Triveni Engineering and Industries Ltd

- There is no explicit mention of any current or planned fundraising through new debt or equity in the provided transcript. - The company's debt position as of December 31, 2025, is reported, with ₹783 crore standalone debt and ₹1,073 crore consolidated gross debt. - The company notes a downward trend in the cost of borrowing, with reduced working capital interest rates. - There is no indication of plans to raise additional capital through equity or debt in the near term. - Focus appears to be on internal accruals to fund small investments, especially in the sugar business. - No reference to any upcoming capital raising activities related to the demerger or other strategic initiatives.

- Defence Facility Capex: Board approved just north of ₹100 crore for the multi-model defence facility; actual capitalized amount not disclosed but manufacturing operations have started with Bay 1 commissioned and other parts under construction (Page 14). - Ramp-up: Facility in early stages, with Bay 1 built and three more planned on the premises as per master plan (Page 14). - Power Transmission Business: Investments made in digital transformation including CRM implementation, smart factory solutions, and migration to SAP HANA platform for enhanced operational efficiency (Page 6-7). - Sugar Business: Small investments planned in sugar to improve cost of production and efficiency, funded by internal accruals with short-term returns expected (Page 6). - Ethanol Capacity: Participating in upcoming ethanol supply cycles with expectations of possible capacity additions (Page 7).

- Power Transmission business expects very good news in the coming months regarding order booking, new wins in export markets, and a domestic rebound. - Defence facility ramp-up timeline depends on order wins; initial commissioning underway with manufacturing underway. - Export growth primarily driven by market share gains in compressors and pump segments, especially in the Middle East. - Aftermarket export growth expected to be strong with focus on relationship building. - Inquiry book remains strong despite some Q3 softness; January showed a robust rebound in orders. - Water business sees increased orders in domestic and international markets, especially in recycle, reuse, and Zero Liquid Discharge (ZLD) areas. - Sugar recovery improving; stable or slightly increased sugar production forecast in Uttar Pradesh. - Ethanol blending percentage nearing maximum, with upcoming tenders focusing on rice-based ethanol. - Maize-based ethanol profits strong but availability may be limited in next cycles. - Overall, improved margins and volume growth expected across businesses with strategic investments and new orders.

- **Sugar Business (2025-26)**: Expected to still be loss-making for Sir Shadi Lal; turnaround likely in the following year assuming a 5% rise in sugar prices leading to profitability for all factories including subsidiaries. - **Power Transmission Business**: Anticipated strong rebound with better order booking, especially in export markets (Middle East) and new product wins; significant growth expected in aftermarket export. - **Defence Facility**: Commissioning started; revenue ramp-up depends on defence orders but initial large-scale production is underway; multiple product lines will scale in a cascading manner over FY2027 and beyond. - **Engineering Division**: Strong inquiry book and expected robust Q4 order booking likely to offset previous quarter weakness; export growth driven by compressors and gas turbines. - **General outlook**: Overall, anticipated operational improvements, cost optimization, and business separation (demerger) expected to unlock value and improve efficiency, translating to better margins and profits in near to medium term.

- As of December 31, 2025, the Water business had an outstanding order book of ₹1,598 crore, including just under ₹1,100 crore of O&M contracts. - The Power Transmission business had an order booking of ₹409 crore, an increase of 8% from ₹377 crore the previous year. - There has been a significant uptick (around 75%) in inquiry levels for the Power Transmission business compared to last year, driven mainly by export market growth. - Recent orders include ₹45 crore in the Defence segment. - The inquiry book remains fairly strong despite some conversion delays, with a positive rebound seen in January 2026. - The Defence facility is in early stages; manufacturing has started, with further facility completion expected within 2-3 months. - Overall, order bookings are expected to strengthen in the current quarter based on January data.