With a market capitalisation of just ₹11.00 crores and a deeply negative book value of ₹-11.66 per share, Triveni Glass presents a troubling picture of a company struggling with fundamental operational and financial challenges. The company, which pioneered laminated safety glass manufacturing in India in 1956 under the late Mr. D. N. Agrawal, has seen its legacy operations come to a complete standstill.
The stock has been in a consistent bearish technical trend since October 14, 2025, when it changed from mildly bearish at ₹12.87. Trading significantly below all key moving averages—from the 5-day MA at ₹8.50 to the 200-day MA at ₹12.67—the stock is hovering just 4.10% above its 52-week low of ₹8.05, whilst remaining 57.00% below its 52-week high of ₹19.49.
Financial Performance: Sustained Operational Paralysis
The Q3 FY26 results underscore the severity of Triveni Glass's operational crisis. Net losses of ₹0.17 crores in Q3 FY26 represent an 88.89% deterioration from the ₹0.09 crore loss reported in Q3 FY24. On a sequential basis, losses narrowed marginally from ₹0.24 crores in Q2 FY26, though this offers little consolation given the complete absence of revenue generation.
| Quarter | Net Sales (₹ Cr) | Operating Profit (₹ Cr) | Other Income (₹ Cr) | Net Profit (₹ Cr) |
|---|---|---|---|---|
| Dec'25 | 0.00 | -0.23 | 0.07 | -0.17 |
| Sep'25 | 0.00 | -0.31 | 0.08 | -0.24 |
| Jun'25 | 0.00 | -0.19 | 0.13 | -0.07 |
| Mar'25 | 0.00 | -0.26 | 0.13 | -0.14 |
| Dec'24 | 0.00 | -0.22 | 0.14 | -0.09 |
| Sep'24 | 0.00 | -0.16 | 0.12 | -0.05 |
| Jun'24 | 0.00 | -0.23 | 0.61 | 0.37 |
The quarterly trend reveals a company entirely dependent on other income to partially offset operating losses. In Q3 FY26, other income of ₹0.07 crores helped reduce the operating loss of ₹0.23 crores to a net loss of ₹0.17 crores. Notably, Q2 FY24 saw an anomalous profit of ₹0.37 crores, driven by exceptional other income of ₹0.61 crores—an event that has not repeated since.
Employee costs, whilst minimal at ₹0.06 crores in Q3 FY26, continue to drain resources in the absence of any revenue generation. The company's operating profit before depreciation, interest, and tax (excluding other income) stood at ₹-0.23 crores, reflecting the fundamental challenge of maintaining a corporate structure without operational activity.
⚠ Critical Financial Distress
Zero Revenue Operations: The company has reported nil sales for at least the past seven consecutive quarters, indicating complete operational shutdown. With negative shareholder funds of ₹-14.72 crores as of March 2025, the company is technically insolvent, raising serious questions about its ability to continue as a going concern.
Balance Sheet Erosion: Negative Net Worth Deepens
Triveni Glass's balance sheet presents a picture of severe financial distress. As of March 2025, shareholder funds stood at ₹-14.72 crores, comprising share capital of ₹12.62 crores offset by accumulated losses in reserves and surplus of ₹-27.34 crores. This negative net worth position has persisted since FY22, when it first turned negative at ₹-19.27 crores.
The company's fixed assets have declined to ₹2.99 crores as of March 2025 from ₹67.11 crores in March 2021, reflecting significant asset write-downs or disposals. Current assets of ₹3.59 crores are insufficient to cover current liabilities of ₹21.29 crores, indicating severe working capital stress. The company maintains no long-term debt, having cleared its ₹0.94 crore obligation that existed until FY23, though this offers little comfort given the overall financial position.
Return on equity (ROE) and return on capital employed (ROCE) metrics are deeply negative, with average ROCE at -59.46% and latest ROCE at -27.79%. These figures underscore the fundamental challenge: the company is destroying shareholder value with no clear path to profitability or operational revival.
Cash Flow Concerns
Cash and cash equivalents have dwindled to a mere ₹0.01 crores as of the latest half-year period, marking the lowest level in recent years. Operating cash flows have been negative or flat across recent periods, with FY22 showing a particularly severe outflow of ₹66.00 crores. The company's ability to meet even minimal ongoing expenses appears increasingly precarious.
Historical Context: From Pioneer to Paralysis
The company's current predicament stands in stark contrast to its pioneering heritage. Founded in 1956 by the late Mr. D. N. Agrawal, Triveni Glass introduced India's first laminated safety glass technology for automobiles and subsequently expanded into tempered glass and mirrors. The company established a vertical draw sheet glass plant in Allahabad, Uttar Pradesh, positioning itself as an early mover in India's glass manufacturing sector.
However, the company's fortunes have deteriorated dramatically in recent years. Annual sales, which stood at ₹66.00 crores in FY17, have collapsed to zero in recent quarters. The five-year sales growth rate of -100.00% tells the story of complete operational collapse. Historical data shows the company last reported meaningful revenue in FY20 with sales of ₹59.00 crores, though even then it recorded an operating loss of ₹3.00 crores (excluding other income).
| Year | Net Sales (₹ Cr) | Operating Profit (₹ Cr) | PAT (₹ Cr) | PAT Margin (%) |
|---|---|---|---|---|
| FY20 | 59.00 | -3.00 | 14.00 | 23.7% |
| FY19 | 61.00 | -3.00 | 2.00 | 3.3% |
| FY18 | 53.00 | -1.00 | 5.00 | 9.4% |
| FY17 | 66.00 | 5.00 | 9.00 | 13.6% |
| FY16 | 56.00 | 4.00 | 4.00 | 7.1% |
| FY15 | 45.00 | -10.00 | -5.00 | -11.1% |
Peer Comparison: Bottom of the Barrel
Within the miscellaneous sector peer group, Triveni Glass stands out for all the wrong reasons. With a negative book value and no earnings, the company cannot be meaningfully valued on traditional metrics. Its market capitalisation of ₹11.00 crores makes it the third-smallest among its peer group.
| Company | P/E (TTM) | P/BV | ROE (%) | Debt/Equity |
|---|---|---|---|---|
| Triveni Glass | NA (Loss Making) | -0.70 | 0.0% | -1.24 |
| Citichem India | 9.54 | 0.56 | 6.12% | 0.32 |
| Milestone Global | 30.11 | 0.97 | 6.36% | -0.13 |
| Gala Global | NA (Loss Making) | 0.25 | 1.90% | 0.82 |
Whilst peers like Citichem India and Milestone Global demonstrate positive ROE of 6.12% and 6.36% respectively, Triveni Glass's ROE is effectively zero due to negative net worth. The negative price-to-book value of -0.70x reflects the market's recognition that the company's liabilities exceed its assets, making equity essentially worthless from a fundamental perspective.
Valuation Analysis: A Value Trap, Not a Value Play
At ₹8.38 per share, Triveni Glass may appear cheap in absolute terms, but this represents a classic value trap rather than a genuine investment opportunity. The company's valuation grade is classified as "RISKY," a designation it has held since April 25, 2023, when it changed from "Does Not Qualify."
Traditional valuation metrics are either unavailable or meaningless. The P/E ratio is not applicable due to consistent losses. The negative price-to-book value of -0.70x indicates the stock is trading at a premium to negative net worth—an illogical situation that typically occurs when investors speculate on potential asset sales or corporate restructuring rather than ongoing business value.
The enterprise value to EBITDA multiple of -29.29x and EV to EBIT of -28.71x are negative due to the company's loss-making operations. With no dividend payments and a zero dividend yield, there is no income component to justify holding the stock.
"With zero revenue, negative net worth, and no clear path to operational revival, Triveni Glass represents speculation on corporate restructuring rather than investment in a viable business."
Shareholding Pattern: Minimal Promoter Confidence
The shareholding pattern reveals a concerning lack of promoter confidence. Promoter holding stands at just 5.46% as of December 2025, unchanged for at least the past five quarters. This minimal promoter stake—comprising various members of the Agrawal family and related entities—suggests limited commitment to the company's revival.
| Category | Dec'25 | Sep'25 | Jun'25 | Mar'25 | QoQ Change |
|---|---|---|---|---|---|
| Promoter | 5.46% | 5.46% | 5.46% | 5.46% | 0.00% |
| FII | 2.76% | 2.76% | 2.76% | 2.76% | 0.00% |
| Mutual Funds | 0.05% | 0.05% | 0.05% | 0.05% | 0.00% |
| Insurance | 3.38% | 3.38% | 3.38% | 3.38% | 0.00% |
| Non-Institutional | 88.32% | 88.32% | 88.32% | 88.32% | 0.00% |
Foreign institutional investors (FII) hold 2.76%, whilst mutual funds hold a negligible 0.05%. Total institutional holdings of just 6.22% reflect the professional investment community's complete lack of interest in the stock. The overwhelming 88.32% non-institutional shareholding suggests the stock is held primarily by retail investors, many of whom may be trapped in legacy positions.
The complete absence of any shareholding changes across five consecutive quarters indicates zero institutional activity—neither buying nor selling—which typically signals a stock that has fallen off the radar of professional investors entirely.
Stock Performance: Consistent Underperformance Across All Timeframes
Triveni Glass has delivered consistently negative returns across virtually all timeframes, significantly underperforming the Sensex benchmark. Over the past year, the stock has plunged 52.92% whilst the Sensex gained 8.49%, resulting in negative alpha of 61.41 percentage points.
| Period | Stock Return | Sensex Return | Alpha |
|---|---|---|---|
| 1 Week | +1.70% | +0.53% | +1.17% |
| 1 Month | -9.60% | -3.17% | -6.43% |
| 3 Months | -34.43% | -2.70% | -31.73% |
| 6 Months | -35.54% | +1.80% | -37.34% |
| 1 Year | -52.92% | +8.49% | -61.41% |
| 2 Years | -71.32% | +16.47% | -87.79% |
| 3 Years | -64.03% | +38.79% | -102.82% |
The longer-term picture is equally dire. Over three years, the stock has declined 64.03% against the Sensex's 38.79% gain, whilst the ten-year return of -52.11% compares unfavourably to the Sensex's 236.52% surge. The only positive note is the five-year return of 18.87%, though this still significantly lags the Sensex's 75.67% gain over the same period.
The stock's beta of 1.50 indicates it is 50% more volatile than the market, classified as a high-beta stock. However, this elevated volatility has not translated into returns—instead, it has amplified losses. The risk-adjusted return of -0.98 over one year, combined with volatility of 54.07%, places the stock firmly in the "HIGH RISK LOW RETURN" category.
Against its sector, Triveni Glass has underperformed dramatically. Whilst the miscellaneous sector delivered returns of 39.89% over one year, Triveni Glass's -52.92% return represents underperformance of 92.81 percentage points—a staggering divergence that underscores the company's unique operational challenges.
Technical Analysis: Bearish Trend with No Support
From a technical perspective, Triveni Glass is entrenched in a bearish trend that began on October 14, 2025, at ₹12.87. All major technical indicators point downward, with MACD, Bollinger Bands, KST, and Dow Theory all flashing bearish signals on both weekly and monthly timeframes.
The stock trades below all key moving averages: 26.60% below its 200-day MA of ₹12.67, 33.86% below its 100-day MA of ₹11.43, and 12.12% below its 50-day MA of ₹9.52. The immediate support level at ₹8.05 (the 52-week low) is perilously close to the current price of ₹8.38, offering minimal cushion against further declines.
Resistance levels are stacked at multiple points: immediate resistance at ₹9.08 (20-day MA), major resistance at ₹11.43 (100-day MA), and strong resistance at ₹12.67 (200-day MA). The 52-week high of ₹19.49 appears increasingly distant, requiring a 132.58% rally from current levels—an unlikely scenario given the fundamental challenges.
Investment Thesis: Speculation, Not Investment
The investment thesis for Triveni Glass, if one can call it that, rests entirely on speculation regarding potential corporate actions such as asset sales, mergers, or restructuring—not on any fundamental business value. The company's proprietary Mojo score of just 12 out of 100, with a "STRONG SELL" rating, reflects the comprehensive weakness across all parameters.
The Mojo 4 Dots Analysis reveals:
- Near-Term Drivers: MIXED (Flat financial trend, Bearish technicals)
- Quality: BELOW AVERAGE
- Valuation: RISKY
- Overall Assessment: MIXED (with predominantly negative signals)
The company's quality grade of "Below Average" reflects its long-term financial underperformance, with five-year sales growth of -100.00%, deeply negative average ROCE of -59.46%, and zero average ROE. Whilst the company maintains zero debt and no promoter pledging—typically positive factors—these offer no comfort when the core business has completely ceased operations.
Key Strengths
- Zero debt position eliminates financial leverage risk
- No promoter pledging indicates no forced selling pressure
- Minimal fixed costs with reduced asset base
- Historical brand legacy in glass manufacturing
- Potential for asset monetisation or restructuring
Key Concerns
- Complete operational shutdown with zero revenue for seven consecutive quarters
- Negative net worth of ₹-14.72 crores raises going concern questions
- Deeply negative book value per share of ₹-11.66
- Minimal promoter holding at 5.46% suggests lack of commitment
- Cash reserves depleted to ₹0.01 crores threatens survival
- Consistent losses with no clear path to profitability
- Stock down 52.92% over one year with bearish technical trend
Outlook: What to Watch
For the few investors still holding Triveni Glass shares, the outlook depends entirely on corporate actions rather than operational improvements. The following factors warrant monitoring:
Positive Catalysts
- Announcement of asset sale or monetisation plans
- Merger or acquisition proposal from strategic buyer
- Corporate restructuring or scheme of arrangement
- Return to any level of operational activity
Red Flags
- Further deterioration in cash position below ₹0.01 crores
- Inability to meet statutory compliance requirements
- Stock exchange delisting proceedings
- Continued operational paralysis beyond FY26
- Further erosion of net worth
The Verdict: Exit Whilst Liquidity Exists
Score: 12/100
For Fresh Investors: Avoid completely. With zero revenue, negative net worth, and no operational activity, Triveni Glass represents pure speculation on corporate restructuring rather than investment in a viable business. The risk of permanent capital loss far outweighs any potential upside from speculative corporate actions.
For Existing Holders: Exit at current market prices whilst liquidity exists. The stock's classification as a micro-cap with minimal daily volumes means liquidity could evaporate entirely. Any residual value is likely to be realised through corporate actions (asset sales, restructuring) rather than operational recovery, making continued holding a high-risk proposition with uncertain timelines.
Fair Value Estimate: Not applicable. Traditional valuation metrics cannot be applied to a company with zero revenue and negative net worth. Any value depends entirely on potential asset realisations or corporate restructuring outcomes.
Note: ROCE = (EBIT - Other income)/(Capital Employed - Cash - Current Investments)
⚠️ Investment Disclaimer
This article is for educational and informational purposes only and should not be construed as financial advice. Investors should conduct their own due diligence, consider their risk tolerance and investment objectives, and consult with a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results, and investments in micro-cap stocks carry substantial risk of permanent capital loss.
