Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,444.80 last close on 16 Oct 2026 −0.25%
Research updated
Trident Ltd.
NSE: TRIDENTConsumer CyclicalTextile Manufacturing
- Last close
- ₹22.27
- Day change
- +₹0.18 (+0.81%)vs
- Market cap
- ₹11,348 crIndian rupees
- Research updated
- 1 report
About Trident
Trident Ltd. is a prominent company engaged in the manufacturing and distribution of high-quality textiles. Specializing in a range of products, including home textiles, yarn, paper, and chemicals, the company has established itself as a versatile player in the industrial sector. Trident's offerings primarily support the consumer segment with its diverse array of home textiles like sheets, towels, and bedspreads, making it a key supplier to households and hospitality services worldwide. Additionally, the company's production of paper goods and chemicals positions it as an essential contributor to the stationery and industrial chemical markets. Trident Ltd. is renowned for its integrated operations that include cotton, spinning, and weaving, ensuring higher efficiency and product quality. Given its extensive distribution network and commitment to sustainable practices, Trident continues to play a significant role in the textiles and ancillary industries, influencing global supply chains and impacting economies of scale in textile production.
- Sector
- Consumer Cyclical
- Industry
- Textile Manufacturing
- Listing
- NSE: TRIDENT
- Chief executive
- Mr. Pardeep Kumar Markanday MBA
- Employees
- 11,560
- Headquarters
- Barnala, India
- ISIN
- INE064C01022
- Website
- tridentindia.com
Public research · Report of
Business model & financial foundation
Trident (NSE: TRIDENT), Integrated yarn and home textiles; paper and chemicals: revenue of ₹6,701 crore in FY26 (-4.1% on FY25), an EBITDA margin of 13.0%, net profit of ₹377.1 crore and net debt of ₹985.8 crore.
- Revenue, FY26 (₹ crore)
- 6,701
- consolidated
- Revenue growth, FY26
- -4.1%
- on FY25
- EBITDA margin, FY26
- 13.0%
- EBITDA (Operating EBITDA excluding other income and associates) / revenue
- Net profit, FY26 (₹ crore)
- 377.1
- to owners
- Return on equity, FY26
- 8.0%
- on average equity
- Net debt, FY26 (₹ crore)
- 985.8
- Net bank debt after financial liquidity excluding unpaid dividends
- Market capitalisation (₹ crore)
- 11,806
- at the close of 17 Oct 2026
Company profile
Vertically integrated Indian manufacturer of yarn, terry towels and bed linen, alongside wheat-straw-based paper and sulphuric acid. Manufacturing is located at Sanghera and Dhaula in Punjab and Budhni in Madhya Pradesh, supported by captive co-generation and solar power. Overseas subsidiaries market products to global retailers, institutions and hospitality buyers; the TGCL associate develops domestic and overseas distribution and brands.
| Item | Value |
|---|---|
| Legal name | Trident Limited (formerly Abhishek Industries Limited) |
| Exchange and ticker | NSE: TRIDENT; BSE: 521064 |
| ISIN | INE064C01022 |
| CIN | L99999PB1990PLC010307 |
| Sector | Textiles |
| Industry | Integrated yarn and home textiles; paper and chemicals |
| Headquarters | Barnala, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP |
| Market capitalisation | ₹11,806 crore (17 Oct 2026) |
| Shares outstanding | 509.29 crore shares (FY26) |
| Price | ₹22.27 (close, 17 Oct 2026) |
| 52-week range | ₹21.60 - ₹30.94 (to 17 Oct 2026) |
| Website | https://www.tridentindia.com |
Corporate structure and shareholding
Parent: Madhuraj Foundation.
| Entity | Holding | Business |
|---|---|---|
| Trident Group Enterprises Pte. Ltd. | 100% | Singapore holding/international business entity; owns overseas distribution subsidiaries. |
| Trident Global Inc. | 100% | USA home textile marketing and distribution; FY24 effective holding 73.5%, FY25 bought remaining NCI. |
| Trident Europe Limited | 100% | UK textile marketing and distribution. |
| THTL Trading LLC | 100% | Dubai marketing/trading presence, established January 14 2025. |
Year-end FY26 scope. Trident Home Textiles sold June 17 2025; MyTrident.com acquired January 8 then sold February 9 2026. TGCL is 30.42% associate from September 9 2025 (note48 rounds to 30%); equity-accounted, not a subsidiary. Employee welfare trust consolidated and treasury shares reduce EPS denominator. Legal holding names vary slightly across report; AOC-I retained.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 73.68% | 73.68% | 73.68% | 73.68% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 3.06% | 3.16% | 3.07% | 3.17% |
| Domestic institutions | 0.15% | 0.19% | 0.23% | 0.25% |
| of which mutual funds | 0.12% | 0.14% | 0.16% | 0.17% |
| Retail | 18.88% | 18.74% | 18.71% | 18.60% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Internal initiation notes; information cutoff 17 October 2026. Trident is an integrated yarn, towel, bedsheet and paper/chemicals manufacturer, with export distribution entities and a strategic TGCL associate. Integration supports conversion economics but creates material internal sales: consolidated revenue must subtract intersegment eliminations once. Segment results are EBIT-type measures, not segment EBITDA; standalone presentation mix is not a consolidated revenue build. FY26 consolidated revenue was INR6,701.05 crore, operating EBITDA INR869.18 crore and owners PAT INR377.11 crore (FY26 annual report, published 9 July 2026, consolidated statements/segment note).
Operating EBITDA here excludes other income and associates. Q1FY27 operating EBITDA was INR299.81 crore versus the company's broader EBITDA of INR316.43 crore, on operations revenue INR1,786.83 crore (results published 21 July 2026). The difference is not operating improvement: the company convention includes other income and associates. Associates enter PBT once; forex expense is included in operating other costs once. Strategic TGCL investment is not cash or treasury liquidity.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share | capital employed, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Yarn | 3,524 | 43.3% | 215.6 | 28.1% | 2,829 | 52.5% |
| Towel bath linen | 2,585 | 31.8% | 247.8 | 32.3% | 1,491 | 27.7% |
| Bedsheets bed linen | 987.3 | 12.1% | 96.2 | 12.5% | 515.7 | 9.6% |
| Paper and chemicals | 1,040 | 12.8% | 208.4 | 27.1% | 549.0 | 10.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Welspun Living (WELSPUNLIV) | Closest bed/bath linen export manufacturer; comparable global retail customer, cotton input, US demand and tariff exposure. |
| Indo Count Industries (ICIL) | Bed-linen export comparator for sheeting capacity utilisation, US demand, retail partnerships and product mix. |
| Himatsingka Seide (HIMATSEIDE) | Integrated home textile bedding/towel manufacturer and global distribution; asset intensity and leverage comparator. |
| Vardhman Textiles (VTL) | Spinning and fabric comparator for yarn spreads, cotton procurement, integration and manufacturing return metrics. |
| KPR Mill (KPRMILL) | Integrated spinning and garment exporter; capital efficiency and cotton/yarn exposure comparator, with apparel rather than home textile mix. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations including operating incentives | 6,575 | 5,982 | 6,809 | 6,987 | 6,701 |
| Cost of revenue (vendor classification) * | 3,482 | 3,467 | 3,573 | 3,976 | 3,800 |
| Other operating costs (vendor classification) * | 1,330 | 1,266 | 1,427 | 1,185 | 1,143 |
| EBITDA (vendor classification) * | 1,544 | 968.6 | 990.6 | 966.7 | 942.9 |
| Operating EBIT excluding other income | 1,198 | 657.0 | 575.3 | 544.6 | 551.9 |
| Finance costs net of interest subsidies | 81.7 | 77.9 | 156.4 | 130.2 | 114.0 |
| Profit before tax including associate share | 1,116 | 579.1 | 476.9 | 474.6 | 519.9 |
| Total income tax expense including prior-year adjustments | 282.7 | 137.5 | 126.9 | 103.8 | 142.8 |
| Consolidated profit for year before NCI attribution | 833.8 | 441.6 | 350.0 | 370.7 | 377.1 |
| Diluted earnings per share as reported (₹) | 1.67 | 0.88 | 0.69 | 0.73 | 0.74 |
| Exceptional items signed income positive | 0.15 | 0.00 | 0.00 | ||
| Share of profit of associates signed | 0.00 | 0.00 | 7.92 | ||
| Profit attributable to non-controlling interests | 0.47 | 0.85 | 0.00 | ||
| Profit attributable to owners of parent | 349.5 | 369.9 | 377.1 | ||
| Materials, traded purchases and inventory changes | 3,456 | 3,604 | 3,440 | ||
| Employee benefits expense | 876.9 | 922.1 | 866.4 | ||
| Other operating expenses including separate forex line | 1,536 | 1,550 | 1,525 | ||
| Operating EBITDA excluding other income and associates | 940.3 | 910.8 | 869.2 | ||
| Other income | 57.8 | 60.2 | 74.1 | ||
| Depreciation and amortisation | 365.0 | 366.2 | 317.3 | ||
| Raw materials consumed component of cogs | 3,503 | 3,527 | 3,377 | ||
| Stock in trade purchases component of cogs | 49.1 | 6.07 | 10.3 | ||
| Inventory change signed component of cogs | -95.8 | 71.2 | 53.5 | ||
| Forex loss gain including MTM within other_expenses | -12.1 | -15.3 | 16.0 | ||
| Other expenses as separately presented in face statement | 1,548 | 1,565 | 1,509 | ||
| Power and fuel net of subsidies component other expenses | 579.3 | 553.2 | 539.3 | ||
| Freight clearing and octroi component other expenses | 141.7 | 133.6 | 121.1 | ||
| Packing materials consumed component other expenses | 234.1 | 247.4 | 229.0 | ||
| Political contributions component other expenses | 7.00 | 43.5 | 22.2 | ||
| Legal professional charges including promoter consultancy | 117.7 | 126.4 | 116.6 | ||
| Current tax for current year | 118.9 | 132.1 | 133.3 | ||
| Deferred current year tax charge credit signed | 7.87 | -27.6 | 9.90 | ||
| Current tax adjustments prior years | -1.00 | 4.68 | -8.77 | ||
| Deferred tax adjustments prior years | 1.05 | -5.38 | 8.40 | ||
| Export incentives included in operating revenue | 344.5 | 355.9 | 315.3 | ||
| Investment promotion assistance in operating revenue | 27.5 | 41.3 | 81.0 | ||
| Interest subsidy deducted from finance cost memo | 13.5 | 52.9 | 48.5 | ||
| Government subsidy deducted from power fuel memo | 10.7 | 11.3 | 38.3 | ||
| Interest income component of other income | 42.6 | 41.1 | 56.2 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity including NCI | 3,845 | 4,194 | 4,318 | 4,621 | 4,771 |
| Bank borrowings excluding separately reported lease liabilities | 1,597 | 1,442 | 2,061 | 1,576 | 1,768 |
| Cash and cash equivalents | 271.1 | 126.7 | 26.4 | 83.8 | 30.9 |
| Net trade receivables | 525.3 | 276.5 | 411.9 | 297.7 | 246.9 |
| Inventories | 1,314 | 1,082 | 1,393 | 1,245 | 1,205 |
| Trade payables MSME and other creditors | 460.6 | 540.2 | 476.6 | 337.7 | 364.7 |
| Net tangible property plant and equipment excluding ROU | 8.94 | 7.93 | 4,464 | 4,337 | 4,235 |
| Capital work in progress excluding intangible development | 82.4 | 362.2 | 84.8 | 49.1 | 37.3 |
| Total consolidated assets | 6,489 | 6,829 | 7,563 | 7,161 | 7,537 |
| Equity attributable to owners of parent | 4,315 | 4,621 | 4,771 | ||
| Current and non-current lease liabilities | 65.1 | 59.5 | 60.8 | ||
| Other current bank balances including earmarked accounts | 504.8 | 597.5 | 601.8 | ||
| Bank deposits with remaining maturity over twelve months | 0.00 | 0.00 | 160.6 | ||
| Treasury fund investments counted as financial liquidity | 48.5 | 0.00 | 0.00 | ||
| Net bank debt after financial liquidity excluding unpaid dividends | 1,495 | 907.6 | 985.8 | ||
| Conservative net debt including leases excluding restricted liquidity | 1,642 | 1,104 | 1,205 | ||
| Net intangible assets excluding development | 55.4 | 39.9 | 28.7 | ||
| Net right of use assets | 87.7 | 78.1 | 76.4 | ||
| Intangible assets under development | 2.93 | 3.52 | 2.11 | ||
| Total non-current investments including strategic associate | 48.9 | 0.35 | 258.1 | ||
| Other non-current financial assets | 58.7 | 74.1 | 230.9 | ||
| Non-current net tax assets | 23.1 | 18.0 | 20.0 | ||
| Other non-current assets | 36.4 | 51.1 | 125.0 | ||
| Current loans incl accrued interest | 0.00 | 0.00 | 15.8 | ||
| Other current financial assets | 174.0 | 137.9 | 214.1 | ||
| Other current assets | 190.5 | 148.1 | 209.2 | ||
| Equity share capital amount not share count | 509.6 | 509.6 | 509.6 | ||
| Other equity including treasury shares deduction | 3,806 | 4,111 | 4,262 | ||
| Non-controlling interest in equity | 2.26 | 0.00 | 0.00 | ||
| Net deferred tax liabilities | 309.6 | 275.2 | 288.3 | ||
| Other current financial liabilities | 171.1 | 135.5 | 168.9 | ||
| Current provisions employee benefits | 57.8 | 42.2 | 38.6 | ||
| Other current liabilities | 102.9 | 93.3 | 72.6 | ||
| Current net tax liabilities | 1.82 | 20.6 | 3.76 | ||
| Total consolidated liabilities | 3,246 | 2,540 | 2,765 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash flow from operating activities | 687.9 | 1,234 | 287.3 | 945.0 | 760.2 |
| Free cash flow (vendor definition) * | 540.9 | 647.2 | -360.0 | 715.0 | 444.4 |
| Cash dividends paid positive outflow magnitude | -359.8 | -180.2 | 181.2 | 181.2 | 254.0 |
| Cash payments for PPE CWIP and intangible assets positive | -351.7 | -775.9 | 647.3 | 229.6 | 315.8 |
| Gross term debt and NCD repayments excluding leases | 78.9 | 216.1 | 107.6 | ||
| CFO less positive cash capex before acquisitions and dividends | -360.0 | 715.4 | 444.4 | ||
| Cash operating profit before working capital changes | 953.0 | 927.9 | 886.6 | ||
| Net operating working capital movement cash source positive | -540.1 | 129.9 | 16.9 | ||
| Direct taxes paid signed cash outflow | -125.6 | -112.8 | -143.3 | ||
| Net investing cash flow | -718.3 | -205.1 | -676.5 | ||
| Net financing cash flow | 340.0 | -682.5 | -136.7 | ||
| Net cash flow change before subsidiary cash transfers | -91.0 | 57.4 | -52.9 | ||
| Cash removed on subsidiary disposal signed | -9.35 | 0.00 | 0.00 | ||
| Cash proceeds PPE disposal | 8.67 | 3.17 | 16.2 | ||
| Cash purchase financial investments signed | -49.7 | 0.00 | 0.00 | ||
| Cash proceeds investments including disposed subsidiary | 36.6 | 50.2 | 0.34 | ||
| Cash invested TGCL associate signed outflow | 0.00 | 0.00 | -250.0 | ||
| Cash loans advanced signed outflow | 0.00 | 0.00 | -15.0 | ||
| Cash interest received investing | 23.3 | 54.7 | 60.9 | ||
| Fixed deposits and noncash bank balances placed signed | -423.2 | -412.1 | -704.6 | ||
| Fixed deposits and noncash bank balances matured | 333.4 | 328.6 | 531.6 | ||
| Trust cash proceeds treasury share sales financing | 0.00 | 120.3 | 42.0 | ||
| Cash proceeds trust stock options exercises | 0.22 | 0.12 | 0.36 | ||
| Cash purchase NCI signed | 0.00 | -2.07 | 0.00 | ||
| Cash proceeds bank term borrowings | 515.6 | 27.3 | 0.00 | ||
| Net cash movement short term working capital borrowings | 249.8 | -300.7 | 302.1 | ||
| Cash bank interest paid financing signed | -156.3 | -124.2 | -112.7 | ||
| Cash lease principal paid financing signed | -6.83 | -2.47 | -3.52 | ||
| Cash lease interest paid financing signed | -4.20 | -3.52 | -3.33 | ||
| Cash refunded against right of use assets | 1.76 | 0.00 | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Weighted average diluted shares for earnings model | 499.94 | 500.90 | 503.26 | 503.65 | 509.29 |
| Year-end issued equity shares including trust holdings | 509.60 | 509.60 | 509.60 | ||
| Consolidated operating EBITDA margin (%) | 13.8% | 13.0% | 13.0% | ||
| Operating cash flow to consolidated PAT (x) | 0.82x | 2.55x | 2.02x | ||
| Three-year operating cash flow to consolidated PAT (x) | 1.81x | ||||
| Broad net bank debt to operating EBITDA (x) | 1.59x | 1.00x | 1.13x | ||
| Conservative net debt including leases to operating EBITDA (x) | 1.75x | 1.21x | 1.39x | ||
| Cash dividends excluding trust to owners PAT (%) | 51.8% | 49.0% | 67.4% | ||
| Note contingent liabilities to total equity (%) | 0.4% | 1.0% | 1.4% | ||
| Annual consolidated revenue growth (%) | 7.5% | 2.6% | -4.1% | ||
| Annual net trade receivables growth (%) | 49.0% | -27.7% | -17.1% | ||
| Receivables growth less revenue growth percentage points (%) | 41.4% | -30.4% | -13.0% | ||
| Operating incentives and power interest subsidies memo | 483.2 | ||||
| Government incentives total as share of operating EBITDA (%) | 55.6% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations excluding other income | 1,713 | 1,667 | 1,864 | 1,707 | 1,787 | 1,574 | 1,633 | 1,787 |
| Cost of revenue (vendor classification) * | 874.0 | 861.0 | 1,337 | 831.4 | 959.5 | 851.3 | 798.2 | 881.8 |
| Other operating costs (vendor classification) * | 393.7 | 367.2 | -344.1 | 367.2 | 388.0 | 367.4 | 386.4 | 366.9 |
| EBITDA (vendor classification) * | 237.7 | 229.0 | 259.8 | 311.9 | 231.7 | 159.3 | 248.4 | 316.4 |
| Operating EBIT excluding other income and associates | 134.1 | 121.2 | 155.3 | 199.1 | 131.4 | 63.9 | 157.6 | 229.6 |
| Finance costs as reported net of subsidy | 46.4 | 34.7 | 2.60 | 31.3 | 24.9 | 25.6 | 32.2 | 30.0 |
| Profit before tax including share of associate profit | 99.1 | 101.8 | 171.7 | 187.7 | 124.0 | 61.8 | 146.4 | 216.3 |
| Total tax including current deferred and prior-year adjustments | 15.8 | 21.7 | 38.3 | 47.8 | 33.0 | 17.6 | 44.5 | 58.2 |
| Consolidated profit after tax before minority allocation | 83.3 | 80.1 | 133.4 | 140.0 | 90.9 | 44.2 | 102.0 | 158.1 |
| Reported diluted EPS not annualised (₹) | 0.17 | 0.15 | 0.25 | 0.27 | 0.18 | 0.09 | 0.20 | 0.31 |
| Materials plus purchases plus inventory changes | 874.0 | 861.0 | 965.2 | 831.4 | 959.5 | 851.3 | 798.2 | 881.8 |
| Employee benefits expense | 223.7 | 232.4 | 239.2 | 219.3 | 225.2 | 216.3 | 205.6 | 229.6 |
| Other operating expenses including separate forex row | 388.9 | 360.0 | 414.8 | 364.3 | 388.3 | 371.1 | 401.4 | 375.6 |
| Other income | 11.4 | 15.3 | 19.0 | 20.0 | 16.1 | 20.5 | 17.6 | 16.4 |
| Depreciation and amortisation | 92.2 | 92.6 | 89.8 | 92.8 | 82.9 | 71.9 | 69.7 | 70.2 |
| Exceptional signed gain or loss | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners of parent | 83.2 | 79.7 | 133.3 | 140.0 | 90.9 | 44.2 | 102.0 | 158.1 |
| Profit attributable to non-controlling interests | 0.13 | 0.40 | 0.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit of associate included before tax | 0.00 | 0.00 | 0.00 | 0.00 | 1.40 | 3.02 | 3.49 | 0.23 |
| Operating EBITDA excluding other income and associates | 226.3 | 213.7 | 245.1 | 291.9 | 214.2 | 135.8 | 227.3 | 299.8 |
| Company EBITDA including other income and associates | 237.7 | 229.0 | 264.1 | 311.9 | 231.7 | 159.3 | 248.4 | 316.4 |
| Separately reported forex expense gain negative including MTM | -4.75 | -7.25 | 2.31 | -2.88 | 0.31 | 3.68 | 14.9 | 8.71 |
| Other expenses reported row h excluding separate forex row | 393.7 | 367.2 | 412.5 | 367.2 | 388.0 | 367.4 | 386.4 | 366.9 |
| Cost of raw materials consumed | 930.7 | 823.1 | 890.7 | 842.7 | 911.3 | 811.0 | 811.7 | 904.5 |
| Purchases of stock in trade | 1.23 | 1.04 | 1.36 | 4.22 | 0.11 | 6.15 | -0.20 | 0.69 |
| Changes in finished goods WIP waste and stock in trade | -58.0 | 36.8 | 73.2 | -15.5 | 48.1 | 34.2 | -13.3 | -23.4 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 56.4% | -9.0% | 13.8% | 2.6% | -4.1% |
| EBITDA margin | 13.8% | 13.0% | 13.0% | ||
| Net margin | 5.1% | 5.3% | 5.6% | ||
| Return on equity | 8.2% | 8.3% | 8.0% | ||
| Return on capital employed | 23.2% | 11.9% | 9.6% | 8.7% | 8.7% |
| Return on assets | 4.9% | 5.0% | 5.1% | ||
| Net debt (₹ crore) | 1,495 | 907.6 | 985.8 | ||
| Net debt / EBITDA | 1.59x | 1.00x | 1.13x | ||
| Interest cover | 14.7x | 8.43x | 3.68x | 4.18x | 4.84x |
| Asset turnover | 1.07x | 0.90x | 0.95x | 0.95x | 0.91x |
| Receivable days | 29 | 17 | 22 | 16 | 13 |
| Inventory days (on revenue) | 73 | 66 | 75 | 65 | 66 |
| Payable days (on revenue) | 26 | 33 | 26 | 18 | 20 |
| Cash conversion | 0.82x | 2.55x | 2.02x | ||
| Capex intensity | 5.3% | 13.0% | 9.5% | 3.3% | 4.7% |
| Free cash flow (₹ crore) | 336.1 | 458.2 | -360.0 | 715.4 | 444.4 |
| Dividend payout | 51.8% | 49.0% | 67.4% | ||
| EPS, diluted (₹) | 1.67 | 0.88 | 0.69 | 0.73 | 0.74 |
| Book value per share (₹) | 7.69 | 8.37 | 8.58 | 9.18 | 9.37 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and associates) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net bank debt after financial liquidity excluding unpaid dividends; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and associates).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share as reported).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Trident
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₹10,405.00 last close on 16 Oct 2026 +0.19%Research updated
TVS Motor Company Limited
NSE: TVSMOTOR
Consumer Cyclical · Auto Manufacturers
₹4,095.10 last close on 16 Oct 2026 +1.87%Research updated
Prices are the last close on the NSE, 16 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 17 Oct 2026.
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