Triveni Turbine (TRITURBINE) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 saw a 19.9% year-over-year decline in consolidated revenue to ₹3,713 million, with EBITDA down 17% to ₹958 million and PAT down 20% to ₹644 million, mainly due to deferred orders and geopolitical disruptions.

• Ranked among the top two global players in industrial steam turbines, with over 6,000 installations in 80+ countries and a 16+ GW installed base.

• Focuses on decentralised, renewable, and industrial steam turbines below 100 MW, serving 20+ industries.

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

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

Financial highlights

• EBITDA margin improved by 100 bps year-over-year to 25.8%.

• PAT declined 20% to ₹644 million; PBT margin was 23.5%.

• Quarterly order booking fell 16% year-over-year to ₹5.36 billion, but the outstanding order book rose over 20% to ₹20.74 billion.

• Cash and investments stood at ₹10.05 billion as of June 30, 2025.

• Earnings per share (consolidated) stood at ₹2.03, down from ₹2.52 year-over-year.

Outlook and guidance

• Management expects growth to be back-ended in FY26, with deferred orders likely to be recognized in later quarters.

• Strong order book and inquiry pipeline, especially in domestic markets (up 131%), support a positive outlook.

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

• Financial results reviewed and recommended for adoption by the Audit Committee and Board.