Trident Ltd

ESG rating update

• CRISIL updated Trident's ESG score to 58, up 4 points from 54, category 'Adequate'.
• CRISIL Core ESG rating also 58 under BRSR Core framework.
• Company states it did not engage CRISIL; rating based on publicly available data.
• Ratings accessible on CRISIL and Trident investor pages.
• Date of update: August 18, 2026.

ESG rating update

• ESG Risk Assessments & Insights Limited updated Trident's ESG score to 55 with 'Adequate' rating.
• Moderation due to low female representation, Punjab pollution matter, and auditor's emphasis of matter.
• Company states it did not engage the rating agency and assigned the rating independently from public data.

Target entity

• Name: Trident Global Industries Limited; incorporated in India as a domestic wholly owned subsidiary.

Size and ownership

• Initial paid-up capital: Rs 5,00,000; 50,000 equity shares of Rs 10 each.
• Holding: 100% equity stake by Trident Limited.

Business scope

• Industry: Textile and trading of goods and services.
• Purpose: enhance brand presence, brand-building, sales and market development for Trident products overseas.

Regulatory and timeline

• Approval: MCA clearance received on August 17, 2026.
• Incorporation date: August 17, 2026; country: India.

Consideration & funding

• Financed in cash by Trident Limited.
• Total subscription price: Rs 5,00,000.

Ownership & relation

• Subsidiary is wholly owned by the listed entity; no external promoter interest.

Background

• Target products/services: textile goods and related trading; incorporated August 17, 2026.

Bank facilities and CRISIL ratings

• Electronic Vendor financing: 500 crore; SBI; CRISIL A1+.
• Long-term loan: 132 crore; Union Bank of India; AA/Stable.
• Long-term loan: 50 crore; ICICI Bank; AA/Stable.
• Long-term loan: 53 crore; IndusInd Bank; AA/Stable.
• Long-term loan: 306 crore; Punjab National Bank; AA/Stable.
• Long-term loan: 137 crore; State Bank of India; AA/Stable.
• Long-term loan: 21 crore; Bank of Baroda; AA/Stable.
• Long-term loan: 98 crore; HDFC Bank; AA/Stable.
• Long-term loan: 133 crore; Indian Bank; AA/Stable.
• Proposed fund-based bank limits: 1012.5 crore; AA/Stable.
• Short-term loan: 300 crore; HDFC Bank; A1+.
• Short-term loan: 297.5 crore; ICICI Bank; A1+.
• Short-term loan: 260 crore; Axis Bank; A1+.
• Short-term loan: 200 crore; Bank of Baroda; A1+.
• Short-term loan: 200 crore; Exim Bank; A1+.
• Short-term loan: 100 crore; The Hongkong and Shanghai Banking Corporation Limited; A1+.
• Short-term loan: 200 crore; IDFC FIRST Bank Limited; A1+.
• Note: Update aligns with RBI requirement; no new rating action.

Overview

• Target Company: Trident Ltd.
• Disclosing Party (Promoter Group): Rajinder Gupta; Trident Group Limited; Madhuraj Foundation; Lotus Global Foundation.
• Transaction Type: Inter Se Transfer between Promoter Group (Block Deal).
• Pre-transaction voting-right holdings: Rajinder Gupta 233,11,69,835; Trident Group Limited 140,80,22,010; Madhuraj Foundation 1,53,21,960.
• Acquired voting rights: 13,00,00,000 shares per acquirer (2.55%).
• Post-transaction voting rights: Rajinder Gupta NIL.
• Post-transaction voting rights: Trident Group Limited 246,11,69,835 (48.30%).
• Post-transaction voting rights: Madhuraj Foundation 127,80,22,010 (25.08%).
• Post-transaction voting rights: Lotus Global Foundation 1,53,21,960 (0.30%).
• Date of transaction: August 07, 2026.
• Equity share capital before/after: INR 509,59,55,670.
• Total diluted share capital after: INR 509,59,55,670.

Business Overview

• Yarn, bed & bath linen, paper, chemical, and energy are core segments.
• World's largest wheat straw-based paper manufacturer.
• Leading integrated home textile manufacturer in India.
• Global footprint with offices in US, UK, Dubai, Singapore and India.

Key Operational Highlights

• Q1FY27 total income ₹17,971 mn; EBITDA margin 17.14%.
• Net profit ₹1,529 mn; EPS ₹0.30.
• Interim dividend ₹0.50 per share for FY27.
• Capacity expansion across yarn, bed linen, bath linen, and power.
• Solar capacity added to 51.98 MW; capacity up 5.40 MW.
• AI-driven projects; six additional patents.
• Takshashila 2026 flagship hiring program launched.
• Interim dividend policy maintained; governance with 67% independent directors.
• Exports represented around half of income.
• Textile segment contributes majority of revenue.
• Revenue split: Textile ~83%, Paper ~17%.

Financial Performance

• Standalone total income ₹17,971 mn; EBITDA ₹3,080 mn.
• PBT ₹2,092 mn; PAT ₹1,529 mn; EPS ₹0.30.
• QoQ total income up 9.0%; YoY up 4.5%.
• Net debt to EBITDA 0.83.
• Net debt to equity 0.22; current ratio 1.57.
• ROE 13.1%; ROCE 16.5%.
• Textile EBIT ₹2,227 mn; margin 15.0%.
• Paper EBIT ₹524 mn; margin 17.62%.

Capital Structure & Liquidity

• Gross debt ₹17,994 mn; cash ₹7,740 mn; net debt ₹10,254 mn.
• Short-term loans ₹8,707 mn; long-term loans ₹9,287 mn.
• Credit ratings: CARE AA, CRISIL AA, India Ratings AA (Stable).

Strategic Priorities & Outlook

• Capacity building 2026–2030; expansions in yarn, bed/bath linen, power.
• Solar capacity increased to 51.98 MW; +5.40 MW expansion.
• FTA India–UK tariff elimination to boost textile trade.
• Takshashila 2026 flagship hiring program launched.
• AI-driven projects; six additional patents.

Governance & Leadership

• Interim dividend ₹0.50 per share; 67% independent directors.
• Big4 audit support for internal controls and reporting.
• Renewables account for 34.6% of energy mix; biomass 30.12%, solar 4.48%.
• ESG initiatives include rural development and education programs.

Business Overview

• Core businesses: Yarn, bed & bath linen, paper, chemical, and energy.
• World’s largest wheat straw-based paper manufacturer with domestic and global reach.
• Textile revenue ~83%, Paper ~17% in Q1FY27.
• Capacity expansion across yarn, bed linen, bath linen; solar power installation planned.
• Digital Trident platform; AI projects; six additional patents filed.
• Takshashila 2026 flagship hiring program launched.

Operational Highlights

• Q1FY27 total income ₹17,971 mn; EBITDA ₹3,080 mn; EBITDA margin 17.14%.
• PBT ₹2,092 mn; PBT margin 11.64%; Net profit ₹1,529 mn; EPS ₹0.30.
• Textile revenue ₹14,843 mn; EBIT ₹2,227 mn; EBIT margin 15.00%.
• Paper & Chemical revenue ₹2,974 mn; EBIT ₹524 mn; EBIT margin 17.62%.
• Interim dividend ₹0.50 per share for FY27.
• Exports accounted for about 53% of income in Q1FY27.
• Solar/Power segment supports capacity expansion; cash balance ₹7,740 mn; gross debt ₹17,994 mn.

Financial Performance

• QoQ total income up 9.01%; YoY up 4.49%.
• Standalone EBITDA ₹3,080 mn; margin 17.14%.
• Net profit ₹1,529 mn; EPS ₹0.30; cash profit ₹2,219 mn.
• Net debt/EBITDA 0.83x; Net debt/equity 0.22x; net worth ₹46,801 mn.
• ROE 13.1%; ROCE 16.5% (Q1FY27).

Capital & Liquidity

• Short-term loans ₹8,707 mn; long-term loans ₹9,287 mn.
• Gross debt ₹17,994 mn; cash ₹7,740 mn; net debt ₹10,254 mn.
• Current ratio 1.57; solvency indicators resilient.

Strategic Outlook

• 2026–2030 growth plan prioritizes capacity expansion and diversification.
• Solar capacity addition: 51.98 MWp; power capacity up by 5.40 MWp.
• Takshashila 2026 flagship hiring program; AI-driven projects; six new patents.
• India-UK FTA tariff elimination to boost textile trade.

Governance

• Board comprises 67% independent directors.
• Big4-led audit function for internal controls and financial reporting.
• Credit ratings: India Rating AA (Stable); CARE AA (Stable); CRISIL AA (Stable).