Triveni Turbine (TRIV IN) – Q2FY27 Result Update – Muted Q2, watchful of margin recovery in H2FY27 – ACCUMULATE
Published on 13 Nov 2026
We revised our EPS estimates by -7.4%/-6.9% for FY28E/29E, factoring in unfavourable mix, export execution weighed by dispatch challenges and slower gross margin recovery amid higher near-term input cost. Triveni Turbine (TRIV) reported another weak quarter, with revenue declining 3% YoY to INR4.9bn and EBITDA margin contracting sharply to 13.0%, impacted by an adverse order mix, execution of the strategic NTPC order and higher raw material costs. Given the recent correction in stock price, we upgrade our rating to ‘Accumulate’ from ‘Hold’ and roll forward to Sep’28E; valuing the stock at a PE of 35x Sep’28E (38x Mar’28E) arriving at a TP of INR 573 (INR 615 earlier).
