Triveni FY26 Revenue Rises 9%; Order Book Grows 8%
Triveni Turbine Limited reported its highest-ever annual consolidated revenue of ₹21,811 million for FY26, a 9% YoY increase, driven by a 30% surge in export sales which constituted 58% of total revenue. Consolidated PAT for the full year declined by 2.5% YoY to ₹3,494 million, impacted by exceptional items of ₹157 million due to the New Labour Code; adjusted PAT stood at ₹3,611 million. The closing outstanding order book grew by 8% YoY to ₹20.54 billion, with export orders contributing 51% and Q4 order booking reaching a record high of ₹5.16 billion. The Board recommended a final dividend of ₹2.00 per share, aggregating to a total dividend of ₹4.25 per share for the year.

*this image is generated using AI for illustrative purposes only.
Triveni Turbine Limited reported its highest-ever annual consolidated revenue of ₹21,811 million for FY26, marking a 9% year-on-year increase. The growth was driven by a 30% surge in export sales, which constituted 58% of total revenue. The Board of Directors approved the audited standalone and consolidated financial results for the fourth quarter and financial year ended March 31, 2026, at its meeting held on May 18, 2026. Following the results announcement, the company has made the audio recording of the investors' and analysts' conference call held on May 19, 2026, available on its website.
Consolidated Financial Performance
For the fourth quarter, consolidated revenue from operations stood at ₹6,796 million, a 26.3% increase compared to the same period in the previous year. Consolidated Profit After Tax (PAT) for Q4 FY26 stood at ₹1,019 million, a 7.7% increase year-on-year. EBITDA rose by 2.9% to ₹1,444 million, with an EBITDA margin of 21.2%, down from 26.1% in Q4 FY25 due to project and segment mix.
For the full year, consolidated PAT was ₹3,494 million, a decline of 2.5% YoY. This decline was impacted by exceptional items of ₹157 million recognized due to the New Labour Code. Excluding these items, adjusted PAT for FY26 was ₹3,611 million.
| Metric (₹ million): | Q4 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|
| Revenue from Operations: | 6,796 | 5,380 | 21,811 | 20,058 |
| EBITDA: | 1,444 | 1,403 | 5,268 | 5,177 |
| Profit After Tax: | 1,019 | 946 | 3,494 | 3,586 |
| Basic EPS (₹): | 3.21 | 2.99 | 11.00 | 11.28 |
Standalone Financial Performance
On a standalone basis, revenue from operations for Q4 FY26 stood at ₹6,025 million, compared to ₹4,904 million in Q4 FY25. Standalone PAT for Q4 FY26 was ₹789 million, against ₹937 million in the same quarter of the previous year. Standalone EBITDA for Q4 FY26 stood at ₹1,000 million, with an EBITDA margin of 17.13%, compared to 24.18% in Q4 FY25. For the full year, standalone revenue from operations was ₹20,097 million versus ₹17,952 million in FY25, while standalone PAT stood at ₹3,367 million compared to ₹3,744 million in FY25.
| Metric (₹ million): | Q4 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|
| Revenue from Operations: | 6,025 | 4,904 | 20,097 | 17,952 |
| EBITDA: | 1,000 | 1,200 | — | — |
| EBITDA Margin (%): | 17.13 | 24.18 | — | — |
| Profit Before Tax: | 1,085 | 1,298 | 4,546 | 4,941 |
| Profit After Tax: | 789 | 937 | 3,367 | 3,744 |
| Total Comprehensive Income: | 818 | 894 | 3,309 | 3,715 |
Order Book and Outlook
The healthy order inflows across key and high value segments during Q4 FY26 resulted in the closing outstanding order book increasing by 8% year-on-year to ₹20.54 billion. Export orders contributed 51% to the closing order book. Q4 FY26 recorded a 19% year-on-year growth in order booking, with total order booking of ₹7.54 billion. Export orders booking touched a record high of ₹5.16 billion during the quarter, registering a growth of 174% year-over-year. The Aftermarket business witnessed strong momentum with order booking growing by 121% year-over-year.
Dividend Declaration
The Board recommended a final dividend of 200%, amounting to ₹2.00 per equity share, for the financial year 2025-26. This is in addition to the interim dividend of 225% (₹2.25 per share) already paid, taking the total dividend for the year to 425% (₹4.25 per share). The final dividend is subject to shareholder approval at the Annual General Meeting scheduled for September 9, 2026, with the record date fixed for September 2, 2026.
Historical Stock Returns for Triveni Turbines
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.48% | +3.39% | +11.07% | +28.17% | +11.39% | +484.44% |
With export orders hitting a record ₹5.16 billion in Q4 FY26 and contributing 51% to the order book, which specific geographies or sectors are likely to drive Triveni Turbine's international expansion in FY27?
Given the EBITDA margin compression from 26.1% to 21.2% in Q4 due to project and segment mix, what structural changes could management implement to stabilize margins as the export revenue share continues to grow?
With the Aftermarket business recording 121% YoY order booking growth, how significant could this higher-margin segment become as a proportion of total revenue over the next 2-3 years?


































