Triveni Turbine Q2FY26 Results: From Steam Dreams to Power Schemes — ₹506 Cr Sales, ₹91 Cr Profit, and a 41% ROCE That Could Boil Water Without Fire
1. At a Glance
Triveni Turbine Ltd (TTL) — the steam god of Peenya — just turned up the pressure in Q2FY26 with consolidated revenue of ₹506 crore and profit after tax of ₹91 crore. That’s not a typo — ₹91 crore of clean, turbine-spun profit in one quarter. For a company that once began as a sleepy division of Triveni Engineering back in the 1970s, TTL today commands a market cap of ₹17,011 crore, a P/E ratio of 49.7x, and an ROCE of 41.4% that makes most capital goods peers look like they’re still stuck in boiler maintenance.
But wait, there’s more: exports now contribute nearly 47% of revenue, the company is debt-light (₹38 crore borrowings), and the stock trades at 13.1x book value — because apparently, investors think turbines are the new SaaS.
In short, TTL is the rare kind of engineering company that’s actually engineered profits.
So, let’s spin up this turbine and see what’s powering this ₹17,000-crore beast — clean steam, global dreams, or just good old-fashioned margin discipline.
2. Introduction – How to Boil Water, Get Rich, and Make It Look Cool
Once upon a time in Bengaluru, a bunch of engineers looked at boiling water and said, “Wait, this could make us crores.” That’s Triveni Turbine’s origin story in a nutshell.
Born as part of Triveni Engineering, it went solo in 2010 — because when you’ve got a product that literally spins money (or at least spins blades to generate it), you don’t stay someone’s side hustle.
Fast forward to FY25: TTL has turbines whirring away across 80+ countries, a global installed base of 6,000+ units, and an export order book worth ₹1,800 crore. For context, that’s like having your to-do list filled entirely with paid work from abroad — every engineer’s dream.
The real kicker? It’s not just building new turbines. TTL makes nearly 34% of its revenue from aftermarket services — fixing, upgrading, and pampering turbines that already exist. It’s the engineering equivalent of earning rent from machines you sold a decade ago.
From biomass plants in Brazil to waste-to-energy setups in Dubai, TTL’s reach is as global as its ambition. And as India transitions from coal to renewables, Triveni is quietly making sure it profits no matter which side of the energy debate wins.
3. Business Model – WTF Do They Even Do?
If you’ve ever wondered how factories run massive operations without buying power from the grid, the answer is steam turbines. Triveni Turbine manufactures industrial steam turbines up to 100 MW, serving sectors like cement, steel, sugar, biomass, textiles, petrochemicals, and waste heat recovery.
Think of TTL as the “power middleman” — it helps industries make their own electricity using the steam they already generate. So, while most people see steam escaping from factory chimneys, Triveni sees potential revenue.
Their business comes in three main flavors:
Products (66% of revenue): Manufacturing turbines — the big-ticket items.
Aftermarket (34%): Maintenance, overhauls, long-term service agreements, and “high-speed balancing” — basically therapy for tired turbines.
Energy Transition Projects: TTL’s latest venture into CO₂-based heat pumps and energy storage solutions — where physics meets fintech-style hype.
And the cherry on top? The API (American Petroleum Institute) compliant turbines — precision-engineered beasts that can power oil and gas operations. TTL’s entry here is small today, but if they execute well, it’s like a desi startup cracking Silicon Valley.
So yeah, they’re not just “boiling water” — they’re turning thermodynamics into a ₹17,000 crore market cap story.
4. Financials Overview
Metric (₹ Cr)
Q2FY26 (Sep’25)
YoY (Q2FY25)
QoQ (Q1FY26)
YoY %
QoQ %
Revenue
506
501
371
1.0%
36.4%
EBITDA
115
111
74
3.6%
55.4%
PAT
91
91
64
0.0%
42.2%
EPS (₹)
2.87
2.86
2.03
0.3%
41.4%
Commentary: Flat year-on-year, but a solid sequential recovery — that’s Triveni Turbine’s Q2FY26 in one line. The company basically went from simmer to full boil quarter-on-quarter, with a 36% QoQ sales jump. Margins remain elite — OPM at 23% and PAT margins around 18%.
