Triton Valves — Q3 FY25 earnings call

There's something called reversing valve and there's also something called electronic expansion bar, right! Now these are becoming critical in AC industry because there are very few players making these.

Highlights Triton's focus on developing complex, high-margin products to capture new opportunities in the AC market, potentially through internal R&D or partnerships.

Asked by Sudhir Bheda

Be very frank, I would refrain from giving a specific guidance, right! But I can, I can just tell you a few the trends that, you know, obviously everybody in the market knows, but from my own perspective, maybe in my own language I'll say it like this, auto industry I do think is slowing down a little bit, right! So I don't think we are going to see significant growth in the auto industry as a whole in India during FY 26

Management provides a qualitative outlook for FY26, acknowledging potential industry slowdowns but expressing confidence in company-specific growth drivers due to market share gains and small base.

Asked by Sudhir Bheda

about 30 Crore of sales in nine months is the contribution from Climatech. ... Future Tech, I don't believe we have said 14,000 tons. We are going right now from 700 tons per month to 1000 tons per month

Clarifies actual sales contribution from Climatech for the nine-month period and corrects a misunderstanding regarding Future Tech's current capacity, providing accurate operational metrics.

Asked by Dolly Choudhary-Niveshaay

I honestly don't know and perhaps nobody knows, you know, it's an evolving situation. My request would be let's wait for a few months... it is broadly believed that all these tariffs ultimately will not have a very significant negative impact on India... EV sector I would say is also going through some I would say hiccups as far as the two-wheeler segment... But again, I think the long term story is quite strong.

Addresses macro-economic uncertainties like tariffs, indicating a wait-and-watch approach, and provides an update on the EV segment, acknowledging short-term challenges but maintaining long-term optimism.

Asked by Dolly Choudhary-Niveshaay

it's all down to execution for us because if you look at the structuring of the businesses, identifying the opportunities, setting up the, you know, capability to, you know, capitalize on those opportunities, all of that has already happened over the last two, three years, right! So now it's going to be more operations focused.

Outlines the management's strategic focus on execution, operational efficiency, capacity building, and human resource development as key pillars for achieving long-term growth targets.

Asked by Anil Shah

they want to diversify their supply chain... Our base is small; we are just entering the market. So, and the market is looking for vendors... I would like to refrainfrom giving any specific, you know, guidance on margins, because, I would still say that as a company, we need, our business model needs to mature a little more before we can start, you know, giving guidance numbers.

Highlights the opportunity for Triton due to global supply chain diversification ('China plus one' strategy) and explains management's cautious approach to providing specific margin guidance due to market volatility and business model maturity.

Asked by Karthikeyan

Our valves today are already on many defense platforms. Primarily HAL is our main, I would say focus customer... government has started telling them that for certain components, they are literally going to not allow them to import from a certain cutoff date... as far as TPMS is concerned, I can tell you that the engagement is, very very strong and close with the top three, four sensor manufacturers globally, right!

Reveals new growth avenues in the defense sector driven by 'Make in India' initiatives and confirms strong, ongoing engagement with leading global sensor manufacturers for TPMS, with announcements pending completion of paperwork.

Asked by Shanki Bansal

if you look at, e.g., a customer like let's say Voltas, right! Currently we are maybe giving them five or six SKUs. What's the potential I could take it to 10-15 SKUs?... Validation process depends for automotive components and for climate control components from enquiry to mass production could be anywhere from 6 to 12 months... Whereas for Future Tech, typically the turnaround time is only two to three months

Provides detailed insights into product expansion strategy per customer, the varying timelines for product validation across different business verticals, and identifies key customers in each segment.

Asked by Chirag Shah