Highlights

• Triveni Turbine reported highest-ever annual revenue supported by export-led business growth.
• Export order booking surged 174 percent year-on-year during Q4 FY26 performance.
• Aftermarket business contribution increased significantly across utility and geothermal applications.

Shares of Triveni Turbine Limited (NSE:TRITURBINE) remained in focus after the company announced its Q4 FY26 and full-year FY26 financial results. The company reported its highest-ever annual revenue during FY26, supported by export demand and higher aftermarket business contribution.

According to the filing submitted to the National Stock Exchange of India Limited and BSE Limited, consolidated revenue from operations rose 8.7 percent year-on-year to Rs 21.81 billion during FY26. The company stated that exports contributed 58 percent of total annual revenue and increased 30.1 percent year-on-year.

Source: Analysis by Kalkine 

Q4 Revenue and Export Orders Register Growth

During Q4 FY26, Triveni Turbine reported quarterly revenue of Rs 6.80 billion, reflecting 26.3 percent year-on-year growth. Export revenue accounted for 60 percent of total quarterly revenue and increased 45.8 percent year-on-year.

The company said quarterly order booking stood at Rs 7.47 billion, up 19 percent year-on-year. Export order booking increased 174.1 percent year-on-year and contributed 69 percent to overall order booking during the quarter. Management stated that demand across Europe, Turkey and Southeast Asia supported export order inflows during Q4 FY26.

EBITDA Margins Decline Amid Project Mix Changes

Consolidated EBITDA stood at Rs 5.27 billion during FY26, compared with Rs 5.18 billion in FY25. EBITDA margin declined to 24.2 percent from 25.8 percent in the previous year. For Q4 FY26, EBITDA margin stood at 21.2 percent against 26.1 percent in Q4 FY25. The company attributed the margin decline to project mix, segment mix and forex mark-to-market losses linked to rupee depreciation.

Profit after tax for FY26 declined 2.5 percent year-on-year to Rs 3.49 billion due to exceptional charges related to employee benefit obligations under the new wage code. However, adjusted PAT excluding exceptional items stood at Rs 3.61 billion during FY26, compared with Rs 3.59 billion in FY25.

Order Book and Aftermarket Business Expand

Triveni Turbine reported a closing order book of Rs 20.54 billion as of March 31, 2026, reflecting 8 percent year-on-year growth. Export orders accounted for 51 percent of the total closing order book. The aftermarket segment continued gaining share in overall business mix.

Aftermarket order booking increased 41.3 percent year-on-year during FY26 and contributed 38 percent to total annual order booking compared with 26 percent in FY25. The company highlighted increasing opportunities in refurbishment, geothermal turbines and renewable thermal applications across global markets.

Source: Company Filing

Key Risks Investors Should Track

• Geopolitical disruptions may affect exports and execution timelines across key overseas markets.
• Forex fluctuations could continue impacting profitability and quarterly margins.
• Dependence on industrial capital expenditure may influence order inflows.
• Project mix variations may create volatility in EBITDA margin performance.

Summary

Triveni Turbine (NSE:TRITURBINE) reported record FY26 revenue supported by export growth, rising aftermarket contribution and healthy order inflows. The company also recorded strong quarterly export order booking and growth in its closing order book.

Investors may continue monitoring export demand, margin trends, geopolitical developments, aftermarket expansion and execution across geothermal and renewable thermal opportunities during FY27.

FAQs

Q: What was Triveni Turbine’s FY26 revenue performance?
A: Triveni Turbine reported highest-ever FY26 revenue of Rs 21.81 billion, reflecting 8.7 percent annual growth.

Q: Why did Triveni Turbine’s EBITDA margins decline during FY26?
A: Margins declined because of project mix changes, segment mix variations and forex-related losses linked to rupee depreciation.

Q: How did Triveni Turbine’s export business perform in Q4 FY26?
A: Export order booking surged 174.1 percent year-on-year and contributed 69 percent of quarterly order inflows.