Triveni Turbines (TRIV) 3QFY17 revenue (flat YoY) was below our estimates. However, better-than-expected EBITDA margins (26.3%, 550bps YoY) led to an in line PAT (Rs 351mn, 19% YoY). The superior EBITDA margin was led by the execution of high margin export orders and strong growth in after-market sales ( 27% YoY). Export ( 163% YoY) continues to be the growth driver, while the domestic segment (-41% YoY) continues to decline. Order book (Rs 6.3bn) declined 7% YoY.