Investor presentationq1 fy 26

INVESTOR PRESENTATION Q1 FY 26

1

JULY 2025

CONTENTS

03

COMPANY OVERVIEW

RESTRUCTURING

08

13

OUR FINANCIAL HIGHLIGHTS

OUR BUSINESSES

22

59

SHAREHOLDING PATTERN

TRIVENI AT A GLANCE

LOCATIONS*

23 world-class facilities including:

8 Sugar plants

5 Distillery facilities at four locations #

~ ₹ 8,308 Crore

Market Capitalization

39.02%

Free Float

70,500

Tonnes per day Sugarcane crushing capacity*

860 KLPD

Kilo Liter Per Day (KLPD) Alcohol/Distillery capacity#

104.5

Mega Watt

Power Co-generation

>12,000

PTB installations across the world

>12,000 MLD

Water & Wastewater treated through Triveni projects

Note:

Market Capitalization and Free Float as on June 30, 2025 for Triveni Engineering & Industries Ltd. (TEIL)

* Including Sir Shadi Lal Enterprises Ltd. (SSEL) which is a subsidiary of TEIL

# Not including SSEL's distillery of 100 KLPD

OUR STRENGTHS

Strong Leadership

& Governance

Market Leadership

Financial Strength

& Resilience

Stakeholder Trust & Ecosystem Integration

Strategic Tailwinds

& Growth Drivers

• Experienced management team with a proven track record of value creation across diverse sectors.

• Robust corporate governance with a majority-independent board comprising members with diverse and distinguished backgrounds.

• Among the leading players in the India's sugar industry with best-in-class infrastructure and forward integration into distilleries.

• Dominant position in high-speed gearboxes domestically and expanding international footprint.

• Operating in industries with high entry barriers and long gestation periods, ensuring sustainable competitive advantage.

• Significantly strengthened balance sheet over the past five years, enhancing the Company's risk-return profile.

• Demonstrated ability to incubate and scale businesses, reflecting strategic foresight and execution capability.

• Deep-rooted relationships with external stakeholders, including suppliers, customers, and regulatory bodies, fostering long-term stability and growth.

  • Well-positioned to benefit from rising rural prosperity and increasing Government focus on agriculture and rural development.

  • Import substitution opportunities in both ethanol (biofuel) and engineering segments, aligning with national priorities.

    
    
    
    
    
    OUR BUSINESS-WISE OUTLOOK

    SUGAR

    • Initial monsoon trends have been encouraging and are likely to benefit the agricultural sector, particularly the sugarcane crop in UP.

    • Our field surveys indicate a healthy crop with minimal pest or disease incidence to date.

    • These positive developments, coupled with our continued efforts in varietal substitution, enhancement of agronomic practices, proactive crop protection measures, improved plant efficiencies, and stronger sales realizations, position us well for improved operating performance in FY26.

    • However, these expectations are contingent on external factors such as moderate progress of the monsoon,

      minimal waterlogging, and low incidence of pest outbreaks over next three months

      ALCOHOL

    • Focus on profitability enhancement in Alcohol segment supported by correction in input costs, particularly maize, supply chain enhancements and optimized costs

    • Formation of an inter-ministerial group to work on roadmap beyond EBP-20, showcases Government's continued

      commitment towards ethanol and hopeful that feedstock and profitability challenges will be addressed.

    • In IMIL, continue to enhance market position and focus on improving profitability through combination of topline growth and enhancing contribution margins.

    • In IMFL, focus is to strengthen distribution channels to enhance market presence and accessibility.

      
      
      OUR BUSINESS-WISE OUTLOOK

      POWER TRANSMISSION

    • Outlook for the domestic product segment within high speed gears is promising with robust industrial capex

      and economic growth

    • As of June 30, 2025, the order book crossed the ₹ 400 crore mark, standing at ₹ 423 crore-underscoring strong market momentum and providing healthy visibility for near-term performance.

    • The Gears business remains focused on exports to support its strategic objective of expanding its global footprint. Our acceptability in the overseas market is on the rise due to continuous marketing efforts, opening of European sales office and enlistment in approved vendor list.

    • Traction in Defence business gaining momentum as large orders nearing decision, positive developments

      across multiple product lines with orders received in last few months

      WATER

    • Supported by funding from Central & State governments including from external sources, new opportunities are emerging in recycle, reuse and Zero Liquid Discharge kind of business on EPC as well as PPP model and wherever industries are available as off-takers for buying treated sewage, this model is expected to emerge significantly predominantly in thermal power sector.

    • The Company is also evaluating select international opportunities in Water & Wastewater treatment projects mostly wherever it possesses pre-qualifications preferably on its own and funding is assured through multilateral and reputed agencies, etc.

ENVIRONTMENT, SOCIAL, GOVERNANCE (ESG) GUIDING PRINCIPLES

Highest level of ethical and corporate governance standards, with stringent compliances

Best-in-class sustainable processes and solutions

across our operations and units

Allocation of capital with focus on reducing carbon footprint and promoting energy efficiency

Maintaining ecological balance while ensuring

business excellence

Harnessing co-products to become raw materials for other products, thus promoting circular economy

Fostering community development and social empowerment

RESTRUCTURING



CORPORATE STRUCTURE SIMPLIFICATION UNDERWAY

Amalgamation of Sir Shadi Lal Enterprises Limited (SSEL) with Triveni Engineering & Industries Limited (TEIL). SSEL is a subsidiary of TEIL, in which TEIL holds a 61.77% stake presently.

Transfer and vesting of PTB Undertaking (as defined in the Scheme) of TEIL to Triveni Power Transmission Limited (TPTL). TPTL is a wholly-owned subsidiary of TEIL presently.

EXISTING AND RESULTANT STRUCTURE OF ENTITIES: TEIL and SSEL

Before Amalgamation of SSEL with TEIL

After Amalgamation of SSEL with TEIL

39.02%

60.98%

38.23%

61.77%

39.42%

60.58%

Promoters Public

TEIL (Promoter) Public

Promoters Public

10

After Amalgamation of SSEL with TEIL and before PTB Demerger

100.00%

After PTB Demerger

EXISTING AND RESULTANT STRUCTURE OF ENTITIES: TEIL and TPTL

39.42%

60.58%

27.64%

42.48%

29.88%

Promoters Public

TEIL (Promoter)

39.42%

60.58%

Promoters Public

Existing Promoters of TEIL (Promoter) TEIL (Promoter)

Public

RATIONALE FOR DEMERGER OF POWER TRANSMISSION BUSINESS & RATIO OF ISSUE OF EQUITY SHARES BY TPTL

Sharpened focus

The transfer of the PTB Undertaking (as defined in the Scheme) into TPTL will enable each business to sharpen its focus and organize its activities and resources to improve its offerings to their respective customers. This would help to improve its competitiveness, operational efficiency, agility and strengthen its position in relevant markets resulting in more sustainable growth and competitive advantage

OUR FINANCIAL HIGHLIGHTS



OUR LONG-TERM HIGHLIGHTS

Well Diversified and Growing 01

•

Revenues

FY 20-25 Gross Revenue CAGR 8.9%

• Rising revenue contribution from non-sugar business from 21% to 38%

  during FY 2020-25

  1. Strong balance sheet position

     • Improved leverage and cost of funds over the period

     • ICRA Long Term Credit Rating of AA+ $

  2. Consistent focus on returns

  Key Business Highlights 02

• Judicious investment in Sugar facilities to enhance sugarcane crush rate, sugar quality and efficiencies.

• Enhanced Alcohol distillation capacities over the years in alignment with Government's Ethanol Blended Petrol Program

• Power Transmission Business continues its long term growth journey with FY 25 as another record year in terms of revenues, profits and order booking

  $ Placed on ratings watch with developing implications on December 19, 2024.

  • Long history of returning cash through combination of dividend and buybacks including record buyback of

    ₹ 800 crore in FY 23 and sustained

    dividends over the years

    Focused on Value Creation

    05

  • Restructuring aimed at corporate structure simplification and value creation

  • Divested 21.85% stake in Triveni Turbine Limited to monetize non-core assets and unbundle businesses in Sep 2022

  • Announced Amalgamation of SSEL and Demerger of PTB in Dec 2024

14

ROBUST FINANCIAL PERFORMANCE

₹ Crore

Revenue from Operations (Gross)*

Profit Before Interest and Tax (PBIT)

584

576

FY 20 FY 21 FY 22 FY 23 FY 24 FY 25

FY 20 FY 21 FY 22 FY 23 FY 24 FY 25

Note: * Revenue from Operations (Gross) include Excise duty of ₹ 1118.7 crore in FY 25, ₹ 931.31 crore in FY 24, ₹ 693.26 crore in FY 23, ₹ 403.10 crore in FY 22 and ₹ 29.18 crore in FY 21 on account of IMIL sales

# Percentages calculated on Net Revenue from Operations excluding aforesaid excise duty. Intersegmental revenue adjusted from Sugar as these are largely due to sale of sugar by-products

STRONG BALANCE SHEET POSITION

Total Consolidated Debt (₹ Crore) Total Consolidated Debt To Equity (x times)

FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25

Average Cost of Debt (Standalone) Long-term credit rating

ICRA AA-

(Stable)

ICRA AA-

(Stable)

FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25

Note: *Upgraded to ICRA AA- (Positive) on April 6, 2021 and further upgraded to ICRA AA (Stable) on November 23, 2021. Reaffirmed on March 24, 2023. Upgraded to ICRA AA+ (Stable) on March 27, 2024. $ Placed on ratings watch with developing implications on December 19, 2024.

Cash Generation during FY 20-25

₹ 4,202 crore

Dividends & Buybacks (incl. taxes)

₹ 1,574 crore

(37% of cash generation)

Funds Retained for Working Capital

₹ 1,452 crore

(35% of cash

generation)

Capital Expenditure*

₹ 1,176 crore

(28% of cash generation)

CREATING SHAREHOLDER VALUE

Note: Based on Standalone Statement of Cash Flows from FY 20 to FY 25

*Capital Expenditure: Purchase of property, plant and equipment and intangible assets, net of term loans availed/paid

ENHANCING SHAREHOLDER RETURNS THROUGH COMBINATION OF BUYBACKS & DIVIDENDS

Buyback of Shares (₹ Crore)

Dividend (₹ Crore)

Dividend Payout Ratio (%)

12%

800

100 65

FY 20 FY 21 FY 23

FY 20 FY 21 FY 22 FY 23 FY 24 FY 25

FY 20 FY 21 FY 22 FY 23 FY 24 FY 25

Interim + Final Special

Note: The Company completed buyback of ₹ 100 crore, ₹ 65 crore and ₹ 800 crore in August 2019, August 2020 and February 2023 respectively. Buybacks under FY 20 and FY 21 were announced in preceding year.

Dividend and buyback amounts are excluding taxes

FY 24 Dividend payout ratio of 12% represents special dividend of ₹ 2.25 per equity share

CONSOLIDATED FINANCIAL HIGHLIGHTS Q1 FY 26

₹ Crore

• Delivered strong double-digit YoY consolidated revenue growth, driven by:

  • 53% increase in alcohol dispatches

  • 14% increase in consolidated sugar dispatches

• Engineering Business Highlights:

  • Power Transmission Business (PTB) achieved 15% growth in order bookings. Recorded a closing order book of ₹423 crore, up 38% YoY

  • Closing order book for the engineering business (including PTB) stood at ₹ 1,975 crore, up 32% YoY

• Operational performance impacted by:

  • Sugar segment: Despite higher volumes and realizations, profitability declined due to elevated cost of production (COP) for sugar sold in Q1 FY26

  • Distillery segment: Faced a ₹2 crore loss (PBIT) in subsidiary SSEL and a higher share of grain-based ethanol (FCI Rice, which has

comparatively lower margins) in the mix

OUR BUSINESSES

SUGAR



OUR SUGAR BUSINESS PROFILE

Strategic Manufacturing Presence

White crystal sugar

Refined sugar for high-grade end users

WE MANUFACTURE

1

1

2

3

2

3

4

1

1. Ramkola (Sulphitation)

EASTERN UP

* Bonsucro Certified

# Largely selling to institutional clients

22

SUGAR BUSINESS PERFORMANCE OVER THE YEARS

Note: Data for Sugar Seasons; Gross recoveries (after adjustment on account of B-heavy molasses and syrup diversion) SS 2024-25 depicted for Triveni on consolidated basis i.e. including SSEL

Recent crush and recoveries impacted by climatic factors across the state of UP

2015-16

Area under Sugarcane (Lakh Hectares)

2016-17

Sugar Produced (Lakh Quintals)

2017-18

2018-19

2019-

20

2020-21

2021-22

2022-

23

2023-

24

2024-

25

10.80

11.06

2015-16

2016-17

2015-16

798

2016-17

Sugarcane Crushed (LQ)

2017-18

Gross Recovery (%)

2018-19

2019-

20

2020-21

2021-22

2022-

23

2023-

24

23

2024-

25

SUGAR REALISATIONS SET TO STRENGTHEN

4,200

4,100 4,089

3,956

4,008

Triveni Sugar Realization (Domestic) (Rs./Qtl)

4,062

3,986

3,989

4,088 4,098

4,000

3,879

3,917

3,840

3,931

3,851

3,934

3,912

3,932

3,872

3,816

3,855 3,855

3,800

3,717

3,685

3,696 3,713 3,737

3,761

3,615 3,653

3,600

3,400

3,570 3,593

3,523 3,526 3,505

3,394 3,340 3,307 3,276 3,478

3,732

3,568 3,620

3,521 3,511 3,517

3,488

3,639 3,527 3,513

3,539

3,200

3,000

3,224

3,168

3,289

3,339

3,333 3,327 3,274 3,311 3,263

3,257

3,203

3,267

April May June July August September October November December January February March

FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026

Sugar Industry: Structural Shift Driving Margin Stability

We believe Sugar Industry has undergone significant changes in last few years, which has in turn significantly

reduced the cyclical nature of the industry

Fair and Remunerative Price (FRP) of sugarcane

Minimum Selling Price (MSP) of sugar to prevent fall in ex-mill sugar prices

Diversion of surplus sugar to production of ethanol

Progressive export policies

Focus on Sugarcane seed development leading to emergence of better varieties

Sugar Segment Average EBIT Margin

Resulting in an improved and stable margin profile

Key Policy Measures

Max: 14.3%

Min: 2.8%

Max: 3.3% Min:-5.6%

7.9%

Max 11.1% Min:6.7%

8.4%

-0.7%

FY11-15 FY16-20 FY21-25

SUGAR: VOLUMES AND REALISATIONS DRIVE TOPLINE GROWTH

Sugar Dispatches (Tonnes)

Average Realisation (₹/MT)

+13.6% (Total)

+3.6%

Q1 FY 25 Q1 FY 26

Domestic Exports Total

Q1 FY 25 Q1 FY 26

• Excluding the SSEL, volume dispatches improved by 5.7%, compared to same quarter last year

• Sugar realisations improved 3.6% y-o-y to ₹ 40,421/tonne in Q1 FY 26

Note: Consolidated include SSEL for the period from June 21, 2024 i.e. for the period post becoming a subsidiary of the Company and resultantly, the figures for the current periods are not comparable with previous periods

SUGAR: PROFITABILITY IMPACTED BY HIGHER COSTS

₹ Crore

+17.0%

-79.2%

REVENUE

PBIT

Q1 FY 25 Q1 FY 26

Q1 FY 25 Q1 FY 26

INDIA SUGAR BALANCE SHEET: COMFORTABLE CLOSING STOCKS OF 5.8 MILLION TONNES FOR SS 2024-25

+2.0*

+3.8*

26.4

27.9

29.0 28.0

7.0 5.6 8.4

6.4

8.4

5.6 5.8

0.1 1.0

32.8

+3.5*

31.9

in million tonnes

Opening Stock as on 1st Oct

Production Internal Consumption

Exports Closing Stock as on

30th Sep

2022-23 2023-24 2024-25e

• SS 2024-25: Deficit of 1.6 MMT, driven by lower production in Maharashtra and Karnataka due to poor acreage and weak yields

Note: Opening stock for SS 2022-23 revised as per GOI numbers

*Sugar diversion to ethanol production in million tonnes

SUGARCANE DEVELOPMENT PROGRAMME - KEY HIGHLIGHTS

A Structured Varietal Substitution Programme for the mutual benefit of the Company and the farmers

Active engagement with farmers through model demonstration (demo) plots

Crop Protection from different Pests & Diseases using a structured surveillance programme

Various digital initiatives towards sugarcane development programme

V

Significant focus on Yield improvement through various agronomic interventions

Soil Health Improvement for application of balanced dosage of fertilizers & nutrients as per soil analysis reports and

Farm implements and mechanization for enhancing inter-cultural operations, etc.

ALCOHOL