Triveni Turbine Q1 Results Review - Healthy Quarter; Strong Outlook Remains Intact: Prabhudas Lilladher

Prabhudas Lilladher Report

We revise our FY25/26E EPS estimates by +3.1%/+2.9% factoring in better traction in exports and upgrade the rating to ‘Buy’ from ‘Hold’ with a revised target price of Rs 719 (Rs 612 earlier). Triveni Turbine Ltd. reported revenue growth of 23.1% YoY in Q1 FY25. Ebitda margin improved by 180 basis points YoY to 20.6%.

Domestic order bookings were affected by the general elections, but are projected to accelerate in the coming quarters. Triveni Turbine has expanded its offerings to include turbines up to 120 MW, positioning itself to capitalize on growing demand from key sectors such as steel, cement and RE.

The company also aims to capture a larger share of the API turbine market. Additionally, export growth is anticipated to be driven by increased demand in the Middle East, SEA and Europe. Triveni Turbine’s continued investments in research and development are expected to further enhance growth by introducing new products with broader applicability.

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