Revenue and Order Growth Expected for FY26
Management explicitly stated that both revenue and order booking will grow year-on-year for FY26, though with significant backend loading toward H2 and Q4 specifically.
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Triveni Turbine · forward-looking guidance across the available source record.
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What management said would happen.
revenue
Significant Q4 Growth Acceleration
Management indicated expect H1 to show growth over 9 months equivalent, with significant growth in Q4 versus last year as deferred dispatches normalize.
New Heat Pump Revenue Contribution Minimal Near-Term
CEO explicitly stated new product introductions would not contribute more than a couple of percentage points to revenue in near term as market development takes time.
Margin Resilience Despite Revenue Decline
Despite 20% revenue decline, EBITDA margin expanded 100bps to 25.8%, with management confident margins will remain reasonably robust through the year.
Back-ended FY26 growth with H2 weighted towards higher revenue
Management stated growth for FY26 will be back-ended with Q3 and Q4 representing higher growth rates, driven by execution of the Rs 2,220 crore order book and catch-up of Q1 deferred revenues.
H2 domestic market momentum to continue
Domestic order intake showed 52% YoY growth in Q2, and management expects this momentum to sustain into H2, though not at the same extraordinary rate.
NTPC ESS project commissioning Q1 FY27
The large energy storage solution project for NTPC is progressing on schedule and cost, expected to commission in Q1 FY27 with margins in line with expectations.
Capex within annual budget; Surura facility expansion by mid-2026
Q2 capex of Rs 30 crore included heat pump setup and new offices. Surura facility expansion will be largely capitalized by year-end and operational by June-July 2026, adding further capability.
FY26 Order Booking Growth
Management expects double-digit order booking growth in FY26 versus FY25's ₹2,300+ crore base, despite Q3 weakness from deferred advances.
Q4 Record Revenue and Order Booking
Q4 expected to be another record quarter for both revenue/profitability and order booking, with Q4 skewed toward export orders.
FY27 Normalized Growth Resume
Growth expected to revert to 'normalized rates' (20%+) starting FY27, with FY28 being the year to fully return to historical run rates.
US Break-Even in FY27
FY27 expected to be the first break-even year for US subsidiary; meaningful contribution starts FY28 onwards.