Investors'' Brief for Q4 and FY26.
TRITURBINE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Triveni Turbine reported record FY26 revenue of ₹21.81 billion, up 9% YoY, with Q4 revenue at ₹6.80 billion (26.3% YoY growth) being the highest ever quarterly revenue. Export revenue surged 30.1% YoY to ₹12.6 billion, contributing 58% of total revenue. However, EBITDA margin contracted to 24.2% in FY26 (down 164bps) and 21.2% in Q4 (down 478bps) due to adverse project mix, lower aftermarket spares, and forex MTM losses from rupee depreciation. PAT stood at ₹3.49 billion (down 2.5% YoY) after a ₹157 million exceptional charge for new wage code compliance. Order booking for FY26 was ₹23.26 billion with a healthy closing order book of ₹20.54 billion (up 8% YoY). Aftermarket order booking grew 41.3% YoY, increasing its share to 38% from 26%, while closing aftermarket orders surged 107% YoY to ₹5.39 billion. The company entered the geothermal segment and the enquiry pipeline nearly doubled, supporting FY27 growth visibility.
Revenue growth and export momentum are positives, but margin contraction due to segment mix and forex losses is a concern. The strong aftermarket growth and expanding order book provide near-term earnings visibility, though shareholders may be cautious given PAT decline and margin pressure.