Triveni Turbine Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Triveni Turbine Ltd filed with BSE on 17 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Triveni Turbine reported Q1 FY27 revenue of ₹4.43 billion, up 19.2% year-on-year, while EBITDA margin fell to 18% from 25.8% and PBT margin declined to 15.7% from 23.5% a year earlier. Management attributed the margin decline to a softer order mix executed from H1 FY26, near-zero-margin execution on the NTPC CO2 energy storage project, and deferral of export dispatches due to a 3-4x rise in freight rates. Order booking grew 6.1% year-on-year to ₹5.68 billion, led by exports and aftermarket, while domestic and product order booking declined, and the closing order book rose 5.1% to ₹21.8 billion.
Numbers mentioned
Revenue from operations: ₹4.43 billion (Q1 FY27)
p. 3
“Revenue from operations came in at ₹4.43 billion, up by 19.2% year-on-year.”
Nikhil Sawhney, page 3 of the filed PDF · View the filing
Domestic sales growth: 27.4% to ₹2.4 billion (Q1 FY27)
p. 3
“Domestic sales grew by 27.4% to ₹2.4 billion and exports grew by ₹10.8 billion to ₹2.03 billion.”
Nikhil Sawhney, page 3 of the filed PDF · View the filing
Export share in revenue: 48.8% (Q1 FY27)
p. 3
“Taking the export share in revenue to 48.8% against 49.3% in Q1 FY 2026, a reflection of the stronger domestic contribution this quarter.”
Nikhil Sawhney, page 3 of the filed PDF · View the filing
EBITDA: ₹797 million at 18% margin (Q1 FY27)
p. 3
“EBITDA stood at ₹797 million at a margin of 18% against 25.8%, and a profit before tax of ₹697 million was down 20.1% at a margin of 15.7%, as opposed to 23.5% at the same quarter of the previous year.”
Nikhil Sawhney, page 3 of the filed PDF · View the filing
Order booking: ₹5.68 billion (Q1 FY27)
p. 3
“On the order booking front, the order booking for the quarter stood at ₹5.68 billion as compared to ₹5.36 billion in Q1 FY 2026, a growth of 6.1% year-over-year, an increase led entirely by exports and aftermarket.”
Nikhil Sawhney, page 3 of the filed PDF · View the filing
Export order booking growth: 53.4% year-over-year (Q1 FY27)
p. 3
“Export order booking grew 53.4% year-over-year, accounting for 68% of the total order booking as against 47% in Q1 FY 2026.”
Nikhil Sawhney, page 3 of the filed PDF · View the filing
Aftermarket order booking share: 39% of total order booking (Q1 FY27)
p. 3
“The share of aftermarket order booking increased to 39% of total order booking compared to 27% in Q1 FY 2026, a growth of 54%.”
Nikhil Sawhney, page 3 of the filed PDF · View the filing
Closing order book: ₹21.8 billion (as of 30 June 2026)
p. 4
“The closing order book stood at ₹21.8 billion as of the 30th of June as compared to ₹20.74 billion a year ago, reflecting a 5.1% year-on-year increase.”
Nikhil Sawhney, page 4 of the filed PDF · View the filing
Aftermarket closing order book: ₹6.24 billion, up 115% year-over-year (as of 30 June 2026)
p. 4
“The aftermarket business also continued to gain strong momentum, with closing orders increasing 115% year-over-year to ₹6.24 billion on the back of contract wins in the geothermal and utility segments, and continued traction in the refurbishment and performance optimisation solutions, which contributed 29% to the closing order book.”
Nikhil Sawhney, page 4 of the filed PDF · View the filing
NTPC CO2 project remaining order value: ₹175 crores
p. 7
“We don't give a real breakup of revenue from order to order. But we had alluded at the end of Q4 that we still had about ₹175 odd crores of the order to get executed.”
S.N. Prasad, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue and profit growth — FY 2027
stated firmly by Nikhil Sawhney
p. 3
“We remain optimistic on growths of both profit as well as revenue for the full-year FY 2027, which will of course be backended as suggested by the note.”
Nikhil Sawhney, page 3 of the filed PDF · View the filing
PBT margin — over 20% · medium and long-term
stated as an aspiration by Nikhil Sawhney
p. 10
“as a company, we believe that a PBT margin of over 20% is something that we can maintain in the medium and long-term.”
Nikhil Sawhney, page 10 of the filed PDF · View the filing
U.S. subsidiary breakeven — break-even · this year
stated conditionally by S.N. Prasad
p. 13
“We are also targeting to make this year as a break-even for U.S.”
S.N. Prasad, page 13 of the filed PDF · View the filing
NTPC CO2 project commissioning — commissioning · Q2
stated firmly by Nikhil Sawhney
p. 5
“you will have to know that the NTPC project is due for commissioning in Q2, and so we will have certain revenue in Q2 as well.”
Nikhil Sawhney, page 5 of the filed PDF · View the filing
Data centre order conversion in U.S. — this year
stated as an aspiration by Manikantan Rajendran
p. 11
“So, we are hoping it could translate in this year. We are hopeful.”
Manikantan Rajendran, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said export order deferrals and near-zero margin on the NTPC technology validation project both weighed on margins this quarter.
Answered by Nikhil Sawhney
Asked by Amit Anwani: What was the impact of the NTPC order and cost push from commodity inflation on margins?
p. 5
“a strategic order that we've taken on the NTPC CO2-based energy storage project, which was essentially meant to validate technology and to prove a use case for our equipment. This of course, was taken at negligible and near zero margins.”
Nikhil Sawhney, page 5 of the filed PDF · View the filing
Management said international enquiries remain strong in the US and Southeast Asia while domestic enquiries have declined broadly across industries.
Answered by S.N. Prasad
Asked by Amit Anwani: What is behind the domestic enquiry slowdown?
p. 6
“The Indian market has seen a decline, and that is broad-based across all industries.”
S.N. Prasad, page 6 of the filed PDF · View the filing
Management indicated roughly 40% of the remaining ₹175 crore order was to be executed in Q1/Q2 combined, with the rest in Q3.
Answered by S.N. Prasad
Asked by Ravi Swaminathan: How much of the NTPC order revenue was recognized in Q1 and how much is expected in Q2?
p. 7
“it could be split, maybe 40% in Q1, Q2, and then the rest in Q3.”
S.N. Prasad, page 7 of the filed PDF · View the filing
Management said domestic enquiry generation itself has softened this quarter, though enquiry finalisation compares well to last year.
Answered by Manikantan Rajendran
Asked by Ravi Swaminathan: Is domestic weakness due to order finalisation delays or a drop in enquiry levels?
p. 8
“though the enquiry generation for this quarter in the domestic market there is a dip.”
Manikantan Rajendran, page 8 of the filed PDF · View the filing
Management said the bought-out component share varies widely by order and cannot be generalized, ranging from 30% to 70%.
Answered by S.N. Prasad
Asked by Mohit Surana: What proportion of COGS is bought-out components and was there unabsorbed price inflation?
p. 9
“So, in majority of the cases, that is a de-risked appropriately costing some contingency sort of a thing. Then order to order, bought-out item percentage changes.”
S.N. Prasad, page 9 of the filed PDF · View the filing
Management said the US contribution to aftermarket orders reported so far is under 10% of what was suggested, and utilisation depends on order booking growth expected mainly from FY2028.
Answered by Nikhil Sawhney
Asked by Amit Mahawar: How much of the recent aftermarket order wins are from North America and when will the US facility be well utilised?
p. 12
“The exact number is going to be less than 10% of the number that you would have suggested.”
Nikhil Sawhney, page 12 of the filed PDF · View the filing
Management explained that orders taken about a year ago at then-prevailing lower margins are now being executed, and bought-out pricing has not reduced.
Answered by Nikhil Sawhney
Asked by Harish Subramanian: Why did EBITDA margin fall to around 15% this quarter versus about 20% historically at similar domestic revenue mix levels?
p. 14
“What has ended up happening is that there has been no reduction in BOP pricing.”
Nikhil Sawhney, page 14 of the filed PDF · View the filing
Management said the European pilot plant performance has been very good and appreciated by the customer, though it still needs to be proven.
Answered by Nikhil Sawhney
Asked by Parikshit Kandpal: How has the CO2 BESS pilot performed in Europe and could it be replicated in India?
p. 16
“The indications of the plant and its performance in Europe is very good and something that is appreciated by the customer.”
Nikhil Sawhney, page 16 of the filed PDF · View the filing
Risks flagged
Freight rate increases and vessel availability delaying export dispatches
p. 5
“execution of certain orders, especially on the export side, have gotten deferred by clients because freight rates have gone up between 3x to 4x, and those have gotten pushed from Q1 to Q2 to maybe Q3 even.”
Nikhil Sawhney, page 5 of the filed PDF · View the filing
Domestic market enquiry and order booking weakness
p. 3
“Domestic and product order booking witnessed a slowdown during the quarter, lower by 35.4% and 11.6% respectively on a year-on-year basis.”
Nikhil Sawhney, page 3 of the filed PDF · View the filing
Depressed markets in North Africa, Middle East and SAARC region
p. 6
“The markets in North Africa, Middle East are quite depressed. The SAARC region remains depressed.”
S.N. Prasad, page 6 of the filed PDF · View the filing
Geopolitical uncertainty causing volatility in dispatch and order booking
p. 4
“this current quarter has exhibited the situation of how geopolitical uncertainties can bring volatility in both dispatch and order booking”
Nikhil Sawhney, page 4 of the filed PDF · View the filing
Longer gestation periods and delayed order finalisation from domestic customers
p. 8
“Even order finalisations we experienced little longer gestation periods, means customers not concluding the orders immediately like earlier quarters.”
S.N. Prasad, page 8 of the filed PDF · View the filing
US market regulatory certification and licensing delays for aftermarket work
p. 12
“the U.S. market itself, given its federal structure and on the repair and maintenance work requires individual certification and licensing in states. It is a time-consuming process.”
Nikhil Sawhney, page 12 of the filed PDF · View the filing
Substantial losses incurred in US subsidiary due to lack of order book
p. 13
“we've incurred a substantial loss in the U.S. subsidiary operations. But that was, as anticipated, because the order book didn't exist.”
Nikhil Sawhney, page 13 of the filed PDF · View the filing
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