Financial Performance Summary

Q2 FY27 Consolidated Performance (All figures in ₹ million)

  • Revenue from Operations: ₹4,910 (down 3.0% YoY from ₹5,062)
  • Domestic Revenue: ₹3,404 (up 51.8% YoY)
  • Export Revenue: ₹1,506 (down 46.6% YoY)
  • Export Contribution: 30.7% of revenue (vs 55.7% in Q2 FY26)
  • Product Revenue: ₹3,430 (up 4.4% YoY)
  • Aftermarket Revenue: ₹1,480 (down 16.7% YoY)
  • Aftermarket Contribution: 30.1% of revenue
  • EBITDA: ₹858 (down 35.5% YoY from ₹1,330)
  • EBITDA Margin: 17.5% (vs 26.3% in Q2 FY26)
  • PBT: ₹757 (down 39.2% YoY from ₹1,246)
  • PBT Margin: 15.4% (vs 24.6% in Q2 FY26)
  • PAT: ₹533 (down 41.7% YoY from ₹914)
  • PAT Margin: 10.9% (vs 18.1% in Q2 FY26)
  • EPS: ₹1.68 per share

H1 FY27 Consolidated Performance (All figures in ₹ million)

  • Revenue from Operations: ₹9,337 (up 6.4% YoY from ₹8,775)
  • Domestic Revenue: ₹5,801 (up 40.7% YoY)
  • Export Revenue: ₹3,536 (down 24.0% YoY)
  • Export Contribution: 37.9% of total revenue (vs 53.0% in H1 FY26)
  • Aftermarket Revenue: ₹2,872 (down 2.3% YoY)
  • Aftermarket Contribution: 30.8% of revenue
  • EBITDA: ₹1,655 (down 27.7% YoY from ₹2,288)
  • EBITDA Margin: 17.7% (down 833 bps from 26.1% in H1 FY26)
  • PBT: ₹1,454 (down 31.4% YoY from ₹2,119)
  • PBT Margin: 15.6% (down 857 bps from 24.1% in H1 FY26)
  • PAT: ₹1,044 (down 32.9% YoY from ₹1,558)
  • PAT Margin: 11.2% (vs 17.8% in H1 FY26)
  • EPS: ₹3.28 per share

Order Booking Performance

Q2 FY27 Order Booking (All figures in ₹ million)

  • Total Order Booking: ₹7,644 (up 17.2% YoY from ₹6,523)
  • Export Order Booking: ₹3,677 (up 49.8% YoY from ₹2,455)
  • Export Contribution: 48.1% of order booking (vs 37.6% in Q2 FY26)
  • Product Order Booking: ₹6,009 (up 32.5% YoY from ₹4,535)
  • Aftermarket Order Booking: ₹1,635 (down 17.8% YoY from ₹1,988)
  • Aftermarket Contribution: 21.4% of total order booking (vs 30.5% in Q2 FY26)
  • Domestic Order Booking: ₹3,967 (down 2.5% YoY from ₹4,068)

H1 FY27 Order Booking (All figures in ₹ million)

  • Total Order Booking: ₹13,327 (up 12.2% YoY from ₹11,878)
  • Export Order Booking: ₹7,519 (up 51.6% YoY from ₹4,960)
  • Export Contribution: 56.4% of total order booking (vs 41.8% in H1 FY26)
  • Aftermarket Order Booking: ₹3,871 (up 12.3% YoY from ₹3,446)
  • Aftermarket Contribution: 29.0% of total order booking (maintained share)

Order Book Position (as of September 30, 2026)

Closing Order Book (All figures in ₹ million)

  • Total Closing Order Book: ₹24,529 (up 10.5% YoY from ₹22,197)
  • Export Orders: ₹14,523 (up 29.3% YoY from ₹11,231)
  • Export Contribution: 59.2% of closing order book (vs 50.6% a year ago)
  • Aftermarket Orders: ₹6,392 (up 105.4% YoY from ₹3,112)
  • Aftermarket Contribution: 26.1% to closing order book (vs 14.0% a year ago)
  • Product Orders: ₹18,137 (down 5.0% YoY from ₹19,085)

Opening Order Book Position

  • Q2 FY27 Opening Order Book: ₹21,795 (up 5.1% YoY)
  • H1 FY27 Opening Order Book: ₹20,539 (up 7.6% YoY)

Management Commentary

Mr. Dhruv M. Sawhney, Chairman & Managing Director, attributed the margin pressure to current deliveries reflecting orders secured around a year ago with less favorable product mix, execution of a strategic order, and higher input and logistics costs. He expects these pressures to ease in coming quarters.

Key business highlights include:

  • Record order booking led by Europe, Turkey, and USA
  • Significant inroads into combined cycle power plant segment globally
  • Secured boiler feedwater (BFW) pump packages with drive turbines for ultra-supercritical project in India
  • Aftermarket order book more than doubled due to contract wins in thermal renewables, combined cycle, and utility segments
  • Implementation of AI-driven predictive maintenance and localized services globally
  • Augmented production capabilities through digitalized hydro testing and advanced laser hardening processes

Outlook

The company expects improved performance in H2 FY27 as orders scheduled for execution carry a favorable mix, supporting both revenue and margins. Structural tailwinds include:

  • Rising global electricity demand
  • Transition to cleaner, more energy-efficient systems
  • Emerging opportunities in USA across carbon capture, long-duration energy storage, and new power generation capacity
  • Rising demand in Europe for clean energy solutions (waste heat recovery, biomass)
  • Sustained investment in domestic and international markets

The enquiry pipeline remains diversified internationally (biomass, waste-to-energy, utility, geothermal, process co-generation) and domestically (steel, cement, sugar, distillery, API-compliant turbines for utility segment).

Business Overview

Triveni Turbine Limited is a global steam turbine OEM with capabilities for steam turbines and turbomachineries up to 100 MW. The company provides manufacturing, refurbishment, retrofit, and lifecycle solutions for steam turbines up to 1,000 MW. Key business segments include:

  • Product business (steam turbine solutions)
  • Aftermarket services (Triveni REFURB™ division)
  • International operations through Triveni Turbines Americas Inc. and Triveni Turbines Africa (Pty) Ltd.

With over 6,000 turbine installations across 20+ industries and operations in 80+ countries, the company serves sectors including power generation, process co-generation, biomass, waste-to-energy, waste heat recovery, and district heating.