Triveni Turbine (TRIV IN) – Q3FY26 Result Update – Decent Q3; all eyes on finalizations and deliveries – Accumulate
Published on 04 Feb 2026
Triveni Turbine (TRIV) reported a healthy quarter with revenue growth of 24.0% YoY, while EBITDA margin contracted by 22bps YoY to 21.5%. The management remains positive on the high-margin refurbishment business, despite dispatch-related delays during the quarter that weighed on aftermarket sales. The domestic business continues to see healthy demand, while the international enquiry pipeline for process co-generation applications remains strong, albeit with slower order conversions. With reciprocal tariffs in the US lowered to ~18%, the management expects enquiry momentum to improve and order finalizations to materialize across data centers, steel, cement, and paper & pulp applications. New products and solutions are also gaining traction, with the heat pump enquiry book exceeding 100 units, while the management remains optimistic about incremental order inflows from battery energy storage. The stock is trading at a P/E of 34.8x/30.0x on FY27/28E EPS. We maintain our ‘Accumulate’ rating and value the stock at a PE of 37x Sep’27E (38x Sep’27E earlier) factoring in finalization and delivery delays, arriving at a TP of Rs585 (Rs609 earlier).
