Triveni Turbine Ltd. share price target

Author: Antu Eapan Thomas - Sr. Research Analyst prompting a downward revision of our revenue estimates for FY26E/FY27E by 3%. However, we value the stock at a P/E of 40x on FY27E EPS and maintain...

We revise our FY26/FY27 EPS estimates by -7.4%/-8.8% accounting for elongation of order finalization and back ended U.S. revenue. Triveni Turbine (TRIV) reported a healthy quarter with revenue growth of 17.5% YoY while EBITDA margin improved by 277bps YoY to 22.4%. Despite muted order booking (ex. CO2 battery storage order) during the quarter, the inquiry pipeline saw a robust growth up 120% domestically and 30% in exports driven by rising demand across key sectors such as steel, cement, and oil & gas, and expanding presence in international markets including the Middle East, Europe,...

Triveni Turbine (TRIV)’s 4QFY25 results came in line with our expectations. For FY25, domestic order inflows were up 29% YoY, boosted by one-time large order inflow worth INR2.9b.

Consolidated revenues grew 18% y-o-y to Rs. 538 crore, led by strong growth of 27% y-o-y in export sales to Rs. 280 crore. Products segment reported revenues of Rs. 393 crore (up 25% y-o-y) and the aftermarket segment of Rs. 144 crore flat y-o-y.

Triveni Turbine (TRIV)’s 3QFY25 results came in line with our expectations on all parameters. The company reported revenue/EBITDA/PAT growth of 17%/31%/35% YoY in 3QFY25.

Triveni Turbine (TRIV)’s 2QFY25 results exceeded our expectations on both the revenue and profitability front. The company reported a revenue/EBITDA/PAT growth of 29%/50%/41% YoY in 2QFY25.

PAT rose 43% y-o-y to Rs. 92 crore, supported by strong revenue growth of 29% y-o-y and good OPM of 22.2%. OPM improved by 306 bps led by lower other expenses.

In its FY2024 annual report, Triveni Turbines Ltd (TTL) reaffirmed the company’s focus on expanding overseas and increasing aftermarket services business. FY2024 numbers was driven
by healthy export sales which grew by 38% y-o-y.