According to reports from NDTV Profit, Triveni Turbine Ltd.'s Q4 result came below Motilal Oswal's estimates, as a strong revenue ramp-up was offset by weak margins. This resulted in a lower-than-estimated PAT for the quarter. However, Prabhudas Lilladher's latest report reveals a more detailed picture, showing revenue growth of 26.3% YoY while EBITDA margin contracted by 354bps YoY to 18.8% largely impacted by adverse project mix, lower aftermarket contribution and execution of strategic low-margin NTPC energy storage orders. Despite the mixed quarterly performance, the company demonstrated strong order momentum with order inflows ramping up +19% YoY in Q4 FY26.
As reported by NDTV Profit, export orders, which had remained weak over the last few quarters, have now started improving. The company's inquiry book has nearly doubled over the past year, supported by increasing visibility across thermal power generation, industrial capex, and renewable energy-linked applications across India, Southeast Asia, Europe, and the US. Prabhudas Lilladher's research confirms that global product inquiries rose to ~18GW while domestic inquiries doubled YoY to ~7GW, supported by thermal power expansion, industrial capex revival, renewable energy investments and rising data centre-linked power demand. In the US market, the company is eyeing projects in combined cycle applications, geothermal, biomass, paper and pulp, IPPs, and small modular reactor-related applications, with a large part of the demand linked to data centers' power requirements.
According to Motilal Oswal's analysis reported by NDTV Profit, with improved contribution from exports and aftermarket and completion of the low-margin pilot project on the domestic side, margins are expected to rebound to ~21-21.5% levels in FY27/FY28. Prabhudas Lilladher notes that the stock is trading at a P/E of 45.5x/38.0x on FY27/28E EPS and has downgraded its rating from 'Accumulate' to 'Hold' given recent rally in the stock price. The brokerage values the stock at a PE of 38x Mar'28E, arriving at a target price of ₹638 (compared to ₹585 earlier), while maintaining that export orders are gradually improving despite geopolitical disruptions, with management expecting exports to outgrow domestic business in FY27.
