TRITURBINE Q3 FY26 earnings call.
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Revenue
₹624 Cr
verified against source
Revenue YoY
24%
reported change
EBITDA
₹154 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Triveni Turbine reported record Q3 FY26 revenue of ₹624 crore (+24% YoY) with EBITDA of ₹154 crore (+16.9% YoY), though PAT declined 1% to ₹91.7 crore due to a one-time wage code exceptional charge of ₹15.7 crore. The 9-month performance remained largely flat (+2.3% revenue) as Q1 and Q2 were impacted by slower order booking and delayed dispatches, with management confident of catchup in Q4. Order booking in Q3 fell ~26% YoY to ₹391 crore, short by ~₹200 crore due to deferred customer advances—not demand weakness. The NTPC project (₹70 crore billed 9M; 50%/50% revenue split between FY26/FY27) created a margin drag. Management maintained FY26 order booking growth guidance versus FY25's ₹2,300+ crore base but expects normalized 20%+ growth resuming from FY28. US subsidiary losses of ₹21.7 crore (9M) persist; tariff reduction to 18% should accelerate order finalizations. Key growth vectors—geothermal, data center combined-cycle, energy storage, MVR, heat pumps—will meaningfully contribute from FY27. Lumpy quarterly performance will persist given larger turbine orders and newer geographic markets.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects double-digit order booking growth in FY26 versus FY25's ₹2,300+ crore base, despite Q3 weakness from deferred advances.
- Q4 expected to be another record quarter for both revenue/profitability and order booking, with Q4 skewed toward export orders.
- Growth expected to revert to 'normalized rates' (20%+) starting FY27, with FY28 being the year to fully return to historical run rates.
- FY27 expected to be the first break-even year for US subsidiary; meaningful contribution starts FY28 onwards.
Risks flagged
- Q3 order booking fell 26% YoY due to customer advances not received at quarter-end. While management expects Q4 catchup, the inherent lumpiness in larger turbine orders will continue into FY27, making quarterly forecasts unreliable.
- Oil & gas API segment has been flat in FY26 despite strong capex spending in the Middle East, contributing to order booking uncertainty. Management sees inquiry strength but conversion has slowed.
- US subsidiary continues to post ₹20+ crore losses (both FY25 and FY26), requiring absorption by Indian operations. While inquiry pipeline is described as strong, order finalization timelines remain uncertain given tariff history and bureaucratic hurdles.
- Analyst raised concern about whether longer conversion times in newer geographies/higher MW projects explain slower-than-expected order booking recovery. Management acknowledged 'uncertainty out there' and deferred finalizations but did not quantify conversion timeline changes.
Key quotes
- This current quarter was impacted by a lower dispatch in the aftermarket which as you can see has impacted the overall margin for the company but we're confident that we will revert to our usual status in the quarters to come.
- The US will add incrementally more to our order book given the fact that the tariff has come down. We think it will translate quicker than what we were assuming a quarter or two ago. If I look 2-3 years down the line, I feel that the US market should contribute meaningfully to both top line and bottom line.
- Inquiry finalization is taking longer. The main underlying reason is that there's a lot of uncertainty out there. You have a clear push towards more energy-intensive infrastructure both from data centers as well as metals and mining that require it. Our confidence is coming from the fact that our inquiry books and our conversation with customers is leading us to believe that demand exists.
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