Triveni Turbine Limited — Q3 FY26 earnings call

Call held 4 Feb 2026

Management summary

Triveni Turbine delivered record revenue and EBITDA in Q3 FY26, despite a temporary dip in order inflows caused by the timing of customer advances. The company is navigating a transition toward larger, lumpier orders and newer technologies like heat pumps and energy storage. While export markets face geopolitical and tariff-related uncertainties, management remains confident in a strong Q4 recovery and sustained double-digit growth into FY27.

Highlights

  • Highest ever quarterly revenue of ₹624 crores, up 24% YoY.

  • Record EBITDA of ₹154 crores, representing a 16.9% YoY increase.

  • PAT stood at ₹91.7 crores, down 1% YoY due to a ₹15.7 crore exceptional wage code charge.

  • Order booking for Q3 was ₹391 crores, down 26% YoY, impacted by deferred advances of over ₹200 crores.

  • 9M FY26 revenue growth was 2.3% YoY, with management expecting a significant catch-up in Q4.

  • U.S. subsidiary reported a 9M loss of ₹21.7 crores, though break-even is targeted for FY27.

  • NTPC project billing contributed approximately ₹70 crores in Q3 at lower-than-average margins.

  • Management maintains a guidance of 20%+ PBT margins and double-digit top-line growth for FY26.

Key financials

  1. Revenue ₹624 Cr +24%YoY
  2. EBITDA ₹154 Cr +16.9%YoY
  3. PAT ₹91.7 Cr -1%YoY
  4. Order Inflow ₹391 Cr -26%YoY
  5. EBITDA Margin 24.7%

What they filed

Q1 FY27: revenue up 15.1%, net profit down 25.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue469 441 490 345 479 +2%584 +32%602 +23%397 +15%
EBITDA109 99 119 77 119 +9%136 +37%103 −13%51 −34%
Net profit90 121 94 67 96 +7%95 −21%79 −16%50 −25%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

  • U.S. Subsidiary
    ₹21.7 Cr 9M Net Loss
  • NTPC Project
    ₹70 Cr Q3 Billing

Guidance & targets

Margin

  • PBT Margin Margin · FY26 · High confidence above 20%
    Traditionally, yeah, we've always said that it will be above 20% on a PBT basis, and we continue to maintain that.

    — Nikhil Sawhney, Vice Chairman and Managing Director

Revenue

  • Revenue Growth Revenue · FY27 · Medium confidence commensurate or slightly higher than FY26
    For FY 2027, as we come into that year with a strong order book, we should look at, commensurate if not slightly higher growth than we had in FY 2026.

    — Nikhil Sawhney, Vice Chairman and Managing Director

Profitability

  • U.S. Subsidiary Performance Profitability · FY27 · Medium confidence more than break-even
    our anticipation is that FY 2027 should be more than a break-even year for the U.S. subsidiary

    — Nikhil Sawhney, Vice Chairman and Managing Director

Market context

  • Top-line Growth Revenue · FY26 · High confidence double-digit
    This current year, we should see a double-digit growth in top line.

    — Nikhil Sawhney, Vice Chairman and Managing Director

Risks & concerns

  • Order Booking Lumpiness

    medium

    Transition to larger turbine orders and new segments is making quarterly inflows and revenue recognition more volatile.

    Management acknowledged

  • Geopolitical and Tariff Uncertainties

    medium

    Geopolitical issues in Europe and the Middle East, along with previous U.S. tariffs, have delayed decision-making for some international customers.

    Both acknowledged

  • U.S. Subsidiary Losses

    medium

    The U.S. unit has incurred losses of ~₹20cr+ annually for two years, acting as a drag on consolidated margins.

    Analyst acknowledged

Areas of evasion (2)

  • Specific market share targets for utility auxiliary drive turbines.
  • Average industry realization per megawatt.

Q&A highlights

2 direct
Order Inflow Decline in Q3 Direct
we had an order booking in Q3 of ₹391 [crores], which I want to say is about ₹200 plus crores short of what our average has been... exactly the quantum of orders that were sort of deferred because of non-receipt of advance.

Explains that the sharp YoY decline in order booking was a timing issue rather than a demand issue.

Asked by Saif Sohrab Gujar, ICICI Prudential Asset Management

U.S. Market Opportunity and Tariffs Direct
With the tariffs now coming down, we should be well placed to convert these enquiries... the U.S. also is exhibiting a very large enquiry book for us... multi-hundred million dollars.

Highlights the massive potential in the U.S. market following the reduction of import duties to 18%.

Asked by Amit Anwani, PL Capital

Growth Trajectory and Lumpiness Partial
what you would recognise in this current financial year is the lumpiness of the way that orders come in... This is happening because as we approach newer market segments and larger turbine orders.

Management signals that the business is becoming less predictable on a quarterly basis as they scale into larger projects.

Asked by Deepesh Agarwal, UTI Asset Management

2 min read 5 chapters

Detailed narrative

Record Financials Overshadowed by Order Timing

Triveni Turbine achieved record Q3 revenue of ₹624 crores and EBITDA of ₹154 crores, growing 24% and 16.9% YoY respectively. However, order booking for the quarter dipped to ₹391 crores, a 26% YoY decline. Management attributed this primarily to a ₹200+ crore shortfall caused by customer advances not being received before the quarter-end, rather than a lack of demand. They expect these deferred orders to flow into Q4, which is projected to be a record-breaking quarter for both revenue and order inflows.

U.S. Market Pivot and Tariff Relief

The U.S. subsidiary remains a strategic focus despite incurring a 9M loss of ₹21.7 crores. Management highlighted a 'multi-hundred million dollar' enquiry book in the U.S., particularly from data centers and combined cycle applications. The reduction in U.S. import duties to 18% is expected to accelerate order finalizations. While FY26 remains an investment year, management anticipates the U.S. subsidiary will reach break-even or better in FY27, serving as a launchpad for significant growth in FY28.

Strategic Expansion into New Technologies

Triveni is aggressively diversifying its product portfolio beyond traditional steam turbines. The company has received its first order for CO2-based heat pumps and has an enquiry book exceeding 100 units. Additionally, the Mechanical Vapor Recompression (MVR) segment has secured 7-8 initial orders currently under execution. Management is particularly bullish on energy storage applications, viewing them as a unique medium-term market opportunity that will combine multiple Triveni products into application-specific solutions.

Aftermarket and Refurbishment Resilience

The Refurbishment and Aftermarket segments continue to be high-margin pillars for the company. Despite a slight dip in dispatches this quarter, management remains confident in the global refurbishment pipeline, particularly in geothermal and utility segments. The acquisition of 100% control in TSE Engineering in South Africa allows Triveni to unify operations and expand its service scope across Sub-Saharan Africa, targeting the utility segment for large-scale refurbishment.

Domestic vs. Export Mix Dynamics

The order book mix is currently seeing a shift toward the domestic market, which has shown robust double-digit growth across steel, cement, sugar, and distillery segments. While international markets saw a temporary dip due to geopolitical issues and tariff uncertainties, management expects the long-term mix to stabilize at approximately 55% export and 45% domestic. Export markets remain more lucrative from a margin perspective and are essential for validating the company's technological competitiveness.

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