WEBSITE BSE:502281 NSE: TRIVENI GLAS Inc. Year: 1971 Industry: Glass My Bucket: Add Stock
Last updated: 10:37
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1. Business Overview
Triveni Glass Ltd. is an Indian company primarily engaged in the manufacturing and sale of various glass products. Its core business model involves the production of different types of glass, likely including float glass, sheet glass, and potentially value-added processed glass products. The company generates revenue by selling these manufactured glass products to a diverse customer base, which typically includes construction and real estate companies, automotive manufacturers, interior decorators, and industrial clients for a wide range of applications.
2. Key Segments / Revenue Mix
While specific revenue contribution data is not readily available, glass manufacturers like Triveni Glass typically derive revenue from segments such as:
Float Glass: Standard clear and tinted glass used extensively in architectural applications (windows, doors, facades) and automotive industries.
Sheet Glass: Used in various applications, often for smaller window panes, picture frames, and general glazing.
Processed/Value-added Glass: Could include tempered glass, laminated glass, insulated glass units (IGU), mirrors, or patterned glass, catering to specific functional or aesthetic requirements. The exact mix would depend on the company's manufacturing capabilities and market focus.
3. Industry & Positioning
The Indian glass industry is characterized by a mix of large integrated players and smaller specialized manufacturers. It is a capital-intensive industry with high energy consumption. Demand is closely linked to the economic growth, particularly in the construction, automotive, and consumer goods sectors. Triveni Glass Ltd. operates as one of the established players within this competitive landscape, likely competing with both domestic manufacturers and imported products. Its positioning would depend on its product portfolio, geographical reach, and cost competitiveness within various glass sub-segments.
4. Competitive Advantage (Moat)
Scale & Capital Intensity: As a manufacturer in a capital-intensive industry, established operational scale and historical investments in plant and machinery can create an entry barrier for new players and potentially offer cost efficiencies.
Manufacturing Expertise & Quality: Over time, a company can develop specialized manufacturing processes and quality control that ensure consistent product quality, which is crucial for critical applications.
Distribution Network: An established distribution and sales network across India can provide a logistical advantage in reaching customers efficiently and ensuring timely delivery.
Brand & Customer Relationships: A long-standing presence can build a reputation for reliability and foster strong relationships with key industrial and commercial customers.
5. Growth Drivers
Urbanization & Infrastructure Development: Continued urbanization, growth in residential and commercial real estate, and government infrastructure projects (e.g., smart cities, housing for all) will drive demand for architectural glass.
Automotive Sector Growth: Growth in India's automotive manufacturing, particularly passenger vehicles and commercial vehicles, will increase demand for automotive glass.
Increasing Disposable Incomes: Higher incomes can lead to greater demand for aesthetic and value-added glass in interior design, consumer durables, and modern construction.
Energy Efficiency & Safety Regulations: Growing awareness and stricter building codes for energy-efficient and safety glass products could drive demand for specialized glass types.
Export Opportunities: Leveraging cost-effective production to cater to international markets could be a growth avenue.
6. Risks
Raw Material Price Volatility: Significant fluctuations in the prices of key raw materials like soda ash, silica sand, and dolomite, as well as energy inputs (natural gas, fuel oil), can impact profitability.
High Energy Costs: Glass manufacturing is highly energy-intensive; rising energy prices or supply disruptions pose a material risk.
Economic Downturns: A slowdown in the Indian economy, particularly in the construction and automotive sectors, would directly reduce demand for glass products.
Intense Competition: The presence of both large domestic and international players, along with potential imports, can lead to pricing pressure and impact market share.
Regulatory & Environmental Compliance: Strict environmental regulations regarding emissions and waste disposal can increase operational costs and require significant investments.
Technological Obsolescence: Failure to adopt new manufacturing technologies or product innovations could lead to a loss of competitive edge.
7. Management & Ownership
Triveni Glass Ltd. is typically promoted by a founding family or group, which is common among many established Indian companies. The promoters generally hold a significant equity stake, providing long-term strategic direction. Management quality for such established players often reflects a blend of experience within the industry and adaptation to evolving market dynamics. The ownership structure likely features a dominant promoter group holding, alongside institutional and public shareholders.
8. Outlook
Triveni Glass Ltd. operates in a foundational industry that is integral to India's growth story. The ongoing urbanization, infrastructure push, and rising affluence in India present a favorable demand environment for glass products across various applications. The company's established operational base and market presence provide a platform for leveraging this growth. However, the business remains susceptible to cyclical economic fluctuations, volatile raw material and energy costs, and intense competition, which can exert pressure on profitability and market share. Future performance will largely depend on the company's ability to maintain cost efficiencies, innovate its product portfolio, and effectively navigate the competitive and regulatory landscape.
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Market Cap ₹8 Cr.
Stock P/E 92.9
P/B 0.1
Current Price ₹6.5
Book Value ₹ 44.9
Face Value 10
52W High ₹15.5
Dividend Yield 0%
52W Low ₹ 5.4
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 2 | 1 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 2 | 1 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Expenditure | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Profit | 2 | 0 | 1 | 0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 0 | 1 | 0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 1 | 0 | 1 | 0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Adjustments | 0 | -0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 0 | 1 | 0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Adjusted Earnings Per Share | 1.2 | 0.1 | 1 | 0.3 | -0 | -0.1 | -0.1 | -0.2 | -0.1 | -0.2 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 45 | 57 | 67 | 53 | 62 | 59 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 6 | 4 | 2 | 6 | 10 | 2 | 1 | 1 | 4 | 5 | 1 | 0 |
| Total Income | 51 | 60 | 69 | 60 | 72 | 61 | 1 | 1 | 4 | 5 | 1 | 0 |
| Total Expenditure | 56 | 52 | 62 | 55 | 65 | 62 | 1 | 2 | 3 | 1 | 1 | 0 |
| Operating Profit | -5 | 8 | 8 | 5 | 7 | -2 | 0 | -1 | 2 | 3 | 0 | 0 |
| Interest | 3 | 3 | 3 | 3 | 3 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 5 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 7 | 1 | 6 | 4 | -0 | 18 | 0 | -38 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -6 | 5 | 10 | 5 | 2 | 16 | 0 | -39 | 2 | 3 | 0 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -6 | 5 | 10 | 5 | 2 | 16 | 0 | -39 | 2 | 3 | 0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -6 | 5 | 10 | 5 | 2 | 16 | 0 | -39 | 2 | 3 | 0 | 0 |
| Adjusted Earnings Per Share | -4.6 | 3.8 | 7.9 | 4.1 | 1.8 | 12.3 | 0 | -31.3 | 1.3 | 2.3 | 0.1 | -0.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 0% | -100% | -100% |
| Operating Profit CAGR | -100% | 0% | 0% | 0% |
| PAT CAGR | -100% | 0% | -100% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -55% | -31% | 3% | -10% |
| ROE Average | 0% | 0% | 0% | 0% |
| ROCE Average | 2% | 126% | 34% | 27% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | -56 | -51 | -42 | -37 | -35 | 19 | 19 | -19 | -18 | -15 | -15 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 90 | 81 | 66 | 57 | 39 | 1 | 1 | 1 | 1 | 0 | 0 |
| Other Non-Current Liabilities | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 58 | 64 | 72 | 77 | 89 | 52 | 53 | 25 | 22 | 22 | 21 |
| Total Liabilities | 92 | 94 | 96 | 97 | 93 | 72 | 73 | 7 | 6 | 7 | 7 |
| Fixed Assets | 78 | 79 | 78 | 81 | 78 | 67 | 67 | 3 | 3 | 3 | 3 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 |
| Total Current Assets | 14 | 14 | 18 | 16 | 16 | 4 | 5 | 4 | 3 | 4 | 4 |
| Total Assets | 92 | 94 | 96 | 97 | 93 | 72 | 73 | 7 | 6 | 7 | 7 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 3 | 3 | 0 | 0 | 0 | 0 | 0 | 2 | 1 | 0 | 0 |
| Cash Flow from Operating Activities | 19 | 10 | 13 | 18 | 17 | 12 | 1 | -67 | -1 | -1 | -1 |
| Cash Flow from Investing Activities | -0 | -1 | -0 | -3 | -1 | -11 | -0 | 65 | -0 | 1 | 0 |
| Cash Flow from Financing Activities | -18 | -10 | -13 | -15 | -16 | -2 | -0 | 1 | 0 | -0 | -0 |
| Net Cash Inflow / Outflow | 0 | -1 | 0 | -0 | 0 | -0 | 0 | -1 | -1 | 0 | -0 |
| Closing Cash & Cash Equivalent | 3 | 2 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -4.57 | 3.85 | 7.86 | 4.07 | 1.83 | 12.34 | 0.05 | -31.28 | 1.32 | 2.28 | 0.07 |
| CEPS(Rs) | -0.67 | 4.42 | 8.43 | 4.66 | 2.42 | 12.62 | 0.05 | -31.28 | 1.36 | 2.31 | 0.1 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -44.39 | -40.54 | -33.41 | -29.34 | -27.51 | 15.03 | 15.08 | -15.23 | -13.94 | -11.69 | -11.66 |
| Core EBITDA Margin(%) | -21.19 | 7.37 | 6.87 | -2.15 | -4.54 | -4.36 | 0 | 0 | 0 | 0 | 0 |
| EBIT Margin(%) | -6.12 | 13.02 | 16.6 | 12.39 | 7.62 | 22.61 | 0 | 0 | 0 | 0 | 0 |
| Pre Tax Margin(%) | -11.33 | 7.58 | 13.21 | 7.81 | 3.13 | 21.71 | 0 | 0 | 0 | 0 | 0 |
| PAT Margin (%) | -11.33 | 7.58 | 13.21 | 7.81 | 3.13 | 21.71 | 0 | 0 | 0 | 0 | 0 |
| Cash Profit Margin (%) | -1.66 | 8.71 | 14.18 | 8.95 | 4.13 | 22.21 | 0 | 0 | 0 | 0 | 0 |
| ROA(%) | -5.63 | 5.22 | 10.44 | 5.32 | 2.43 | 18.83 | 0.09 | -99.18 | 26.14 | 44.04 | 1.27 |
| ROE(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0.33 | 0 | 0 | 0 | 0 |
| ROCE(%) | -4.6 | 15.89 | 25.62 | 19.14 | 18.24 | 52.3 | 0.23 | -208.57 | 262.42 | 113.39 | 2.32 |
| Receivable days | 31.01 | 13.24 | 10.5 | 9.73 | 6.7 | 3.28 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 58.23 | 36.5 | 41.14 | 47.83 | 43.75 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 160.4 | 122.58 | 108.48 | 130.02 | 136.95 | 92.75 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 4.55 | 3.85 | 3.75 | 5.31 | 0.3 | 101.81 | 0 | 16.51 | 9.63 | 155.71 |
| Price/Book(x) | -0.38 | -0.43 | -0.91 | -0.52 | -0.35 | 0.25 | 0.34 | -1.29 | -1.57 | -1.87 | -0.93 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 2.85 | 2.14 | 1.88 | 1.73 | 1.11 | 0.37 | 0 | 0 | 0 | 0 | 0 |
| EV/Core EBITDA(x) | -25.03 | 14.67 | 16.49 | 18.78 | 10.54 | -14.33 | 259.64 | -34.07 | 27.17 | 14.89 | 244.12 |
| Net Sales Growth(%) | -12.56 | 25.35 | 17.64 | -20.35 | 16.23 | -4.19 | -100 | 0 | 0 | 0 | 0 |
| EBIT Growth(%) | -138.7 | 367.49 | 49.46 | -34.69 | -30.92 | 188.5 | -99.46 | 0 | 104.24 | 82.97 | -97 |
| PAT Growth(%) | -186.47 | 184.16 | 104.31 | -48.25 | -55.05 | 574.81 | -99.6 | 0 | 104.23 | 72.11 | -96.93 |
| EPS Growth(%) | -186.47 | 184.16 | 104.32 | -48.25 | -55.05 | 574.81 | -99.6 | 0 | 104.23 | 72.11 | -96.92 |
| Debt/Equity(x) | -1.98 | -1.98 | -2.12 | -2.02 | -1.69 | 1.01 | 1 | -0.99 | -1.08 | -1.27 | -1.27 |
| Current Ratio(x) | 0.24 | 0.22 | 0.24 | 0.2 | 0.18 | 0.09 | 0.09 | 0.15 | 0.12 | 0.19 | 0.17 |
| Quick Ratio(x) | 0.15 | 0.1 | 0.12 | 0.1 | 0.07 | 0.09 | 0.09 | 0.15 | 0.12 | 0.19 | 0.17 |
| Interest Cover(x) | -1.18 | 2.39 | 4.9 | 2.71 | 1.7 | 25.04 | 3.6 | -7894.52 | 279.15 | 15.94 | 25.53 |
| Total Debt/Mcap(x) | 5.22 | 4.58 | 2.35 | 3.89 | 4.79 | 4.06 | 2.99 | 0.77 | 0.69 | 0.68 | 1.36 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 5.42 | 5.42 | 5.46 | 5.46 | 5.46 | 5.46 | 5.46 | 5.46 | 5.46 | 5.46 |
| FII | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 |
| DII | 3.68 | 3.68 | 3.46 | 3.46 | 3.46 | 3.46 | 3.46 | 3.46 | 3.46 | 3.46 |
| Public | 88.14 | 88.14 | 88.32 | 88.32 | 88.32 | 88.32 | 88.32 | 88.32 | 88.32 | 88.32 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 |
| FII | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| DII | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| Public | 1.11 | 1.11 | 1.11 | 1.11 | 1.11 | 1.11 | 1.11 | 1.11 | 1.11 | 1.11 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 |
* The pros and cons are machine generated.
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