Triveni Turbine

Triveni Turbine achieved its highest-ever quarterly revenue of ₹5.03 billion, a 17% YoY increase. This growth was primarily fueled by a 31% surge in export sales, which now account for 49% of total revenue. EBITDA margins expanded significantly by 270 basis points to 26.1%, resulting in a record quarterly EBITDA of ₹1.31 billion and a 36% jump in PAT to ₹926 million.

The company secured a landmark ₹2.9 billion (₹290 crore) order from NTPC for a 160-MWh long-duration energy storage system (LDES) using CO2-based technology. While management admits this initial order is not 'immensely profitable,' it serves as a critical strategic entry into a high-growth green energy segment. They aim to achieve cost parity with lithium-ion batteries, targeting a reduction from $200,000 to $120,000-$125,000 per MWh.

Domestic order booking remained flat YoY, and the domestic outstanding order book fell 22% to ₹6.4 billion. However, management highlighted a 75% YoY growth in the domestic enquiry pipeline for the nine-month period. They attribute the current lull to a 'mixed bag' of sector performance but are optimistic about a rebound in Q4 FY25, particularly in Process Cogeneration, Steel, and Oil & Gas.

To support its record order book of ₹18.19 billion and new product lines, Triveni is significantly increasing its capex. Management guided for ₹120-150 crore in capex over the next two years, a substantial jump from the historic ₹30-40 crore annual run rate. This investment will focus on adding manufacturing bays in Bangalore and building advanced R&D testing infrastructure for CO2 turbines.

The company is intentionally incurring a loss of over ₹20 crore in the US market this year to build its service network and certifications. Despite these short-term costs, management views the US as a 'key market' for FY26. Meanwhile, the Aftermarket segment continues to be a high-margin growth engine, with turnover reaching a record ₹1.8 billion in Q3, up 22% YoY.