TRITURBINE Q2 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹506 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹133 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Triveni Turbine reported flat Q2 FY26 revenue at Rs 506 crore with EBITDA of Rs 133 crore and PAT of Rs 91.4 crore. The quarter was marked by record order booking of Rs 652 crore (+14% YoY) and an all-time high closing order book of Rs 2,220 crore (+24% YoY), providing strong revenue visibility for H2. Domestic order intake surged 52% YoY to Rs 407 crore, offsetting a 16% decline in export orders due to US tariff uncertainty. Aftermarket segment reached a record Rs 178 crore (+8% YoY), now contributing 35% of total turnover. H1 revenue declined 9% YoY to Rs 878 crore due to Q1 geopolitical disruptions delaying customer inspections, but management expects H2 to deliver higher growth rates as deferred revenues execute and the robust order book converts. Management flagged US tariff uncertainty (~56%) causing export order finalization delays but expressed confidence in long-term strategy. Key risks include potential margin pressure from higher domestic execution (lower-margin business) and vendor capacity constraints during H2 ramp-up.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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.
- 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.
- 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.
Risks flagged
- US market showing ~56% tariff uncertainty causing customers to delay order finalizations and advances. Management acknowledged several concluded orders not yet taken into order book due to customer wait-and-see approach.
- Domestic sales carry lower profit margins than exports. Management confirmed NTPC energy storage projects are lower-margin due to larger package size. Despite value engineering efforts, higher domestic mix could pressure overall margins.
- With Q1 deferred revenues needing execution in Q3-Q4, management acknowledged capacity constraints could arise not from internal manufacturing but from vendor and subcontractor coordination. This is an ongoing coordination challenge.
- Both product order booking and aftermarket segments showing underperformance in Southeast Asia region. Management attributed this to market-specific conditions without elaborating on timeline for recovery.
Key quotes
- The growth for financial year FY26 will be back-ended Q3 and Q4 will represent higher growth rates in terms of revenue but this is a reflection of two things one is the order book that we have at that point in time and the execution that the customers demand.
- The inquiry base remains quite resilient and robust. We think in other markets in Europe and the energy transition market is actually performing well. We have even in this current quarter we've had very good order wins and I think that will continue.
- Our strategy stays the same which is to be asset light and be nimble and dynamic. The uncertainty only reinforces our strategy to be the correct one.
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