Triveni Turbine profit falls 41.68% as costs and mix pressure margins
Revenue slipped 3.00% year-on-year, while record order booking and a 1.36-point sequential margin recovery offered some offset.
Filed 11 Nov 2026, 18:03 IST · after market close · Triveni Turbine Ltd (TRITURBINE)
Key takeaways
- Consolidated net profit fell 41.68% year-on-year as revenue declined 3.00% while expenses rose 9.14%.
- Operating margin narrowed 9.69 percentage points year-on-year to 12.95%, after an unfavourable product mix and higher input and logistics costs.
- Quarterly order booking rose 17.20% year-on-year to Rs 7.64 billion, while management said it is positioned for improved performance in H2 FY27.
Price around the results
Profit declined despite a sequential recovery
Triveni Turbine reported consolidated net profit of Rs 53.3 cr, down 41.68% year-on-year, as revenue fell 3.00% while expenses increased 9.14%. Sequentially, revenue grew 10.91% and operating profit rose 23.98%, lifting operating margin by 1.36 percentage points to 12.95%. Other income contributed 29.05% of profit before tax, making it a material part of reported earnings.
Product mix and input costs drove the margin gap
Year-on-year expense growth outpaced revenue growth, narrowing operating margin by 9.69 percentage points. Management said deliveries linked to older orders had a less favourable product mix, while a strategic order and higher input and logistics costs also pressured margins. The tax rate rose 2.66 percentage points year-on-year to 29.31%, adding to the decline in net profit; interest increased 50.00% from a low base.
Margins remain above the Industrials peer median
The 12.95% operating margin was 1.44 percentage points above the 11.51% median for 206 Industrials companies that had reported the same quarter. The margin trend had deteriorated for three consecutive quarters from 22.64% in Q2FY26 to 11.59% in Q1FY27, before recovering to 12.95% this quarter. Management attributed the revenue decline to lower exports offsetting 51.80% domestic growth.
Orders improved while capacity initiatives expanded
Management said quarterly order booking reached a record Rs 7.64 billion, up 17.20% year-on-year, and that the aftermarket order book more than doubled to Rs 6.39 billion. The company also said it made inroads into the global combined cycle power plant segment and expanded production capabilities through digitalised hydro testing and laser hardening. Management said the order book and execution capabilities position the company for improved performance in H2 FY27.
Market response is still pending
The consolidated results were filed after market close, so there is no post-results stock reaction yet. In the previous eight results reactions, the stock rose four times and fell four times, with a median absolute move of 6.94%.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹491 cr | ₹443 cr | +10.91% | -3.00% |
| Other income | ₹22 cr | ₹28 cr | -22.89% | +19.02% |
| Expenses | ₹427 cr | ₹391 cr | +9.20% | +9.14% |
| Operating profit | ₹64 cr | ₹51 cr | +23.98% | -44.50% |
| Operating margin (%) | 12.95% | 11.59% | — | — |
| Interest | ₹1 cr | ₹1 cr | +0.00% | +50.00% |
| Depreciation | ₹10 cr | ₹9 cr | +1.06% | +18.75% |
| Profit before tax | ₹75 cr | ₹70 cr | +8.18% | -39.49% |
| Tax | ₹22 cr | ₹19 cr | +18.82% | -33.43% |
| Net profit | ₹53 cr | ₹51 cr | +4.31% | -41.68% |
| EPS (₹) | ₹1.68 | ₹1.60 | +5.00% | -41.46% |
Operating margin of 12.95% compares with a Industrials sector median of 11.51% across 206 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The company made significant inroads into the global combined cycle power plant segment during the quarter.
- The company reported record quarterly order booking of ₹7.64 billion, up 17.2% year-on-year.
Guidance & outlook
- The company says its order book and execution capabilities position it for improved performance in H2 FY27.
Expansion
- The company augmented production capabilities by adopting digitalized hydro testing for turbine casings and advanced laser hardening processes.
New orders
- Aftermarket order book more than doubled due to contract wins in thermal renewables, combined cycle and utility segments.
New initiatives
- The company adopted digitalized hydro testing for turbine casings and advanced laser hardening processes.
Competition
- The company describes itself as one of the top two global industrial steam turbine manufacturers.
Problems & risks
- Q2 revenue was lower year-on-year because strong domestic growth was offset by lower export revenue.
- Quarterly margins were pressured by an unfavourable product mix, a strategic order, and higher input and logistics costs.
What to watch
- Whether operating margin recovers further from 12.95% after the three-quarter decline.
- Whether revenue growth improves from the year-on-year decline of 3.00% as export performance changes.
- Whether the record Rs 7.64 billion quarterly order booking converts into execution without repeating the mix and cost pressure.