AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Sep - Triveni Turbine schedules UBS India investor plant visit at Sompura on September 8, 2026.
Source: Bse
Triveni Turbine Limited (TRITURBINE)
Small CapIndustrials stocks · Small cap · NSE
Triveni Turbine Limited (TTL) manufactures and supplies industrial steam turbines up to 100 MW, offering comprehensive aftermarket services. The company focuses on exports across Southeast Asia, Africa, Europe, and the Americas, while also developing new product lines like Organic Rankine Cycle (ORC) and heat pumps for energy efficiency solutions.
Data qualityFresh enough for analysisQuote updated 21 Oct, 12:15 pm ISTDetails
Quote21 Oct, 12:15 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 12:41 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 -6.8% / mo · RSI oversold · MACD −
Stock trend: 23
Sector RS: 46
Sector 3M: -7.5% vs Nifty 500 -6.0%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TRITURBINED candles · FIT view-20.1%TODAY · PROVISIONALLatest price ₹464.45 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-4.2%
RSI
23
MACD hist
-4.51
52W pos
10%
2026-10-21O ₹485.00H ₹489.90L ₹460.40C ₹464.45Vol 2.0L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TRITURBINENifty India ManufacturingNifty 500
- TRITURBINE
- -21.1%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -15.5 pp
Chart stats
19 Oct 2026- From 52W high
- -38.5%
- 52W range position
- 16%
- ATR (14)
- 3.4%
- Volume vs 20D
- 0.79x
- Avg traded value
- ₹20.6 Cr
- 20D price channel
- ₹483 - ₹572.2
₹787.6
₹428.4 - ₹787.6
₹16.7
Latest completed session
20-session average
24.1% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE54
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +19.4% · PAT -20.3% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model-11.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence80
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -20% YoY · margin compression · Rev +19% YoY
Filed 30 Jun 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 45.40
- P/B
- 10.88
- EV/EBITDA
- 34.09
- Market Cap
- 15747.00Cr
Profitability
- ROE
- 25.20%
- ROCE
- 34.10%
- ROA
- 13.34%
- Dividend Y
- 0.86%
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
- 0.91%
- FCF Positive Y
- 11/5
- OCF
- 111.00 Cr
- EPS TTM
- 10.59
Shareholding
- Promoter Hold
- 55.84%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 19%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 443-34.9% vs prev
Net Profit
₹ CrLatest: 51.0-50.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 23.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~8.1% over last month) — short-term momentum negative.
- RSI(14) at 23 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 41% off 52W high · 8% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
39
RS percentile
Stage 1 Base / Transition
1M return
-14.6%
3M return
-21.1%
6M return
-15.1%
1Y return
-7.2%
RS 1D
-1
RS 20D
-21
Sector rank
#5
Industry rank
#8
Stage evidence
- Price is 17.1% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +1.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 96.34-1.24%
RS vs Nifty 50096
Valuation & peers
U-Score 54 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 54 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth16/25
Quality18/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
54
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
54/100 · legacy band FAIR VALUE
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 -11.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
45.4
PB
10.9
EV/EBITDA
34.1
ROE
25.2%
ROCE
34.1%
FCF Yield
0.9%
Debt/Equity
0.0
MoS
-11.6%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
54
Previous: 54
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-11.6%
Previous: -16.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
53
53
53
53
53
53
54
54
54
54
54
54
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹104.12
-346.1% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹416.19
-11.6% MoS
PEG
1.82
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KMEW
Small
Knowledge Marine & Engineering Works Limited
Capital Goods
match 130
45
58.6
20.0%
-58%
WATCHLIST
OMNI
Small
Omnitech Engineering Limited
Capital Goods
match 130
40
75.2
18.0%
-70%
WATCHLIST
SUPRAJIT
Small
Suprajit Engineering Limited
Capital Goods
match 128
33
33.7
13.1%
-178%
WATCHLIST
VENUSPIPES
Small
Venus Pipes & Tubes Limited
Capital Goods
match 128
43
43.9
17.0%
+7%
WATCHLIST
LLOYDSENGG
Micro
LLOYDS ENGINEERING WORKS LIMITED
Capital Goods
match 128
39
64.5
15.1%
-39%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-14T08:14:32.398Z
Management commentary snapshot
Q1 FY27 revenue grew 19.2% YoY to ₹4.43 billion, driven by domestic sales. However, EBITDA margin compressed to 18% (vs 25.8% YoY) and PBT margin to 15.7% (vs 23.5% YoY) due to a softer order mix and strategic low-margin project execution. Order booking increased 6.1% YoY to ₹5.68 billion, led by exports and aftermarket.
Despite a significant margin contraction in Q1 FY27, largely attributed to the execution of a strategic, low-margin NTPC project and a less favorable order mix from H1 FY26, the underlying business momentum appears robust. Strong export and aftermarket order booking, coupled with management's confidence in H2 FY27 recovery and long-term PBT margins over 20%, suggests the core thesis remains intact, albeit with short-term profitability pressures.
Growth engines
Export Markets
STRONGExport order booking grew 53.4% YoY, accounting for 68% of total order booking, with continued traction across Southeast Asia, Africa, and Europe.
Aftermarket Business
STRONGAftermarket order booking increased 54% YoY to 39% of total, driven by contract wins in geothermal and utility segments, and refurbishment solutions.
New Product Development
DEVELOPINGContinued investment in R&D for new product ranges like Organic Rankine Cycle (ORC), heat pumps, and Mechanical Vapor Recompression (MVR) to expand offerings.
US Market Expansion
DEVELOPINGUS subsidiary continues to receive healthy enquiries for products and aftermarket services, with significant scope in data centers and utility scale refurbishment.
Capacity and execution
US Facility Investment
The company has invested in a facility and capability in the U.S. to leverage the large installed base for refurbishment and strengthen local presence.
Tailwinds
Global Energy Trends
Growing global emphasis on energy efficiency, decarbonization, renewable energy adoption, and decentralized power generation creates sustained demand.
International Enquiry Growth
Enquiry generation in the international market has improved, particularly in the United States and Southeast Asia, with green shoots in Europe.
API Business Traction
Seeing a lot of traction in API business with thermal power plants in India and oil & gas opportunities in Americas and Europe.
Headwinds
Softer Order Mix
The softer order mix of H1 FY26 has carried through to Q1 FY27 profitability, impacting margins.
Geopolitical Uncertainties
Geopolitical uncertainties brought volatility in dispatch and order booking, causing deferrals of export orders due to 3-4x freight rate increases and vessel availability.
Domestic Market Weakness
Domestic product order booking witnessed a slowdown (down 35.4% YoY) and enquiry generation has seen weakness across all industries.
Depressed Markets
Markets in North Africa, Middle East, and the SAARC region remain depressed.
Risk radar
Execution Volatility
Geopolitical uncertainty has made execution more volatile, leading to lumpiness on a quarterly/monthly basis for revenue recognition and billing.
Fixed Price Contracts
Fixed price contracts mean commodity price increases during execution are a risk absorbed by the company, though usually de-risked with contingencies.
New Technology Adoption
New technologies like heat pumps and MVR are taking time for customer adoption, as they require proven efficiency and ROI.
US Market Entry Barriers
The U.S. market requires individual certification and licensing in states for repair and maintenance, making it a time-consuming process for market penetration.
Management accountability
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.
Analyst reading lens
Compare BOTH
YoY comparison is primary for assessing overall growth trends in revenue, order booking, and order book. QoQ is also relevant as management explicitly discusses delivery phasing and sequential impacts on profitability, with expectations for H2 FY27 recovery.
Sector KPIs management disclosed
Revenue from Operations
Revenue from operations came in at ₹4.43 billion, up by 19.2% year-on-year.
Domestic Sales Growth
Domestic sales grew by 27.4% to ₹2.4 billion.
EBITDA Margin
UNDER_STRESSEBITDA stood at ₹797 million at a margin of 18% against 25.8% in Q1 FY26.
PBT Margin
UNDER_STRESSProfit before tax of ₹697 million was down 20.1% at a margin of 15.7%, as opposed to 23.5% in Q1 FY26.
Management forward view
FY27 Outlook
Management remains optimistic on growth of both profit and revenue for the full-year FY27, which will be back-ended.
Long-term Profitability
The company believes a PBT margin of over 20% is maintainable in the medium and long-term.
Digital Transformation
COO role transitioned to business transformation to focus on AI-specific initiatives for agility, productivity, and customer delight.
Solution Orientation
Strategy is to offer multiple products to customers for a solution orientation, incrementally, without taking on EPC responsibilities.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Domestic Order Booking | Lower by 35.4% YoY in Q1 FY27. | Signs of recovery in the coming months, as management is optimistic despite current weakness in enquiry generation. |
| Export Order Execution | Certain export orders deferred from Q1 to Q2/Q3 due to freight rates and vessel availability. | Timely execution and revenue recognition of deferred export orders in subsequent quarters to support H2 FY27 growth. |
| New Product Conversions | Heat pumps/MVR in initial phase, ORC enquiry pipeline increasing. | Conversion of enquiries for ORC and other new solutions into firm orders, demonstrating market acceptance and value addition. |
| US Market Penetration | Healthy enquiries, but limited meaningful contribution to order booking due to certification/licensing process. | Acceleration in order finalization from the US market, particularly for data centers and refurbishment, as capabilities build up. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
80Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
123 docs text-extracted · 41 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
90th percentile
overall median 67 · Industrials: 89th pctile, median 68 · Small: 92nd pctile, median 66
Evidence depth
Financial-only
123 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
53
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 55.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.9%.
- ▸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.
Continue researching Triveni Turbine Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 25 Sep
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 18 Sep - ICRA reaffirmed [ICRA]AA+ and [ICRA]A1+; bank facilities enhanced to Rs.1,099.50 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Sep - Proposed transfer of equity shares of the Company who have not claimed their dividend for 7 or more consecutive years, including the interim dividend for …
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 18 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Aug - Newspaper publication pertaining to Notice and E-voting information for 31st Annual General Meeting of Company.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 24 Jun - Newspaper Publication for special window for transfer and dematerialisation of physical securities and second 100 days campaign - saksham niveshak
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Jun
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.