Triveni Turbine Q3 Results Review - Stellar Performance; Strong Outlook Intact: Prabhudas Lilladher

Prabhudas Lilladher Report

We believe Triveni Turbine Ltd.'s prospects continue to remain strong due to

1. healthy enquiry pipeline (up 14% YoY in 9M FY24) across markets,

2. growing share of higher margin exports and aftermarket sales,

3. strong traction in both industrial and active pharmaceutical ingredients drive turbines, and

4. robust order book with strong inflows across businesses.

The stock is trading at a earning price of 36.0 times/28.0 times FY25/26E earning per share.

We roll forward to December 2025 and value the stock at a earning price of 35 times FY26E (35 times September FY25E earlier). Up`grade to ‘Buy’.

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