Triveni Turbine LimitedCapital Goods & EngineeringTRITURBINE
Q1 FY27 earnings callTriveni Turbine Limited
A challenging quarter with soft margins due to low-margin project execution and order mix, offset by strong export and aftermarket order booking pointing to a back-ended recovery.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from Operations | ₹4.43 billion | 19.2% | |
| EBITDA | ₹797 million | — | |
| EBITDA Margin | 18% | — | |
| Profit Before Tax | ₹697 million | -20.1% | |
| Order Booking | ₹5.68 billion | 6.1% | |
| Closing Order Book | ₹21.8 billion | 5.1% |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹503.40 Cr+16.6% YoY+0.5% QoQ | ₹92.60 Cr+35.6% YoY+1.8% QoQ | ₹2.92+35.8% YoY+2.5% QoQ |
| Q2 FY25 | ₹501.10 Cr+29.2% YoY+8.2% QoQ | ₹91.00 Cr+42.1% YoY+13.2% QoQ | ₹2.85+41.1% YoY+13.1% QoQ |
| Q1 FY25 | ₹463.28 Cr+23.1% YoY+1.1% QoQ | ₹80.41 Cr+31.9% YoY+5.5% QoQ | ₹2.52+31.9% YoY+5.4% QoQ |
| Q4 FY24 | ₹458.05 Cr+23.9% YoY+6.1% QoQ | ₹76.20 Cr+37% YoY+11.6% QoQ | ₹2.39+38.2% YoY+11.2% QoQ |
| Q3 FY24 | ₹431.70 Cr+32.5% YoY+11.3% QoQ | ₹68.30 Cr+29.8% YoY+6.7% QoQ | ₹2.15+31.9% YoY+6.4% QoQ |
TL;DR
- Revenue grew 19.2% YoY to ₹4.43 billion, but EBITDA margin fell to 18% from 25.8%.
- Profitability was impacted by a low-margin NTPC CO2 storage project and a higher share of domestic execution.
- Order booking grew 6.1% YoY to ₹5.68 billion, driven by a 53.4% jump in export orders and a 54% rise in aftermarket orders.
- Closing order book stood at ₹21.8 billion, with exports at 57% and aftermarket at 29%.
- Management is optimistic about full-year growth in revenue and profit, expecting a recovery in margins in the second half.
Said on the call
“The execution in this quarter reflects the business environment and order intake of roughly a year ago. So the softer order mix of H1 FY 2026 has carried through to Q1 FY 2027 profitability.”
From the Q&A
| Topic | What management said |
|---|---|
| Margin Weakness | Attributed to deferred export executions due to high freight rates, a higher share of domestic revenue, and a low-margin NTPC CO2 storage project (₹175 crore order, about 40% executed in Q1). |
| Domestic Market Slowdown | Enquiry generation has weakened broadly, with customers delaying order finalisations. Management expects a recovery but does not provide quarterly enquiry numbers. |
| U.S. Market & Aftermarket | U.S. subsidiary is building presence; enquiry pipeline for data centres and combined cycles is strong but conversions take over 12 months. Aftermarket growth is driven by utility segment refurbishment and gas turbine MRO, with U.S. subsidiary targeting break-even this year. |
| R&D and New Products | Initiatives like Organic Rankine Cycle (ORC), heat pumps combined with MVRs, and geothermal solutions are progressing, with enquiry pipelines increasing, though commercialization takes time. |
| Full-Year Outlook | Management is confident in full-year top and bottom line growth, expecting it to be back-ended. They aim to maintain PBT margins above 20% in the medium to long term. |
Guidance
- Optimistic on growth of both profit and revenue for the full-year FY 2027, which will be backended.
- Confident to exhibit top line and bottom line growth for FY 2027.
- Aim to maintain a PBT margin of over 20% in the medium and long-term.
- Expect the U.S. subsidiary to break even this year.
Source
Summary written from the transcript filed by Triveni Turbine Limited for the call held on 17 Aug 2026; published 19 Aug 2026, 09:59 IST.