Triveni Turbine (TRITURBINE) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 revenue declined 20% year-over-year to INR 3.71 billion, with EBITDA down 17% and PAT down 20%, mainly due to deferred orders and geopolitical disruptions.

• Order booking for the quarter fell 16% year-over-year to INR 5.36 billion, but the outstanding order book rose over 20% to INR 20.74 billion.

• Domestic order booking grew 32% year-over-year, while export order booking declined 40% due to lower export demand and a high base.

• Management remains optimistic about long-term growth, citing robust inquiry pipelines, new product launches, and a strong order backlog.

• Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2025.

Financial highlights

• Consolidated revenue from operations was INR 3,713 million, down 19.9% year-over-year; EBITDA was INR 958 million, down 16.7% year-over-year, with margin improving to 25.8%.

• PAT was INR 644 million, down 19.9% year-over-year; PAT margin stable at 17.3%.

• EPS (consolidated) stood at INR 2.03, down from INR 2.52 year-over-year.

• Cash and investments exceeded INR 10.05 billion as of June 30, 2025.

• Quarterly order booking fell 16% year-over-year to INR 5.36 billion, but the closing order book reached INR 20.74 billion, up 20% year-over-year.

Outlook and guidance

• Management expects growth to be back-ended in FY26, with order execution and revenue recognition likely to improve in later quarters.

• Inquiry pipeline is strong, especially in domestic markets (up 131%), with optimism for both domestic and select international markets.

• No order cancellations reported; all orders in the book are executable.

• Aftermarket business expected to grow, driven by expanded offerings and a wider customer base.

• Increasing demand for renewable energy and energy efficiency solutions presents substantial growth opportunities.