1. At a Glance
Triveni Glass reported Q1 FY26 with ₹0 revenue (again), ₹6.95 lakh net loss, and a market cap smaller than a Mumbai penthouse. The share price at ₹13 tells the story – a company surviving more on nostalgia than on glass sales.
2. Introduction
Once a name in laminated safety glass, Triveni Glass today feels like an abandoned showroom – products are listed, but customers are missing. The company hasn’t reported meaningful sales in years, yet it’s still listed, still trading, and still finding investors who believe in miracles.
3. Business Model (WTF Do They Even Do?)
Triveni manufactures float glass, mirrors, and table tops. Well, it used to. Now the plants are silent, operations minimal, and income mostly comes from “other income” (read: selling assets or investments). It’s a “glass” company with no glass moving out.
4. Financials Overview
- Q1 FY26 Sales: ₹0 Cr
- Operating Loss: ₹0.19 Cr
- Net Loss: ₹0.07 Cr
- Book Value: Negative ₹11.7
Verdict: When book value is negative, investors are literally paying for liabilities.
5. Valuation – What’s This Stock Worth?
- P/E: Not Applicable (loss-making)
- Fair Value: ₹0–₹5 (asset sale scenario)
- Market Reality: Trades at ₹13 because penny stock players love drama.
6. What-If Scenarios
- Bull Case: Company revives production or sells land → ₹20.
- Bear Case: Continued inactivity → delisting potential, value evaporates.
- Base Case: ₹10–₹15, a penny stock’s natural habitat.
7. What’s Cooking (SWOT Analysis)
Strengths: Legacy brand, listed entity.
Weakness: Zero sales, negative net worth, promoter stake only 5.4%.
Opportunities: Asset monetization, takeover target.
Threats: Continuous losses, regulatory non-compliance, investor exodus.
8. Balance Sheet 💰
| Particulars (Mar’25) | Amount (₹ Cr) |
|---|---|
| Equity Capital | 12.62 |
| Reserves | -27.34 |
| Borrowings | 18.72 |
| Total Liabilities | 6.58 |
| Total Assets | 6.58 |
| Commentary: Balance sheet is thinner than frosted glass. |
9. Cash Flow (FY14–FY25)
| Year | CFO (₹ Cr) | CFI (₹ Cr) | CFF (₹ Cr) |
|---|---|---|---|
| FY23 | -0.97 | -0.01 | 0.00 |
| FY24 | -1.21 | 1.32 | -0.02 |
| FY25 | -0.53 | 0.46 | -0.02 |
| Operating cash flow is like the company – barely alive. |
10. Ratios – Sexy or Stressy?
| Metric | Value |
|---|---|
| ROE | Negative |
| ROCE | 2.3% |
| D/E | High |
| PAT Margin | NA |
| P/E | NA |
| Punchline: These ratios scream “not investable” louder than a broken window. |
11. P&L Breakdown – Show Me the Money
| Year | Revenue (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) |
|---|---|---|---|
| FY23 | 0.00 | -2.72 | 1.67 |
| FY24 | 0.00 | -1.46 | 2.87 |
| FY25 | 0.00 | -0.87 | 0.09 |
| Revenue: zero for three years. Need we say more? |
12. Peer Comparison
| Company | Rev (₹ Cr) | PAT (₹ Cr) | P/E |
|---|---|---|---|
| Ramco Inds. | 1,659 | 181 | 14 |
| Everest Ind | 1,723 | -11 | NA |
| Triveni | 0 | -0.35 | NA |
| The wallflower at an industry party full of working businesses. |
13. EduInvesting Verdict™
Triveni Glass is a zombie stock – walking around, not really alive. Unless there’s a surprise takeover or asset sale, it’s a speculative penny play at best. Handle with gloves, not with bare hands.
Written by EduInvesting Team | 28 July 2025
Tags: Triveni Glass, Q1 FY26 Results, Penny Stock, EduInvesting Premium
