Triveni Turbine Limited (TRITURBINE)
₹495.90 -2.02% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Triveni Turbine's revenue was ₹443 Cr (+19.3% year on year, -34.9% on the previous quarter), and net profit ₹51.1 Cr (-20.2% year on year); the operating margin was 11.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹443 | +19.3% | -34.9% |
| Operating profit | ₹51.3 | -30.7% | -59.9% |
| Net profit | ₹51.1 | -20.2% | -49.9% |
| EPS (₹) | 1.60 | -21.2% | -50.2% |
| Operating margin | 11.6% | — | — |
TRITURBINE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 49.57% of the TRITURBINE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.79%. That is close to its usual level.
Delivery in the last 5 sessions: 37.5% · 43.1% · 55.3% · 49.4% · 49.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Triveni Turbine Limited announced that its Chief Operating Officer (COO) and Key Managerial Personnel (KMP), Mr. Sachin Parab, has resigned to pursue opportunities outside the organization. The resignation took effect at the close of business hours on October 1, 2026. The departure comes as the company targets significant execution in H2 FY26 with a TTM revenue base of ₹2,185 Cr. Investors should note whether an immediate successor or interim operational leadership is appointed.
- Chief Operating Officer Sachin Parab tendered his resignation to explore outside opportunities.
- Resignation is effective from the close of business hours on October 1, 2026.
- Company is currently managing vendor and subcontracting execution against a TTM revenue base of ₹2,185 Cr.
Triveni Turbine Limited announced that credit rating agency ICRA has reaffirmed and assigned ratings for its bank facilities. Total bank facilities have been enhanced from ₹889.50 crore to ₹1,099.50 crore, primarily driven by a ₹210 crore addition in short-term non-fund based limits. The company's long-term fund-based limit of ₹179.50 crore remains rated [ICRA]AA+ (Stable), while short-term non-fund limits totaling ₹920.00 crore are rated [ICRA]A1+.
- Total rated bank facilities enhanced by ₹210 crore from ₹889.50 crore to ₹1,099.50 crore
- Long-term fund-based limits of ₹179.50 crore reaffirmed at [ICRA]AA+ (Stable)
- Existing short-term non-fund based limits of ₹710.00 crore reaffirmed at [ICRA]A1+
- Fresh short-term non-fund based limits of ₹210.00 crore assigned [ICRA]A1+
Triveni Turbine Limited concluded its 31st Annual General Meeting on September 9, 2026, with shareholders passing all proposed ordinary and special resolutions. Key approvals include the confirmation of an interim dividend of Rs 2.25 per share and the declaration of a final dividend of Rs 2 per share for FY26. Shareholders also approved the re-appointment of Director Dhruv M. Sawhney (96.13% votes in favor) and Independent Director Vijay Kumar Thadani for a second 5-year term (93.48% votes in favor). Overall voting turnout stood high at approximately 88.72% of total voting shares.
- Approved final dividend of INR 2.00 per equity share in addition to INR 2.25 interim dividend for FY26
- Overall voter participation reached 88.72% across 282,040,221 valid votes polled
- Re-appointment of Dhruv M. Sawhney passed with 96.13% votes in favor (10,909,105 votes against)
- Re-appointment of Independent Director Vijay Kumar Thadani approved with 93.48% votes in favor
- Re-appointment of Independent Director Vipin Sondhi passed with 99.55% votes in favor
Triveni Turbine Limited conducted its 31st Annual General Meeting on September 9, 2026, through video conferencing with 163 members attending. Key resolutions included the adoption of FY26 financial statements and declaration of a final dividend of ₹2 per equity share, in addition to an earlier interim dividend of ₹2.25 per share. Shareholders also voted on the re-appointment of directors, including Independent Directors Vijay Kumar Thadani and Vipin Sondhi for second terms of 5 years. Consolidated voting results and scrutinizer reports are pending submission.
- Declared a final dividend of ₹2 per equity share of Re. 1/- each, following a ₹2.25 interim dividend for FY26
- A total of 163 members, including 12 promoters, attended the AGM
- Special resolutions proposed for 5-year re-appointments of Independent Directors Vijay Kumar Thadani and Vipin Sondhi
- Scrutinizer's consolidated voting report to be submitted separately to stock exchanges
Triveni Turbine Limited has announced a scheduled visit to its Sompura manufacturing facility in Bengaluru for institutional investors on Tuesday, September 8, 2026, at 3:30 PM IST. The plant visit is organized as part of the UBS India Industrial field trip in a physical group meeting format. The company stated that no Unpublished Price Sensitive Information (UPSI) will be discussed during the interaction.
- Plant visit scheduled for Tuesday, September 8, 2026 at 03:30 P.M.
- Physical group meeting location at Sompura manufacturing facility, Bengaluru
- Organized as part of the UBS India Industrial field trip
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be shared
Triveni Turbine Limited's Share Allotment Committee has approved the allotment of 3,480 equity shares of face value Re. 1 each under the Triveni Turbine Limited - Employee Stock Unit Plan 2023 on August 18, 2026. Following this allotment, the paid-up equity share capital increased marginally from Rs. 31,78,94,979 to Rs. 31,78,98,459. The equity dilution resulting from this allotment is negligible at approximately 0.001% of the total share capital.
- Allotted 3,480 equity shares of face value Re. 1 each upon exercise of vested units
- Issued and paid-up capital increased from Rs. 31,78,94,979 to Rs. 31,78,98,459
- Total outstanding shares increased from 31,78,94,979 to 31,78,98,459 equity shares
- Allotment approved by Share Allotment Committee on August 18, 2026
Triveni Turbine reported Q1 FY27 revenue growth of 19.2% YoY to ₹4.43 billion (₹443 crore), though EBITDA margin contracted to 18.0% from 25.8% in Q1 FY26 due to delivery phasing and project mix. Order intake rose 6.1% YoY to ₹5.68 billion (₹568 crore), powered by a 53.4% surge in export orders, which accounted for 68% of fresh bookings. The closing order book stood at ₹21.8 billion (~₹2,180 crore), which represents ~100% of TTM revenue (₹2,185 crore), with the aftermarket segment backlog up 115% YoY to ₹6.24 billion. Management reiterated that revenue and profit growth for FY27 will be back-ended into the second half as higher-margin export contracts are executed.
- Revenue grew 19.2% YoY to ₹4.43 billion, while domestic sales expanded 27.4% to ₹2.4 billion.
- EBITDA margin compressed to 18.0% (₹797 million) vs 25.8% in Q1 FY26 due to strategic order delivery phasing.
- Order intake rose 6.1% YoY to ₹5.68 billion, led by a 53.4% increase in export order bookings.
- Total closing order book reached ₹21.8 billion, with aftermarket order book up 115% YoY to ₹6.24 billion.
Triveni Turbine Limited has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, confirming a standalone revenue of Rs 2,010 Cr. A key takeaway for investors is the company's high export reliance, with international sales accounting for 53% of total turnover across 83 countries. The report also details the full acquisition of South African subsidiary TSE Engineering for Rs 5.6 Cr, which was subsequently merged into its African operations. The company maintains a lean workforce of 942 employees and achieved a 'Reasonable Level of Assurance' for its ESG disclosures from SGS India.
- Exports contributed 53% of the total standalone turnover of Rs 2,010 Cr in FY 2025-26
- The company expanded its global footprint to serve 83 countries and 25 Indian states
- Acquired the remaining 30% equity in TSE Engineering Pty Ltd for Rs 5.6 Cr on October 30, 2025
- Steam turbines and accessories account for 90% of turnover, with servicing/O&M contributing the remaining 10%
- Maintains a workforce of 942 employees with a total employee turnover rate of 7.69% for the fiscal year
Triveni Turbine Limited has scheduled its 31st Annual General Meeting (AGM) for September 9, 2026, and released its FY26 Annual Report. The company reported a record closing order book of ₹20.54 billion (₹2,054 Cr), which represents approximately 98.4% of its TTM revenue, providing strong revenue visibility. Aftermarket services, a high-margin segment, now account for 38% of total order bookings. The record date for determining eligibility for the final dividend and AGM voting is set for September 2, 2026.
- Record closing order book of ₹20.54 billion achieved in FY26
- Aftermarket segment contributed 38% to the total order bookings in FY26
- Global footprint expanded to 80+ countries with over 6,000 turbines installed to date
- AGM scheduled for September 9, 2026, via video conferencing
- Record date for final dividend and e-voting eligibility is September 2, 2026
Triveni Turbine Limited has uploaded the audio recording of its earnings conference call held on August 11, 2026, following the release of its Q1 FY27 financial results. The company, which has a TTM revenue of ₹2,087 Cr and a high ROCE of 41.0%, uses these calls to discuss its record order book of ₹652 Cr and international expansion. This filing is a standard regulatory requirement under SEBI LODR Regulations to ensure transparency for retail investors who could not attend the live session.
- Audio recording of the analyst call held on August 11, 2026, is now publicly available.
- The call addressed financial performance for the quarter ended June 30, 2026 (Q1 FY27).
- Company maintains a record order book of ₹652 Cr as per recent qualitative disclosures.
- TTM Operating Profit Margin stands at 21.6% on a revenue base of ₹2,087 Cr.
Triveni Turbine (TTL) released its Q1 FY27 investor presentation, reporting a 26% revenue CAGR from FY22 to FY26, with FY26 revenue reaching ₹2,181 Cr. The company maintains a top-2 global position in the industrial steam turbine market (<100 MW) and achieved a 24.2% EBITDA margin in FY26. Growth is increasingly driven by thermal renewable applications, which now account for 65% of the addressable <100 MW market. TTL is also expanding its high-margin refurbishment business to cover equipment up to 1,000 MW.
- Revenue grew at a 26% CAGR over four years, reaching ₹2,181 Cr in FY26.
- EBITDA margins remained strong at 24.2% for FY26, with absolute EBITDA growing at a 29% CAGR since FY22.
- Global footprint includes 6,000+ installations across 80+ countries with a total capacity of 16+ GW.
- Thermal renewable fuels dominate the addressable <100 MW market, representing 65% of the segment in 2025.
- Refurbishment division now services rotating equipment up to 1,000 MW, expanding beyond its own product range.
Triveni Turbine reported a 19.2% YoY revenue growth to ₹443 crore for Q1 FY27, supported by a 27.4% increase in domestic sales. However, EBITDA fell 16.8% to ₹79.7 crore, with margins contracting sharply to 18.0% from 25.8% in the previous year due to an unfavorable project mix and strategic order costs. The order intake remained healthy at ₹568 crore, driven by a 53.4% surge in export orders. The total order backlog stands at ₹2,180 crore, providing roughly one year of revenue visibility.
- Revenue from operations increased 19.2% YoY to ₹443 crore.
- EBITDA margins declined by 780 basis points to 18.0% from 25.8% in Q1 FY26.
- Export order booking grew 53.4% YoY to ₹384 crore, contributing 68% of total quarterly intake.
- Closing order book reached ₹2,180 crore, up 5.1% YoY.
- Aftermarket order book more than doubled to ₹624 crore, representing 29% of the total backlog.
Triveni Turbine Limited (TTL) has approved corporate guarantees totaling $12 million (approx. ₹100 cr) to support non-fund based working capital for its Dubai and South Africa subsidiaries. The company also reported Q1 FY27 consolidated revenue of ₹442.7 cr, a 19.2% YoY increase from ₹371.3 cr. However, consolidated net profit for the quarter declined 20.6% YoY to ₹51.1 cr, down from ₹64.4 cr in the previous year's corresponding quarter. The guarantees represent approximately 8.1% of the company's net worth, facilitating international market expansion.
- Approved corporate guarantees of $3 million for Dubai subsidiary and $9 million for South Africa subsidiary.
- Consolidated Revenue for Q1 FY27 grew 19.2% YoY to ₹442.7 cr (₹4,427 million).
- Consolidated Net Profit for Q1 FY27 decreased 20.6% YoY to ₹51.1 cr (₹511 million).
- Standalone Revenue contributed ₹396.8 cr, representing nearly 90% of consolidated operations.
- Total Comprehensive Income for the quarter stood at ₹59.9 cr.
Triveni Turbine reported a 19.2% YoY increase in consolidated revenue to ₹442.7 Cr for Q1 FY27. However, consolidated net profit declined by 20.6% to ₹51.1 Cr, down from ₹64.4 Cr in the year-ago period, indicating significant margin pressure. The Board also approved corporate guarantees totaling USD 12 million for its Dubai and South Africa subsidiaries to facilitate non-fund based working capital. Standalone Profit Before Tax (PBT) saw a sharp decline to ₹67.0 Cr from ₹89.0 Cr YoY, despite higher sales.
- Consolidated revenue increased 19.2% YoY to ₹442.7 Cr in Q1 FY27.
- Consolidated Net Profit fell 20.6% YoY to ₹51.1 Cr from ₹64.4 Cr.
- Approved USD 12 million in corporate guarantees for subsidiaries in Dubai ($3M) and South Africa ($9M).
- Standalone Profit Before Tax (PBT) decreased to ₹67.0 Cr from ₹89.0 Cr YoY.
- Consolidated EPS for the quarter dropped to ₹1.60 from ₹2.03 in Q1 FY26.
Triveni Turbine reported a 19.2% YoY increase in consolidated total income to ₹442.7 Cr for the quarter ended June 30, 2026. However, Net Profit after tax declined by 20.6% YoY to ₹51.1 Cr, resulting in a lower EPS of ₹1.60 compared to ₹2.03 in the previous year. The Board also approved corporate guarantees totaling USD 12 million (~₹100 Cr) for its Dubai and South Africa subsidiaries to support their working capital requirements. The results indicate a significant margin contraction despite healthy top-line growth.
- Consolidated Total Income increased 19.2% YoY to ₹442.7 Cr from ₹371.3 Cr.
- Consolidated Net Profit fell 20.6% YoY to ₹51.1 Cr from ₹64.4 Cr.
- Approved USD 12 million in corporate guarantees for subsidiaries in Dubai (USD 3M) and South Africa (USD 9M).
- Standalone revenue from operations grew 15.1% YoY to ₹396.8 Cr.
- Consolidated EPS declined to ₹1.60 from ₹2.03 in the year-ago quarter.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for Q2 FY26 reached INR 506.2 Cr, a marginal growth of 1.0% YoY. H1 FY26 revenue stood at INR 964.4 Cr, up 9.9% YoY. The Product and Aftermarket segments are seeing growth both domestically and internationally, with record order bookings of INR 652 Cr in Q2 FY26, up 14% YoY.
Geographic Revenue Split
Domestic sales accounted for INR 224 Cr in Q2 FY26, representing approximately 44% of total revenue but declining 20% YoY. Export sales contribute the remaining 56% and are a primary driver of the favorable revenue mix and higher margins.
Profitability Margins
EBITDA margin for Q2 FY26 was 26.3% (up from 26.1% YoY). PAT margin stood at 18.1% for Q2 FY26. H1 FY26 PAT margin was 17.8%, with a net profit of INR 155.8 Cr.
EBITDA Margin
EBITDA margin improved by 60bps YoY to 26.1% in H1 FY26. Core profitability remains resilient due to a higher share of export and aftermarket revenues, which offset lower-margin domestic projects.
Capital Expenditure
The company maintains a debt-free capital structure with no major debt-funded capital expenditure planned. Growth is supported by strong internal accruals and a cash/investment balance of INR 883 Cr as of March 31, 2024.
Credit Rating & Borrowing
The company holds an [ICRA] AA+ (Stable) long-term rating and an [ICRA] A1+ short-term rating. It remains debt-free, resulting in negligible borrowing costs and high financial flexibility.
Operational Drivers
Raw Materials
Key materials include steel, castings, forgings, and specialized alloys for turbine manufacturing. Cost of materials consumed in Q2 FY26 was INR 259 Cr, representing 51.2% of total revenue.
Import Sources
Not specifically disclosed in the documents, though the company operates globally for both sourcing and sales.
Key Suppliers
Specific supplier names are not disclosed; the company relies on a network of specialized vendors and subcontractors for manufacturing components.
Capacity Expansion
Current manufacturing capacity is not a constraint for the company; however, the company is focused on managing the capacity of its vendors and subcontractors to meet a high execution target in H2 FY26.
Raw Material Costs
Raw material costs stood at INR 259 Cr in Q2 FY26. Procurement strategies involve leveraging customer advances to fund working capital and managing vendor coordination to mitigate supply chain bottlenecks.
Manufacturing Efficiency
EBITDA margins improved by 60bps in H1 FY26 despite absolute EBITDA pressure, indicating high manufacturing efficiency and a shift toward higher-value product mixes.
Strategic Growth
Expected Growth Rate
14%
Growth Strategy
Growth is driven by a record order book of INR 652 Cr, expansion into international markets, and the introduction of new technologies such as CO2 turbines and heat pumps. The settlement of the GE joint venture dispute allows the company to focus on the high-margin 30-100 MW turbine segment.
Products & Services
Industrial steam turbines (up to 100 MW), CO2 turbines, heat pumps, energy storage solutions, and aftermarket services (spare parts and maintenance).
Brand Portfolio
Triveni Turbines, Triveni Energy Solutions Limited (TESL).
New Products/Services
New products include CO2 turbines and heat pumps aimed at the renewable energy and energy efficiency markets; these are gaining traction and provide a runway for stable future revenue.
Market Expansion
Targeting global markets for steam turbines and expanding the aftermarket business internationally to capitalize on the installed base.
Market Share & Ranking
Maintains a strong market position in the industrial steam turbine segment, particularly in the sub-100 MW category.
Strategic Alliances
Settled a long-standing dispute with JV partners regarding Triveni Energy Solutions Limited (TESL). Subsidiary Triveni Turbines DMCC recently entered into a Share Purchase Agreement for further expansion.
External Factors
Industry Trends
The industry is shifting toward renewable energy and energy efficiency. Triveni is positioning itself by developing turbines for the thermal renewable segment and high-efficiency heat pumps.
Competitive Landscape
Faces intense competition in the global turbine market, but the resolution of the GE dispute strengthens its competitive positioning in larger turbine segments.
Competitive Moat
The moat is built on a debt-free balance sheet, a negative working capital cycle driven by customer advances, and specialized engineering capabilities in the 30-100 MW turbine range.
Macro Economic Sensitivity
Highly sensitive to industrial capex cycles in sectors like sugar, steel, and cement. Global economic health impacts the 56% export revenue share.
Consumer Behavior
Industrial customers are increasingly demanding energy-efficient and green-energy-aligned power solutions, driving demand for the company's new R&D-led products.
Geopolitical Risks
Trade barriers or geopolitical instability in key export regions could disrupt the growth of the international business segment.
Regulatory & Governance
Industry Regulations
Adheres to Secretarial Standards and manufacturing standards for power generation equipment; operations are subject to pollution control norms and export-import regulations.
Environmental Compliance
The company complies with BRSR (Business Responsibility and Sustainability Report) mandates and focuses on products that support the global quest for a greener environment.
Taxation Policy Impact
The effective tax rate is approximately 28.3% based on Q2 FY26 figures (INR 36.1 Cr tax on INR 127.5 Cr PBT).
Legal Contingencies
Successfully settled the dispute regarding Triveni Energy Solutions Limited (TESL) with former JV partners, removing a significant hurdle for growth in the 30-100 MW segment.
Risk Analysis
Key Uncertainties
Execution risk in H2 FY26 to catch up on deferred revenue; sensitivity to the cyclical nature of end-user industry capex.
Geographic Concentration Risk
44% of revenue is concentrated in the Indian domestic market, which currently shows lower margins and declining growth (-20% in Q2).
Third Party Dependencies
Significant reliance on the capacity and coordination of third-party vendors and subcontractors for manufacturing components.
Technology Obsolescence Risk
Risk of shifting energy technologies is mitigated by active R&D in CO2 turbines and energy storage solutions.
Credit & Counterparty Risk
Low credit risk as working capital is largely funded by customer advances, ensuring high receivables quality.
