Future growth expectations in sales/revenue/volumes?

Triveni Turbines expects medium-term robust business performance with continued growth. Growth drivers include increased contribution from above 30 MW segment, API turbines, and refurbishment segments. Export order book has grown substantially (71% YoY), now constituting 61% of total, indicating strong international demand. Domestic market expected to provide a stable base with moderate growth despite recent election-related slowdowns. Aftermarket business (spare parts, services, refurbishment) and digital offerings projected to contribute significantly. Product diversification and new technol

Any current/future new fundraising through debt or equity?

The company indicated potential capital expenditure (capex) for expansion in FY 26 - FY 27. The planned capex is expected to be in the range of ₹70-80 crore annually. This expansion plan will require Board approval. The management mentioned that this capex will be well within the company's resources, implying no immediate need for external fundraising. There is no explicit mention of raising new funds through debt or equity in the near term. The focus seems to be on utilizing internal resources for growth and expansion rather than external fundraisings.

Any current/future capex/capital investment/strategic investment?

Triveni Turbines follows an asset-light business model, focusing on assembly, testing, and quality assurance rather than heavy manufacturing. Given strong growth, the company plans to seek board approval for capital expenditure (capex) to expand capacity during FY 26 - FY 27. The anticipated annualized capex is approximately ₹70-80 crore. Capacity is designed to be fungible between in-house production and third-party refurbishment needs, aiming to reduce vendor dependence and risks. Investments have been made in the U.S. to establish a workshop and workforce; though currently loss-maki

Future growth expectations in earnings/operating earnings/profits/EPS?

Triveni Turbines expects robust business performance and sustained growth supported by a strong order book, particularly in renewables, API, and Industrial Power Generation segments. (Page 4) Export order booking showed 63% YoY growth in H1 FY25, indicating strong revenue prospects from international markets. (Page 3-4) Aftermarket business is growing and contributing significantly to revenue with higher-margin orders, supporting profitability. (Page 12) Margins are strong; the company aims to maintain EBITDA margins around 20-25% and emphasizes expanding sales and order booking to drive re

Current/ Expected Orderbook/ Pending Orders?

Total outstanding order book as of September 30, 2024: ₹17.96 billion (up 22% YoY). Domestic order book: ₹7.09 billion (down 16% YoY). Export order book: ₹10.87 billion (up 71% YoY), constituting 61% of the total order book. Q2 FY25 order booking: ₹5.72 billion (up 25% YoY). Export order booking in Q2 FY25: ₹3.04 billion (up 50% YoY). Domestic order booking in Q2 FY25: grew by 4%. Half-year order booking FY25: ₹12.08 billion (up 32% YoY). Domestic order booking for H1 FY25: up 3%. Export order booking for H1 FY25: up 63%. Product segment order booking for Q2 FY25: ₹3.98 billion (30% YoY growth

Triveni TurbineQ2 FY25Electrical Equipment

Triveni Turbine Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹530P/E: 50.8Market Cap: ₹17.6K CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Triveni Turbines expects medium-term robust business performance with continued growth.
Growth drivers include increased contribution from above 30 MW segment, API turbines, and refurbishment segments.
Export order book has grown substantially (71% YoY), now constituting 61% of total, indicating strong international demand.
Domestic market expected to provide a stable base with moderate growth despite recent election-related slowdowns.
Aftermarket business (spare parts, services, refurbishment) and digital offerings projected to contribute significantly.
Product diversification and new technology commercialization (e.g., CO2 turbines) to support revenue expansion.
Order booking momentum has been strong, with 25-32% YoY growth in recent quarters.
Capex planned for FY26-27 to support capacity expansion aligned with expected sales growth.
The company does not provide specific guidance but emphasizes sustained growth backed by a substantial order book and enquiry pipeline.

Margin guidance

Category 3

Triveni Turbines expects robust business performance and sustained growth supported by a strong order book, particularly in renewables, API, and Industrial Power Generation segments. (Page 4)
Export order booking showed 63% YoY growth in H1 FY25, indicating strong revenue prospects from international markets. (Page 3-4)
Aftermarket business is growing and contributing significantly to revenue with higher-margin orders, supporting profitability. (Page 12)
Margins are strong; the company aims to maintain EBITDA margins around 20-25% and emphasizes expanding sales and order booking to drive revenue growth. (Page 12)
Product mix diversification, including newer higher MW products and refurbishment services, provides medium- to long-term growth runway. (Pages 3, 7)
The US operation, currently loss-making, is expected to start contributing positively from FY26-FY27 onward. (Page 16)
No formal earnings or EPS guidance provided, but record order bookings and execution visibility suggest improving earnings. (Page 15)

See what Triveni Turbine management said on margin guidance — free account, 30 seconds.

Fundraise plans

The company indicated potential capital expenditure (capex) for expansion in FY 26 - FY 27.
The planned capex is expected to be in the range of ₹70-80 crore annually.
This expansion plan will require Board approval.
The management mentioned that this capex will be well within the company's resources, implying no immediate need for external fundraising.
There is no explicit mention of raising new funds through debt or equity in the near term.
The focus seems to be on utilizing internal resources for growth and expansion rather than external fundraisings.

Order book

Yes

Total outstanding order book as of September 30, 2024: ₹17.96 billion (up 22% YoY).
Domestic order book: ₹7.09 billion (down 16% YoY).
Export order book: ₹10.87 billion (up 71% YoY), constituting 61% of the total order book.
Q2 FY25 order booking: ₹5.72 billion (up 25% YoY).
Export order booking in Q2 FY25: ₹3.04 billion (up 50% YoY).
Domestic order booking in Q2 FY25: grew by 4%.
Half-year order booking FY25: ₹12.08 billion (up 32% YoY).
Domestic order booking for H1 FY25: up 3%.
Export order booking for H1 FY25: up 63%.
Product segment order booking for Q2 FY25: ₹3.98 billion (30% YoY growth).
Aftermarket segment order booking for Q2 FY25: ₹1.74 billion (13% growth).
Orders from API, newer markets, and higher MW categories are growing and contributing significantly.

See what Triveni Turbine management said on order book — free account, 30 seconds.

Capex plans

Yes

Triveni Turbines follows an asset-light business model, focusing on assembly, testing, and quality assurance rather than heavy manufacturing.
Given strong growth, the company plans to seek board approval for capital expenditure (capex) to expand capacity during FY 26 - FY 27.
The anticipated annualized capex is approximately ₹70-80 crore.
Capacity is designed to be fungible between in-house production and third-party refurbishment needs, aiming to reduce vendor dependence and risks.
Investments have been made in the U.S. to establish a workshop and workforce; though currently loss-making (₹25 crore loss estimated this year), it is expected to start contributing to revenue from next year onward.
Strategic sourcing initiatives are underway to diversify the vendor base, include imports from low-cost origins, and stabilize margins.
The company continues R&D investments significantly above reported 1.2-1.3% of turnover to develop new products and sustain growth.

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