Triveni Turbine (TRITURBINE) Q4 25/26 earnings summary

Executive summary

• Achieved record annual consolidated revenue of INR 21.81 billion in FY 2026, up 9% year-on-year, with robust export and aftermarket growth despite geopolitical and tariff-related challenges.

• Q4 FY 2026 delivered record quarterly revenue of INR 6.8 billion, up 26% year-on-year, and strong order booking growth.

• Export revenue grew 30% year-on-year, now 58% of total revenue, with strong momentum in Europe, Turkey, Southeast Asia, and the U.S.

• Inquiry book nearly doubled year-over-year, driven by demand in steam turbine applications, especially in North America and India.

• Audited standalone and consolidated financial results for FY 2026 were approved, with unmodified auditor opinions.

Financial highlights

• Consolidated revenue from operations for FY 2025-26 was ₹21,811 million, up from ₹20,058 million year-over-year; standalone revenue was ₹20,097 million.

• EBITDA for FY 2026 was INR 5.27 billion (24.2% margin); profit before tax before exceptionals at INR 4.9 billion (22.5% margin), broadly stable year-on-year.

• PAT for FY 2026 was ₹3,494 million (16% margin), with a 7% CAGR from FY22 to FY26; standalone PAT was ₹3,367 million.

• Q4 FY 2026 export revenue share rose to 60%, up 46% year-on-year.

• Final dividend of ₹2.00 per share recommended, in addition to interim dividend of ₹2.25 per share paid during the year.

Outlook and guidance

• Confident of delivering full-year growth in FY27, supported by a robust order backlog and healthy enquiry pipeline.

• FY 2027 likely to be back-ended in revenue recognition due to execution profile; anticipate similar receivable levels at year-end.

• U.S. market expected to play a larger role in order booking; cautious optimism on conversion rates due to permitting timelines.

• No explicit quantitative guidance, but closing order book growth of 8-9% seen as a minimum growth indicator.

• Final dividend for FY 2025-26 is subject to shareholder approval at the upcoming AGM.