Transcript of the Earnings Conference Call held on May 19, 2026
TRITURBINE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Triveni Turbine delivered its highest ever annual turnover of Rs 21.81 billion in FY26, growing 9% YoY. Q4 FY26 was a record quarter with revenue of Rs 6.8 billion, up 26% YoY. Export revenue surged 30% YoY and now contributes 58% of total revenue (vs 48% last year). Q4 had margin compression due to unfavourable segment mix (lower aftermarket spares), execution of a low-margin strategic NTPC order, and Rs 8.5 crore mark-to-market FX loss. Full-year EBITDA margin stood at 24.2% and PBT margin at 22.5%. PAT declined 3% due to exceptional charge of Rs 157 million under new wage code. The enquiry book nearly doubled to about 18 GW, driven by strong U.S. market entry (enquiry book grew 1000%), Indian market growth (100% increase to 7 GW), and traction in Europe, Turkey, and Southeast Asia. Q4 order booking was Rs 7.54 billion (19% YoY growth), with closing order book at Rs 20.54 billion (up 8%).
The strong enquiry pipeline doubling provides multi-year revenue visibility. Management expects to sustain historical margin rates going forward despite Q4 compression from mix shift. The U.S. subsidiary is expected to turn profitable in FY27, and geothermal/ORC represent meaningful future growth opportunities.