Revenue jumps 59.96% as aftermarket and defence offset product slowdown
Expenses rose slightly slower than revenue, keeping operating margin broadly stable, while other income contributed 8.75% of pre-tax profit.
Filed 23 Oct 2026, 18:30 IST · after market close · TRIVENIPT (TRIVENIPT)
Key takeaways
- Consolidated revenue rose +59.96% sequentially as management said growth in aftermarket and defence offset moderation in product revenues.
- Operating margin increased 0.11 percentage points because expenses grew +59.69%, slightly slower than revenue.
- Net profit rose +78.98% sequentially, helped by other income that contributed 8.75% of pre-tax profit despite a 1.59 percentage-point rise in the tax rate.
Aftermarket and defence drove the sequential revenue rebound
Consolidated revenue increased +59.96% sequentially to Rs 116.16 cr, while operating profit rose +60.42% to Rs 38.79 cr. Management said strong aftermarket and defence growth offset moderation in product revenues. It attributed the product slowdown to customer schedules, project lead times and supply-chain factors.
Costs stayed broadly aligned with revenue
Expenses grew +59.69%, just below revenue growth, so operating margin improved by 0.11 percentage points to 33.40%. Management said profitability was affected by revenue mix and continued investment in people and manufacturing capabilities. Other income rose +126.09% sequentially and accounted for 8.75% of pre-tax profit, while the tax rate increased 1.59 percentage points to 26.93%.
Margin was broadly stable versus Q1FY27
Operating margin moved up from 33.29% in Q1FY27 to 33.40% in Q2FY27, the only prior quarter in the reported trend. Net profit growth of +78.98% exceeded operating-profit growth of +60.42%, reflecting the increase in other income rather than a lower tax rate; the tax rate actually rose by 1.59 percentage points.
Management pointed to defence capacity and delayed orders
Management said a new facility is supporting specialised defence and marine manufacturing, including propulsion shafting and casing machining. It also said several postponed product orders are expected to move in coming quarters, while order booking was lower because of timing delays in STG, pump and Middle East projects. The company said its medium-term focus includes high-speed industrial gears, aftermarket services, defence and marine systems, and execution of the defence orderbook.
Results were filed after market close
The consolidated results were filed at 18:30 IST on 23 October 2026, after the market close. There is no reported post-results stock reaction yet.
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 |
|---|---|---|---|
| Revenue | ₹116 cr | ₹73 cr | +59.96% |
| Other income | ₹3 cr | ₹1 cr | +126.09% |
| Expenses | ₹77 cr | ₹48 cr | +59.69% |
| Operating profit | ₹39 cr | ₹24 cr | +60.42% |
| Operating margin (%) | 33.40% | 33.29% | — |
| Interest | ₹0 cr | ₹0 cr | +0.00% |
| Depreciation | ₹6 cr | ₹6 cr | +3.50% |
| Profit before tax | ₹36 cr | ₹20 cr | +82.78% |
| Tax | ₹10 cr | ₹5 cr | +94.33% |
| Net profit | ₹26 cr | ₹15 cr | +78.98% |
| EPS (₹) | ₹2.49 | ₹1.39 | +79.14% |
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Strong growth in aftermarket and defence helped offset moderation in product revenues in Q2 FY27.
- The defence business scaled up execution across marine gearboxes, propulsion shafting and related systems.
Guidance & outlook
- The company expects several postponed product orders to move in the coming quarters.
- The medium-term outlook is supported by specialised high-speed industrial gears, aftermarket services and defence and marine systems.
- The company prioritises disciplined opportunity conversion, global OEM relationships, international aftermarket expansion and defence orderbook execution.
Expansion
- A new facility is supporting specialised defence and marine manufacturing, including propulsion shafting and casing machining.
- The company is investing in manufacturing capability to strengthen its engineering and execution capabilities.
New products
- The company is developing high-speed planetary and higher-power compressor gearbox capabilities.
- Product development covers sleeve couplings, steering gear, stabilisers and plummer blocks.
New initiatives
- R&D priorities include efficiency improvement, noise reduction, gearbox optimisation and higher-power compressor gearbox capabilities.
- The company is progressively developing capabilities across marine gearboxes, propulsion shafting, stabilisers, steering gear and related marine systems.
- Product development initiatives cover sleeve couplings, steering gear, stabilisers and plummer blocks.
- The company is investing in digital initiatives to strengthen its engineering and execution capabilities.
Competition
- The company aims to increase indigenous technology content and competitiveness through product development initiatives.
Problems & risks
- Product order booking was lower because of timing delays in STG, pump and Middle East projects.
- Product revenue moderation was influenced by customer schedules, project lead times and supply-chain factors.
- Profitability moderated because of changes in revenue mix and continued investments in people and manufacturing capabilities.
- The timing of individual defence programmes remains linked to customer approvals and procurement cycles.
What to watch
- Whether operating margin holds above 33.40% after management cited revenue mix and manufacturing investment as profitability factors.
- Whether postponed product orders begin moving while revenue builds on the Q2FY27 base of Rs 116.16 cr.
- Whether other income remains below or above its Q2FY27 contribution of 8.75% of pre-tax profit.