Triveni Turbine Limited Q2 FY26 Concall Decoded: Order book on steroids, revenues still doing yoga stretches
1. Opening Hook
Triveni Turbine had a quarter where orders sprinted, exports flexed, and revenues… politely walked. Management called it “back-ended growth,” which is corporate for trust us, not now.
Q2 wasn’t bad. It just wasn’t exciting—unless you enjoy order books more than P&Ls. ₹22,200 crore backlog hit an all-time high, while revenues chose to remain flat and philosophical. The U.S. market is confused, Southeast Asia is sleepy, and domestic demand finally woke up—two years late but enthusiastic.
Aftermarket quietly stole the show, exports carried the mix, and management promised Q3–Q4 redemption like a Netflix finale.
Read on. The real turbine spin-up is apparently scheduled for H2.
2. At a Glance
Revenue ₹506 Cr – Flat growth, emotionally stable but uninspiring.
EBITDA ₹133 Cr – Margins holding the fort while topline naps.
PAT ₹91 Cr – Marginally higher, expectations remained grounded.
Order Booking ₹652 Cr (+14% YoY) – Sales team clearly didn’t get the slowdown memo.
Order Book ₹2,220 Cr (+24% YoY) – Backlog now doing heavy lifting.
Aftermarket 35% mix – The dependable child finally getting attention.
3. Management’s Key Commentary
“The quarter showed flat growth compared to last year.” (A very polite way of saying ‘nothing moved much’ 😏)
“We achieved a record order booking of ₹6.52 billion.” (Orders partying, revenues stuck in traffic)
“Domestic order booking grew 52% YoY.” (India finally woke up after a long FY25 nap)
“Export order booking declined due to global trade uncertainties.” (Tariffs doing what tariffs do best—confuse everyone)
“Aftermarket delivered record turnover.” (Old machines paying new bills 🛠️)
“Growth in FY26 will be back-ended.” (Q1–Q2 were warm-up laps, allegedly)
“Margins will not be materially impacted.” (The most repeated sentence, now legally binding)
4. Numbers Decoded
Source table
Metric
Q2 FY26
What It Really Means
Revenue
₹506 Cr
Execution slow, visibility high
EBITDA
₹133 Cr
Cost control still behaving
PAT
₹91 Cr
Stable, not thrilling
Order Book
₹2,220 Cr
Future secured, present waiting
Aftermarket Mix
35%
Recurring revenue quietly saving the day
Export Share
56%
Still global, just slightly jet-lagged
One-liner: Triveni sold the future aggressively and delivered the present conservatively.
