Triveni Turbine Limited – Investor Presentation Summary

Key Operational Highlights

  • Global steam turbine market expanded at 17.7% CAGR from 2021-2025, growing from 60 GW to 116 GW
  • Thermal renewable applications account for 65% of the <100 MW market (ex-China, Japan) in 2025
  • Over 6,000 installations across 80+ countries and 20+ industries
  • Manufacturing facilities at Peenya and Sompura in Bengaluru certified for AS 9100, ISO 9001, ISO 14001 and ISO 45001 standards
  • 400+ Intellectual Property Rights (IPR) filings
  • Installation of roof top solar power plant of 1300 KW capacity with net metering facility

Key drivers of operational performance: Expanding global footprint, focus on thermal renewable applications, strong R&D capabilities, and comprehensive aftermarket offerings including refurbishment solutions through Triveni REFURB division.

Segment-wise Performance

  • Export sales contribution: 48.1% of Q2 FY27 order booking
  • Aftermarket contribution: 29% of H1 FY27 order booking
  • Product business: ₹6.01 billion order booking in Q2 FY27, growing 32.5% YoY

Explanation of significant changes in segment performance: Strong growth in export orders driven by North America, Europe, Southeast Asia and Turkey markets, with particular strength in thermal renewables (waste heat recovery and biomass), combined cycle and utility segments.

Financial Highlights

Revenue: ₹9.34 billion (H1 FY27), ₹4.91 billion (Q2 FY27)

YoY comparison: H1 revenue growth of 6.4% YoY, Q2 revenue decline of 3.0% YoY

Drivers of financial performance: Current margin pressures due to less favorable product mix from orders secured around a year ago, execution of strategic order, and higher input and logistics costs

Key Risks: Margin pressure from unfavorable product mix, higher input and logistics costs

Geographical Revenue Split

Domestic vs Export Revenue: Strong domestic growth of 51.8% in Q2 FY27 offset by lower export revenue

Regional Breakdown: Strong international performance across North America, Europe, Southeast Asia and Turkey

Balance Sheet Snapshot

Working Capital/Leverage Metrics: Improved inventory turnover and asset turnover

Financial Health Insights: Operational efficiency and disciplined cash management driving sustained strong cash flows

Capex & Cash Flow Health

Investment Rationale: Focus on capacity expansion through adoption of digitalized hydro testing for turbine casings and advanced laser hardening processes

Strategic & R&D Initiatives

Investments in Innovation: AI-driven predictive maintenance, localized services globally, digitalized hydro testing, advanced laser hardening processes

Expected impact on growth: Strengthening supply chain and operational excellence

Strategic Rationale: Expanding into high-growth markets including carbon capture, long-duration energy storage and new power generation capacity in USA

Industry Trends & Business Environment

Macro/Industry Trends: Global electricity demand growth, transition to cleaner energy-efficient systems, rising demand in Europe for clean energy solutions

Impact on Company: Favorable long-term environment supporting growth across waste heat recovery, biomass, and process co-generation applications

Management Commentary & Growth Outlook

Strategic Outlook: "Rising global electricity demand and the transition to cleaner, more energy-efficient systems continue to support a favorable long-term environment" - Dhruv Sawhney, Chairman & Managing Director

Risks and Opportunities: Margin pressures expected to ease in coming quarters; emerging opportunities in USA across carbon capture, long-duration energy storage; sustained investment in domestic and international markets