Triveni Turbine reported a net loss of ₹51.10 crore in Q1FY27, representing a 49.9% quarter-on-quarter decline and 20.7% year-on-year decrease from Q1FY26's ₹64.40 crore profit. The company's total income stood at ₹471.10 crore, showing a 32.3% quarter-on-quarter decline but 19.7% year-on-year growth compared to Q1FY26's ₹393.50 crore. Earnings per share (EPS) dropped to ₹1.60, down 50.2% from Q4FY26's ₹3.21 and 21.2% lower than Q1FY26's ₹2.03. The company's profit before tax was ₹69.70 crore, declining 48.3% quarter-on-quarter and 20.2% year-on-year from ₹87.30 crore in Q1FY26.
Motilal Oswal has issued a buy rating on Triveni Turbine with a target price of ₹680 in its research report dated August 11, 2026. According to the report, the brokerage has revised its target price down from the earlier ₹750, while maintaining its positive outlook on the stock. The recommendation is based on 40x two-year forward estimates, reflecting the company's long-term growth prospects despite near-term margin pressures. Despite cutting estimates by 17% for FY27 and 7% for FY28 to account for lower margins in the first half of FY27, the brokerage maintains its buy rating based on the company's long-term growth prospects and expected margin recovery from the second half of FY27 onwards.
Motilal Oswal expects margins to remain muted until the completion of the low-margin strategic order from NTPC, as reported in the research document. However, the brokerage anticipates margins to improve from 2HFY27 as execution ramps up for the export and aftermarket order books. The company's ability to execute these high-margin orders will be crucial for margin recovery and overall profitability improvement. The latest quarterly results show profit after tax of ₹51.10 crore compared to the previous quarter's ₹101.90 crore, indicating continued margin pressure despite revenue growth.
Triveni Turbine's first quarter FY27 performance was significantly below Motilal Oswal's estimates, primarily due to lower-than-expected margin performance. As reported by Motilal Oswal, the EBITDA margin was impacted by delays in export shipments and low-to-zero margins in a strategic NTPC order for CO2-based energy storage. Despite these challenges, the company demonstrated resilience with order inflows of ₹5.7 billion, representing a 6% year-on-year increase and total expenses of ₹401.40 crore, down 28.5% quarter-on-quarter but up 31.1% year-on-year. The company's tax expenses were ₹18.60 crore, down 42.8% from Q4FY26 and 18.4% lower than Q1FY26.
According to Motilal Oswal's analysis, order inflows have started ramping up for the company from both domestic and export markets. The report indicates that while the domestic enquiry pipeline remains weak, the export and aftermarket pipelines are building up, providing a positive outlook for future growth. The company is also expected to benefit from combined cycle projects from US data centers in the next one year, further strengthening its order book prospects. Triveni Turbine continues to serve diverse industries including sugar, steel, cement, waste-to-energy, biomass, and other renewable energy sectors through its robust engineering capabilities and innovative product offerings.
