Triveni Turbine (TRITURBINE) Q2 25/26 earnings summary

Executive summary

• Q2 FY2026 saw flat to marginal growth year-over-year, with consolidated revenue at ₹5.06 billion, EBITDA at ₹1.33 billion, and PAT at ₹914 million; standalone revenue was ₹4.79 billion and net profit ₹955 million.

• Record order booking of ₹6.52 billion in Q2 FY26, up 14% YoY, with 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 turnover reached a record ₹1.78 billion, up 8% YoY, now contributing 35% of turnover.

• Board approved shifting the registered and corporate office within Noida, and re-appointed Ernst & Young LLP as internal auditor for three years.

Financial highlights

• H1 FY2026 consolidated revenue from operations was ₹8.78 billion, down 9% YoY; standalone revenue was ₹8.23 billion.

• Consolidated net profit for Q2 FY2026 was ₹914 million, up from ₹910 million in Q2 FY2025; H1 FY2026 net profit was ₹1,558 million.

• Product segment turnover for the quarter was ₹3.29 billion, down 2% YoY.

• EBITDA margin for Q2 FY26 increased by ~20bps to 26.3%.

• Basic and diluted EPS for Q2 FY2026 stood at ₹2.87 (consolidated) and ₹3.00 (standalone).

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.

• Robust and globally diversified enquiry pipelines provide good near-term visibility; international product enquiry pipeline grew 43% and domestic 86% in Q2 FY26.

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