Triveni Turbine FY26: Exports Take the Lead as Order Book Hits a Record

Triveni Turbine Limited closed FY26 with its highest-ever annual revenue from operations of ₹21.81 billion, marking an 8.7% year-on-year rise. The year was shaped by a volatile external backdrop. Management cited geopolitical disruptions, tariff-related uncertainty, and macro instability that delayed order finalisation and made the first half softer. Still, a stronger second half, including a record Q4, helped the company finish with steady operating profitability.

For FY26, EBITDA stood at ₹5.27 billion with a margin of 24.2%. Profit before tax (before exceptional items) was broadly stable at ₹4.90 billion. Profit after tax came in at ₹3.49 billion; management attributed the decline primarily to an exceptional charge of ₹157 million recognised towards employee benefit obligations under the new wage code.

Q4 FY26: Record revenue, but margin shaped by mix

Q4 FY26 delivered record revenue of ₹6.80 billion, up 26.3% year-on-year. EBITDA grew modestly by 2.9% to ₹1.44 billion, reflecting a margin outcome influenced by business mix.

Management called out three factors. First, the quarter saw a lower share of aftermarket execution, particularly spares. Second, there was a meaningful revenue contribution from a low-margin strategic project linked to the company’s CO2-based long-duration energy storage work for NTPC. Third, the quarter included a mark-to-market foreign exchange loss of about ₹8.5 crore due to rupee volatility.

Despite these quarterly effects, management reiterated that margins should be evaluated over a longer period because of the inherent lumpiness in project execution and order conversion.

Exports drive diversification; aftermarket remains strategic

A key FY26 development was the sharp rise in export contribution. The company reported exports at 58% of FY26 revenue, up from 48% in FY25. Management said export revenue grew 30% year-on-year and remained a core growth driver.

Revenue mix by business line was more stable at the full-year level. Product sales were 73% and aftermarket was 27% in FY26. This compared with 68% product and 32% aftermarket in FY25, indicating a lower aftermarket share of annual revenue despite management highlighting strong traction in aftermarket order booking during Q4.

The company continues to position refurbishment-led aftermarket as a key growth lever. In the call, management described aftermarket as three segments: spares, service, and refurbishment. While spares and service are naturally linked to the company’s installed base, refurbishment is positioned as the growth engine because it allows Triveni to address a wider universe of rotating equipment and a broader global installed base.

Orders and enquiry pipeline: record closing order book and rising visibility

FY26 ended with a record closing order book of ₹20,539 million, up 7.6% year-on-year. Management emphasised that Q4 momentum was strong, even though full-year order booking was marginally lower.

In Q4 FY26, order booking was ₹7,471 million, up 19.0% year-on-year. The quarter stood out for mix improvement.

Exports contributed 69% of Q4 order booking, with export order booking up 174% year-on-year. Aftermarket contributed 50% of Q4 order booking, with aftermarket order booking up 121% year-on-year.

Management also pointed to a diversified enquiry pipeline across IPP, steel, cement, oil and gas, and geothermal. The discussion added specific colour on the US market. The company said North America enquiries have increased sharply from a low base, with enquiry generation described at roughly 3 GW. The themes included combined cycle opportunities linked to data centres, along with biomass, pulp and paper, and geothermal.

Importantly, management clarified that newer products such as CO2-based solutions are not reflected in the enquiry book until the current installation’s performance is validated. In other words, the headline pipeline expansion is still largely driven by the core steam turbine and aftermarket opportunity set.

Balance sheet watch: receivables rose at year-end

One financial watch-out in the call was working capital at the reporting date. Management said receivables at March 31, 2026 were ₹6.39 billion, and average trade receivable days rose to 84 days from 49 days as of March 31, 2025. The explanation was that certain large projects saw billing skewed toward end-March, and collections were expected to come through in subsequent quarters.

The company also reported investments including cash of ₹9,696 million in FY26, and strong return metrics over the longer trend, including ROCE at 36% in FY26.

What investors should track in FY27

Triveni Turbine enters FY27 with a record order book and a stronger export mix, but management also acknowledged that external volatility may continue to create near-term fluctuations. The key monitorables are (1) conversion of the expanded enquiry pipeline into orders, particularly in exports and the US, (2) aftermarket execution consistency, and (3) the pace of receivable normalisation after the March-end spike.

On new technologies, management’s tone remained measured. The company highlighted geothermal as a meaningful new segment and flagged ORC turbines as a longer-term opportunity in waste heat recovery, while stating that CO2-based energy storage economics and performance need to be proven before any large commercial scaling plan is articulated.

The FY26 story, therefore, is not just about growth in a difficult year. It is also about mix-led diversification, an expanding global footprint, and a steady approach to validating new platforms without letting them distort the core steam turbine engine that continues to drive the business.