Trident Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,719.48 Cr (-3.79% YoY) and PAT growth of +93.09% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 02, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,719.48 Cr (-3.79% YoY) |
| PAT (Q2) | Rs. 175.58 Cr (+93.09% YoY) |
| EBITDA margin | 19.37% (+652 bps YoY) |
| EPS (Q2) | Rs. 0.34 (+88.89% YoY) |
Trident delivered a high-quality profitability quarter with EBITDA margin at 19.37% (+652 bps YoY) and PAT up 93.09% YoY to Rs.175.58 Cr, driven by the Yarn segment's margin surge to 18.76%. The offset is a shrinking top line (revenue -3.79% YoY) on Towel weakness and a fourth straight Paper & Chemicals margin compression. FCF-funded deleveraging (net debt -Rs.422.55 Cr in six months) and the newly approved Rs.4,650 Cr capacity expansion set up the next phase.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "revenue reads in-line to modestly ahead" | Rs.1,719.48 Cr, (3.79)% YoY, (3.77)% QoQ | Contradicted |
| Margins | "flat to modestly compressing on raw material" | 19.37% EBITDA margin vs 17.55% Q1 / 12.85% YoY — favourably | Contradicted |
| Yarn realisation tailwind | "realization tailwind for the Yarn segment" | Yarn revenue +10.32% YoY; margin 18.76% vs 5.11% | Played out |
| Towel stabilisation | "whether the Q1 collapse to 5.27% stabilizes" | 5.71% vs 5.27% QoQ | Played out |
| P&C 4th straight YoY compression | "the clearest unresolved negative" | 11.90% vs 17.44% YoY | Played out |
| Finance costs a "steady support" | "remain steady supports" | Rs.32.53 Cr, +30.85% YoY | Contradicted |
| Depreciation support | "(−24.36% YoY per recap)" | Rs.71.52 Cr, (13.71)% YoY | Played out |
| US tariff / CETA effects | ongoing headwind / tailwind | Not addressed in the filing — remains open for the call | Not observable |
Read our full results preview.
| What management said | What happened | Verdict |
|---|---|---|
| Margin-improvement levers: premiumised differentiated products and company-wide conversion-cost reduction (Q4 FY26 investor presentation) | Company-basis EBITDA margin 19.37%, third straight quarterly expansion (+652 bps YoY) | Confirmed in direction |
| "Consistent dividend payout" commitment (investor presentations; Rs.0.50/share interim for FY27 per prior-quarter decks) | No dividend action in the Q2 Board outcomes of November 02, 2026 | Too Early |
| Cost optimization to reduce conversion cost (Q4 FY26 deck) | Other expenses (2.52)% YoY; employee costs (2.24)% YoY; raw materials +2.69% vs revenue (3.79)% | Confirmed in direction |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.