Triton Valves Ltd

Triton Valves Ltd — Closure of Trading Window from October 01, 2026, until the expiry of 48 hours after the declaration of the un-audited financial results for the quarter ending September 30, 2026.

AGM Details

• 50th AGM held on 25 September 2026 via VC/OAVM at 04:00 PM IST.
• Meeting concluded at 04:30 PM IST.
• Remote e-voting and NSDL voting available during the AGM.

Ordinary Business

• Ordinary: Adoption of audited standalone and consolidated financial statements.
• Ordinary: Dividend of INR 2.5 per equity share from current year profits.
• Ordinary: Re-appointment of director by rotation.

Special Businesses

• Special: Ratify cost auditor remuneration for 2026-27.
• Special: Re-appointment of Whole-time Director for five years with remuneration.
• Special: Creation of mortgage/charge on company properties.
• Special: Approval for material related party transactions with subsidiary.
• Special: Revision in managerial remuneration payable to the Whole-time Director.

Financial snapshot

• Standalone revenue from operations ₹434.27 Cr; up 13.9% YoY.
• Consolidated revenue from operations ₹578.42 Cr; up 18.4% YoY.
• Standalone PAT ₹9.38 Cr; Consolidated PAT ₹9.71 Cr.
• Consolidated EBITDA ₹40.74 Cr; standalone ₹30.74 Cr.

Capital allocation & shareholder returns

• Final dividend ₹2.50 per equity share; total ₹1.28 Cr.
• Record date for dividend: 18 Sep 2026.
• Bonus shares: 38,41,581; 3:1 ratio; listing approvals granted.
• Authorised share capital increased to ₹10 Cr; issued capital ₹12.80 Cr.

Corporate actions & amalgamation

• Scheme of Amalgamation: Triton Climatech Private Limited merged with Triton Valves Limited.
• Amalgamation sanctioned by NCLT; effective 27 Jun 2026; Appointed Date 1 Apr 2025.
• Post-amalgamation, two operating segments: Automotive and Climate Control.

Governance, audits & controls

• Kishore Saletore and Ashok Dash appointed as Independent Directors in 2025/2026.
• S.K. Welling ceased as Chairman on 26 Oct 2025.
• Auditors: Deloitte Haskins & Sells LLP reappointed to 2027; Secretarial Auditor: Parameshwar G. Bhat.

Segment performance & geography

• AV revenue ₹32,269.64 Lakhs; CCV ₹1,498.80; MT ₹24,073.36.
• Inter-segment revenue ₹25,608.50; total segment revenue ₹57,841.80.
• India revenue ₹54,837.89; Rest of world ₹3,003.91.

Capital structure & liquidity

• Standalone borrowings ₹8,784.46 Lakhs; Consolidated borrowings ₹13,182.86 Lakhs.
• Total equity ₹14,? Lakhs; consolidated equity ₹12,743 (?)
• Cash & cash equivalents: Standalone ₹92.76 Lakhs; Consolidated ₹141.61 Lakhs.

Risks, CSR & ESG

• Key risks include raw material price volatility, Labour Codes impact, currency risk.
• CSR spend ₹15 Lakhs; focus on education initiatives.

Financial Performance

• Group console revenue: 186.5 crores; YoY growth ~38.5%; QoQ growth ~17.5%.
• Automotive revenue: ~103 crores; Metals: ~79 crores; Climate control: ~3.89 crores.
• Standalone PAT: ~7.5 crores; merger tax credit ~4.75 crores; group PAT: ~9.75 crores.
• EBITDA: ~12.41 crores; sequentially up from ~11.3 crores.
• Tax credits: ~4.75 crores; possibility of an additional ~₹30-40 Lakhs subject to assessment.
• Margin commentary: percentage margins down due to commodity pass-through; absolute EBITDA growth intact.
• Capex guidance: ~₹15 crores for FY27; automotive ~₹10 crores; Future tech ~₹5 crores.
• Capex spent in Q1: ~₹4.2 crores.
• LOIs: AUMOVIO and SENSATA; BOSCH a continuing customer scaling up.

Segment Trends

• Revenue mix: Automotive ~55%, Metals ~42%, Climate control ~2%.
• Capacity utilization: Automotive 85-90% (tubeless, TPMS, EV components); tube valve not maxed.
• New EV components and TPMS growth; Western Europe exports being developed; Middle East war impact noted.
• EV strategy: prototyping; potential to onboard larger clients; six to twelve months to commercialization.
• Value-added alloys: moving toward higher-margin special alloys; investments planned in foundry & extrusion.
• Climate control outlook: nearing potential with expected MIP support; near-term growth tempered by seasonality.

Capex & Capacity

• Group capex target ~₹15 crores for FY27; automotive ~₹10 crores; Future Tech ~₹5 crores.
• Capex already spent in Q1: ~₹4.2 crores.
• EV & TPMS capacity expansion to meet double-digit growth; automation driving efficiency.

Balance Sheet & Cash Flow

• Q1 operating cash profit ~₹12-12.5 crores; capex ~₹4.2 crores; working capital up.
• Debt/EBITDA around ~3x; aim to reduce to ~2.5-3x by year-end.
• Metals and TVFT ROCE: upwards of 16%; potential to cross 20% with value-added alloys.

Corporate Actions & Outlook

• NCLT approved merger of Tritonvalves Climatech Private Limited with holdco; tax shield realized in quarter.
• Tritonvalves Hong Kong entity being wound down.
• FY27 revenue target: higher than the previous year; precise figure not disclosed.
• Long-term target: thousand crores revenue by FY30; plan B/C to manage climatech variability.

Q&A Highlights

• Growth drivers: YOY ~38% due to volume ~20% and value ~18%; metals growth ~42%; climate control softer.
• Capex breakdown: ₹15 crores total; automotive ₹10 crores; Future Tech ₹5 crores to build capacity.
• Margin trajectory: absolute EBITDA rising; percentage margins may compress with copper/brass spikes; long-term double-digits targeted.
• EV space: onboarding potential smaller players; several new programs; six to twelve months to materialize revenue.
• Value addition guidance: TVFT metals ROCE ~16%; potential 20-25% with specialized alloys; climatech still ramping.

Risks & Watchpoints

• Commodity price volatility (copper/brass) and pass-through impact on margins.
• Geopolitical risks (Iran/Middle East) affecting supply and shipments.
• Climate control sector: imports competition; pending MIP and import policies.
• Capex ramp and capacity constraints could affect near-term growth pace.

Meeting Details

• Date of investor call: 21 August 2026.
• Type and mode: group investor conference call, virtual.

Participants

• Key governance participant: Company Secretary & Compliance Officer.

Purpose

• Purpose: investor conference call.

Additional Notes

• Recordings uploaded; available on company website.

Business overview

• Consolidating manufacturer of Automotive and Climate Control Valves/Cores.
• Segments: Automotive, Metals, Climate Control; group includes Triton Valves Future Tech for backward integration.
• Strategic moves include merger with Climatech Private Limited and a bonus issue of shares.

Operational highlights

• Bonus issue completed: 3 fully paid-up shares for 1 share held.
• Merger with TritonValves Climatech Private Limited completed.
• Net brass borings sales reporting initiated in Q1 FY27.
• Metals throughput funded; inter-company purchases expanded; forward integration focus.

Financial performance

• Q1 FY27 consolidated revenue ₹186.60 cr; EBITDA ₹12.41 cr; PAT reported ₹9.79 cr.
• PAT normal ₹5.25 cr; standalone Q1 FY27 revenue ₹107.61 cr; gross margin 24.1%, operating 6.5%, EBITDA 6.7%.
• Balance sheet: net worth ₹138.05 cr; cash ₹2.37 cr; total debt ₹157.58 cr; current ratio 1.27.

Capital structure & liquidity

• Share capital increased via bonus issue; capital employed ₹295.63 cr.
• Short-term loans ₹133.40 cr; long-term loans ₹24.18 cr; total debt ₹157.58 cr.
• Liquidity modest with cash ₹2.37 cr; ROCE 12.5%.

Strategic priorities & outlook

• Focus on Automotive (EV components, TPMS), Metals (special alloys), Climate Control.
• Automation, cost optimization, and throughput expansion; diversify supplier/customer base to de-risk.
• Backward integration via Future Tech; external sales and Western Europe exports to mitigate risk.

Risks & governance

• Seasonal weakness in Climate Control causing sluggish sales; mitigated by broader product mix.
• Increased inter-company procurement and external sales to balance revenue.
• Governance changes reflect consolidation of ownership via merger and bonus issue.

Meeting Details

• Date and time: 21.08.2026, 04:00 PM IST
• Mode: Audio/Video Call
• Type: Investor Call
• Organizer: Triton Valves Limited
• Purpose: Discuss financial results and operations for quarter ended June 30, 2026
• Registration: Registration required to participate; details in the filing

Participants

• Key participants: Company management

Purpose

• Purpose: Discuss Q1 2026 results and operations

Record Date for Dividend Entitlement

• Dividend eligibility for FY2026 ended March 31, 2026, subject to AGM approval.
• Security: Equity shares.
• Record date: Friday, September 18, 2026.
• AGM date: September 25, 2026; dividend subject to shareholder approval.