Triton Valves Q4 FY26 Results (BSE: 505978)
Signal: Margin expansion
The read
Margin inflected further after Q3FY26's 128bps YoY expansion — Q4FY26 marks the second consecutive quarter of EBITDA margin expansion, driven by input cost tailwinds (raw material ratio improved 70bps YoY) and operating leverage as D&A grew slower than revenue. PAT of ₹3.6 Cr on rev of ₹15.9 Cr is the highest in the series. However, employee cost growth outpacing revenue (40% vs 12%) remains a concern; the FY26 full-year PAT of ₹9.7 Cr still trails the pre-pandemic run rate. The company's net debt increased despite a ₹10.44 Cr equity raise, signalling working capital absorption (receivables + inventories grew ₹2.94 Cr).
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹159.33 Cr | 11.9% | 4.3% |
| EBIT | ₹8.1 Cr | 93.7% | |
| Net profit | ₹3.6 Cr | 637.2% | |
| EPS | ₹7.03 | 589.2% | |
| EBIT margin | 7.24% |
P&L walk
Second consecutive quarter of margin expansion driven by a sharp YoY improvement in input cost structure and operating leverage on higher revenue.
Key positives
- Second consecutive quarter of EBITDA margin expansion — 159bps YoY to 7.24%
- PAT of ₹3.6 Cr — the highest quarterly PAT in at least 12 quarters
- Revenue grew 11.9% YoY to ₹15,932.97 lakh — accelerating from -0.2% in Q1FY25
- Finance costs declined 17.9% YoY despite higher borrowings — lower interest cost
- FY26 full-year consolidated PAT of ₹9.7 Cr, up 89.8% YoY
Key concerns
- Employee benefits expense grew 39.8% YoY, far outpacing revenue growth of 11.9% — eroding margin gains
- Net debt increased by ₹1,144.70 lakh YoY to ₹11,928.53 lakh despite equity raise of ₹1,044 lakh
- Operating cash flow remains negative at -₹210 lakh for FY26, though improved from -₹1,565 lakh in FY25
- Quarterly EPS growth (589.2%) lags PAT growth (637.2%) — small dilution from warrant/equity conversion
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