01 — At a Glance
The Steam Turbine Maker That Beat Its Own Record. Then Got Lazy.
- 52-Week High / Low₹675 / ₹454
- Q3 FY26 Revenue₹624 Cr
- Q3 FY26 PAT₹92 Cr
- Q3 FY26 EPS₹2.90
- Annualised EPS (Q3×4)₹11.60
- Book Value₹40.9
- Price to Book11.4x
- Dividend Yield0.86%
- Debt / Equity0.03x
- Outstanding Order Book₹19,090 Cr
Auditor’s Opening Note: Triveni Turbine closed Q3 FY26 with ₹624 crore quarterly revenue (+24% YoY), highest EBITDA ever, PAT of ₹92 crore, and a 41.4% ROCE that would make even HDFC Bank jealous. But—and there’s a honking great big but—the 9-month results were “broadly flat” because Q1 and Q2 were slower than a turbine spinning in a funeral home. The stock returned -8.67% over the past year. Meme answer: turbines make power, not shareholder returns. Reality: probably just expensive.
02 — Introduction
The Little Turbine Company That Could. (But Maybe Shouldn’t Have Valued Itself At ₹14,800 Cr.)
Let’s talk about Triveni Turbine. No, not the place your mechanic sends you to fix your car. This Triveni makes industrial steam turbines up to 100 MW. Think of it as the specialized, boring, highly profitable, utterly uncool cousin of the energy sector. It’s been around since 1970 (originally a division of Triveni Engineering), got demerged in 2010, and has been quietly selling turbines to cement plants, sugar factories, geothermal plants, and anyone with a burning desire to convert heat into electricity.
The business is simple: Triveni owns 63% domestic market share in the 30–100 MW steam turbine space. That’s not leadership. That’s hegemony. The company generates ₹2,040 crore in annual revenue, ₹353 crore in PAT, maintains a 41.4% ROCE, and has an order book of ₹19,090 crores—enough to keep the lights on for 9+ quarters. Yet the stock is trading at 42.1x P/E. Not because it’s a tech company. Not because growth is exponential. But because the market decided industrial turbines are the new AI.
Q3 FY26 results came out on February 3, 2026, and management delivered the “highest ever revenue and EBITDA.” Then they looked at the camera, said “broadly flat” for the 9 months, and sipped their chai. Because in India, nuance means you can deliver a record quarter, a flat 9-month period, and an 11% order booking miss YoY, and somehow the stock didn’t crater. Welcome to equity markets.
Concall Note (Feb 2026): Management said Q1 and Q2 were impacted by slower order bookings and execution; they expect Q4 to “exceed any previous quarter” in order booking. Management always expects the next quarter to be brilliant. This is the financial equivalent of saying “the check is in the mail.”
03 — Business Model: Industrial Turbines for Humans Who Hate Fun
If It Spins, Glows, and Makes Money, Triveni Will Build It. Profitably.
Triveni Turbine designs and manufactures industrial steam turbines up to 100 MW. The company serves two main segments: Industrial Captive Power (biomass, waste-to-energy, waste heat recovery) and Renewable Power (geothermal, biomass, WtE). They also do aftermarket services—maintenance, spare parts, refurbishments—which is basically the subscription model of the industrial world.
The company has two manufacturing facilities in Bengaluru (Peenya and Sompura) and has installed 6,000+ turbines across 80+ countries, contributing 16 GW of cumulative power generation capacity. Revenue is split ~53% domestic and 47% export. Product revenue is 66% of the mix; aftermarket is 34%—meaning Triveni makes money twice: once selling the turbine, then forever maintaining it.
Expansion vectors include heat pumps (CO₂-based), mechanical vapour recompression (MVR), energy storage (including CO₂-based), and the largest turbine segment (larger MW). Management is also pushing into U.S. market (subsidiary running at losses), and recently took 100% control of TSE Engineering in South Africa. Strategic? Yes. Immediately profitable? Not even close.
Domestic Share30-100MW63% Market Share
Global Footprint80+ Countries16 GW Installed
Order Book₹19,090 Cr9+ Quarters Visibility
Aftermarket Revenue34%Of Total Mix
IPR Note: As of March 2024, Triveni has filed 374 global IP rights, covering turbo machinery and CO₂-based power systems. They’re building moats in engineering. Watch the heat pump adoption curve—that’s where value lives for the next 3–5 years.
💬 Have you ever seen a turbine in real life? (Hint: if you’ve been to a power plant, yes.) Do you think CO₂-based heat pumps are the future, or just expensive engineering exercises? Drop your thoughts!
04 — Financials Overview
Q3 FY26: The Numbers (And Why 9M Numbers Are Lying)
Result type: Quarterly Results | Q3 FY26 EPS: ₹2.90 | Annualised EPS (Q3×4): ₹11.60 | FY26 YTD (9M) EPS: ~₹8.05
| Metric (₹ Cr) |
Q3 FY26
Dec 2025 |
Q3 FY25
Dec 2024 |
Q2 FY26
Sep 2025 |
YoY % |
QoQ % |
| Revenue | 624 | 503 | 506 | +24.0% | +23.3% |
| Operating Profit | 133 | 109 | 115 | +22.0% | +15.7% |
| OPM % | 21% | 22% | 23% | -100 bps | -200 bps |
| PAT | 92 | 93 | 91 | -0.9% | +1.1% |
| EPS (₹) | 2.90 | 2.91 | 2.87 | -0.3% | +1.0% |
The Con Artistry: Q3 revenue is ₹624 crore (+24% YoY). PAT is flat YoY (₹92 cr vs ₹93 cr) despite higher revenue—thanks to lower aftermarket dispatch and higher NTPC billings at lower margins. Management blamed exceptional wage-related charges of ₹15.7 crore which reduced PAT by ~1%. So: revenue crushes, margin compresses, PAT dies. The stock doesn’t care because the order book is bigger than Nifty’s market cap. Next quarter, management will say they expect “reversion to normal margins.” Translation: we hope.
05 — Valuation: Is ₹467 a Bargain or a Blunder?
Fair Value Range: Where Turbines Should Spin Valuation-wise
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