Triveni Turbine (TRITURBINE) Q4 24/25 earnings summary

Executive summary

• Achieved record annual revenue of INR 20.06 billion in FY 2025, up 21% year-over-year, with highest ever quarterly and annual revenues in Q4 FY25.

• EBITDA grew 36% year-over-year to INR 5.18 billion, and PAT increased 33% to INR 3.59 billion, reflecting strong operational leverage and improved revenue mix.

• Order booking reached a record INR 23.63 billion, up 26% year-over-year, with closing order book at INR 19.09 billion, providing strong medium-term visibility.

• Export order booking grew 23% year-over-year, contributing 53% of total order booking and 57% of the closing order book.

• Final dividend of INR 2 per share (200%) recommended for FY 2024-25, in addition to an interim dividend of INR 2 per share already paid.

Financial highlights

• EBITDA margin improved by 280 bps year-over-year to 25.8%; PAT margin rose to 17.9%.

• Revenue CAGR of 30% p.a. between FY21–FY25; EBITDA CAGR of 33% p.a.; PAT CAGR of 37% p.a.; Order booking CAGR of 38% p.a.

• Product sales grew 22% year-over-year to INR 13.6 billion; aftermarket sales increased 19% to INR 6.4 billion in FY25.

• Investments, including cash, stood at INR 9.87 billion as of March 31, 2025.

• Asset turnover maintained at 5.9x; inventory turnover at 5.96x; working capital improved to -INR 756 million in FY25.

Outlook and guidance

• Confident of continued growth in FY 2026, supported by a robust order book and strong inquiry pipeline.

• Focus remains on operational efficiency, cost management, and expanding global market position.

• Innovations in new products and technology expected to sustain growth.

• Some lumpiness in quarterly results anticipated due to order execution timing.