Triveni Turbine Ltd Q1 FY26 – The Steam Engine That Refuses to Retire
1. At a Glance
Triveni Turbine Ltd (TTL) is the desi overachiever of steam turbines – still making 100 MW machines in a world that’s busy hyping EVs and AI chips. With 6,000+ turbines spinning across 80+ countries, 30%+ ROE, and margins hot enough to fry pakoras, TTL is the reminder that “boring” capital goods sometimes print money more consistently than flashy startups.
2. Introduction
Imagine a company that split from its sugar daddy (literally – Triveni Engineering & Industries) back in 2010 and decided to make its own identity. While the parent company stayed busy crushing sugarcane and producing ethanol, TTL went on to build steam turbines that power everything from biomass boilers in Jharkhand to geothermal plants in Turkey.
In a country where infrastructure headlines are mostly about highways, airports, and Ambani’s data centres, TTL quietly built a ₹16,000+ Cr market cap on the back of something as unglamorous as steam. Yes, steam – the same thing your mom uses to unclog your nose during a cold.
Now here’s the kicker – 47% of its revenue is exports. While many Indian engineering firms struggle to find footing abroad, TTL is literally selling steam to the West. “Videshi paisa, swadeshi turbine.”
But hold up – the last few quarters weren’t a straight rally. Q1 FY26 saw sales dip 20% YoY and PAT fall 19%. Steam clearly doesn’t care about your quarterly expectations.
3. Business Model – WTF Do They Even Do?
TTL is not about power plants like NTPC. Instead, it thrives in the 0–100 MW space: industrial captive and renewable power. Think smaller turbines that factories use to save electricity bills or recover waste heat.
Aftermarket Services – their true goldmine (34% of revenue). LTSAs, refurbishments, spare parts – basically the “Netflix subscription” of turbines. Once you buy, you keep paying forever.
And this aftermarket bit is genius. Selling turbines is one thing, but charging clients for 20 years of maintenance is like selling a Maruti car and then billing lakhs every year for servicing.
So TTL is basically a turbine manufacturer + global repair shop combo. And both businesses print margins higher than most FMCG darlings.
4. Financials Overview
Source table
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue
₹371 Cr
₹463 Cr
₹538 Cr
-19.9%
-31.0%
EBITDA
₹74 Cr
₹96 Cr
₹120 Cr
-22.9%
-38.3%
PAT
₹64.5 Cr
₹80 Cr
₹95 Cr
-19.4%
-32.1%
EPS (₹)
2.03
2.52
2.95
-19.4%
-31.2%
Commentary: This quarter looked like someone poured cold water on their boiler. But zoom out: FY25 PAT was ₹359 Cr, ROE 31%, OPM 22%. That’s still better than most startups burning cash to sell 1-rupee shampoos online.
DCF method (assuming 15% CAGR profits next 5 years, 12% discount rate, terminal growth 4%): Value lands in ₹400 – ₹600 range.
📢 Fair Value Range: ₹380 – ₹600/share. (Educational purposes only. Not investment advice. SEBI uncle, please relax.)
6. What’s Cooking – News, Triggers, Drama
Aug 2025: TTL attended Motilal Oswal Investor Conference. Translation: management went speed-dating with fund managers.
Aug 2025: ICRA reaffirmed AA+ (Stable). Basically, lenders love them more than your landlord loves your rent cheques.
Aug 2025: Launched India’s first CO₂-based high-temp heat pump (COP 6). For the uninitiated, that’s like selling a boiler on steroids to industries desperate for green badges.
