TRIVENI TURBINE LIMITED

Manufactures industrial steam turbines below 100 MW, where it sits as a top-2 global supplier. It sells turbine equipment to power generation customers — thermal power, geothermal, combined-cycle plants for data centres, and biomass — and to industrial heat users in steel, cement, sugar, paper, and process cogeneration. Exports contributed 58% of FY26 revenue at ₹12.58bn, up 30.1% YoY, with domestic revenue making up the rest. The aftermarket segment — spares and refurbishment of installed turbines — accounted for 38% of FY26 order booking, growing 41.3% YoY, and contributed 50% of Q4 FY26 order booking after rising 121% YoY. The FY26 closing order book stood at ₹20.54bn, up 8% YoY, with export orders at 51% of the book. The enquiry pipeline nearly doubled to ~18 GW, including ~3 GW from the U.S., driven by data-centre, geothermal, and biomass demand. The cost structure is materials-heavy, with raw materials at 53.5% of revenue and employee cost at 9.9%.