Triveni Turbine Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2011 • Steam Turbines: 99.9% • Retail: 0.1%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good profit growth of 30.6% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 45.8%
- Company has a good return on equity (ROE) track record: 3 Years ROE 33.9%
- Company has delivered good sales growth of 23.6% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 40.1%
CONS
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.54x)
- Stock is trading at 11.4x its book value
- Recurring exceptional / one-off items are inflating headline profit
- Debtor days have increased from 49 to 87
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHEL | 430.60 | 61.64 | 149937.65 | 0.33 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| INDOMIM | 1018.90 | 94.43 | 50382.66 | 0.58 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| THERMAX | 3680.25 | 73.91 | 43852.50 | 0.54 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| HONAUT | 34514.05 | 55.37 | 30515.68 | 0.32 | 150.70 | 20.95 | 1204.40 | 1.80 | 17.04 | 14.32 |
| JYOTICNC | 987.95 | 69.84 | 22468.26 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 21.34 | 21.40 |
| INOXINDIA | 2245.75 | 80.12 | 20418.91 | 0.09 | 58.07 | -4.98 | 370.79 | 9.18 | 33.54 | 20.46 |
| AZAD | 2846.00 | 132.25 | 18379.96 | 0.00 | 35.16 | 19.46 | 172.60 | 25.90 | 12.04 | 37.29 |
| TRITURBINE | 569.10 | 53.80 | 18091.60 | 0.75 | 511.00 | 693.48 | 4427.00 | 1092.30 | 35.95 | 11.59 |
| TEGA | 1731.10 | 615.52 | 13005.36 | 0.12 | -108.25 | -406.36 | 1723.44 | 383.99 | 8.37 | 3.27 |
| LLOYDSENGG | 82.72 | 57.36 | 12830.19 | 0.30 | 68.23 | -77.28 | 527.15 | 142.92 | 17.99 | 15.04 |
| KRN | 1595.75 | 107.75 | 10445.54 | 0.00 | 32.90 | 164.84 | 252.32 | 118.87 | 16.06 | 19.44 |
| KENNAMET | 4681.40 | 87.86 | 10288.89 | 0.00 | 31.50 | 11.31 | 267.30 | 12.55 | 18.99 | 17.51 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 301 | 327 | 368 | 382 | 395 | 469 | 441 | 490 | 345 | 479 | 584 | 602 | 397 | |
| 249 | 268 | 297 | 315 | 313 | 360 | 341 | 372 | 268 | 360 | 448 | 499 | 354 | |
| Operating Profit | 53 | 59 | 72 | 68 | 82 | 109 | 99 | 119 | 77 | 119 | 136 | 103 | 43 |
| OPM % | 17.43% | 17.99% | 19.42% | 17.69% | 20.79% | 23.31% | 22.51% | 24.18% | 22.29% | 24.78% | 23.37% | 17.13% | 10.86% |
| 11 | 12 | 15 | 18 | 17 | 18 | 56 | 18 | 19 | 15 | 1 | 13 | 24 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 0 | 1 | 1 | 0 |
| Depreciation | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 6 | 6 | 7 | 7 | 7 |
| Profit before Tax | 58 | 65 | 80 | 80 | 93 | 121 | 150 | 130 | 89 | 128 | 130 | 108 | 67 |
| Tax % | 25.23% | 25.57% | 27.08% | 26.91% | 25.54% | 25.68% | 19.13% | 27.81% | 24.72% | 25.10% | 26.49% | 27.28% | 24.63% |
| Net Profit | 43 | 49 | 59 | 58 | 69 | 90 | 121 | 94 | 67 | 96 | 95 | 79 | 50 |
| 1.36 | 1.53 | 1.85 | 1.84 | 2.18 | 2.83 | 3.81 | 2.96 | 2.11 | 3.00 | 3.00 | 2.49 | 1.59 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 733 | 741 | 829 | 810 | 697 | 811 | 1,083 | 1,379 | 1,795 | 2,010 | 2,062 | |
| 568 | 582 | 686 | 664 | 556 | 665 | 906 | 1,126 | 1,384 | 1,572 | 1,660 | |
| Operating Profit | 165 | 158 | 143 | 146 | 141 | 147 | 177 | 252 | 411 | 437 | 401 |
| OPM % | 22.45% | 21.39% | 17.20% | 17.98% | 20.28% | 18.09% | 16.36% | 18.30% | 22.91% | 21.77% | 19.47% |
| 29 | 9 | 16 | 22 | 1 | 215 | 39 | 56 | 108 | 48 | 52 | |
| Interest | 2 | 2 | 3 | 5 | 3 | 2 | 2 | 4 | 4 | 4 | 2 |
| Depreciation | 15 | 19 | 20 | 20 | 20 | 20 | 19 | 20 | 21 | 26 | 27 |
| Profit before Tax | 177 | 146 | 136 | 142 | 120 | 340 | 195 | 284 | 494 | 455 | 432 |
| Tax % | 34.21% | 32.72% | 35.49% | 22.59% | 25.83% | 26.56% | 25.85% | 26.32% | 24.22% | 25.93% | 25.99% |
| Net Profit | 116 | 98 | 88 | 110 | 89 | 249 | 145 | 209 | 374 | 337 | 320 |
| EPS | 3.52 | 2.98 | 2.66 | 3.40 | 2.74 | 7.72 | 4.49 | 6.58 | 11.78 | 10.59 | — |
| Dividend Payout % | 34.08% | 33.59% | 0.00% | 14.69% | 43.73% | 33.04% | 0.00% | 54.74% | 33.96% | 40.12% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 11%
- 5 Years:
- 24%
- 3 Years:
- 23%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 12%
- 5 Years:
- 31%
- 3 Years:
- 32%
STOCK PRICE CAGR
- 10 Years:
- 17%
- 5 Years:
- 32%
- 3 Years:
- 12%
- 1 Year:
- 11%
RETURN ON EQUITY
- 10 Years:
- 28%
- 5 Years:
- 32%
- 3 Years:
- 34%
- Last Year:
- 30%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 33 | 33 | 32 | 32 | 32 | 32 | 32 | 32 | 32 | 32 |
| 363 | 413 | 383 | 466 | 560 | 739 | 593 | 732 | 999 | 1,195 | |
| 0 | 0 | 0 | 3 | 3 | 2 | 3 | 2 | 25 | 22 | |
| Trade Payables | 92 | 145 | 119 | 64 | 73 | 105 | 107 | 159 | 303 | 523 |
| 141 | 150 | 186 | 220 | 222 | 342 | 414 | 466 | 383 | 429 | |
| Total Liabilities | 629 | 742 | 720 | 786 | 891 | 1,220 | 1,149 | 1,392 | 1,742 | 2,201 |
| 232 | 226 | 254 | 246 | 248 | 240 | 256 | 268 | 284 | 302 | |
| Capital Work in Progress | 10 | 39 | 4 | 6 | 0 | 3 | 5 | 1 | 1 | 16 |
| 14 | 19 | 15 | 139 | 278 | 466 | 332 | 400 | 310 | 307 | |
| 146 | 181 | 217 | 172 | 159 | 153 | 197 | 222 | 192 | 238 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 125 | 354 | 600 | |
| Cash & Bank | 9 | 5 | 13 | 50 | 86 | 207 | 207 | 290 | 204 | 103 |
| 219 | 273 | 216 | 171 | 121 | 151 | 151 | 86 | 395 | 635 | |
| Total Assets | 629 | 742 | 720 | 786 | 891 | 1,220 | 1,149 | 1,392 | 1,742 | 2,201 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 132 | 143 | 189 | 219 | 206 | 474 | 201 | 234 | 141 | 118 | |
| Cash from Investing | -74 | -50 | -8 | -120 | -210 | -324 | 138 | -160 | -5 | 34 |
| Cash from Financing | -19 | -48 | -124 | -21 | -2 | -73 | -288 | -76 | -107 | -138 |
| -18 | -5 | 9 | 37 | -37 | -6 | 1 | -3 | 29 | 14 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Triveni Turbine Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 09, 2026. Further, the company has informed the Exchange regarding voting results.
2026-09-09 - Triveni Turbine Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 09, 2026
2026-09-07 - Triveni Turbine Limited has informed the Exchange about Copy of Newspaper Publication pertaining to the intimation to shareholders regarding the proposed transfer of the equity shares to the IEPF Authority in respect of shareholders who have not claimed dividends for seven or more consecutive years, including the Interim Dividend for FY 2019-20.
2026-09-02 - Triveni Turbine Limited has informed the Exchange about Schedule of meet
2026-08-18 - Triveni Turbine Limited has informed the Exchange regarding Allotment of 3480 Shares under ESOP Scheme.
2026-08-17 - Triveni Turbine Limited has informed the Exchange about Transcript
2026-08-15 - Triveni Turbine Limited has informed the Exchange about Copy of Newspaper Publication pertaining to the Notice and E-voting Information for 31st Annual General Meeting of the Company scheduled to be held on September 9, 2026.
2026-08-14 - Triveni Turbine Limited has informed the Exchange regarding 'Business Responsibility and Sustainability Report for FY 2025-26 along with Independent Assurance Report on BRSR Core indicators.
2026-08-14 - Triveni Turbine Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 09, 2026
News
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