Q2 FY27 results analysis · November 11, 2026
Triveni Turbine Q2 FY27 Results Analysis: PAT Plunges 42%, Margin Compresses 880 bps (TRITURBINE)
−41.7%PAT year on year, Rs. 53.30 Cr
Source: Quarterly results filing (BSE)
Quick summary
Triveni Turbine Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 491.00 Cr (-3.00% YoY) and PAT growth of -41.68% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 11, 2026 |
|---|---|
| Revenue (Q2) | Rs. 491.00 Cr (-3.00% YoY) |
| PAT (Q2) | Rs. 53.30 Cr (-41.68% YoY) |
| EBITDA margin | 17.47% (-881 bps YoY) |
| EPS (Q2) | Rs. 1.68 (-41.46% YoY) |
Quarter Snapshot
Q2 FY27 revenue fell 3.00% YoY to Rs.491.0 cr while PAT dropped 41.68% to Rs.53.3 cr, with EBITDA margin at 17.47% — ~880 bps below the prior year and missing management's 25% target, as material costs rose 13.69% YoY against declining revenue. The guided H1 resolution of margin pressures did not materialize, and double-digit FY27 profit growth now requires H2 PAT to rise ~45-48% YoY, rated difficult on current run-rate. Offsetting positives are cash-flow quality (H1 CFO Rs.94.3 cr, 0.90x PAT; FCF Rs.57.3 cr) and a debt-free balance sheet, making the guided H2 margin recovery the key catalyst to watch.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "likely in-line to ahead on exports, domestic still the swing factor" | revenue Rs.491.0 cr, −3.00% YoY | Contradicted |
| Margins YoY | "likely still compressing YoY" | EBITDA margin 17.47% vs 26.28% (−881 bps) | Played out |
| Sequential recovery from Q1's 18.0% | "the sequential recovery from Q1's 18.0% the real test" | 17.47% vs 18.00% QoQ | Contradicted |
| Cost surge carried in | "the Aug–Sep metal and steel run-up is a carried-in cost for H2 execution" | CoM +13.69% YoY vs revenue −3.00% | Played out |
| NTPC CO2 ESS commissioning drag | "a known, company-flagged mix drag inside the quarter" | no commissioning/quantum disclosure in the filing (PBT margin 15.36%) — open for the call | Not observable |
| Rupee weakness tailwind | "a weaker average rupee… is a realization tailwind" | not separately disclosed; unrealised FX gains Rs.11.3 cr H1 sit inside other income — direction consistent, unquantifiable | Not observable |
| Bookings vs Rs.500–700 cr aspiration; domestic recovery | watch item | not addressed in the filing — open for the call | Not observable |
| US subsidiary to breakeven | watch item | combined net loss Rs.(1.8) cr in Q2 | Partially |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 revenue & profit growth "on the higher end of double digits", back-ended | Q1 FY27 earnings call | H1 revenue +6.40%, H1 PAT −32.99% — back-ended year; see Section 9 | Too Early |
| "Margin recovery in the latter half of FY27"; "a majority of these margin pressures to be resolved within the first half" | Q1 FY27 earnings call | Q2 EBITDA margin 17.47% vs Q1 18.00% — no sequential recovery | H2 limb Too Early; H1-resolution limb not evidenced |
| PBT margin >20% (medium-to-long-term) | Q3 FY26 call, reiterated Q1 FY27 call | Q2 PBT margin 15.36% — open-ended | Missed this quarter |
| EBITDA margins of 25% or higher ("mean 25%") | management commentary, Q1 FY27 call | Q2 EBITDA margin 17.47% — open-ended | Missed this quarter |
| US/subsidiary platform "positive or at least breakeven" in FY27 | Q1 FY27 earnings call | 4 subsidiaries combined net loss Rs.(1.8) cr in Q2 — small loss | On Track |
| "Margin recovery in the latter half of FY27" | Q1 FY27 earnings call | Q2 margin flat sequentially at 17.47%; recovery window now narrows to H2 | Too Early |
| "A majority of these margin pressures to be resolved within the first half" | Q1 FY27 earnings call | H1 EBITDA margin 17.73% vs 26.07% in H1 FY26 — no evidence of resolution | Contradicted |
| FY27 execution "back-ended", like FY26 | management commentary | H1 FY27 revenue is +6.40% with the decline concentrated in Q2 YoY — back-loading persists — pattern consistent | Confirmed |
| Strong demand backdrop across markets | management commentary | revenue −3.00% YoY this quarter — mix/execution, per the company's own framing | Contradicted for the quarter |
Key Investment Insights
Key Positives
- Revenue grew 10.91% QoQ to Rs.491.0 cr; H1 FY27 revenue up 6.40% YoY to Rs.933.7 cr
- H1 operating cash flow more than doubled YoY to Rs.94.3 cr (0.90x H1 PAT) on receivable collections of Rs.70.5 cr
- H1 free cash flow of Rs.57.3 cr vs Rs.2.5 cr in H1 FY26
- Zero borrowings; liquid assets of Rs.925.5 cr (cash Rs.91.7 cr + current investments Rs.440.8 cr + other current financial assets Rs.393.0 cr)
- Trade receivables fell 9.87% YTD; ICRA reaffirmed AA+(Stable)/A1+ with bank facilities raised to Rs.1,099.50 cr
- US/subsidiary platform tracking toward management's breakeven target with combined Q2 net loss of only Rs.(1.8) cr
Risk Factors
- PAT fell 41.68% YoY to Rs.53.3 cr; EPS declined from Rs.2.87 to Rs.1.68
- EBITDA margin compressed ~880 bps YoY to 17.47%, second consecutive quarter at 17-18% vs the company's 25%+ comfort zone; guided H1 resolution of margin pressures not evidenced
- Cost of materials consumed rose 13.69% YoY and 21.13% QoQ against revenue of -3.00% YoY on fixed-price contract absorption of commodity escalation
- Effective tax rate rose ~267 bps YoY to 29.31%, an incremental drag on PAT
- Inventories rose 22.10% YTD to Rs.298.3 cr funded by a 23.58% run-down of non-MSE payables
- Overseas subsidiaries and JV were a net drag of Rs.2.2 cr on consolidated PAT; H2 FY27 PAT needs to rise ~45-48% YoY for double-digit FY27 profit growth, rated 'Difficult' on current run-rate
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