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Triveni Turbine

Q2 FY26

Triveni Turbine Q2 FY26: Capex ₹30 Cr

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹496

Market cap₹15.8K Cr

P/E45.4

Updated16 Oct 2026

Read5 min read

The short version

The company anticipates overall growth in sales and revenue, with a focus on positive order book growth (22% growth noted). - Domestic market growth expected around 20-25% annualized over the next few years, driven by steel, cement, sugar, and utility power segments. - Export markets face some tariff-related uncertainties but maintain a robust enquiry pipeline, with growth expected in the second half of the financial year. - The U.S. Management expects growth in FY 2026 to be back-ended, with higher growth rates in Q3 and Q4.

From Triveni Turbine's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

The company anticipates overall growth in sales and revenue, with a focus on positive order book growth (22% growth noted).
Domestic market growth expected around 20-25% annualized over the next few years, driven by steel, cement, sugar, and utility power segments.
Export markets face some tariff-related uncertainties but maintain a robust enquiry pipeline, with growth expected in the second half of the financial year.
The U.S. refurbishment business is growing well and expected to drive revenues in FY 2026 and early FY 2027.
New products like the carbon dioxide-based heat pump and MVR have good reception and offer future growth runway.

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Profitability & Margins

Management expects growth in FY 2026 to be back-ended, with higher growth rates in Q3 and Q4.
Overall order book growth is about 22%, indicating positive business momentum.
While Q1 showed some deferment due to tariff-related uncertainties in the U.S., these are expected to be resolved in the next few quarters.
Refurbishment business, especially in the U.S., is buoyant and expected to drive revenue growth.
Domestic market is growing steadily with order inflows helping offset international slowdowns.
Margins are expected to remain stable despite higher domestic sales, with no significant pressure on profitability.

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Capital Expenditure Plans

Current quarter CapEx was about ₹30 crores, including setting up a heat pump and new offices.
Routine CapEx will continue for balancing capacity and tooling within existing plants.
No plans currently for new factories or workshops.
Expansion is underway at the Sompura facility, expected to be mostly capitalised by end of the year and ready by June-July, adding further capability.
Commissioned a test bed for testing turbines and rotating equipment under real-life conditions with dynamometer power production.

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Fundraising & Capital Structure

There is no explicit mention of any current or planned new fundraising through debt or equity in the provided transcript.
CapEx plans are focused on routine plant tooling and the ongoing expansion at the Sompura facility, which is largely capitalised by year-end.
No plans for setting up new factories or workshops currently.
The company emphasizes staying asset-light and nimble, aligning with its strategy amid market uncertainties.

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Order Book & Pipeline

The outstanding order book is at a record ₹22.2 billion, which is 24% higher year-over-year.
Domestic outstanding order book is at an all-time high of ₹10.96 billion, growing 55% compared to the previous year.
Export outstanding order book stood at ₹11.23 billion as of 30th September, up 3% and contributing 51% of the total order book.
Enquiry book remains extremely healthy, providing good visibility for near and medium-term order booking both domestically and internationally.
Some delays in export order finalization due to global uncertainties, especially in the U.S. market linked to tariff structure uncertainties.
Larger market segments like steel, cement, and utility power drive turbines show good growth and pipeline strength.

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Triveni Turbine — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹680 Cr, net profit ₹102 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Triveni Turbine Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Triveni Turbine Q2 FY26 results?

The company anticipates overall growth in sales and revenue, with a focus on positive order book growth (22% growth noted). - Domestic market growth expected around 20-25% annualized over the next few years, driven by steel, cement, sugar, and utility power segments. - Export markets face some tariff-related uncertainties but maintain a robust enquiry pipeline, with growth expected in the second half of the financial year. - The U.S. Management expects growth in FY 2026 to be back-ended, with higher growth rates in Q3 and Q4.

What is Triveni Turbine share price analysis?

Triveni Turbine currently shows a neutral. The stock trades at a P/E of 45.4 with a market cap of ₹15,765 Cr. Investors should review the full earnings analysis for detailed insights.

Is Triveni Turbine planning capital expenditure?

Current quarter CapEx was about ₹30 crores, including setting up a heat pump and new offices.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.