Triveni Turbine Limited (TRITURBINE)
Small CapIndustrials stocks · Small cap · NSE
Triveni Turbine Limited is a global leader in industrial steam turbines (<100 MW) and decentralized, sustainable energy systems. It is a top 2 player globally, with 6000+ installations across 80+ countries, generating 16+GW. The company provides comprehensive solutions for steam turbines and other rotating equipment.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -20% YoY · margin compression · Rev +19% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹443 Cr | +19.4% | -34.9% |
| EBITDA | ₹51 Cr | -31.1% | -60.2% |
| Operating margin | 12.0% | -800 bps | -700 bps |
| PAT | ₹51 Cr | -20.3% | -50.0% |
| PAT margin | 11.5% | -574 bps | -349 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 revenue grew 8.7% YoY to INR 21,811 million, with EBITDA up 1.8% to INR 5,268 million. Q4 FY26 saw record revenue and robust order booking, partially offsetting a softer H1. Reported PAT declined 2.5% YoY to INR 3,494 million.
TRITURBINE delivered satisfactory FY26 results, driven by healthy execution and strong traction in domestic and export markets. Q4 performance was strong, with record revenue and robust order booking, especially from exports and aftermarket. Management is confident in FY27 growth despite geopolitical uncertainties, supported by a robust backlog and enquiry pipeline. Adjusted PAT for FY26 showed growth.
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Refurbishment Solutions
Identified as a key growth area, driven by OEM expertise, large global addressable market, and energy efficiency metrics.
Energy Transition & Renewables
Growing global emphasis on energy efficiency, decarbonization, renewable thermal solutions, and decentralized power generation.
Global Market Expansion
Strong global footprint across 80+ countries and expansion into new markets are key growth drivers.
Aftermarket Offerings
Comprehensive aftermarket offerings, with aftermarket order booking up 121% YoY, strengthening business mix.
Global Energy Transition
Growing global emphasis on energy efficiency, decarbonization, renewable thermal solutions, and decentralized power generation.
Industrial Energy Demand
Increasing industrial energy demand globally supports the company's product and solution offerings.
Strong Enquiry Pipeline
Diversified enquiry pipeline across IPP, steel, cement, oil & gas, and geothermal sectors enhances future visibility.
Geographic Demand
Growing demand opportunities across Europe, Southeast Asia, Africa, and the Americas support healthy order booking.
Geopolitical Disruptions
Challenging global environment marked by geopolitical disruptions.
Tariff-related Uncertainties
Global environment includes tariff-related uncertainties impacting business operations.
Macroeconomic Volatility
Macroeconomic volatility and geopolitical uncertainties in West Asia region may cause near-term fluctuations.
Geopolitical Instability
Geopolitical disruptions and uncertainties, particularly in the West Asia region, pose a risk of near-term fluctuations.
Macroeconomic Environment
Challenging global macroeconomic volatility and tariff-related uncertainties could impact business performance.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation provides both Q4 YoY and FY YoY comparisons for key financial indicators. Management commentary explicitly states Q4 contributed meaningfully to full-year results, offsetting a softer H1, making both sequential and annual trends relevant.
Revenue From Operations
FY26: INR 21,811 million (+8.7% YoY); Q4 FY26: INR 6,796 million (+26.3% YoY)
EBITDA
FY26: INR 5,268 million (+1.8% YoY); Q4 FY26: INR 1,444 million (+2.9% YoY)
PAT
FY26: INR 3,494 million (-2.5% YoY); Q4 FY26: INR 1,019 million (+7.7% YoY)
Order Booking
FY26: INR 23,256 million (-1.6% YoY); Q4 FY26: INR 7,471 million (+19.0% YoY)
Confidence in FY27 Growth
Management remains confident of delivering full-year growth, underpinned by a robust order backlog and a healthy enquiry pipeline.
Improved Business Mix
The quarter witnessed an improved business mix with higher contributions from exports and the aftermarket segment.
Strategic Priorities
Focus on sustained & responsible growth, innovation-led diversified business, customer-centric products, and global market significance.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Booking Growth | FY26 order booking down 1.6% YoY, Q4 up 19% YoY. | Sustained growth in order booking, particularly from exports and aftermarket segments. |
| Export Contribution to Orders | Exports accounted for 51% of total orders in FY26. | Continued increase in export share, reflecting global market traction and diversification. |
| Aftermarket Order Share | Aftermarket share increased to 26% of total order booking in FY26. | Further strengthening of aftermarket share, indicating recurring revenue growth and business mix improvement. |
| EBITDA Margin | FY26 EBITDA margin at 24.2% (vs 25.8% in FY25). | Stability or improvement in EBITDA margins amidst global challenges and input cost pressures. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
50NeutralSMA20 -5.6% / mo · MACD +
Technical chart
TRITURBINEdaily · 1Y · AUTO+22.1%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 43. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~6.0% over last month) — short-term momentum negative.
- RSI(14) at 43 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 27% off 52W high · 35% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 0.7% of the 30-week proxy.
- The 30-week proxy changed +2.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 52 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 52 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 18/20 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -37.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 89th percentile within Industrials. Main check: results consistency is weak at 53/100.
High Trust Lite: Promoter holding is 55.8%. Key concern: ROCE trend is -3.6%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 89th pctile, median 68 · Small: 92nd pctile, median 66
107 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 55.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.8%.
- ▸11 years of positive FCF.
Trust risks
- ▸ROCE trend is -3.6%.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 52.90
- P/B
- 12.68
- EV/EBITDA
- 39.71
- Market Cap
- 18352.00Cr
Profitability
- ROE
- 25.20%
- ROCE
- 34.10%
- ROA
- 13.34%
- Dividend Y
- 0.74%
Growth (CAGR)
- Revenue 5Y
- 25.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 20.00%
- EPS 3Y
- 25.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 213.50×
- Altman Z
- 8.45
- Book Value
- 45.50
Cash Flow
- FCF Yield
- 0.78%
- FCF Positive Y
- 11/5
- OCF
- 111.00 Cr
- EPS TTM
- 10.59
Shareholding
- Promoter Hold
- 55.84%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 41%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.