recoveries and operational efficiency. Sawhney added that the proposed amalgamation with SSEL and the planned demerger of the Power Transmission Business — both advancing through regulatory approvals — are expected to unlock value, sharpen business focus, and position Triveni for the next phase of growth.

With a positive start to the new crushing season, strong ethanol demand visibility, and an improving engineering order landscape, Triveni enters the second half of FY26 with continued confidence in its growth trajectory and its commitment to advancing resilient and sustainable agri-industrial development.