💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 14% YoY to INR 488.37 Cr in FY25. Segment external revenues for FY25 were: Automotive (Tyre valves) at INR 284 Cr, Metals at INR 185 Cr, and Climate Control at INR 19 Cr. Standalone revenue grew 11% to INR 381.40 Cr.

Geographic Revenue Split

Not disclosed in available documents, though the company serves both domestic and global markets.

Profitability Margins

Consolidated EBITDA margin declined from 7.32% in FY24 to 6.38% in FY25. Standalone EBITDA margin dropped from 7.49% to 3.95% in the same period. Q2 FY26 consolidated normalized EBITDA margin improved to 7.5%.

EBITDA Margin

6.38% consolidated for FY25, a decrease of 94 basis points YoY. Normalized EBITDA for Q2 FY26 stood at INR 9.85 Cr (7.5% margin) compared to INR 8.75 Cr (7.4% margin) in Q2 FY25.

Capital Expenditure

Historical net fixed assets stood at INR 86.81 Cr as of March 2025. H1 FY26 saw a capex addition of INR 8.0 Cr. Planned capex in the Metals segment is scheduled for commissioning in Q4 FY26.

Credit Rating & Borrowing

CRISIL reaffirmed ratings at 'Crisil BBB/Stable' for long-term and 'Crisil A3+' for short-term facilities. Short-term bank loan utilization is a monitorable factor.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include brass (new alloys of brass) and copper. Commodity price monitoring is critical as brass price volatility directly impacts the Metals segment margins.

Import Sources

Not specifically disclosed, though the company monitors global commodity and forex trends.

Key Suppliers

Not specifically named in the documents.

Capacity Expansion

Metals segment capex is planned for Q4 FY26 to take advantage of demand for brass rods and coils. Current net fixed assets are INR 89.00 Cr as of September 2025.

Raw Material Costs

Margin over material cost was 28.1% (INR 36.92 Cr) in Q2 FY26. The company is pursuing price normalization with customers to incorporate non-raw material cost increases.

Manufacturing Efficiency

Automotive segment achieved sales volume growth in Q2 FY26 (Tyre & Tube Valves +19%, EV +63%) which improved margin absorption.

📈 Strategic Growth

Expected Growth Rate

14%

Growth Strategy

Growth is driven by three levers: 1) Tubeless, TPMS, and EV components (EV grew 63% in Q2 FY26); 2) Service valves for room ACs; 3) New brass alloys. The company is also commissioning capex in the Metals segment in Q4 FY26 and pursuing a merger with its Climatech subsidiary for operational efficiency.

Products & Services

Tyre and tube valves, tubeless valves, EV valves, TPMS valves, valve cores, and service valves for room/commercial air conditioners.

Brand Portfolio

Triton

New Products/Services

EV components (+63% growth in Q2 FY26), TPMS valves for sensor manufacturers, and service valves for the HVAC industry.

Market Expansion

Focusing on the aftermarket (B2B2C) and exports to diversify revenue beyond OE manufacturers.

Market Share & Ranking

Domestic leader with ~60% market share in tube and tyre valves and 85% market share in tubeless valves.

Strategic Alliances

Proposed merger of Triton Valves Limited and TritonValves Climatech Private Limited to achieve operational efficiencies.

🌍 External Factors

Industry Trends

Shift toward tubeless valves and EV components; implementation of QCO for automotive valves is expected to slow down import-led competition.

Competitive Landscape

Faces competition from Indian importers and low-cost Chinese imports; however, TVL maintains leadership through scale and quality adherence.

Competitive Moat

Moat is built on a 50-year established market position, 60-85% domestic market share, patented products, and proven design capabilities.

Macro Economic Sensitivity

Sensitive to automotive industry cycles and HVAC demand (weather-dependent).

Consumer Behavior

Increasing adoption of Electric Vehicles (EVs) and tubeless tyres is shifting demand toward TVL's specialized valve segments.

Geopolitical Risks

Competition from Chinese imports is a risk, though mitigated by the implementation of the Quality Control Order (QCO) for automotive valves.

⚖️ Regulatory & Governance

Industry Regulations

Quality Control Order (QCO) for automotive valves and cores is a key regulatory driver that benefits the company by restricting low-quality imports.

Environmental Compliance

Not specifically disclosed.

Taxation Policy Impact

Not specifically disclosed.

⚠️ Risk Analysis

Key Uncertainties

Commodity price volatility (Brass/Copper) and forex fluctuations could impact margins by up to several percentage points if not passed through.

Geographic Concentration Risk

Not disclosed, but primarily focused on the Indian domestic market.

Third Party Dependencies

Dependency on major tyre manufacturers for the Automotive segment and weather patterns for the Climate Control segment.

Technology Obsolescence Risk

Risk of shift away from traditional tube valves is mitigated by the company's expansion into EV and TPMS valve technologies.

Credit & Counterparty Risk

Receivables stood at INR 72.33 Cr in September 2025, with a slight slowdown in collections noted.