Triveni Turbine Aftermarket Backlog Doubles to Rs 639.2 Crore

Triveni Turbine Limited’s aftermarket closing order book rose 105.4% year on year to Rs 639.2 crore at September 30, 2026, lifting its share of the Rs 2,452.9 crore closing order book to 26.1% from 14.0% a year earlier. The expansion occurred as the total backlog increased 10.5%.

How much did Triveni Turbine’s aftermarket backlog increase?

Triveni Turbine’s closing aftermarket order book increased by Rs 328 crore year on year, reaching Rs 639.2 crore at September 30, 2026 from Rs 311.2 crore a year earlier. Its share of the closing order book increased by 12.1 percentage points to 26.1%, while the total order book rose by Rs 233.2 crore to Rs 2,452.9 crore.

The change contrasted with the product order book, which declined 5.0% year on year to Rs 1,813.7 crore from Rs 1,908.5 crore. Based on the reported business-category balances, the Rs 328 crore increase in aftermarket orders was larger than the total backlog increase because the product balance fell by Rs 94.8 crore.

Triveni Turbine recorded aftermarket order booking of Rs 163.5 crore in Q2 FY27, down 17.8% year on year and representing 21.4% of quarterly bookings. In H1 FY27, aftermarket bookings rose 12.3% to Rs 387.1 crore and retained a 29.0% share of total bookings, the same proportion reported in H1 FY26.

How did Triveni Turbine’s overall order-book mix change?

Triveni Turbine’s closing order book at September 30, 2026 had a higher export and aftermarket mix than a year earlier, with exports at 59.2% and aftermarket at 26.1%. A year earlier, exports accounted for 50.6% and aftermarket accounted for 14.0% of the Rs 2,219.7 crore closing balance.

Export orders rose Rs 329.2 crore to Rs 1,452.3 crore, while domestic orders declined 8.8% to Rs 1,000.6 crore. This means the net increase in the total order book was driven by growth in export and aftermarket balances rather than domestic or product orders.

Incoming orders showed a similar export shift in H1 FY27. Export booking rose 51.6% to Rs 751.9 crore and represented 56.4% of Rs 1,332.7 crore total booking, compared with a 41.8% export share in H1 FY26; domestic booking declined 16.0% to Rs 580.8 crore.

What orders drove Triveni Turbine’s aftermarket backlog?

Triveni Turbine attributed the Rs 639.2 crore aftermarket balance to contract wins in thermal-renewable applications, including waste-heat recovery and biomass, combined-cycle projects and utility segments. It also cited continuing demand for refurbishment and performance-optimisation solutions as a contributor to the 105.4% increase.

During Q2 FY27, Triveni Turbine said it made significant inroads in the global combined-cycle power-plant segment and secured boiler-feedwater pump packages with drive turbines for an ultra-supercritical project in India. The company also reported an international enquiry pipeline across biomass, waste-to-energy, utility, geothermal and process co-generation applications.

Triveni Turbine’s Triveni REFURB division provides refurbishment, modernisation, automation, upgrades and efficiency enhancement for steam turbines and rotating equipment up to 1,000 megawatts. Its primary steam-turbine portfolio covers equipment up to 100 megawatts, while its installed base exceeds 6,000 turbines across more than 20 industries and 80-plus countries.

How does Triveni Turbine’s backlog compare with current sales?

Triveni Turbine’s H1 FY27 aftermarket revenue was Rs 287.2 crore, down 2.3% year on year, even as aftermarket order booking increased 12.3% to Rs 387.1 crore. Aftermarket revenue represented 30.8% of Rs 933.7 crore revenue from operations, compared with a 26.1% aftermarket share of the closing order book at September 30, 2026.

In Q2 FY27, aftermarket revenue declined 16.7% to Rs 148 crore and accounted for 30.1% of Rs 491 crore revenue from operations. Product revenue rose 4.4% to Rs 343 crore, while domestic revenue increased 51.8% to Rs 340.4 crore and export revenue declined 46.6% to Rs 150.6 crore.

The geographic mix of sales differed from the closing backlog. Exports formed 30.7% of Q2 FY27 revenue, down from 55.7% in Q2 FY26, but accounted for 59.2% of the September 30 closing order book. In H1 FY27, export revenue fell 24.0% to Rs 353.6 crore while export order booking rose 51.6% to Rs 751.9 crore.

What does Triveni Turbine expect in H2 FY27?

Triveni Turbine management expects performance to strengthen in H2 FY27 because orders scheduled for execution have a favourable mix that it says should support revenue and margins. The company said its Rs 2,452.9 crore closing order book and enquiry pipeline underpin its positive revenue and profit outlook for the second half.

Management attributed Q2 FY27 margin pressure to deliveries from orders secured around a year earlier, a less favourable product mix, execution of a strategic order, and higher input and logistics costs. Earnings before interest, tax, depreciation and amortisation, or EBITDA, declined 35.5% to Rs 85.8 crore, and the EBITDA margin fell to 17.5% from 26.3% in Q2 FY26.

Profit after tax fell 41.7% to Rs 53.3 crore in Q2 FY27, while H1 FY27 revenue from operations increased 6.4% to Rs 933.7 crore. Management said it has implemented artificial-intelligence-driven predictive maintenance and localised global services, alongside digitalised hydro testing and advanced laser hardening processes, to strengthen supply-chain and operational capabilities.

Conclusion

Triveni Turbine’s reported backlog change was primarily a shift in the composition of unexecuted work. Total orders rose 10.5% to Rs 2,452.9 crore, but aftermarket orders rose 105.4% to Rs 639.2 crore and exports increased 29.3% to Rs 1,452.3 crore, while the product order book declined 5.0%.

The next disclosed test is H2 FY27 execution. Management expects the scheduled order mix to support higher revenue and margins, so subsequent results will show whether the Rs 387.1 crore H1 aftermarket booking, the 59.2% export backlog share and the larger aftermarket balance convert into sales and profitability.