Triveni Turbine (TRITURBINE) Q2 25/26 earnings summary

Executive summary

• Q2 FY2026 revenue was ₹5.06 billion, EBITDA ₹1.33 billion, and PAT ₹914 million, all showing marginal year-over-year growth; consolidated and standalone results confirmed continued profitability.

• Record order booking of ₹6.52 billion in Q2 FY26, up 14% YoY, led by strong domestic demand; closing order book at an all-time high of ₹22.2 billion, up 24% YoY.

• Domestic order booking surged 52% YoY to ₹4.07 billion, while export order booking declined 16%-19% YoY due to global trade uncertainties.

• Aftermarket business achieved record order booking and turnover, contributing 35% to Q2 turnover.

• Acquisition of the remaining 30% stake in TSE Engineering Pty. Ltd., making it a wholly owned subsidiary to streamline operations and enhance control.

Financial highlights

• H1 FY2026 consolidated revenue from operations was ₹8.78 billion, down 9% YoY; consolidated net profit was ₹1,558 million, down 9.1% YoY.

• Q2 FY26 EBITDA margin improved to 26.3% (up ~20 bps YoY); PAT margin stable at 18.1%.

• Standalone Q2 FY2026 revenue was ₹4,786 million; standalone net profit was ₹955 million.

• EPS for Q2 FY26: ₹2.87 (consolidated); H1 FY26: ₹4.90.

• Investments including cash stood at ₹9.78 billion as of September 30, 2025.

Outlook and guidance

• Management expects higher growth in Q3 and Q4, with back-ended revenue due to order execution timing and earlier delays.

• Double-digit growth is targeted for FY2026, with optimism for both domestic and export segments.

• Margins are expected to remain stable, with annualized margins in the 20%-21% range.

• Aftermarket business and expansion into global markets, along with rising demand for renewable and decentralized power solutions, are expected to drive future growth.