First Read: Triveni Turbine "Q4FY26 - Growth outlook intact, US turnaround..."

Research evidence excerpt

First Read: Triveni Turbine "Q4FY26 - Growth outlook intact, US turnaround..."

th is 03/28E 19.41 19.42 0 15.93

likely to be backended into FY27 with near-term volatility in orders/execution amid the

current geopolitical situation. Enquiry momentum stays strong (~18GW, 2x YoY), driven Amit Mahawar

Analystby Southeast Asia, the US, and Africa markets in geothermal, process industries, utility

amit.mahawar@ubs.com

refurbishment, while the domestic pipeline (~7GW) remains healthy, led by steel and

+91-22-6155 6030

cement. The US pipeline is robust, with demand from combined cycle (data centres),

biomass, IPPs, sugar, paper & pulp, and geothermal. However, product order inflows Akshay Gattani

Analystmay be backended (execution shifting to FY28), while aftermarket should contribute

akshay-kumar.gattani@ubs.com

meaningfully in FY27. Order conversion was delayed due to slower finalisations; +91-22-6155 6044

improvement expected in FY27. Combined cycle projects for data centers provide

incremental opportunity for steam turbines and is forming a significant portion of the Harshita Surana

Associate Analyst

inquiry book. API turbines remain a key growth/profitability driver, with management

harshita.surana@ubs.com

expecting ~10% contribution to orders/revenue over the medium-long term. +91-22-6155 6066

How will markets take TRIV results?

TRIV is pursuing growth across both domestic/export markets, supported by a healthy

pipeline and an improving revenue mix, which should support HDD earnings over the

coming years. In our view, conversion of the strong domestic pipeline across key sectors,

along with traction in export markets such as the US in both product and refurbishment

orders in addition to the combined cycle data centre opportunity, is likely to drive