Triveni Turbine (TRITURBINE) Q4 24/25 earnings summary

Executive summary

• Achieved record annual consolidated 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% to INR 5.18 billion, and PAT rose 33% to INR 3.59 billion; consolidated net profit after tax was INR 3,586 million.

• Order booking reached INR 23.63 billion, up 26% year-over-year, with closing order book at INR 19.09 billion, up 23% year-over-year.

• Export order booking grew 23% to INR 12.59 billion, contributing 53% of total order booking and 57% of the closing order book.

• Board recommended a final dividend of INR 2 per share (200%) for FY 2024-25, in addition to an interim dividend, totaling INR 4 per share.

Financial highlights

• EBITDA margin improved by 280 bps to 25.8%; PAT margin at 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% to INR 13.6 billion; aftermarket sales increased 19% to INR 6.4 billion in FY25.

• Return on equity (annualized) at 33%; return on capital employed at 45%.

• Asset turnover at 5.9x; current ratio at 2.2.

Outlook and guidance

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

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

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