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Triveni Engineering & Industries Limited · FY24 (Mar'24, audited anchor)

One of India's largest integrated sugar & ethanol producers

5,500 employees · 13+ plants & units · 15 export markets

▲ Executive read· the answer, then the moves

Margin is expanding, but ≈ ₹111 Cr of EBITDA still sits between today's 11.2% margin and the 13% target — held in the still-scaling divisions and SG&A. Convert mix shift and operating leverage into reported EBITDA to re-rate the stock.

8 of 8 headline metrics improving vs prior · still off target: Total Revenue ₹6,151 Cr vs ₹6,800 Cr, Gross Margin 24.0% vs 27.0%, EBITDA ₹688 Cr vs ₹820 Cr

Do now — ranked by urgency

1
Cane cost inflation on sugar marginAct now
Why it matters
Cane development & recovery; maximise ethanol / by-product diversion.
What's driving it
Sugar EBITDA margin
Signal: Alert
FYI
FRP ₹355/q (+4%) plus SAP pressures sugar EBITDA; recovery must offset.
Act →
2
Covenant headroom 1× (lev 2.05× vs 3×)Act now
Why it matters
Sets capex headroom and refinancing risk on a conservatively levered (~1.9×) balance sheet.
What's driving it
Q1 (act)
Signal: Threshold
FYI
Net-debt/EBITDA 2.05× against a 3× lender ceiling.
Owner: CFO · Treasury
Act →
3
Close the margin gap to the 13% targetWatch
Why it matters
≈ ₹111 Cr of EBITDA stands between 11.2% margin and the 13% target — the swing that re-rates the listed equity.
What's driving it
Adj. EBITDA margin 11.2% vs 13% target
2 of 7 divisions below 80% savings capture
FYI
Revenue ₹6,151 Cr; SG&A 6.0% of revenue
Each margin point ≈ ₹62 Cr of EBITDA
See divisions →
4
Sugar inventory lengthening the cash cycleWatch
Why it matters
Monetize sugar inventory & ethanol diversion; tighten cane-to-cash.
What's driving it
Cash Conversion Cycle
Signal: Alert
FYI
Seasonal sugar stock lifts the cash conversion cycle to ~95 days; working capital tied up.
Act →

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↗ Where this connects — act / drill across

💵Cash 360· from P&L to cash 🏷Segments & Group 360· margin by segment 🚪Value Creation· the normalized EBITDA view 💎Value Creation Plan· margin in the thesis

Total Revenue

₹6,151 Cr

▲ 12.3% vs priorTarget ₹6,800 Cr

Revenue Growth (YoY)

12.3%

▲ 105.0% vs priorTarget 12.0%

Gross Margin

24.0%

▲ 6.7% vs priorTarget 27.0%

EBITDA

₹688 Cr

▲ 16.6% vs priorTarget ₹820 Cr

EBITDA Margin

11.2%

▲ 6.7% vs priorTarget 13.0%

Ethanol & Engineering (non-sugar) Revenue

₹2,050 Cr

▲ 17.1% vs priorTarget ₹2,600 Cr

Non-Sugar / Value-Added Mix %

33.3%

▲ 11.0% vs priorTarget 40.0%

Free Cash Flow

₹250 Cr

▲ 66.7% vs priorTarget ₹400 Cr

Exhibit 1

P&L bridge — revenue to EBITDA

How ₹6,151 Cr of revenue converts to ₹688 Cr adjusted EBITDA.

Exhibit 2

P&L at a glance

Revenue	₹6,151 Cr	100.0%
Cost of goods sold	(₹4,675 Cr)	(76.0%)
Gross profit	₹1,476 Cr	24.0%
SG&A	(₹369 Cr)	(6.0%)
Adjusted EBITDA	₹688 Cr	11.2%

Exhibit 3

Revenue & EBITDA

Exhibit 4

Revenue by division

Sugar67%

Alcohol / Distillery (Ethanol)22%

Power Transmission (Gears)7%

Water & Defence4%

Exhibit 5

Reported → Adjusted EBITDA

Diligence-grade add-back walk.

Exhibit 6

EBITDA — prior to current

Ethanol volume & blending vs. sugar recovery / cane development vs. gears, water & defence growth vs. cane-cost (FRP / SAP) headwind.

Exhibit 7

EBITDA margin by division

Exhibit 8

Revenue by end-market

Planning

FP&A & productivity

Forecast discipline, cost & sustainability savings, and productivity.

Budget Variance

-1.5%

▲ 50.0% vs priorTarget 0.0%

Forecast Accuracy

91.0%

▲ 3.4% vs priorTarget 95.0%

Capex-ROI / Program Realization

74.0%

▲ 23.3% vs priorTarget 100.0%

Revenue / Employee

₹112 L

▲ 11.8% vs priorTarget ₹125 L

SG&A % of Revenue

6.0%

▼ 7.7% vs priorTarget 5.4%

Growth + Margin (Rule of 40)

▲ 20.0% vs priorTarget 27

Exhibit 9

Division performance

EBITDA uplift and savings capture by division as each engine scaled.

Division	Scaled	Revenue	Value-added	EBITDA ₹Cr	Savings capture	Status
Sugar	1932	₹4,100 Cr	₹300 Cr	5→369	90%	Integrated
Power Transmission (Gears)	1968	₹450 Cr	₹450 Cr	15→81	84%	In progress
Bagasse Co-generation	1995	₹350 Cr	₹80 Cr	20→77	88%	Integrated
Water & Defence	2004	₹251 Cr	₹250 Cr	8→23	60%	In progress
Alcohol / Distillery (Ethanol)	2007	₹1,350 Cr	₹1,050 Cr	12→216	80%	In progress
Triveni Turbine (sister co)	2011	₹2,181 Cr	₹0 Cr	18→527	100%	Integrated
Potable Alcohol / IMIL	2015	₹300 Cr	₹300 Cr	10→40	72%	In progress

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