Triveni Turbine Ltd designs and manufactures industrial steam turbines for power generation, process industries and waste-to-energy applications, and is a market-leading player in decentralized steam-based renewable turbines up to 100 MW. The Q2 print will speak to whether EBITDA margin rebounds from Q1 FY27's 18.0% and whether the NTPC CO2-based energy storage project commissioned in the quarter as management indicated.
| Results date | November 11, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 4,427 Mn |
| Previous quarter PAT | Rs. 511 Mn |
| Previous quarter EBITDA margin | 18.0% |
| Market cap | Rs. 16,375.34 Cr |
| CMP | Rs. 515.1 |
The board of Triveni Turbine Ltd is scheduled to meet on November 11, 2026, to approve the Q2/H1 FY27 financial results. The trading window has been closed since October 1, 2026, until 48 hours after the results.
The company has intimated a Q2/H1 FY27 virtual earnings call on November 12, 2026, at 12:30 PM IST, with senior management in attendance.
The key question for Q2 FY27 is whether EBITDA margin recovers sequentially from Q1's 18.0% — management guided that 'a majority of these margin pressures to be resolved within the first half of FY27' with margin recovery in the latter half, making this the last print before that inflection.
The demand backdrop has been supportive at the macro level, with IIP capital goods growth of 17.9% in July–August 2026 versus 15.2% in Q1 FY27 and turbines specifically cited as a growth contributor, against Triveni's own Q1 domestic booking decline of 35.4% and exports at 68% of bookings.
On costs, the quarter carried headwinds — copper near record highs, aluminium up 45% YoY entering the quarter, and domestic HRC at Rs. 62,000/t by early September, up 25% YoY — against bought-out items at 30–70% of COGS under fixed-price contracts, though a weaker rupee (95.47 average in August) is a realization tailwind on roughly 46% export sales.
The NTPC CO2-based energy storage project, taken at near-zero margins for technology validation, was expected to commission in Q2 FY27 with the remaining ~one-third of its revenue recognizing at approximately 3% PBT margin, a known mix drag inside the quarter. Management has guided FY27 revenue and profit growth 'on the higher end of double digits,' back-ended, and the call is likely to cover whether that framing and the H1 margin-resolution timeline are maintained.
Margin recovery tracking: The central test of this call is whether the guided margin inflection is on schedule.
NTPC CO2 energy storage commissioning
Order bookings and export recovery
US subsidiary and new products
Organization and governance updates
Management has guided FY27 revenue and profit growth 'on the higher end of double digits,' back-ended, but when asked if double digits would be crossed, Vice Chairman Nikhil Sawhney said 'We don't give visibility to that extent.' He noted the company has to execute its order book and that larger-size orders carry longer execution cycles.
Management expects the US subsidiary to be 'positive or at least breakeven' in FY27, after losses of around Rs. 21 crores in 9M FY26 and approximately Rs. 8 crores for full-year FY26. Sustained profitability is targeted by FY28, with Rs. 200–300 crores of US revenue a minimum target from FY28 onwards.
The enquiry book for steam turbines nearly doubled to 18 GW, driven by North America, India and other global markets. The company holds around 55% market share in domestic turbines below 100 MW.
Management guided 'margin recovery in the latter half of FY27' and said a majority of margin pressures should be resolved within the first half, after Q1 FY27's EBITDA margin of 18.0% versus 25.8% a year ago. The Q2 FY27 print is the first test of whether that timeline holds.
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