Triveni Turbine Ltd

The document does not mention any current or planned future fundraising through debt or equity. Key points related to financial position and investments include: - The company has a strong balance sheet with high return on capital metrics and asset turnover. - It maintains a robust financial position without much capital employed. - Capacity expansions planned are through internal capex, both in India and the U.S., mainly aimed at increasing assembly and testing capacity. - No explicit mention of raising external funds via debt or equity during the covered period. - Investments in subsidiaries and new ventures (e.g., U.S. subsidiary) have resulted in losses but are viewed as strategic growth initiatives funded internally. Therefore, no new fundraising through debt or equity has been indicated or planned as per the discussions on pages 3 to 19.

- Total capex forecast for FY 26 is about ₹1.65 billion, including ₹0.44 billion carried forward from FY 25. - Capex aimed at augmenting assembly and manufacturing capacity, especially adding a new bay in the Sompura facility to avoid bottlenecks. - Significant expansion planned for Research & Development (R&D) and testing infrastructure. - Further capex planned in international subsidiaries to support growth in global markets, including the United States. - Continued investment in innovation such as carbon-dioxide based energy storage systems, with an ₹290 crore order from NTPC validating the technology. - Investment in people through internal talent development, external hiring, and building a future-ready workforce aligned with business growth and innovation goals.

- The company aims to maintain strong growth, targeting above 26% order booking growth for FY26, supported by a healthy order book and enquiry pipeline. - Revenue grew 21% YoY in FY25 with confidence to sustain similar or better growth in FY26 and FY27. - Growth is expected from existing segments (sub-30 MW turbines) and expansion into larger turbines (above 30 MW) with a more linear, steady increase in market share there. - New technology, such as carbon-dioxide based systems and rotating equipment, is under R&D to expand product offerings and market size. - Aftermarket services, including spares and refurbishments, are expected to grow robustly, with aftermarket margins rising and around 33% share of revenue, potentially increasing by about 1%. - International expansion (especially in the US and API sectors) and increasing customer base globally will also drive sales growth. - Capacity expansion plans are in place but current utilization allows scalable growth without significant constraints.

- The company has achieved a strong revenue CAGR of 33% and profit growth of 41% over the last three years, reflecting robust past performance. - For FY26, order booking grew 26% y-o-y, with ending order book 23% higher, indicating good visibility for revenue growth. - Management is confident of sustaining growth in both revenue and profitability driven by new market segments, strong enquiry pipeline, and continued innovation. - While maintaining the exceptionally high growth rates of past years may be challenging, there is full faith in management's ability to deliver strong growth. - EBITDA margin improved 280 bps y-o-y to 25.8% in FY25, with expectation of healthy margins continuing given high-margin aftermarket and export contributions. - Aftermarket and refurbishment segments offer high-margin growth potential, particularly in the U.S. market expansion. - New technology introductions and market expansion, including carbon-dioxide based systems and API turbines, support medium-term growth aspirations.

- The total consolidated outstanding order book stood at a record ₹19.1 billion as of March 31, 2025, up 23% compared to the previous year. - Domestic outstanding order book: ₹8.2 billion, a 9% increase year-over-year. - Export outstanding order book: ₹10.9 billion, up 36% year-over-year, contributing 57% of the total order book. - Product order booking for FY 25 was ₹23.63 billion, a 26% year-on-year growth. - Product order booking grew by 38% during FY 25 to ₹17.41 billion. - The enquiry pipeline remains robust with international enquiry growth over 30% and domestic enquiry growth over 120%, indicating strong future order inflows. - Order booking has been lumpy with some back-ended orders in March, but the Company expects reversals to normal low receivable levels in April-May.