NSE: TRITURBINE · BSE: 533655
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Turbine equipment (exports) (58%), Turbine equipment (domestic), Aftermarket (38%), Strategic projects. Project-driven, capital-goods manufacturer with a sizeable exported and aftermarket book
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 852 | 1,248 | 1,654 | 2,006 | 2,181 |
| EBITDA (ex other income) | 361 | 234 | 319 | 437 | 435 |
| margin % | 42.3 | 18.7 | 19.3 | 21.8 | 19.9 |
| Owners' profit | 270 | 193 | 269 | 357 | 350 |
| EPS, as reported (₹) | 8.36 | 5.97 | 8.47 | 11.28 | 11.00 |
| ROE % · ROCE % | 31.5 · 42.6 | 25.3 · 33.0 | 28.0 · 36.6 | 29.4 · 38.6 | 24.2 · 32.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 433 | 196 | 271 | 187 | 111 |
| Capex | (16) | (39) | (32) | (43) | (72) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 501 | 503 | 538 | 371 | 506 | 624 | 680 | 443 |
| Profit before tax | 124 | 125 | 132 | 87 | 125 | 128 | 135 | 70 |
| Net profit | 91 | 93 | 95 | 64 | 91 | 92 | 102 | 51 |
| EPS (₹) | 2.85 | 2.92 | 2.99 | 2.03 | 2.87 | 2.89 | 3.21 | 1.60 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,41,563 | 58.2 | 5.41 | 47.1 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,37,523 | 46.0 | 14.72 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,087 | 85.8 | 15.99 | 71.3 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,820 | 110.2 | 24.50 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,20,079 | 36.7 | 8.67 | 33.8 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,04,269 | 79.9 | 38.76 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,282 | 68.1 | 21.05 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 51,299 | 16.4 | 5.42 | 15.9 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 43.0 | 36.5 | 22 of 34 | 36% |
| P/B | 10.0 | 5.4 | 25 of 33 | 25% |
| ROCE | 31.8 | 16.6 | 5 of 36 | 89% |
| ROE | 24.2 | 14.7 | 8 of 34 | 79% |
| Debt / Equity | 0.0 | 0.1 | 1 of 34 | 67% |
| EBITDA margin | 18.0 | 16.4 | 16 of 35 | 56% |
| Revenue growth | 19.2 | 17.7 | 16 of 33 | 53% |
| Profit growth | (20.6) | 6.7 | 21 of 32 | 36% |
| Market cap | 14471 | 6267 | 12 of 35 | 68% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · 5,488 shares allotted under employee stock unit plan | capital market events | low | — | — |
| 7 Oct 2026 · RTA certificate for share dematerialization for Sep 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · COO Sachin Parab resigns from Triveni Turbine to pursue outside opportunities | management changes | high | — | — |
| 1 Oct 2026 · COO Sachin Parab resigns from Triveni Turbine effective Oct 1, 2026 | management changes | high | — | — |
| 25 Sept 2026 · Allotment of 2,000 shares under Employee Stock Unit Plan 2023 | capital market events | low | — | — |
| 24 Sept 2026 · Trading window closure from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 18 Sept 2026 · ICRA reaffirms AA+ rating; bank facilities enhanced to Rs 1,099.5 cr | credit debt | medium | — | — |
| 9 Sept 2026 · Triveni Turbine AGM 2026: All 6 resolutions passed, total dividend INR 4.25 per share approved | board shareholder meetings | low | — | — |
| 9 Sept 2026 · 31st AGM held via video conferencing on Sep 9, 2026 | board shareholder meetings | medium | — | — |
| 9 Sept 2026 · 31st AGM held; Rs 2 final dividend declared for FY26 | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.