Triton Valves Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Triton Valves Ltd filed with BSE on 28 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Triton Valves reported group console sales of about Rs 186.5 crore in Q1 FY27, up roughly 17.5% sequentially and about 38% year-on-year, with growth led by the automotive and metals segments while climate control declined. Management said EBITDA rose to about Rs 12.4 crore and reported PAT reached about Rs 9.75-9.8 crore aided by a tax credit of about Rs 4.5-4.75 crore following the merger of Tritonvalves Climatech into the holding company. Management also described a change to net reporting of brass scrap sales from Q1 FY27 and discussed capacity utilisation, capex plans, and margin compression attributed to rising copper prices.
Numbers mentioned
Group console sales: Rs 186.5 crore (Q1 FY27)
p. 8
“So that's how, you know, the group console sales have moved up from a 34.73 crores to about a 186.5 crores during the Q1 FY 27.”
Aditya Maruti Gokarn, page 8 of the filed PDF · View the filing
EBITDA: Rs 12.4 crore (Q1 FY27)
p. 8
“I think there's a small typo there. What is shown as YOY is actually QOQ in the FY Q1 EBITDA of 12.41 crores.”
Aditya Maruti Gokarn, page 8 of the filed PDF · View the filing
Reported PAT: about Rs 9.75 crore (Q1 FY27)
p. 8
“So, if you look at it, the reported PAT has moved up to about 9.75, right, whereas without the merger benefit, our part would have been somewhere at about 5.25 crores.”
Aditya Maruti Gokarn, page 8 of the filed PDF · View the filing
Tax credit from merger: about Rs 4.75 crore (Q1 FY27)
p. 8
“So, there is a tax credit that we received of about 4.75 crores.”
Aditya Maruti Gokarn, page 8 of the filed PDF · View the filing
Automotive segment sales: Rs 103 crore (Q1 FY27)
p. 8
“So compared to that, if I look at the current quarter, right, FY 27, the automotive vertical has moved up from about 78 crores to 103 crores.”
Aditya Maruti Gokarn, page 8 of the filed PDF · View the filing
Metals segment sales: Rs 79 crore (Q1 FY27)
p. 8
“Metals has gone up from 50 to about 79 crores.”
Aditya Maruti Gokarn, page 8 of the filed PDF · View the filing
Climate control segment sales: Rs 3.89 crore (Q1 FY27)
p. 8
“Climate control is actually degrown a little bit they are about 3.89 crores, very small.”
Aditya Maruti Gokarn, page 8 of the filed PDF · View the filing
ROCE (annualised): about 12.5% (Q1 FY27)
p. 11
“We're growing in in one quarter, we've already moved up from March quarter of eleven to about twelve and a half percent.”
Aditya Maruti Gokarn, page 11 of the filed PDF · View the filing
Net worth: Rs 138 crore (Q1 FY27)
p. 11
“network also has moved up from a hundred and twenty-eight crores to about hundred and thity-eight crores in a single quarter”
Aditya Maruti Gokarn, page 11 of the filed PDF · View the filing
Metals business ROCE: upwards of 16% (Q1 FY27)
p. 29
“See the metals business, I would say we are currently operating at an ROCE of upwards of 16 % already, right?”
Aditya Maruti Gokarn, page 29 of the filed PDF · View the filing
Operating cash profit: about Rs 12-12.5 crore (Q1 FY27)
p. 11
“The operating cash profit was fairly healthy for the Q1, I'd say about 12-12 and a half crores, but of course, working capital has also gone up.”
Aditya Maruti Gokarn, page 11 of the filed PDF · View the filing
CapEx spent: Rs 4.2 crore (Q1 FY27)
p. 11
“Cash flow side, of course, this is what it is, this is still the Q1, so you know there is a lot of, you know, money that we need to put into CapEx 4.2 crores already gone in there.”
Aditya Maruti Gokarn, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Debt to EBITDA — between two and a half to three · by the end of the year
stated as an aspiration by Aditya Maruti Gokarn
p. 12
“We are trying our best to bring that under three maybe somewhere between two and a half to three by the end of the year.”
Aditya Maruti Gokarn, page 12 of the filed PDF · View the filing
Total CapEx — Rs 15 crore · FY27
stated firmly by Aditya Maruti Gokarn
p. 14
“Yeah, so I'd say CapEx wise at the group level, we want to invest about 15 cores this year.”
Aditya Maruti Gokarn, page 14 of the filed PDF · View the filing
EBITDA margin (percentage terms) — double digits, possibly teens · long run, once commodity prices stabilize
stated conditionally by Aditya Maruti Gokarn
p. 27
“in the long run, I'll assure you that the company will make every effort to get into the double digits, right. Possibly into the, into the teenage numbers into the teens, right.”
Aditya Maruti Gokarn, page 27 of the filed PDF · View the filing
Metals ROCE — 20% plus, potentially 25%
stated as an aspiration by Aditya Maruti Gokarn
p. 30
“I dare say that, you know, we will cross 20 % plus on ROCE on the metals business metals standalone 20 % I think is well within our sites.”
Aditya Maruti Gokarn, page 30 of the filed PDF · View the filing
EV component vertical revenue — about Rs 100 crore · next few quarters, maybe by next year
stated as an aspiration by Aditya Maruti Gokarn
p. 41
“See, we want to build up the EV component vertical to about hundred crores over the next few quarters.”
Aditya Maruti Gokarn, page 41 of the filed PDF · View the filing
Climate control vertical revenue — about Rs 100 crore
stated conditionally by Aditya Maruti Gokarn
p. 41
“Climate control, like I said, if the trade remediation happens, Government steps in and stops this indiscriminate dumping which is, you know, it's absurd the way you know it's happening today, then we should see climate control vertical also growing to about a hundred crores very quickly because we have capacity, right, we have capacities.”
Aditya Maruti Gokarn, page 41 of the filed PDF · View the filing
Group ROCE — 13-14% this year, 15% next year · FY27 and middle of next year
stated conditionally by Aditya Maruti Gokarn
p. 42
“We are able to continue the momentum going into Q2-Q3-Q4, I think we should see twelve and a half going to maybe 13-14 % this year itself, right?”
Aditya Maruti Gokarn, page 42 of the filed PDF · View the filing
Group revenue — Rs 1,000 crore · FY30
stated as an aspiration by Aditya Maruti Gokarn
p. 43
“I'll put it this way in terms of hitting thousand crores, we have a plan for hitting thousand crores whether climatech picks up or not.”
Aditya Maruti Gokarn, page 43 of the filed PDF · View the filing
CapEx commercialization — 50-60% in current year, rest in FY28 · FY27-FY28
stated firmly by Aditya Maruti Gokarn
p. 41
“Yeah, so I would say that, if I look at let's say 15 crowds going in, about 50 to 60 % of that will try will get commercialized in the current year itself. The rest will go into FY 28.”
Aditya Maruti Gokarn, page 41 of the filed PDF · View the filing
New investment ROCE requirement — 20-25%
stated firmly by Aditya Maruti Gokarn
p. 42
“any new investment going in ROCE are internal number, it should, it should be in the range of 20-25 %. Otherwise we we won't even put in that investment.”
Aditya Maruti Gokarn, page 42 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management estimated roughly 20% volume growth with the remainder from value/price growth.
Answered by Aditya Maruti Gokarn
Asked by Dolly Choudhary: How much of the quarter's growth was from realization versus volume?
p. 12
“Yeah, I'd say broadly, at the group console level, if you look at the growth, YOY is about 38 %. So I'd say about 20 % is volume growth and the rest is, I would say value growth.”
Aditya Maruti Gokarn, page 12 of the filed PDF · View the filing
About Rs 10 crore to automotive for tubeless, TPMS and EV components, and Rs 5 crore to the metals segment to develop special alloys.
Answered by Aditya Maruti Gokarn
Asked by Dolly Choudhary: What is driving capex allocation across segments?
p. 14
“I would say about about 10 crores would go into the automotive segment, about five cores would go into Future tech which is the metal segment.”
Aditya Maruti Gokarn, page 14 of the filed PDF · View the filing
Management said tubeless, TPMS and EV segments are running at 85-90%+ utilization, though the tube valve segment still has spare capacity.
Answered by Aditya Maruti Gokarn
Asked by Dolly Choudhary: Is automotive segment operating at maximum utilization?
p. 16
“when it comes to tubeless, TPMS and even maybe the EV segment, we are kind of, you know, running at capacity utilization levels in excess of 85-90 %, right.”
Aditya Maruti Gokarn, page 16 of the filed PDF · View the filing
Management said percentage margin improvement depends on commodity price stabilization and could take a long time, though absolute EBITDA continues to grow.
Answered by Aditya Maruti Gokarn
Asked by Sudhir: When will overall EBITDA margin reach double digits?
p. 27
“In percentage terms, if you say, ok, when are we going to reach double digits. Possibly that will only happen when commodity price is little bit stabilized, right.”
Aditya Maruti Gokarn, page 27 of the filed PDF · View the filing
Management said the segment has underperformed due to copper prices and Chinese dumping, and expects improvement only after government trade remediation measures and the start of the AC production season.
Answered by Aditya Maruti Gokarn
Asked by Sudhir: What is the outlook for the climate control (AC valves) segment?
p. 25
“So till such time, I would say in Q2 don't expect any, you know, big, you know, growth in the climate control segment.”
Aditya Maruti Gokarn, page 25 of the filed PDF · View the filing
Management expects metals to become more dominant, potentially over 60% of group revenue, due to rising copper prices inflating value even at constant volumes.
Answered by Aditya Maruti Gokarn
Asked by Rohit Ohri: What revenue mix is expected across verticals over the next two-three years?
p. 28
“metals will be probably 60 % plus of the group revenue and the other two will constitute the remaining 40-45 %.”
Aditya Maruti Gokarn, page 28 of the filed PDF · View the filing
Management said the metals business is already running at over 16% ROCE and could reach 20-25% as it moves toward specialized alloys.
Answered by Aditya Maruti Gokarn
Asked by Rohit Ohri: What ROIC is anticipated for the metals business over the next two-three years?
p. 29
“See the metals business, I would say we are currently operating at an ROCE of upwards of 16 % already, right?”
Aditya Maruti Gokarn, page 29 of the filed PDF · View the filing
Management stated EV components grew about 103% YoY in volume, tubeless valves grew about 25% YoY, and TPMS grew roughly 75-80% YoY.
Answered by Aditya Maruti Gokarn
Asked by Hemant Ashar: What has been the segment-wise volume growth, particularly for EV and TPMS products?
p. 37
“TV components, if I put all the components together, I think we are growing year on year at about a hundred and three %.”
Aditya Maruti Gokarn, page 37 of the filed PDF · View the filing
Management said they have contingency plans and can reach the target regardless of the climate control vertical's performance.
Answered by Aditya Maruti Gokarn
Asked by Dolly Choudhary: Is the Rs 1,000 crore FY30 revenue target still achievable even if climate control underperforms?
p. 43
“Of course we have a plan B and a plan C So I'll put it this way in terms of hitting thousand crores, we have a plan for hitting thousand crores whether climatech picks up or not.”
Aditya Maruti Gokarn, page 43 of the filed PDF · View the filing
Risks flagged
Rising and volatile commodity (copper/brass) prices compressing percentage margins
p. 10
“Over the last one year, I would say, copper prices, brass prices have almost doubled, right, in just twelve months.”
Aditya Maruti Gokarn, page 10 of the filed PDF · View the filing
Middle East/Hormuz-related shipping and raw material disruptions affecting the metals segment
p. 13
“we had already some contracts for raw materials coming in from the Middle East. We didn't receive a lot of that material.”
Aditya Maruti Gokarn, page 13 of the filed PDF · View the filing
Chinese dumping in the climate control industry pressuring margins and demand
p. 24
“there's a lot of Chinese dumping happening. We've been lobbying very strongly with the government of India ministry of commerce, asking them to level the playing field, right.”
Aditya Maruti Gokarn, page 24 of the filed PDF · View the filing
Weak climate control industry demand and unfavorable seasons
p. 24
“If you look at the industry, the industry hasn't actually done that well, right.”
Aditya Maruti Gokarn, page 24 of the filed PDF · View the filing
Potential future supply chain disruptions and geopolitical weaponization of critical materials
p. 21
“There's going to be trade wars, there's going to be all kinds of, you know, there's going to be countries kind of, you know, weaponizing whatever they have as a bargaining chip in the geopolitical game.”
Aditya Maruti Gokarn, page 21 of the filed PDF · View the filing
Uncertainty and fragility in market conditions affecting future revenue forecasting
p. 39
“The market is very, very, you know, fragile, right, right now suddenly one quarter everything grows. We don't know.”
Aditya Maruti Gokarn, page 39 of the filed PDF · View the filing
Possible seasonal dip in tubeless/automotive growth after festival season
p. 37
“Q3 onwards once the festival season gets over, we should expect a seasonal dip, right.”
Aditya Maruti Gokarn, page 37 of the filed PDF · View the filing
Uncertainty over tax credit amount pending income tax assessment
p. 31
“This of course is subject to, you know, tax assessments. I might say that, you know, income tax was me 40 Lakhs. Income tax might not agree with that, right.”
Aditya Maruti Gokarn, page 31 of the filed PDF · View the filing
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