Triveni Turbine Limited Q2 PAT falls 41.7% as margin drops

In Q2 FY27 ended September 30, 2026, Triveni Turbine Limited reported profit after tax of Rs 53.3 crore, down 41.7% year on year, as earnings before interest, tax, depreciation and amortisation (EBITDA) margin fell to 17.5% from 26.3%. Management attributed the decline to delivery mix, a strategic order, and higher input and logistics costs.

Why did Triveni Turbine’s Q2 FY27 PAT fall?

Triveni Turbine’s Q2 FY27 profit after tax (PAT) fell because a 3.0% decline in revenue was accompanied by a less favourable mix of deliveries and higher costs. Revenue from operations was Rs 491 crore, compared with Rs 506.2 crore in Q2 FY26, while EBITDA fell 35.5% to Rs 85.8 crore from Rs 133 crore. EBITDA margin consequently declined by 8.8 percentage points to 17.5%.

Management said Q2 FY27 deliveries largely reflected orders won around a year earlier, which had a less favourable product mix. It also cited execution of a strategic order and higher input and logistics costs. Profit before tax fell 39.2% to Rs 75.7 crore, with its margin decreasing to 15.4% from 24.6%, while PAT margin dropped to 10.9% from 18.1%.

Triveni Turbine’s H1 FY27 results show revenue growth did not prevent margin pressure over the six months ended September 30, 2026. H1 revenue rose 6.4% to Rs 933.7 crore, but EBITDA declined 27.7% to Rs 165.5 crore and EBITDA margin reduced to 17.7% from 26.1%. H1 PAT was Rs 104.4 crore, down 32.9% from Rs 155.8 crore.

How did Triveni Turbine’s domestic and export sales change?

Triveni Turbine’s domestic revenue rose 51.8% in Q2 FY27, but it did not offset a 46.6% fall in export revenue. Domestic sales increased to Rs 340.4 crore from Rs 224.2 crore in Q2 FY26, while exports declined to Rs 150.6 crore from Rs 282 crore. Exports therefore accounted for 30.7% of Q2 revenue, compared with 55.7% a year earlier.

Triveni Turbine’s product revenue grew 4.4% to Rs 343 crore in Q2 FY27, while aftermarket revenue fell 16.7% to Rs 148 crore. Aftermarket’s revenue share decreased to 30.1% from 35.1% in Q2 FY26. This sales mix differed from the order-book mix, where export and aftermarket orders had increased.

Triveni Turbine recorded a less severe export decline over H1 FY27. Domestic revenue grew 40.7% to Rs 580.1 crore, while export revenue declined 24.0% to Rs 353.6 crore. Exports made up 37.9% of H1 revenue, down from 53.0% in H1 FY26, and aftermarket revenue was Rs 287.2 crore, 2.3% lower year on year.

Did Triveni Turbine’s order booking and backlog grow?

Triveni Turbine reported its highest-ever quarterly order booking in Q2 FY27, with orders rising 17.2% to Rs 764.4 crore. Export order booking increased 49.8% to Rs 367.7 crore and made up 48.1% of quarterly intake, against 37.6% in Q2 FY26. Product order booking grew 32.5% to Rs 600.9 crore, while domestic booking declined 2.5% to Rs 396.7 crore.

Triveni Turbine’s quarterly aftermarket order booking declined 17.8% to Rs 163.5 crore, reducing its intake share to 21.4% from 30.5%. However, H1 FY27 aftermarket booking rose 12.3% to Rs 387.1 crore and retained a 29.0% share of total orders. H1 export booking grew 51.6% to Rs 751.9 crore and represented 56.4% of order intake, compared with 41.8% a year earlier.

Triveni Turbine’s closing order book reached Rs 2,452.9 crore at September 30, 2026, up 10.5% from Rs 2,219.7 crore a year earlier. Export orders in the backlog rose 29.3% to Rs 1,452.3 crore and represented 59.2% of the total, compared with 50.6%. Closing aftermarket orders more than doubled to Rs 639.2 crore, up 105.4%, and accounted for 26.1% of backlog versus 14.0%.

What does Triveni Turbine expect in H2 FY27?

Triveni Turbine management expects revenue and profitability to improve in H2 FY27 because scheduled orders carry a more favourable mix. Management did not provide a numerical revenue, EBITDA or PAT target. Its outlook is based on the Rs 2,452.9 crore closing order book and an enquiry pipeline across domestic and international markets.

Triveni Turbine said its international pipeline includes biomass, waste-to-energy, utility, geothermal and process co-generation applications. Domestic enquiries cover steel, cement, sugar and distillery projects, along with American Petroleum Institute-compliant turbines for utilities. During Q2 FY27, the company also secured boiler feedwater pump packages with drive turbines for an ultra-supercritical project in India and reported inroads into the global combined-cycle power-plant segment.

Triveni Turbine has implemented artificial-intelligence-driven predictive maintenance, localised global services, digitalised hydro testing for turbine casings and advanced laser-hardening processes. The presentation did not quantify their cost or margin effect. Management said the delivery-mix, strategic-order, input-cost and logistics pressures experienced in Q2 FY27 should ease in coming quarters.

Conclusion

Triveni Turbine’s Q2 FY27 performance showed that domestic sales growth and record order intake did not offset the effect of lower export deliveries and an unfavourable execution mix. Revenue declined 3.0% to Rs 491 crore, PAT dropped 41.7% to Rs 53.3 crore and EBITDA margin fell to 17.5%, while quarterly order booking rose 17.2% to Rs 764.4 crore.

The next result will show whether H2 FY27 deliveries reflect the more favourable mix management expects. Key disclosed indicators are the 59.2% export share of the Rs 2,452.9 crore closing order book, the Rs 639.2 crore aftermarket backlog, and management’s stated expectation that the Q2 cost and mix pressures will ease.