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Triveni Turbine
Our verdict on Triveni Turbine isn’t the consensus take — see where we landed, and the one risk the bull case glosses over.
See the verdict — free →Does management do what it says?
The company has established a demo unit that provides hot water at 126 degrees, slightly exceeding the previously targeted 122 degrees. (2 exceeded across 2 tracked commitments)
“Coming to MVR, initial orders we picked up, are sizable around seven, eight orders, which are under execution. That also we expect to commission those things in FY 2027.”
The Aftermarket segment's contribution to total turnover increased by 200 basis points (2%) year-over-year in Q2 FY 2026, surpassing the 1% annual target. (2 exceeded, 2 met across 4 tracked commitments)
“We're quite confident in the fact that margins will be reasonably robust this year.”
See the full cited Management analysis of Triveni Turbine
How durable is the business?
Domestic demand is robust across steel, cement, and sugar sectors, with a significant contribution from the NTPC project (₹70 crore billing this quarter). (1 expanding)
“we've already had about ₹70 odd crores of billing NTPC in the current quarter... domestic market-wise,what we have seen is that all the industry segments starting from food processing industry, chemical, sugar, distilleries, steel and cement are contributing”
Aftermarket revenue grew 19% annually, though its share of total turnover slightly decreased as the Product segment grew faster. (5 expanding)
“The aftermarket turnover was at ₹ 6.4 billion during the year, a growth of 19% over previous year. Aftermarket contributed to 32% of the total turnover in FY 25.”
See the full cited Business Model analysis of Triveni Turbine
Where does growth come from?
The Aftermarket segment is showing accelerating growth, reaching record order bookings and increasing its contribution to total turnover to 35%. (2 accelerating across 2 signals, 1 leading indicator)
“The Aftermarket business has been expanding its horizons through a wider array of customer solutions going beyond the industrial range of steam turbines... The Company further strengthened its position in the utility-scale refurbishment space.”
Triveni is diversifying into new green energy areas like geothermal power and specialized industrial drives to expand its future market reach. (+1 more signal)
“The period also saw progress in diversification initiatives, with the Company entering new business areas including geothermal applications and BFW drives through proprietary offerings.”
See the full cited Future Growth analysis of Triveni Turbine
What could break the thesis?
Management acknowledges that growth remains lumpy, particularly in domestic order finalizations which declined 10% in FY25 despite robust enquiries. (5 intensifying, 2 high-severity)
“Order booking of ₹ 3.91 billion during the quarter, a decline of 26% y-o-y”
Export demand remains under severe pressure due to geopolitical conflicts (Middle East and India-Pakistan), causing clients to shift orders to European competitors to avoid 'force majeure' risks. (5 intensifying, 1 high-severity)
“Export order booking declined by 40% y-o-y to ₹ 2.08 billion, impacted by global trade uncertainties and delays in contract closures.”
See the full cited Risk analysis of Triveni Turbine
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