Triveni Turbine Navigates Dynamic Market with Record Q3 and Strategic Vision

Triveni Turbine Limited, a prominent player in industrial heat and power solutions, has announced its consolidated financial results for the third quarter and nine months ended December 31, 2025. The company delivered a robust performance in Q3 FY26, achieving its highest-ever quarterly revenue and EBITDA. This strong operational showing comes amidst a dynamic market environment, with strategic initiatives in new product development and global expansion underpinning management's confident outlook for sustained growth.

For Q3 FY26, Triveni Turbine reported a consolidated Revenue from Operations of 624 crore, marking a significant 24% year-on-year increase. EBITDA also saw a healthy rise of 16.9% year-on-year, reaching 154 crore. Despite these impressive top-line figures, the Profit After Tax (PAT) for the quarter stood at 91.7 crore, a marginal 1% decline compared to the previous year. This dip was primarily attributed to a non-recurring exceptional charge of 15.7 crore, recognized due to employee benefit obligations arising from the implementation of the new wage code. Excluding this one-off impact, the adjusted PAT would have shown a positive growth trajectory.

Financial Highlights

(All figures in million converted to crore by dividing by 10. Percentages are as reported.)

The company's outstanding order book remains a strong indicator of future revenue visibility. As of December 31, 2025, the total consolidated outstanding order book reached a record 1,986.4 crore, reflecting a 9% year-on-year increase. This healthy backlog underscores Triveni Turbine's strong market position and consistent performance. However, the quarter saw a decline in order booking, down 26% year-on-year to 390.7 crore. Management clarified that this was largely due to the deferment of certain orders where advances were not received by the quarter-end, rather than a lack of demand. Export order booking also faced headwinds, declining by 40% year-on-year to 208 crore, impacted by global trade uncertainties and delays in contract closures.

Segmental Performance and Strategic Focus

(Sales figures are in crore, percentages are calculated from million figures.)

The Product segment demonstrated robust growth in Q3 FY26, with sales increasing by 49% year-on-year to 486 crore. In contrast, the Aftermarket segment's turnover declined by 22% year-on-year to 138 crore, primarily due to the deferment of a large refurbishment order to subsequent quarters. Despite this, the Aftermarket segment registered a healthy order booking growth of 23% year-on-year to 158.4 crore during the quarter, indicating future potential.

Management emphasized its strategic focus on diversification and new product development. The company is actively venturing into new business areas such as geothermal applications and Boiler Feed Water (BFW) drives. Its energy transition solutions portfolio, including Heat Pumps and Organic Rankine Cycle (ORC) systems, is gaining traction, with the first heat pump order secured for execution in FY27. These initiatives are expected to expand Triveni Turbine's addressable market and support long-term growth in the renewable energy space. The company's strong R&D capabilities, with over 7% of its workforce dedicated to research and development, are central to these efforts.

Geographically, domestic sales declined by 6% to 240 crore in Q3 FY26, while export sales surged by 54% to 384.5 crore, increasing the export contribution to sales to 62% from 49% in Q3 FY25. The US market is a key focus for expansion, with the subsidiary expected to break even in FY27 and become a launch platform for significant growth from FY28 onwards. The company also announced the re-appointment of Mr. Nikhil Sawhney as Managing Director for another five years, ensuring leadership continuity.

Outlook and Management Confidence

Looking ahead, Triveni Turbine's management expressed confidence in its growth trajectory. They anticipate a double-digit growth in order booking for FY26 compared to FY25 and expect Q4 FY26 to be another record quarter for turnover and profitability. For FY27, the company projects commensurate, if not slightly higher, growth than FY26, with a return to normalized growth rates from FY28 onwards. The declaration of an interim dividend of ₹2.25 per equity share further underscores the company's strong financial health and commitment to shareholder returns.

Triveni Turbine's Q3 FY26 performance reflects a company adept at navigating market complexities while steadfastly pursuing strategic growth. With a robust order book, a clear focus on innovation, and expanding global footprints, Triveni Turbine is well-positioned to sustain its growth and profitability in the coming years, reinforcing investor trust in its long-term vision.