Financial Performance Overview (Consolidated)

H1 FY27 Performance (April-September 2026)

  • Revenue from Operations (Net of excise duty): ₹3,311 crores, up 5.3% YoY from ₹3,145 crores
  • EBITDA: ₹229 crores, up 136.7% YoY from ₹97 crores
  • EBITDA Margin: 6.9%, improved from 3.1% in H1 FY26 (383 bps improvement)
  • Profit After Tax: ₹97 crores versus loss of ₹18 crores in H1 FY26
  • EPS (not annualized): ₹4.42 per share versus loss of ₹0.82 per share
  • Share of profit from Associates and Joint Venture: ₹12 crores

Q2 FY27 Performance (July-September 2026)

  • Revenue from Operations (Net of excise duty): ₹1,731 crores, up 8.4% YoY from ₹1,597 crores
  • EBITDA: ₹165 crores, up 352.4% YoY from ₹37 crores
  • EBITDA Margin: 9.5%, improved from 2.3% in Q2 FY26 (726 bps improvement)
  • Profit After Tax: ₹94 crores versus loss of ₹11 crores in Q2 FY26
  • EPS (not annualized): ₹4.25 per share versus loss of ₹0.52 per share
  • Share of profit from Associates and Joint Venture: ₹8 crores

Debt Position and Capital Structure

  • Net debt as of September 30, 2026: ₹157 crores, substantially improved from ₹702 crores a year earlier
  • Standalone gross debt: ₹410 crores (₹328 crores term loans, ₹82 crores working capital)
  • Consolidated gross debt: ₹470 crores (₹388 crores term loans, ₹82 crores working capital)
  • Average cost of funds (consolidated): Reduced by 37 bps to 6.9% for H1 FY27 from 7.2% in H1 FY26
  • ₹69 crores of term loans have interest subvention

Business Segment Performance

Sugar Business

Q2 FY27 Performance:

  • Sugar Domestic Dispatches: 255,334 tonnes, down 7.6% YoY
  • Average Realization: ₹47,275/MT, up 16.5% YoY
  • Revenue: ₹1,262 crores, up 3.9% YoY
  • PBIT: ₹99 crores versus loss of ₹12 crores in Q2 FY26

H1 FY27 Performance:

  • Sugar Domestic Dispatches: 532,738 tonnes, down 0.3% YoY
  • Average Realization: ₹44,281/MT, up 9.3% YoY
  • Revenue: ₹2,497 crores, up 4.7% YoY
  • PBIT: ₹113 crores versus loss of ₹5 crores in H1 FY26

Inventory Position:

  • Sugar inventory as of September 30, 2026: 1.03 lakh MT valued at ₹38.6/kg
  • Sugar inventory as of September 30, 2025: 1.69 lakh MT valued at ₹37.4/kg

Alcohol (Distillery) Business

Q2 FY27 Performance:

  • Production: 51,052 KL, down 14.3% YoY
  • Sales: 61,424 KL, up 15.8% YoY
  • Average Realization: ₹64.01/ltr, up 1.1% YoY
  • Ethanol Sales % of Total: 92%
  • Ethanol from Grains %: 61%
  • IMIL Sales: 13.39 lakh cases, down 1.2% YoY
  • Revenue Net of Excise Duty: ₹473 crores, up 19.0% YoY
  • PBIT: ₹43 crores, up 53.5% YoY

H1 FY27 Performance:

  • Production: 108,540 KL, down 12.8% YoY
  • Sales: 111,907 KL, down 3.0% YoY
  • Average Realization: ₹61.85/ltr, up 1.1% YoY
  • Ethanol Sales % of Total: 90%
  • Ethanol from Grains %: 61%
  • IMIL Sales: 28.96 lakh cases, down 1.1% YoY
  • Revenue Net of Excise Duty: ₹846 crores, up 2.5% YoY
  • PBIT: ₹73 crores, up 43.9% YoY

Water Business (Consolidated)

Q2 FY27 Performance:

  • Revenue: ₹47 crores, down 12.9% YoY
  • PBIT: ₹1 crore, down 55.9% YoY
  • Orders Received: ₹9 crores, down 57.8% YoY

H1 FY27 Performance:

  • Revenue: ₹90 crores, down 17.1% YoY
  • PBIT: ₹3 crores, down 81.0% YoY
  • Orders Received: ₹18 crores, down 35.2% YoY

Order Book Position:

  • Closing Order Book as of September 30, 2026: ₹1,452 crores (includes ₹1,048 crores towards long-duration O&M contracts)
  • Closing Order Book as of September 30, 2025: ₹1,520 crores

Management Commentary

Mr. Dhruv M. Sawhney, Chairman and Managing Director, commented on the performance:

  • Significant improvement in operating and financial performance driven by higher sugar realizations, favorable alcohol product mix, stronger DDGS income, and cost discipline
  • Sugar business benefited from tight domestic balance and firm prices despite market volatility and policy intervention
  • Objective to increase cane crush with focus on cane development, crop surveillance, and operational efficiencies for new crushing season
  • Late-October unseasonal rainfall in Uttar Pradesh requires close field-level assessment, likely delaying crushing commencement
  • Alcohol business delivered stronger earnings through higher grain-based ethanol dispatches and improved DDGS realizations
  • ESY 2026-27 tender excludes ethanol from sugarcane juice/syrup and B-Heavy molasses, reduces maize-ethanol price to ₹68.86/litre
  • Water business affected by slow execution of certain EPC projects but retains healthy order book with significant O&M component

Industry Scenario and Outlook

Sugar Industry - Domestic

  • SS 2026-27 opening stocks estimated at approximately 3.5 MMT with consumption estimated at 28.5-29.0 MMT
  • Weather-related crop risks in Maharashtra and Karnataka, with fresh uncertainty from late-October rainfall in Uttar Pradesh
  • Domestic prices expected to remain firm due to tighter carry-over stock and expected monsoon deficit
  • FRP for SS 2026-27 raised by ₹10/qtl to ₹365/qtl by Central Government

Sugar Industry - International

  • Global sugar market projected to move from surplus of 1.5 MMT in 2025-26 to deficit of 0.9 MMT in 2026-27
  • ICE NY No. 11 raw sugar: 19.36 US cents/lb on October 30, 2026 (52-week range: 13.31-21.13 US cents/lb)
  • ICE London No. 5 white sugar: USD 516.30/tonne on October 30, 2026 (52-week range: USD 376.10-561.90/tonne)

Alcohol Industry

  • Blending % achieved for ESY 2025-26 till September 2026: 20% with procurement of 987 crore litres
  • Grain-based ethanol constitutes 71% of total supply in ESY 2025-26 till September 2026
  • For ESY 2026-27, OMCs invited bids for approximately 1,100 crore litres excluding sugarcane juice/syrup and B-Heavy molasses
  • Ministry of Road Transport and Highways notified Central Motor Vehicles (Amendment) Rules, 2026 recognizing E100 and E85 for flex-fuel vehicles

Corporate Structure Update

  • Composite Scheme of Arrangement became effective on May 19, 2026
  • Sir Shadi Lal Enterprises Limited amalgamated into TEIL effective April 01, 2025
  • Power Transmission Business demerged and vested in Triveni Power Transmission Limited (TPTL) effective April 01, 2026
  • TPTL listed on NSE and BSE on October 12, 2026
  • Share of profit of TPTL considered during current period proportionate to equity shareholding held post-demerger

Shareholding Pattern

As of September 30, 2026:

  • Promoter Group: 60.6%
  • FPI + FII: 7.5%
  • MF + AIF: 6.2%
  • Resident Individuals: 20.7%
  • Corporate Bodies: 2.1%
  • NRIs: 2.0%
  • Others: 0.9%

Total outstanding equity shares: 22,03,63,016 of Face Value ₹1 each

Investor Contact Information

  • Kumar Sunit, Head – Investor Relations & Value Creation: +91 120 4308014, sunit@ho.trivenigroup.com, ir@trivenigroup.com
  • Gavin Desa/Konpal Pali, CDR India: +91 22 6645 1237/1291, gavin@cdr-india.com, konpal@cdr-india.com