Trident Techlabs Ltd H1FY26 – Power, Chips & Cyber: The Geek Squad of Indian Engineering Just Went Full Super Saiyan!

1. At a Glance

If TCS and DRDO had a brainy child who moonlighted as a hacker, it would probably beTrident Techlabs Ltd. With a market cap of ₹630 crore, the company’s journey from an obscure engineering consultant to a multi-vertical tech force is straight out of a nerd fantasy. The stock’s current price sits at ₹365 — down from its high of ₹1,670 — a 78% discount for the emotional investors who bought at the peak. ROE at22%and ROCE at26.7%suggest the business still packs intellectual horsepower.

ForH1 FY26, the company flexed₹63.5 crorein revenue (up amassive 201% YoY) and₹11.4 crorePAT (up229% YoY). Yes, that’s right — not just growth, but steroid-injected growth. From DRDO to Tata Power Delhi, Trident’s client list reads like a who’s who of Indian engineering and defence. With anorder book of ₹89.5 crore, this tech samurai has visibility for over a year’s worth of revenue already locked in.

But here’s the spicy twist: despite all that brilliance, the stock tanked over65% in the past year, proving once again that markets can be moodier than a software intern during appraisal week.

2. Introduction

Founded in 2000,Trident Techlabs Ltdstarted as a niche consultancy for electrical power systems but has now shape-shifted into a hybrid beast spanningPower Engineering,Defence Simulation,Cyber Security, andSemiconductor Design. Essentially, it’s an IIT lab that accidentally became a company.

Its growth story is driven by brains, not bricks. No manufacturing plants, no factories spewing smoke — just160+ engineerssitting across offices in Delhi, Pune, Hyderabad, Chennai, Kolkata, and Dubai, solving problems that most of us can’t even pronounce.

The company’s golden moment came when its power system solutions helpedTata Power Delhireduce losses from52% to 8%. That’s not a typo — they literally made power theft disappear like magic. From there, Trident snowballed into more discom projects across Maharashtra and Bihar.

The tech verticals then expanded faster than your Netflix subscription list — cybersecurity services, aerospace R&D collaborations, and even a bold leap intosemiconductorsunder India’s PLI scheme. And in case you thought all that innovation came cheap, they evenwithdrew a ₹73.6 crore fundraisethis year because the market wasn’t offering terms good enough. Savage.

The company’s motto seems to be:“Why make one product when you can make four industries nervous?”

3. Business Model – WTF Do They Even Do?

Trident Techlabs calls itself a “knowledge-based corporation,” which is fancy for “we sell expertise with a side of caffeine.”

Let’s decode the madness:

• Power-System Solutions– The OG division. Think of it as the electrician version of Sherlock Holmes. The team performs energy audits, transmission & distribution (T&D) studies, and safety simulations. Clients? Tata Power Delhi, various state discoms, and ministries who now pay them not just to fix losses but to prevent blackouts before they happen.
• Engineering Solutions for Defence & Aerospace– The James Bond department. Here they simulate aircraft components, mechatronic systems, and structural dynamics using high-end software. Basically, if something flies, drives, or explodes, Trident’s algorithms probably tested it first.
• Cyber Security Offerings– Every company says “we take cybersecurity seriously.” Trident actually monetizes that sentence. From vulnerability testing to endpoint tools and compliance audits, this division’s bread and butter is ransomware prevention — a service that gets you clients faster than a “data breach” headline.
• Semiconductor & System Design– The bold new kid. This one’s about VLSI design, FPGA-based systems, and turnkey hardware prototypes. They’re gunning for global chip supply chains and domestic defence electronics under India’s semiconductor dream. Sure, it’s capital intensive, but the long-term potential could make them the nerdy hero India didn’t know it needed.

In short: Trident doesn’t sell power lines or chips. It sellsbrains in packets of code.

4. Financials Overview

(Data Type: Half-Yearly Consolidated Figures in ₹ crore)

Annualised EPS = ₹6.59 × 2 = ₹13.18 → P/E ≈ 27.7x

That’s below its TTM multiple of 32.4x — which means valuation