Triveni Turbine September-quarter profit falls 42% as costs rise

Triveni Turbine Limited reported consolidated profit after tax of Rs 53.3 crore for the quarter ended September 30, 2026, down 42% from Rs 91.4 crore a year earlier, as revenue from operations fell 3% to Rs 491 crore and total expenses rose 9% to Rs 437.5 crore. Triveni Turbine’s profit before tax declined 39% to Rs 75.4 crore.

Why did Triveni Turbine’s September-quarter profit fall?

Triveni Turbine’s September-quarter profit fell because the Rs 15.2 crore decline in revenue from operations was accompanied by a Rs 37.5 crore increase in total expenses. Revenue was Rs 491 crore in the quarter ended September 30, 2026, compared with Rs 506.2 crore in the quarter ended September 30, 2025, while expenses increased to Rs 437.5 crore from Rs 400 crore.

Material consumption was the largest identified cost movement, rising 14% year on year to Rs 307.3 crore from Rs 270.3 crore. Employee-benefit expense increased to Rs 56.4 crore from Rs 53.1 crore, while depreciation and amortisation rose to Rs 9.5 crore from Rs 8 crore. Other expenses declined to Rs 78 crore from Rs 88.8 crore, but that reduction did not offset the increase in materials and employee costs.

How did Triveni Turbine perform against the previous quarter?

Triveni Turbine’s profit after tax increased sequentially to Rs 53.3 crore in the September 2026 quarter from Rs 51.1 crore in the June 2026 quarter, while revenue from operations rose to Rs 491 crore from Rs 442.7 crore. The quarter-on-quarter increase in revenue was Rs 48.3 crore, but profit after tax rose by a narrower Rs 2.2 crore because total expenses increased by Rs 36.1 crore.

Profit before tax improved to Rs 75.4 crore from Rs 69.7 crore in the preceding quarter. Other income, however, declined to Rs 22.2 crore from Rs 28.4 crore, and material consumption increased to Rs 307.3 crore from Rs 253.7 crore. Changes in inventories shifted to a Rs 14.3 crore reduction in expense from a Rs 0.6 crore expense in June, partly moderating the cost increase.

Triveni Turbine reported basic and diluted earnings per share of Rs 1.68 for the September 2026 quarter, compared with Rs 1.60 in June 2026 and Rs 2.87 a year earlier. Total comprehensive income was Rs 49.4 crore, lower than both Rs 59.9 crore in the June quarter and Rs 95.4 crore in the September 2025 quarter, reflecting a Rs 3.9 crore other comprehensive loss in the latest quarter.

What do Triveni Turbine’s six-month results show?

Triveni Turbine’s consolidated profit after tax for the six months ended September 30, 2026 was Rs 104.4 crore, down 33% from Rs 155.8 crore in the corresponding six months of 2025. Six-month revenue from operations nevertheless increased 6% to Rs 933.7 crore from Rs 877.5 crore, showing that the half-year profit decline coincided with expenses rising faster than sales.

Total expenses for the first six months increased to Rs 838.9 crore from Rs 706.2 crore, a rise of Rs 132.7 crore. Material consumption accounted for Rs 124.3 crore of that change, reaching Rs 561 crore from Rs 436.7 crore. Profit before tax declined to Rs 145.1 crore from Rs 211.8 crore, while total tax expense fell to Rs 40.7 crore from Rs 56 crore.

The group recorded other income of Rs 50.6 crore in the six-month period, up from Rs 40.6 crore a year earlier. Its share of loss from the joint venture was Rs 30 lakh, compared with a Rs 10 lakh loss in the previous corresponding period. Triveni Turbine identifies its primary business as one reportable segment, Power Generating Equipment and Solutions, so the filing does not provide revenue or profit by operating division.

How did Triveni Turbine’s balance sheet change by September?

Triveni Turbine’s total assets were Rs 2,491.2 crore at September 30, 2026, marginally below Rs 2,496.8 crore at March 31, 2026. Total equity rose to Rs 1,496.4 crore from Rs 1,446 crore, while total liabilities declined to Rs 994.8 crore from Rs 1,050.8 crore over the same period.

Within current assets, inventories increased to Rs 298.3 crore from Rs 244.3 crore, while trade receivables declined to Rs 576 crore from Rs 639.1 crore. Current investments increased to Rs 440.8 crore from Rs 302.7 crore. Cash and cash equivalents fell to Rs 91.7 crore from Rs 100.7 crore, and bank balances other than cash equivalents declined to Rs 107.2 crore from Rs 177.1 crore.

Capital work-in-progress more than doubled to Rs 36.3 crore at September 30 from Rs 17 crore at March 31. Property, plant and equipment decreased to Rs 343 crore from Rs 353 crore. On the liability side, trade payables to creditors other than micro and small enterprises declined to Rs 340.4 crore from Rs 445.5 crore, while net income-tax liabilities increased to Rs 64.2 crore from Rs 33.5 crore.

Did Triveni Turbine generate cash despite lower half-year profit?

Triveni Turbine generated net operating cash inflow of Rs 94.3 crore in the six months ended September 30, 2026, compared with Rs 38.7 crore a year earlier, despite profit before tax declining to Rs 145.1 crore from Rs 211.8 crore. Income tax paid, net of refunds, was Rs 26.6 crore, lower than Rs 71.2 crore in the prior-year period.

Working-capital movements included a Rs 55.5 crore cash outflow from higher inventories and a Rs 108.5 crore outflow from lower trade payables. These were partly offset by a Rs 70.5 crore cash inflow from trade receivables and a Rs 64.3 crore inflow from other assets. Cash generated from operations was Rs 120.9 crore, compared with Rs 109.9 crore in the prior-year six months.

Investing activities produced a net cash outflow of Rs 38.6 crore, compared with a Rs 12 crore inflow in the prior-year period. Triveni Turbine invested Rs 104.3 crore in current mutual funds and spent Rs 37 crore on property, plant and equipment. Financing activities used Rs 67.2 crore, including Rs 63.6 crore of dividend payments, leaving cash and cash equivalents at Rs 91.7 crore at September 30, 2026.

Conclusion

Triveni Turbine’s September-quarter filing shows a sharper fall in profit than in revenue: sales declined by Rs 15.2 crore year on year, while total expenses increased by Rs 37.5 crore. The result was a decline in profit after tax to Rs 53.3 crore from Rs 91.4 crore, although revenue and profit both improved from the immediately preceding June quarter.

The unresolved issue is whether material consumption, which rose to Rs 307.3 crore in the September quarter and Rs 561 crore in the first half, continues to absorb a larger share of revenue. Inventories, which increased by Rs 54 crore from March 31 to Rs 298.3 crore at September 30, and the Rs 36.3 crore capital work-in-progress balance are further items to watch.