Bengaluru OEM, top 2 globally in industrial steam turbines up to 100 MW, plus aftermarket/refurbishment.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 443 | +19.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 12.0 | −8.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 51.0 | −20.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 26.06 | −3.6 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 1.79 | −5.4 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 17.77 | −12.6 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
3 of 8 judged targets kept · 9 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| US Subsidiary Loss | > ₹20 crores for FY25 | Q3 FY25 | Not addressed as it pertains to a past fiscal year. | Achieved |
| NTPC ESS Project Commissioning | Q1 FY27 | Q2 FY26 | Commissioning timeline pushed. Management now expects it to enter the commissioning phase by 'end of Q2, early Q3' FY27. | Delayed |
| US Subsidiary Profitability | Profitable from FY28 onwards | Q4 FY26 | Management stated that product execution in the US will likely only happen in FY28, which aligns with the timeline for achieving profitability. | On Track |
5 of Triveni Turbine Limited's 17 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 14 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹523.95 on 24 Oct 2025 → ₹452.2. High ₹741.5 (29 May 2026), low ₹435.25 (23 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Triveni Turbine Limited designs, manufactures, and supplies industrial steam turbines up to 100 MW for decentralised industrial heat and power generation, alongside emerging clean-energy offerings such as CO2-based heat pumps/chillers and Organic Rankine Cycle (ORC) turbines for waste-heat recovery. It earns from two lines: sale of new turbines (Product) and lifecycle support — spares, services, upgrades and refurbishment of third-party rotating equipment through its Triveni REFURB division (Aftermarket). Manufacturing is based at two facilities in Bengaluru, Karnataka, supported by turbine assembly and repair facilities in Houston, USA and Johannesburg, South Africa, and international subsidiaries in the UK and UAE. It serves customers across 20+ industries, including sugar, food processing, cement, steel, chemicals, petrochemicals, and petroleum refining.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
3 of 8 judged targets kept · 9 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| US Subsidiary Loss | > ₹20 crores for FY25 | Q3 FY25 | Not addressed as it pertains to a past fiscal year. | Achieved |
| NTPC ESS Project Commissioning | Q1 FY27 | Q2 FY26 | Commissioning timeline pushed. Management now expects it to enter the commissioning phase by 'end of Q2, early Q3' FY27. | Delayed |
| US Subsidiary Profitability | Profitable from FY28 onwards | Q4 FY26 | Management stated that product execution in the US will likely only happen in FY28, which aligns with the timeline for achieving profitability. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 17 tracked commitments, with each call’s wording and source.
Call summaries
Triveni Turbine Limited Q1 FY27
Triveni Turbine Limited reported a challenging Q1 FY27 with strong revenue and order booking growth, but profitability was impacted by a softer order mix, deferred export orders, and a low-margin strategic project. The company remains optimistic for full-year FY27 growth, expecting back-ended performance, and is focusing on international expansion and new product development to improve margins and diversify its order book.
Read the full callTriveni Turbine Q4 FY26
Triveni Turbine reported a satisfactory FY26 with record annual turnover and strong Q4 revenue and order booking, driven by exports and new market entries like the US. Despite top-line growth, PAT declined due to an exceptional charge, and Q4 margins faced pressure from product mix and M2M losses. The company maintains a robust order book and a significantly expanded enquiry pipeline, particularly in India and the US, while navigating geopolitical and market uncertainties.
Read the full callTriveni Turbine Q3 FY26
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.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: −20% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 501 | 503 | 538 | 371 | 506 | 624 | 680 | 443 |
| Expenses | 390 | 394 | 418 | 298 | 392 | 491 | 552 | 391 |
| Operating profit | 111 | 109 | 120 | 74 | 115 | 133 | 128 | 51 |
| Operating margin | 22.0% | 22.0% | 22.0% | 20.0% | 23.0% | 21.0% | 19.0% | 12.0% |
| Other income | 20 | 22 | 20 | 22 | 18 | 4 | 16 | 28 |
| Interest | 1 | 0 | 1 | 1 | 0 | 1 | 1 | 1 |
| Depreciation | 6 | 6 | 8 | 8 | 8 | 9 | 9 | 9 |
| Profit before tax | 124 | 125 | 132 | 87 | 125 | 127 | 134 | 70 |
| Tax rate | 27.0% | 26.0% | 28.0% | 26.0% | 27.0% | 28.0% | 24.0% | 27.0% |
| Net profit | 91 | 93 | 95 | 64 | 91 | 92 | 102 | 51 |
| EPS (₹ per share) | 2.86 | 2.91 | 2.95 | 2.03 | 2.87 | 2.90 | 3.21 | 1.61 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 1,165 | 1,654 | 2,005 | 2,181 |
| Expenses | 952 | 1,336 | 1,570 | 1,733 |
| Operating profit | 213 | 319 | 436 | 450 |
| Other income | 41 | 62 | 81 | 60 |
| Interest | 1 | 4 | 3 | 3 |
| Depreciation | 20 | 21 | 26 | 34 |
| Profit before tax | 233 | 359 | 489 | 473 |
| Net profit | 174 | 269 | 359 | 349 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 32 | 32 | 32 | 32 | 32 | 32 |
| Reserves | 824 | 729 | 928 | 1,185 | 1,268 | 1,414 |
| Borrowings | 2 | 4 | 3 | 39 | 38 | 36 |
| Other liabilities | 493 | 593 | 707 | 783 | 856 | 1,037 |
| Total liabilities | 1,352 | 1,357 | 1,670 | 2,039 | 2,195 | 2,518 |
| Fixed assets | 247 | 269 | 283 | 323 | 349 | 363 |
| Capital work in progress | 3 | 5 | 1 | 19 | 14 | 17 |
| Investments | 478 | 379 | 458 | 348 | 413 | 304 |
| Other assets | 624 | 703 | 928 | 1,348 | 1,419 | 1,834 |
| Total assets | 1,352 | 1,357 | 1,670 | 2,039 | 2,195 | 2,518 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 187 | 433 | 196 | 271 | 187 | 111 |
| Cash from investing | -214 | -363 | 89 | -195 | -7 | 33 |
| Cash from financing | -2 | -75 | -288 | -76 | -111 | -141 |
| Net cash flow | -29 | -5 | -3 | -1 | 69 | 2 |
| Free cash flow | 174 | 419 | 157 | 240 | 144 | 39 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 40 | 43 | 38 | 39 | 66 | 107 |
| Inventory days | 170 | 138 | 122 | 108 | 78 | 84 |
| Days payable | 76 | 85 | 64 | 78 | 125 | 176 |
| Cash conversion cycle | 134 | 97 | 96 | 70 | 20 | 15 |
| Working capital days | -6 | -57 | -48 | -39 | 47 | 71 |
| Return on capital employed | 25.0% | 21.0% | 29.0% | 38.0% | 41.0% | 34.0% |
| Dividend payout | 38.0% | 23.0% | 0.0% | 43.0% | 36.0% | 39.0% |
To justify its price of ₹452, this stock must grow earnings at 29% every year for 7 years. Our analysis caps realistic growth at ~27%. At that growth it is worth ₹404 — downside of 11%.
Ownership
Promoters hold 55.84% as of Sept 2026; institutions cut 0.34 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Triveni Turbine Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 27.28% | unchanged | |
| 10.34% | unchanged | |
| 8.22% | unchanged | |
| Mutual fund | 4.49% | +0.07 pp |
| 4.31% | unchanged | |
| 3.93% | unchanged | |
| FPI fund | 3.87% | unchanged |
| FPI fund | 3.50% | unchanged |
| Mutual fund | 2.89% | unchanged |
| Mutual fund | 1.60% | newly disclosed |
| Mutual fund | 1.20% | newly disclosed |
| Mutual fund | 1.18% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
1 new, 3 added, 5 trimmed, 0 sold out — net +20.41 L shares (+17.7%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹205 Cr | held | Feb '18 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹167 Cr | held | Jun '25 |
| SBI Midcap Fund SBI Mutual Fund | ₹156 Cr | +13.57 L | Aug '26 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹99 Cr | held | Feb '26 |
| SBI Infrastructure Fund SBI Mutual Fund | ₹54 Cr | +2.93 L | Aug '26 |
| SBI Balanced Hybrid Fund SBI Mutual Fund | ₹22 Cr | new | Sep '26 |
| Nippon India Value Fund Nippon India Mutual Fund | ₹13 Cr | held | Feb '26 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹10 Cr | −0.05 L | Mar '21 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
3 added, 5 trimmed — net +20.41 L shares (+17.7%)
Shares held by these funds −35%
Oct '23 1.36 cr shares Sep '26
Your own record
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