Triveni Turbine Limited(TRITURBINE) report a revenue/PAT CAGR of 13/14% over the next two years,primarily led by export orders. The aftermarket contributes 22% of its revenues, which explains the healthy EBITDA margins of ~21%. High capital efficiency (~4x FATO) and superior margins enable Triveni to have RoEs in excess of 30% and positive FCF on a consistent basis,expecting Triveni to command premium valuations. HDFC Securities initiate coverage with a BUY and a TP of Rs 128/share (FY18E P/E of 30x)Trendlyne has 4 reports on TRITURBINE updated in the last year from 4 brokers with an average target of Rs 128