Triveni Turbine Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Triveni Turbine Ltd filed with BSE on 22 May 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 FY26 revenue of ₹21.81 billion, up 9% year-on-year, with Q4 FY26 revenue at a record ₹6.8 billion, up 26% year-on-year, driven by strong export growth. EBITDA margin for the year stood at 24.2% while profit after tax declined 3% due to an exceptional charge related to the new wage code. Management described order booking growth of 19% year-on-year in Q4, a near doubling of the enquiry pipeline over the past year, and highlighted growing traction in export markets, aftermarket services, and new product segments such as geothermal and organic Rankine cycle turbines.
Numbers mentioned
Annual turnover: ₹21.81 billion (FY26)
p. 4
“During FY '26, we achieved our highest ever annual turnover of ₹21.81 billion, registering a growth of 9% over FY '25.”
Nikhil Sawhney, page 4 of the filed PDF · View the filing
Export revenue growth: 30% year-on-year, 58% of overall revenue (FY26)
p. 4
“Export revenue remained a key growth driver, increasing 30% year-on-year and contributing 58% of our overall revenue compared to 48% in the previous year.”
Nikhil Sawhney, page 4 of the filed PDF · View the filing
EBITDA: ₹5.27 billion, 24.2% margin (FY26)
p. 4
“EBITDA stood at ₹5.27 billion with margins of 24.2%, while profit before tax before exceptional items stood at ₹4.9 billion, which remained broadly stable year-on-year with margins of 22.5%.”
Nikhil Sawhney, page 4 of the filed PDF · View the filing
Profit after tax: decline of 3% (FY26)
p. 4
“Profit after tax registered a decline of 3%, primarily on account of an exceptional charge of ₹157 million, which is recognised towards employee benefit obligations under the new wage code.”
Nikhil Sawhney, page 4 of the filed PDF · View the filing
Q4 revenue: ₹6.8 billion, up 26% year-on-year (Q4 FY26)
p. 4
“We delivered our highest ever quarterly revenue of ₹6.8 billion, reflecting a growth of 26% year-on-year.”
Nikhil Sawhney, page 4 of the filed PDF · View the filing
Export share of Q4 revenue: 60%, up 46% year-on-year (Q4 FY26)
p. 4
“And during the quarter, the share of exports in the overall revenue increased to 60%, registering a 46% growth year-on-year.”
Nikhil Sawhney, page 4 of the filed PDF · View the filing
Mark-to-market loss: over ₹8.5 crores (Q4 FY26)
p. 4
“We also had a mark-to-market loss given the high volatility of rupee during the end of the quarter, which also led to a recognition of over ₹8.5 crores as a loss on a M2M basis.”
Nikhil Sawhney, page 4 of the filed PDF · View the filing
Trade receivables: ₹6.39 billion (as of March 31, 2026)
p. 5
“though receivables at the end of March 31, 2026, stood at ₹6.39 billion, primarily reflecting the execution profile of certain large projects as well as the billing, which was skewed towards the end of March, which will be liquidated in the subsequent quarters.”
Nikhil Sawhney, page 5 of the filed PDF · View the filing
Average trade receivable days: 84 days (FY26 vs FY25)
p. 5
“The average trade receivable days stood at 84 days versus 49 days as of the 31st of March 2025.”
Nikhil Sawhney, page 5 of the filed PDF · View the filing
Order booking: ₹7.54 billion, 19% year-on-year growth (Q4 FY26)
p. 5
“On the order booking front, Q4 FY '26 recorded a 19% year-on-year growth with total order booking of ₹7.54 billion, which is underpinned by traction across both the domestic and international markets and a favourable segment mix.”
Nikhil Sawhney, page 5 of the filed PDF · View the filing
Export order booking: ₹5.16 billion, 174% year-over-year (Q4 FY26)
p. 5
“Export orders booking touched a record high of ₹5.16 billion during the quarter, registering a growth of 174% year-over-year and contributed 69% to total order booking, driven by demand across key markets, including Europe, Turkey and Southeast Asia.”
Nikhil Sawhney, page 5 of the filed PDF · View the filing
Aftermarket order booking growth: 121% year-over-year (Q4 FY26)
p. 5
“The Aftermarket business also witnessed strong momentum with order booking growing by 121% year-over-year and contributing to 50% to total order booking during the period.”
Nikhil Sawhney, page 5 of the filed PDF · View the filing
Closing order book: ₹20.54 billion, up 8% year-on-year (FY26)
p. 5
“The healthy order inflows across the key and high value segments during Q4 FY '26 resulted in our closing outstanding order book increasing by 8% year-on-year to ₹20.54 billion.”
Nikhil Sawhney, page 5 of the filed PDF · View the filing
Aftermarket as percentage of sales: 25% in Q4 vs 33% previous year (Q4 FY26)
p. 24
“the aftermarket as a percentage of sales was actually at 25%, which is lower than about 33% for the previous year.”
Nikhil Sawhney, page 24 of the filed PDF · View the filing
NTPC order profitability: PBT level of about 3%
p. 20
“this order is probably at a PBT level of about 3-odd percent.”
Nikhil Sawhney, page 20 of the filed PDF · View the filing
US subsidiary loss: about ₹8 crores (FY26)
p. 16
“the full year itself, as you will see from the annual report when it's out and the subsidiary accounts still had a loss of about ₹8 odd crores in that subsidiary.”
Nikhil Sawhney, page 16 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.
Order book growth — minimum growth indicated by 9% closing order book growth · FY27
stated conditionally by Nikhil Sawhney
p. 17
“Well, we shy away from giving direct giving guidance, but what we do have is a growth in the enquiry closing order book by about 9%. And so that gives you an indication of the minimum growth that we would like to anticipate.”
Nikhil Sawhney, page 17 of the filed PDF · View the filing
US subsidiary profitability — positive or breakeven · FY27
stated as an aspiration by Nikhil Sawhney
p. 25
“we believe that this current year should be positive, if not at worst breakeven.”
Nikhil Sawhney, page 25 of the filed PDF · View the filing
US subsidiary profitability — full profitability · FY28 onwards
stated as an aspiration by Nikhil Sawhney
p. 25
“we are optimistic that when we get into FY '28 onwards that we'll be able to deliver profitability from the U.S. operations because of both size and scale, absorption of overhead as well as profitability of the orders themselves.”
Nikhil Sawhney, page 25 of the filed PDF · View the filing
API segment order booking and revenue — meaningful 10% plus number
stated as an aspiration by Nikhil Sawhney
p. 15
“we believe in the coming quarters and years, it will revert to having a meaningful 10% plus number in our order booking as well as in revenue.”
Nikhil Sawhney, page 15 of the filed PDF · View the filing
Revenue phasing — back-ended H2 · FY27
stated firmly by Nikhil Sawhney
p. 17
“if you look at it historically, it will again be a back-ended H2 year for us.”
Nikhil Sawhney, page 17 of the filed PDF · View the filing
Export revenue vs domestic — exports more than domestic · FY27
stated conditionally by Manikantan Rajendran
p. 18
“And this year, we believe exports would be more than the domestic.”
Manikantan Rajendran, page 18 of the filed PDF · View the filing
EBITDA margin — 25% plus
stated firmly by Nikhil Sawhney
p. 27
“But I'm very comfortable with our margins of what is 25% plus EBITDA.”
Nikhil Sawhney, page 27 of the filed PDF · View the filing
Receivable levels — similar level to March 2026 · March 31, 2027
stated conditionally by Nikhil Sawhney
p. 5
“our receivable at the end of March 31, 2027 may be in a similar level just because of the execution profile of our order book.”
Nikhil Sawhney, page 5 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 the enquiry book growth is entirely from steam turbine applications, with North America enquiries up nearly 1,000% off a low base to about 3 GW within an 18 GW total product enquiry book, roughly double FY25 levels.
Answered by Nikhil Sawhney
Asked by Ravi Swaminathan: What is the breakdown of the enquiry book growth between existing products, new products and new geographies like the U.S.?
p. 7
“we've seen, I would say, a near 1,000% increase in our enquiry book in North America, but this is driven by the fact that we had very low visibility.”
Nikhil Sawhney, page 7 of the filed PDF · View the filing
Management said API is a key growth and profit driver but was smaller than anticipated in FY26 due to large orders not materializing, and expects it to revert to a meaningful contribution.
Answered by Nikhil Sawhney
Asked by Harshit Patel: What is the size of the API turbine business in revenue, orders and backlog, and will it grow faster than the overall business?
p. 15
“we believe in the coming quarters and years, it will revert to having a meaningful 10% plus number in our order booking as well as in revenue.”
Nikhil Sawhney, page 15 of the filed PDF · View the filing
Management attributed the flattish export orders to delays in finalisation due to geopolitical issues, with conversions expected to improve going forward.
Answered by Manikantan Rajendran
Asked by Amit Anwani: Why was export order inflow flattish this year despite strong enquiries, and what changed going into FY27?
p. 18
“there has been delays in the order conversion, while the enquiries did, we did receive quite a number. But in terms of conversion, we did have challenges because the finalisations got delayed.”
Manikantan Rajendran, page 18 of the filed PDF · View the filing
Management said the order carries about a 3% PBT margin and over two-thirds of it has already been recognized as revenue in FY26.
Answered by Nikhil Sawhney
Asked by Chirag Muchhala: How much of the NTPC battery energy storage order has been executed and what is its margin profile?
p. 20
“this order is probably at a PBT level of about 3-odd percent. And we've taken over two-thirds of the order already into revenue.”
Nikhil Sawhney, page 20 of the filed PDF · View the filing
Management said margins are reasonably stable year-on-year and change with product mix, and that this year's compression came from an exceptional item, mark-to-market losses and a lower-margin strategic order rather than a structural issue.
Answered by Nikhil Sawhney
Asked by Mohit Surana: Has EBITDA margin bottomed out, and what is the trajectory given the segment mix changes?
p. 22
“in general, we don't see margins as structure. Going forward, exports will be a larger percentage of our execution. So that's even less of a risk that we have on margins.”
Nikhil Sawhney, page 22 of the filed PDF · View the filing
Management said the U.S. subsidiary had a profitable quarter in Q4 but a loss for the full year, and expects the current year to be positive or at worst breakeven.
Answered by Nikhil Sawhney
Asked by Raj Shah: How confident is management about the U.S. subsidiary breaking even in FY27?
p. 25
“we believe that this current year should be positive, if not at worst breakeven.”
Nikhil Sawhney, page 25 of the filed PDF · View the filing
Management explained that aftermarket as a percentage of sales fell to 25% from 33% and a large low-margin strategic order (NTPC) offset the benefit of higher export share.
Answered by Nikhil Sawhney
Asked by Ganeshram Rajagopalan: What is driving the margin drag this quarter given a favorable export and aftermarket mix?
p. 24
“That, coupled with the fact that you have a large revenue that came from a low-margin order is what impacted the profitability in Q4.”
Nikhil Sawhney, page 24 of the filed PDF · View the filing
Risks flagged
Geopolitical conflict between India and Pakistan impacted order booking and revenue in Q1 FY26
p. 3
“we started off the year with the conflict between India and Pakistan, which had an impact not only in terms of order booking, some very large orders which we were anticipating in the API segment, which could have been delivered during the year.”
Nikhil Sawhney, page 3 of the filed PDF · View the filing
Tariff-related challenges with the United States led to muted order booking
p. 3
“Subsequent quarters had issues in terms of tariff-related challenges with the United States in specific, which led to a more muted order booking.”
Nikhil Sawhney, page 3 of the filed PDF · View the filing
Conflict in West Asia impacted revenue and order booking at year end
p. 3
“And the year ended with a conflict again in West Asia, which also has impacted both revenue as well as order booking.”
Nikhil Sawhney, page 3 of the filed PDF · View the filing
High receivables reflecting execution profile of large projects and billing skewed to end of March
p. 5
“receivables at the end of March 31, 2026, stood at ₹6.39 billion, primarily reflecting the execution profile of certain large projects as well as the billing, which was skewed towards the end of March, which will be liquidated in the subsequent quarters.”
Nikhil Sawhney, page 5 of the filed PDF · View the filing
Rupee volatility causing mark-to-market losses that may recur due to hedging policy
p. 22
“these mark-to-market losses may be a recurring thing which happen every year because of currency volatility and our hedging policy.”
Nikhil Sawhney, page 22 of the filed PDF · View the filing
Commodity price increases across copper, aluminium and steel
p. 13
“Everything from copper to aluminium to steel has actually increased in price.”
Nikhil Sawhney, page 13 of the filed PDF · View the filing
Uncertainty over conversion timing of U.S. enquiries due to lengthy permitting processes
p. 12
“We're being cautious on a couple of things because we know that permitting in the U.S. takes a long time and getting water permissions will take time.”
Nikhil Sawhney, page 12 of the filed PDF · View the filing
Anticipated continued disruptions in FY27
p. 14
“And we think that there will be still disruptions in FY '27.”
Nikhil Sawhney, page 14 of the filed PDF · View the filing
Declining visibility in the Turkey market
p. 7
“The only market for us, which has declined a little bit in terms of visibility is Turkey.”
Nikhil Sawhney, page 7 of the filed PDF · View the filing
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