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Triveni Turbine Ltd.
NSE: TRITURBINEIndustrialsSpecialty Industrial Machinery
- Last close
- ₹445.05
- Day change
- −₹8.00 (−1.77%)vs
- Market cap
- ₹15,765 crIndian rupees
- Research updated
- 1 report
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About Triveni Turbine
Triveni Turbine Ltd., a leader in small-scale steam turbine manufacturing, specializes in providing solutions for industrial power generation. The primary function of Triveni Turbine is to design, manufacture, and service steam turbines ranging from 0.3 MW to 100 MW, meeting the versatile energy needs of industrial sectors worldwide. Notably, these turbines support a variety of applications including power plants, cogeneration systems, and industrial processes across industries like sugar, chemicals, paper, textiles, and food processing. Triveni's advanced engineering and R&D capabilities allow it to innovate in the energy sector, enhancing efficiency and sustainability. With its headquarters in Bangalore, India, Triveni's turbines are not only pivotal for industrial energy solutions but also contribute significantly to decentralized power generation practices. Its extensive service network ensures comprehensive lifecycle support, optimizing operational performance for clients. This makes Triveni Turbine a significant player in the power generation equipment market, particularly within the growing infrastructure and industrial sectors in emerging economies.
- Sector
- Industrials
- Industry
- Specialty Industrial Machinery
- Listing
- NSE: TRITURBINE
- Employees
- 928
- Headquarters
- Noida, India
- ISIN
- INE152M01016
- Website
- triveniturbines.com
Public research · Report of
Business model & financial foundation
Triveni Turbine (NSE: TRITURBINE), Heavy electrical equipment - industrial steam turbines and aftermarket: revenue of ₹2,181 crore in FY26 (+8.7% on FY25), an EBITDA margin of 24.2%, net profit of ₹349.7 crore and net cash of ₹969.6 crore.
- Revenue, FY26 (₹ crore)
- 2,181
- consolidated
- Revenue growth, FY26
- +8.7%
- on FY25
- Net profit, FY26 (₹ crore)
- 349.7
- to owners
- Return on equity, FY26
- 26.2%
- on average equity
- Market capitalisation (₹ crore)
- 17,192
- at the close of 17 Oct 2026
Company profile
Triveni Turbine designs and manufactures industrial steam turbines up to 100 MW for captive and thermal-renewable power (biomass, waste-to-energy, waste-heat recovery, process co-generation) and provides aftermarket refurbishment and service for turbines up to 1,000 MW across OEM platforms. Plants are at Peenya and Sompura, Bengaluru; about 58% of FY26 revenue was export. It claims a top-two global position in its addressable sub-100MW market.
| Item | Value |
|---|---|
| Legal name | Triveni Turbine Limited |
| Exchange and ticker | NSE: TRITURBINE; BSE: 533655 |
| ISIN | INE152M01016 |
| CIN | L29110UP1995PLC041834 |
| Sector | Industrials |
| Industry | Heavy electrical equipment - industrial steam turbines and aftermarket |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP |
| Market capitalisation | ₹17,192 crore (17 Oct 2026) |
| Shares outstanding | 31.79 crore shares (FY26) |
| Price | ₹495.9 (close, 17 Oct 2026) |
| 52-week range | ₹428.4 - ₹787.6 (to 17 Oct 2026) |
| Website | https://www.triveniturbines.com |
Corporate structure and shareholding
Parent: Promoter group (Sawhney family; Subhadra Trade & Finance 27.28%).
| Entity | Holding | Business |
|---|---|---|
| Triveni Energy Solutions Limited | 100% | India; aftermarket and services (formerly GE Triveni) |
| Triveni Turbines Europe Pvt Ltd | 100% | UK; sales and service |
| Triveni Turbines FZCO | 100% | UAE; export sales and service hub, holds South Africa entities |
| Triveni Turbines Africa Pty Ltd | 100% | South Africa; merged with TSE Engineering effective 1 Apr 2026; refurbishment and rotating equipment service |
| Triveni Turbines Americas Inc | 100% | Texas, USA; aftermarket now, product from FY28; loss-making start-up |
Triveni Sports Pvt Ltd is a 50% JV. TSE 30% minority bought on 30 Oct 2025.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 55.84% | 55.84% | 55.84% | 55.84% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 23.60% | 22.38% | 20.81% | 20.58% |
| Domestic institutions | 13.88% | 14.60% | 16.52% | 15.98% |
| of which mutual funds | 12.57% | 13.40% | 15.27% | 14.78% |
| Retail | 5.77% | 6.00% | 5.67% | 6.30% |
| Other | 0.90% | 1.18% | 1.16% | 1.30% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Product business (management split, not statutory segment) | 1,582 | 72.5% |
| Aftermarket business (management split, not statutory segment) | 599.5 | 27.5% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Siemens Energy India | Closest: industrial steam turbines, waste-heat recovery and aftermarket in India, plus gas and grid |
| Thermax (THERMAX) | Captive power, cogeneration and WHR projects; customer overlap |
| BHEL (BHEL) | Indian steam turbine maker, utility-weighted |
| ABB India (ABB) | Rotating electrical equipment and industrial capex exposure |
| Cummins India (CUMMINSIND) | Distributed and captive power equipment, high-ROE capital goods |
| Kirloskar Pneumatic (KIRLPNU) | Engineered rotating equipment (compressors) for industry |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 840.9 | 1,236 | 1,654 | 2,006 | 2,181 |
| Cost of revenue (vendor classification) * | 483.1 | 747.6 | 980.5 | 1,108 | 1,253 |
| Other operating costs (vendor classification) * | 98.9 | 132.6 | 185.0 | 251.3 | 245.5 |
| EBITDA (vendor classification) * | 172.6 | 251.8 | 351.4 | 483.1 | 499.1 |
| Issuer-basis EBIT before JV and exceptionals incl other income | 365.7 | 256.4 | 360.3 | 491.4 | 492.7 |
| Finance costs | 0.91 | 0.85 | 2.66 | 2.94 | 2.61 |
| Profit before tax after JV and exceptionals | 364.8 | 255.5 | 357.8 | 488.6 | 473.1 |
| Current plus deferred tax expense | 94.6 | 62.6 | 88.3 | 130.0 | 123.7 |
| Profit after tax including non-controlling interest | 270.2 | 192.9 | 269.5 | 358.6 | 349.5 |
| Diluted EPS INR per share | 8.36 | 5.97 | 8.47 | 11.28 | 11.00 |
| Materials consumed plus inventory change | 819.2 | 1,000 | 1,159 | ||
| Employee benefits expense | 161.3 | 203.3 | 216.1 | ||
| Other expenses including financial asset impairment | 354.7 | 365.6 | 355.4 | ||
| Issuer EBITDA incl other income before JV and exceptionals | 381.0 | 517.7 | 526.8 | ||
| Operating-only EBITDA excluding other income | 318.8 | 436.7 | 450.2 | ||
| Other income | 62.2 | 81.0 | 76.5 | ||
| Depreciation and amortisation | 20.8 | 26.3 | 34.1 | ||
| Exceptional items signed income positive | 0.00 | 0.00 | -15.7 | ||
| PAT attributable to non-controlling interest signed | 0.35 | 1.46 | -0.25 | ||
| Share of JV profit or loss signed | 0.18 | 0.09 | -1.28 | ||
| PAT attributable to owners of parent | 269.1 | 357.2 | 349.7 | ||
| Cost of materials consumed | 858.2 | 939.4 | 1,167 | ||
| Signed change in finished goods and WIP inventories | -39.0 | 60.8 | -7.60 | ||
| Annual note other expenses excluding separate impairment | 347.8 | 343.6 | 347.7 | ||
| Financial asset impairment included in normalized other expense | 6.87 | 22.1 | 7.79 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 857.4 | 761.3 | 961.3 | 1,219 | 1,446 |
| Borrowings excluding lease liabilities | 2.17 | 3.72 | 0.00 | 0.00 | 0.00 |
| Cash and cash equivalents only | 32.5 | 29.7 | 29.1 | 98.2 | 100.7 |
| Net trade receivables | 101.5 | 129.3 | 178.1 | 363.2 | 639.1 |
| Inventories | 161.7 | 200.0 | 226.3 | 194.8 | 244.3 |
| Trade payables MSME plus others | 109.5 | 114.8 | 174.6 | 341.7 | 558.1 |
| Net property plant and equipment | 3.37 | 4.58 | 274.8 | 316.5 | 353.0 |
| Capital work in progress | 3.25 | 5.43 | 1.36 | 19.3 | 17.0 |
| Total assets | 1,335 | 1,340 | 1,654 | 2,019 | 2,497 |
| Net intangible assets separate from PPE | 4.53 | 3.04 | 5.82 | ||
| Other bank balances per statement | 373.3 | 228.3 | 177.1 | ||
| Current treasury investments excluding JV | 455.6 | 345.2 | 302.7 | ||
| Current plus noncurrent lease liabilities | 3.12 | 39.2 | 35.9 | ||
| Issuer investments including cash | 883.1 | 987.3 | 969.6 | ||
| Net debt excluding leases using issuer cash and investments | -883.1 | -987.3 | -969.6 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash inflow from operating activities | 479.2 | 249.1 | 271.0 | 186.7 | 111.0 |
| Free cash flow (vendor definition) * | 417.8 | 157.1 | 239.3 | 143.9 | 39.4 |
| Dividends paid cash outflow signed | -71.1 | -50.1 | -73.1 | -104.9 | -135.1 |
| Purchase of PPE cash outflow signed | -14.8 | -38.4 | -31.7 | -42.9 | -71.6 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued fully paid ordinary shares at year end | 32.33 | 32.25 | 31.79 | 31.79 | 31.79 |
| Diluted weighted average shares EPS denominator | 31.79 | 31.80 | 31.80 | ||
| EPS note basic numerator labelled attributable to owners | 269.5 | 358.6 | |||
| EPS note diluted candidate numerator before anti-dilution test | 270.0 | 360.6 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 501.1 | 503.4 | 538.0 | 371.3 | 506.2 | 624.0 | 679.6 | 442.7 |
| Cost of revenue (vendor classification) * | 254.2 | 254.2 | 376.4 | 177.6 | 249.7 | 331.9 | 400.1 | 254.3 |
| Other operating costs (vendor classification) * | 83.8 | 87.9 | -100.0 | 65.3 | 88.8 | 103.6 | 97.7 | 82.3 |
| EBITDA (vendor classification) * | 131.0 | 131.5 | 140.1 | 95.7 | 133.0 | 152.7 | 144.1 | 79.7 |
| Issuer-basis EBIT before JV and exceptionals incl other income | 124.9 | 124.9 | 132.8 | 88.1 | 125.0 | 144.2 | 135.4 | 70.3 |
| Finance costs | 0.80 | 0.40 | 0.70 | 0.80 | 0.40 | 0.70 | 0.70 | 0.60 |
| Profit before tax after JV and exceptionals | 124.1 | 124.6 | 132.1 | 87.2 | 124.6 | 126.9 | 134.4 | 69.7 |
| Current plus deferred tax expense | 33.1 | 32.0 | 37.5 | 22.8 | 33.2 | 35.2 | 32.5 | 18.6 |
| PAT including non-controlling interest | 91.0 | 92.6 | 94.6 | 64.4 | 91.4 | 91.7 | 101.9 | 51.1 |
| Diluted EPS INR per share not annualised | 2.85 | 2.92 | 2.99 | 2.03 | 2.87 | 2.89 | 3.21 | 1.60 |
| Materials consumed plus signed inventory change | 254.2 | 254.2 | 268.7 | 177.6 | 249.7 | 331.9 | 400.1 | 254.3 |
| Employee benefits expense | 51.7 | 52.0 | 51.7 | 54.8 | 53.1 | 54.4 | 53.8 | 54.8 |
| Other expenses including financial asset impairment | 83.8 | 87.9 | 97.2 | 65.3 | 88.8 | 103.6 | 97.7 | 82.3 |
| Issuer EBITDA incl other income before JV and exceptionals | 131.0 | 131.4 | 140.3 | 95.8 | 133.0 | 153.6 | 144.4 | 79.7 |
| Other income | 19.6 | 22.1 | 19.9 | 22.2 | 18.4 | 19.5 | 16.4 | 28.4 |
| Depreciation and amortisation | 6.10 | 6.50 | 7.50 | 7.70 | 8.00 | 9.40 | 9.00 | 9.40 |
| Exceptional items signed income positive | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -15.7 | 0.00 | 0.00 |
| PAT attributable to non-controlling interest signed | 0.10 | 0.20 | 0.70 | -0.10 | 0.20 | -0.40 | 0.05 | 0.00 |
| Share of JV profit or loss signed | 0.00 | 0.10 | 0.00 | -0.10 | 0.00 | -0.90 | -0.28 | 0.00 |
| PAT attributable to owners of parent | 90.9 | 92.4 | 93.9 | 64.5 | 91.2 | 92.1 | 101.9 | 51.1 |
| Operating-only EBITDA excluding other income | 111.4 | 109.3 | 120.4 | 73.6 | 114.6 | 134.1 | 128.0 | 51.3 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 21.1% | 47.0% | 33.8% | 21.3% | 8.7% |
| EBITDA margin | 23.0% | 25.8% | 24.2% | ||
| Net margin | 16.3% | 17.8% | 16.0% | ||
| Return on equity | 31.2% | 32.8% | 26.2% | ||
| Return on capital employed | 48.7% | 31.6% | 41.7% | 45.1% | 37.0% |
| Return on assets | 18.0% | 19.5% | 15.5% | ||
| Net debt (₹ crore) | -883.1 | -987.3 | -969.6 | ||
| Net debt / EBITDA | -2.32x | -1.91x | -1.84x | ||
| Interest cover | 401.9x | 301.6x | 135.5x | 167.0x | 188.7x |
| Asset turnover | 0.74x | 0.92x | 1.11x | 1.09x | 0.97x |
| Receivable days | 44 | 38 | 39 | 66 | 107 |
| Inventory days (on revenue) | 70 | 59 | 50 | 35 | 41 |
| Payable days (on revenue) | 48 | 34 | 39 | 62 | 93 |
| Cash conversion | 1.01x | 0.52x | 0.32x | ||
| Capex intensity | 1.8% | 3.1% | 1.9% | 2.1% | 3.3% |
| Free cash flow (₹ crore) | 464.4 | 210.6 | 239.3 | 143.9 | 39.4 |
| Dividend payout | 27.2% | 29.4% | 38.6% | ||
| EPS, diluted (₹) | 8.36 | 5.97 | 8.47 | 11.28 | 11.00 |
| Book value per share (₹) | 26.52 | 23.60 | 30.24 | 38.36 | 45.49 |
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Issuer EBITDA incl other income before JV and exceptionals) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excluding leases using issuer cash and investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Issuer EBITDA incl other income before JV and exceptionals).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS INR per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Triveni Turbine
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.