Trident Group

Sector: Textiles, Paper & Chemicals  |  HQ: Ludhiana, Punjab, India  |  Founded: 1990  |  Employees: 15,000+

Listed as: NSE / BSE listed (TRIDENT)  |  NSE / BSE  |  Ticker: TRIDENT.NS

Company overview

Trident Group is one of India's largest integrated home textiles and paper companies, headquartered in Ludhiana, Punjab. The flagship listed entity, Trident Limited, was incorporated in 1990 and is one of the largest bath and bed linen exporters from India, with marquee customer relationships among global mass and mid market retailers including Walmart, Target, Costco, IKEA and major US, European and Japanese home textile importers. The group is also a major manufacturer of yarn, copier paper under the My Choice and Trident Spectra brands, and chemicals including sulphuric acid. Trident was founded by Rajinder Gupta and the Gupta family, and has grown into a vertically integrated player that combines cotton ginning, spinning, weaving, yarn dyeing, terry towel and sheet manufacturing, paper from wheat straw and recycled fibre, and select chemicals. The company is listed on BSE and NSE, has multiple manufacturing complexes in Punjab and Madhya Pradesh, and is a notable exporter from India.

Financial performance and recent trajectory

Disclosed revenue (FY25): ₹6,800 crore (FY 2024-25 estimate).

12-month price trajectory

Monthly closes over the last 12 months. Source: Yahoo Finance.

Competitive position

In home textiles, Trident competes with Welspun India, Indo Count Industries, Himatsingka Seide, Loyal Textile Mills, Alok Industries (under restructuring) and various smaller exporters. Trident and Welspun are the two largest Indian terry towel exporters with significant share of the US market. In yarn, Trident competes with Vardhman Textiles, Nahar Spinning and other large spinners. In paper, Trident's wheat straw based mill at Saila Khurd in Hoshiarpur, Punjab competes with JK Paper, West Coast Paper Mills, Tamil Nadu Newsprint and Emami Paper in printing and copier grades, with a particular position in the branded copier paper segment under My Choice and Trident.

Key risks

Cotton price and currency volatility Concentration in large US retailer programmes Energy and freight cost fluctuations

Outlook

Trident Group traces its origin to 1990 when Rajinder Gupta promoted Abhishek Industries to manufacture yarn at Sanghera in Punjab. The company built integrated textile capabilities over the next decade, adding spinning, weaving and terry towel manufacturing, and entered the paper industry in the late 1990s through a wheat straw based mill at Saila Khurd in Hoshiarpur district of Punjab. The wheat straw pulp innovation, in which agricultural residue is converted to pulp instead of being burnt by farmers, was an environmentally significant choice in a state where stubble burning has been a public health issue. Over the 2000s and 2010s Trident scaled to become one of the world's largest terry towel manufacturers by capacity, with an installed capacity exceeding 90,000 tonnes per annum across its Budhni complex in Madhya Pradesh and Punjab plants. It also became one of India's largest copier paper producers under its own branded portfolio. The business is organised into three segments. Home textiles include terry towels, bed linen and bath robes for export and domestic markets, with the bulk of revenue from large retailer programmes in the United States, Europe and Asia. Yarn covers a wide range of cotton, blended, melange and value added yarns for domestic and export sale. Paper and chemicals include wheat straw and waste paper based printing and writing grades sold under My Choice and Trident Spectra brands and through OEM tenders, plus sulphuric acid and other chemicals largely for captive consumption. Manufacturing footprint is dominated by the Budhni complex in Sehore district of Madhya Pradesh which houses the world's largest terry towel manufacturing facility and a sheeting complex. Other plants in Punjab include the Sanghera spinning complex, the Barnala home textiles plant, the Dhaula yarn dyeing plant, and the Saila Khurd paper and chemicals complex. Combined the group operates installed capacity for more than 4 lakh spindles in yarn, more than 90,000 tonnes per annum in terry towels, more than 70,000 tonnes per annum in bed linen, and more than 1,75,000 tonnes per annum in paper. Distribution in home textiles is primarily B2B through large retailer programmes, with the United States accounting for the largest share. Yarn is sold to fabric manufacturers in India and exports markets including Bangladesh, China, Turkey and parts of Europe. Paper is sold through a national dealer and distributor network for branded copier paper, and through institutional and tender channels for commercial printing grades. Financial trajectory has been steady albeit cyclical. Revenue has grown at a high single digit compounded rate over the past decade, FY 2024-25 consolidated revenue is estimated at around ₹6,800 crore, operating margins have ranged from low to mid teens depending on cotton prices, export demand and energy costs. The company has historically maintained moderate debt levels and is a consistent dividend payer. Recent capex has included expansion of bed linen capacity at Budhni, modernisation of yarn and paper capacity, and investment in captive solar and other renewable energy. The group has not pursued large scale acquisitions and has relied on organic growth. Strategy 2025 to 2030 focuses on three pillars. First, deepening the home textiles relationship with large global retailers and expanding into adjacent categories like throws, blankets and kitchen textiles. Second, building branded copier paper share in the Indian market and selectively exporting to South Asia and the Middle East. Third, investing in renewable energy and water efficiency to support ESG positioning that increasingly matters to large retail customers. The regulatory environment is shaped by the Companies Act 2013 and SEBI LODR for listed company obligations, the Cotton Corporation of India minimum support price framework, the Textile and Apparel Policy of the central government, the Plastic Waste Management Rules to the extent of packaging, US Customs Cotton norms, the Environment Protection Act, the Air and Water Pollution Acts at central and state levels, and customer audits under codes such as SMETA, Sedex and Better Cotton Initiative. The group's wheat straw based paper aligns with stubble burning reduction policy in Punjab. Risks include cotton price volatility, USD INR currency exposure on exports, demand cyclicality at large US retailers, freight cost fluctuations, energy cost volatility, water risk in Madhya Pradesh and Punjab catchments, and concentration in a few large customer relationships. The Indian textiles industry has also seen periodic tariff and trade related volatility. Management is led by Rajinder Gupta as chairman emeritus and Deepak Nanda and other professionals in executive roles. Governance follows SEBI LODR with full board committee structure and BRSR disclosure as required for large listed companies. ESG profile is shaped by the wheat straw based paper that addresses Punjab stubble burning, large captive renewable energy capacity, water recycling at the Budhni complex, Better Cotton Initiative and other certifications for cotton sourcing, and active corporate social responsibility through the Trident Madhuban dairy and rural development programme. Customer led traceability and decarbonisation expectations are an active area of investment.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.