Trident Commissions 5.40 MW Rooftop Solar Project with INR 10 Crore Investment

Trident has successfully commissioned an additional 5.40 MW rooftop solar project at its facility in Budhni, Madhya Pradesh, as announced in its regulatory filing dated March 27, 2026. This latest installation brings the company's total solar capacity at the Budhni facility to 57.32 MW, reinforcing its commitment to renewable energy adoption.

Project Investment and Financing Details

The company has invested approximately INR 10 crore in this rooftop solar project, funded entirely through internal accruals. The following table outlines the key project specifications:

Parameter:	Details
New Project Capacity:	5.40 MW
Total Solar Capacity:	57.32 MW
Investment Amount:	INR 10 Crore (Approximate)
Financing Mode:	Internal Accrual
Location:	Budhni, Madhya Pradesh
Installation Type:	Rooftop Solar

Capacity Expansion from Existing Base

According to the regulatory filing submitted under SEBI LODR Regulations, the project represents a significant expansion from the existing capacity. The capacity progression details are:

Capacity Metric:	Details
Previous Existing Capacity:	51.92 MW
Capacity Addition:	5.40 MW
Current Total Capacity:	57.32 MW
Existing Capacity Utilization:	100%

Strategic Renewable Energy Initiative

The commissioning represents Trident's systematic approach to renewable energy adoption, with the stated rationale being the reduction of carbon footprint through renewable energy sources. The project was commissioned on March 27, 2026, demonstrating the company's commitment to sustainable business practices and environmental responsibility.

Regulatory Compliance and Documentation

The announcement was made through proper regulatory channels, with intimation provided to both NSE (Scrip Code: TRIDENT) and BSE (Scrip Code: 521064) under Regulation 30 of SEBI LODR Regulations. The filing was signed by Company Secretary Sushil Sharma, ensuring full compliance with disclosure requirements for capacity additions in renewable energy infrastructure.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-3.80%	-2.70%	-8.47%	-18.23%	-5.30%	+72.32%

Trident Limited has received credit rating affirmation from India Ratings and Research (Ind-Ra) for its proposed non-convertible debentures, maintaining the 'IND AA' rating with Stable outlook. The rating agency has changed its approach from standalone to fully consolidated view, considering Trident's wholly-owned subsidiaries and associate company operations.

Rating Details and Rationale

The affirmation reflects Trident's healthy consolidated business profile, resilient operating performance, and healthy credit metrics expected to sustain despite tariff-linked uncertainties. With completion of the capacity expansion programme, the company began deleveraging in line with expectations and will continue further deleveraging through incremental EBITDA generation.

Parameter	Details
Instrument Type	Proposed Non-Convertible Debentures
Issue Size	INR1,250 million
Rating	IND AA/Stable
Rating Action	Affirmed
Status	Yet to be issued

Financial Performance and Credit Metrics

Ind-Ra expects consolidated net adjusted leverage of 1.50x-1.60x over FY26-FY27 owing to completion of large debt-led capex and sustained EBITDA generation. The net adjusted leverage stood at around 1.46x (annualised) in 9MFY26, compared to 1.19x in FY25 and 1.72x in FY24.

Financial Metrics (Consolidated)	9MFY26	FY25	FY24
Net Revenue (INR billion)	50.69	69.87	68.09
EBITDA (INR billion)	6.42	9.11	9.40
EBITDA Margin (%)	12.66	13.04	13.81
EBITDA Interest Coverage (x)	7.85	7.00	6.01
Net Adjusted Leverage (x)	1.46*	1.19	1.72

*Standalone on annualised basis

Operational Performance and Business Strengths

Despite US tariff implications, Trident maintained sustained operational performance in 9MFY26 with consolidated revenue remaining stable at INR50.69 billion compared to INR51.23 billion in 9MFY25. The company benefits from leading market share in global terry towel market and diversified product mix comprising yarn, terry towels, bed linen, paper and chemicals.

Revenue Composition (9MFY26):

Home textiles (bath & bed linen): 54%
Yarn: 31%
Paper: 15%

Key Rating Drivers

Strengths:

Comfortable credit metrics likely to improve over FY26-FY27
Sustained operational performance despite US tariff implications
Healthy business profile with vertically-integrated operations
Support from fiscal incentives in textile segment (FY25: INR3.56 billion)

Constraints:

Decline in paper business margins to 13.0% in 9MFY26 from 18.4% in FY25
High revenue concentration with top customer contributing 17.9% in FY25
Geographical concentration from US markets at 40.4% in FY25
Forex and raw material volatility risks

Liquidity and Financial Flexibility

The company maintains adequate liquidity with reduced fund-based limits to INR10.41 billion from INR18.00 billion due to lower working capital requirements. Average utilisation of fund-based limits was low at around 24% for 12 months ended January 2026. Free cash balances stood at INR5.49 billion at FYE25.

Manufacturing Capabilities

Trident operates three manufacturing facilities in Dhaulra, Sanghera (Punjab) and Budhni (Madhya Pradesh). As of 31 December 2025, facilities collectively held 8,15,000 spindles, 7,464 rotors, 1,100 looms, paper manufacturing capacity of 175,000 metric tonnes per annum, and chemical manufacturing capacity of 115,000 mtpa for sulphuric acid.