TRITURBINE
Triveni Turbine share price & financials
- Price
- ₹615.25
- Market cap
- ₹19.0k Cr
- Sector
- Capital Goods
- Calls analysed
- 7
Triveni Turbine Limited Q1 FY27
What went well
- Revenue from operations grew 19.2% YoY to ₹4.43 billion, driven by strong domestic sales (up 27.4%) and exports (up 10.8%).
- Order booking for the quarter increased 6.1% YoY to ₹5.68 billion, primarily led by exports and aftermarket segments.
- Export order booking showed robust growth of 53.4% YoY, contributing 68% to the total order booking for the quarter.
What to watch
- EBITDA margin compressed to 18% from 25.8% in Q1 FY26, with EBITDA at ₹797 million.
- Profit before tax (PBT) declined 20.1% YoY to ₹697 million, with PBT margin at 15.7% compared to 23.5% in Q1 FY26.
What Triveni Turbine Limited does
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
- Product
- Aftermarket
- Global market position
- Top 2 worldwide in industrial steam turbines up to 100 MW
- Global installed base
- 6,000+ turbines installed across 80+ countries
- Installed base power generation capacity
- 16+ GW
- Track record
- 50+ years designing, manufacturing and supplying industrial steam turbines
- Manufacturing facilities
- 2 (Peenya and Sompura, Bengaluru, Karnataka)
- International facilities
- Turbine assembly and repair facilities in Houston (USA) and Johannesburg (South Africa); subsidiaries in the UK and UAE
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 3 delivered 5 missed 9 open- US Subsidiary Loss delivered said Q3 FY25 Promised: > ₹20 crores for FY25 Q1 FY27: Not addressed as it pertains to a past fiscal year.
- NTPC ESS Project Commissioning delayed said Q2 FY26 Promised: Q1 FY27 Q1 FY27: Commissioning timeline pushed. Management now expects it to enter the commissioning phase by 'end of Q2, early Q3' FY27.
- US Subsidiary Profitability on track said Q4 FY26 Promised: Profitable from FY28 onwards Q1 FY27: Management stated that product execution in the US will likely only happen in FY28, which aligns with the timeline for achieving profitability.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 15.1%, net profit down 25.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 469 | 441 | 490 | 345 | 479 +2% | 584 +32% | 602 +23% | 397 +15% |
| EBITDA | 109 | 99 | 119 | 77 | 119 +9% | 136 +37% | 103 −13% | 51 −34% |
| Net profit | 90 | 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.
Performance +10.4% 1Y
1Y: ₹515.95 on 10 Sept 2025 → ₹569.65. High ₹741.5 (29 May 2026), low ₹435.25 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −5.7%
- 11 Aug
- Q4 FY26
- +6.9%
- 19 May
- Q3 FY26
- −7.3%
- 4 Feb
- Q2 FY26
- +1.3%
- 12 Nov
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.
Financials, as filed
Revenue grew 19.9% a year over 3 years, FY23 to FY26. Operating margin widened to 21.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.2k Cr | ₹1.4k Cr | ₹1.8k Cr | ₹2.0k Cr |
| Operating profit | ₹213 Cr | ₹252 Cr | ₹409 Cr | ₹435 Cr |
| Operating margin | 18.3% | 18.3% | 22.8% | 21.6% |
| Interest | ₹1 Cr | ₹4 Cr | ₹2 Cr | ₹3 Cr |
| Depreciation | ₹20 Cr | ₹20 Cr | ₹21 Cr | ₹26 Cr |
| Net profit | ₹174 Cr | ₹209 Cr | ₹374 Cr | ₹337 Cr |
| Net margin | 14.9% | 15.2% | 20.8% | 16.8% |
| Cash from operations | ₹151 Cr | ₹234 Cr | ₹141 Cr | ₹118 Cr |
| Free cash flow | ₹119 Cr | ₹206 Cr | ₹124 Cr | ₹54 Cr |
| ROCE | 25.0% | 38.0% | 48.0% | 39.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹32 Cr | ₹32 Cr | ₹32 Cr | ₹32 Cr | ₹32 Cr | ₹32 Cr |
| Reserves | ₹560 Cr | ₹739 Cr | ₹593 Cr | ₹733 Cr | ₹1.3k Cr | ₹1.2k Cr |
| Borrowings | ₹3 Cr | ₹2 Cr | ₹4 Cr | ₹3 Cr | ₹38 Cr | ₹24 Cr |
| Other liabilities | ₹302 Cr | ₹463 Cr | ₹537 Cr | ₹641 Cr | ₹856 Cr | ₹973 Cr |
| Total liabilities | ₹897 Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.4k Cr | ₹2.2k Cr | ₹2.2k Cr |
| Fixed assets | ₹248 Cr | ₹240 Cr | ₹256 Cr | ₹268 Cr | ₹349 Cr | ₹302 Cr |
| Capital work in progress | ₹1 Cr | ₹3 Cr | ₹5 Cr | ₹1 Cr | ₹14 Cr | ₹16 Cr |
| Investments | ₹278 Cr | ₹466 Cr | ₹332 Cr | ₹400 Cr | ₹413 Cr | ₹307 Cr |
| Other assets | ₹371 Cr | ₹527 Cr | ₹572 Cr | ₹739 Cr | ₹1.4k Cr | ₹1.6k Cr |
| Total assets | ₹897 Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.4k Cr | ₹2.2k Cr | ₹2.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −4.87 pp while DIIs added +3.84 pp. The shareholder count shrank 13% to 1,53,675.
- Promoters
- 55.8%
- FIIs
- 20.6%
- DIIs
- 16.0%
- Public
- 7.6%
Since Jun 2025
- FIIs −4.87 pp
- DIIs +3.84 pp
- Public +1.03 pp
How it drifted, 12 quarters
Over this window FIIs fell from 27.7% to 20.6% — −7.1 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 55.8%, FIIs 27.7%, DIIs 11.7%, Public 4.8%.Dec '23: Promoters 55.8%, FIIs 27.3%, DIIs 12.5%, Public 4.4%.Mar '24: Promoters 55.8%, FIIs 27.3%, DIIs 12.7%, Public 4.2%.Jun '24: Promoters 55.8%, FIIs 27.5%, DIIs 12.3%, Public 4.3%.Sep '24: Promoters 55.8%, FIIs 28.1%, DIIs 11.5%, Public 4.6%.Dec '24: Promoters 55.8%, FIIs 28.3%, DIIs 10.9%, Public 4.9%.Mar '25: Promoters 55.8%, FIIs 28.0%, DIIs 10.6%, Public 5.5%.Jun '25: Promoters 55.8%, FIIs 25.4%, DIIs 12.2%, Public 6.6%.Sep '25: Promoters 55.8%, FIIs 23.6%, DIIs 13.9%, Public 6.7%.Dec '25: Promoters 55.8%, FIIs 22.4%, DIIs 14.6%, Public 7.2%.Mar '26: Promoters 55.8%, FIIs 20.8%, DIIs 16.5%, Public 6.8%.Jun '26: Promoters 55.8%, FIIs 20.6%, DIIs 16.0%, Public 7.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Man Mohan Sawhney HUF ( Mr. Dhruv Manmohan Sawhney) newly disclosed 1.11% held
- Edelweiss Trusteeship Co Ltd Ac- Edelweiss Mf Ac- Edelweiss Mid Cap Fund Mutual fund +0.09 pp 1.16% held
- Nikhil Sawhney Trust (Mr. Dhruv Manmohan Sawhney and Mr. Nikhil Sawhney - Trustees) newly disclosed 0.00% held
- Tarun Sawhney Trust (Mr. Dhruv Manmohan Sawhney and Mr. Tarun Sawhney - Trustees) newly disclosed 0.00% held
The same filing shows 3 holders trimming and 4 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Triveni Turbine Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Subhadra Trade and Finance Limited | 27.28% | unchanged |
| Rati Sawhney | 10.35% | unchanged |
| Dhruv Manmohan Sawhney | 8.22% | unchanged |
| ICICI Prudential Energy Opportunities Fund Mutual fund | 4.42% | −1.03 pp |
| Tarun Sawhney | 4.31% | unchanged |
| Nikhil Sawhney | 3.93% | unchanged |
| Nalanda India Equity Fund Limited FPI fund | 3.87% | −0.07 pp |
| Nalanda India Fund Limited FPI fund | 3.50% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund Mutual fund | 2.87% | −0.22 pp |
| Edelweiss Trusteeship Co Ltd Ac- Edelweiss Mf Ac- Edelweiss Mid Cap Fund Mutual fund | 1.16% | +0.09 pp |
| Man Mohan Sawhney HUF ( Mr. Dhruv Manmohan Sawhney) | 1.11% | newly disclosed |
| Zia Nikhil Sawhney | 0.31% | 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.
Mutual funds in TRITURBINE
Filings to Aug 2026
2 new, 5 added, 2 trimmed, 0 sold out — net +22.92 L shares (+24.8%).
- Held by funds
- ₹667 Cr
- 12 schemes
- Biggest holder
- Nippon India Multi Cap Fund
- ₹220 Cr · 0.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹220 Cr | held | Feb '18 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹179 Cr | +0.50 L | Jun '25 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹107 Cr | held | Feb '26 |
| SBI Midcap Fund SBI Mutual Fund | ₹89 Cr | new | Aug '26 |
| SBI Infrastructure Fund SBI Mutual Fund | ₹41 Cr | new | Aug '26 |
| Nippon India Value Fund Nippon India Mutual Fund | ₹14 Cr | held | Feb '26 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹11 Cr | +0.02 L | Mar '21 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹5 Cr | +0.01 L | Oct '22 |
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 Aug 2026
5 added, 2 trimmed — net +22.92 L shares (+24.8%)
- Funds are sitting on
- +27%
- vs est. average cost
- Held by funds
- ₹667 Cr
- 12 schemes · ≈ 3.7% of the company
- Biggest holder
- Nippon India Multi Cap Fund
- ₹220 Cr · 0.4% of that fund
Shares held by these funds −57%
Aug '23 92.40 L shares Jul '26
What the price assumes
ExpensiveTo justify its price of ₹570, this stock must grow earnings at 34% every year for 7 years. Our analysis caps realistic growth at ~25%. At that growth it is worth ₹360 — downside of 37%.
- Growth the price implies
- 34.4% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 24.7% a year
- net profit, FY23–FY26 · EPS 25.1%
- The gap
- 0.1 pp
- -37% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Triveni Turbine Limited
Guides on how to read this kind of business and the numbers that matter.