Vision-driven, value-focussed future

Triveni has always looked at business beyond the immediate present. We believe in staying ahead of change, anticipating industry shifts and making forward-looking investments.

The result: A once cyclical sugar business has evolved into a diversified, integrated enterprise that is resilient, future-ready and aligned with emerging national and global priorities. This thoughtful expansion has consistently created value for our stakeholders.

From Legacy to Leadership

Our businesses are both structurally synergistic and strategically impactful. Our sugar, cogeneration and alcohol (ethanol, IMIL and IMFL) businesses are fully integrated, giving us better control over resources and allowing agile response to market opportunities.

In parallel, our engineering verticals are built for global relevance. Our Power Transmission Business (PTB) is capitalising on global demand for industrial efficiency and the Make in India push. The Water and Wastewater Solutions business contributes to critical national missions and global sustainability goals.

Each of our businesses are today among the leading player in their respective segment, with large and growing capacities. They insulate us from sectoral volatility and macro headwinds, resulting in sustained, resilient performance and value creation.

Value Creation that Withstands Volatility

In FY 25, despite external headwinds in our agriculture-linked segments, our diversified portfolio delivered a strong topline and healthy profitability. The Power Transmission business delivered exceptional performance marked by strong financials, global footprint and a growing order pipeline.

Once again, Triveni created exceptional value for all stakeholders – a testament to our focussed strategy. The Board approved a total dividend of 250%, amounting to ₹ 2.5 per equity share of the face value of ₹ 1 in FY 25, resulting in an outgo of ₹ 55 crore. Across our businesses, we contributed around ₹ 1,400 crore to the exchequer. With supplies of 2,01,568 KL of alcohol, including ethanol, to Oil Marketing Companies (OMCs), we supported the government’s Ethanol Blended Petrol (EBP) programme’s target of 20% blending.

Our farm-related initiatives benefited more than three and a half lakh farmers, through higher yield, enhanced crop protection and cane varietal substitution. With a spending of ₹ 9.6 crore, we supported community members in the areas of education, healthcare, women's empowerment, sports, and environmental sustainability.

Strategic Moves for the Future

Over the last five years, Triveni has distributed a total value of ₹ 1,574 crore across financial stakeholders in the form of dividends and buybacks. The big questions before us are: What next? How can we scale and ensure sustained value creation?

Unlocking the potential of our businesses is the way forward. In our sugar and alcohol verticals, growth is inherently tied to agricultural output. With finite availability of land, it is through yield increment that we can enhance cane output and thus drive growth. Our teams are actively engaging farmers through field demonstrations and spreading awareness on better agronomy practices. Cane varietal substitution in low-lying areas has been a major focus to overcome the challenge of disease prevalence and yield degradation in the existing variety . The strategic acquisition of Sir Shadi Lal Enterprises (SSEL) further enhances our capacities, while giving us access to plots that are in the best cane-yielding districts.

We have also invested in expanding our crushing capacity — a move that not only boosts sugar production but also increases feedstock availability for our distilleries. We commissioned a new multi-feed distillery that strongly positions us to address rising alcohol demand for ethanol blending. It also supports premiumisation efforts as we enter the IMFL segment.

In PTB, we are ramping up the capacity in the Gears segment (excluding defence) to ₹ 700 crore (up from ₹ 400 crore presently). With enhanced qualification wins across industries and geographies, it will significantly accelerate our international expansion.

Above all, we have planned corporate restructuring to unlock the potential of our businesses. This includes a Composite Scheme of Arrangement, comprising the amalgamation of our subsidiary SSEL and the demerger of PTB into a separate listed entity. The amalgamation would bring more synergistic benefits to the sugar and alcohol businesses, while the demerger would build a sharper, more focussed organisation. Post restructuring, the respective businesses can chart their growth path, with dedicated strategies and capital allocation efforts.

Advancing with India

India’s progress is deeply embedded in our vision. As a major national player, it is our responsibility to align with the nation’s priorities and ensure sustainable development. Agriculture is one of the largest employment generators, and its transformation begins with farmers. With our continued efforts, we remain committed to empowering the farmers with better practices, technology and enhanced livelihoods.

With the government looking beyond 20% in ethanol blending, our enhanced capacities will play an instrumental role in supporting this objective, thereby sustainably meeting the nation’s rising energy demand. We will further explore potential in emerging bio-based materials/products like sustainable aviation fuel (SAF), green hydrogen, compressed biogas, and 2G ethanol.

Our power transmission business is well-positioned to support the indigenisation of imported gearbox installations, aligned with the government’s thrust on Make in India. In Defence, our diverse product lines and partnerships position us to participate in upcoming ship-building projects of the Indian Navy and Indian Coast Guard.

Staying the Course with Confidence

We move ahead with optimism, confident in the resilience of the Indian economy and our ability to capitalise on the tailwinds and growth drivers in our operational sectors. Backed by our market-leading position, strong financial foundation, and the robust business ecosystem, we remain well-positioned to convert opportunities into outcomes.

We stand committed to long-term growth that balances profitability, sustainability, and stakeholder trust. As we shape a better tomorrow, what remains unchanged is our focus on creating value for all and contributing to the nation’s progress.

With best regards,