Triveni Turbine (TRIV)'s operational performance was below our and consensus expectations. Revenues declined by 16% yoy impacted by delays in execution and deferment in offtake by customers in both the domestic and export segment. EBITDAM declined by 653 bps to 20% and PAT declined by 46%. EBITDAM was impacted as majority (~63%) of the execution pertained to the low margin...