🔍 1. Business Overview

Triveni Turbine Ltd (TTL) is a market leader in industrial steam turbines up to 100 MW and a provider of aftermarket services including third-party refurbishment, exports, and turnkey solutions. They operate globally in 80+ countries and serve 20+ industries.

Core sectors served:

• Renewable Energy
• Industrial Heat & Power
• Waste-to-Energy
• Geothermal
• Decentralized Power Systems

🌐 2. Business Performance & Strategic Moves

🧩 Product vs. Aftermarket:

• Product Revenue: ₹3,900 Cr (Q4), up 25%
• Aftermarket: Flat, but forms ~27% of revenue (stable cash flows)

📦 Order Book Composition:

• Export: ₹10,900 Cr (+36% YoY) — 57% of total order book
• Domestic: ₹8,200 Cr (+9% YoY)

🚀 Key Strategic Wins:

• NTPC CO₂-based Energy Storage Project worth ₹290 Cr
• A breakthrough in long-duration energy storage using thermodynamic CO₂ cycles.
• International Growth:
• Expansion into US, Europe, South America, Southeast Asia
• New US subsidiary: Triveni Turbines Americas Inc.
• Capex Plan for FY26: ₹165 Cr
• New R&D & testing infrastructure
• New production bay at Sompura plant

💪 3. Key Strengths

Parameter

Value

Benchmark

ROCE

45%

🟢 Strong

ROCE (Core)

307% (excluding cash)

🟢 Excellent

ROE

33% (reported)

🟢 High

Cash Reserves

₹987 Cr

🟢 Strong

Dividend

₹4/share (200% final + 200% interim)

🟢 Consistent payout

⚙️ Strong capital efficiency, debt-free, and high return ratios suggest top-tier fundamentals.

📉 4. Risks & Challenges

Risk

Comments

Order Lumpiness

FY25 growth skewed due to NTPC mega-order

Aftermarket Flatness

Limited YoY growth (~4%)

Domestic Market Contraction

India market down ~10% in FY25

POC Risk (CO₂ Tech)

NTPC project is still at “proof of concept” stage

🧠 5. Management Commentary Highlights

• Strong order visibility for FY26 due to record backlog
• High growth in API turbine orders (including oil & gas, process industries)
• Focused R&D in higher MW turbines, geothermal, and carbon-based systems
• Product-led innovation to mitigate market cyclicality
• Maintained asset-light strategy with 5.9x asset turnover

🟢 6. Verdict: Can It Be a Multibagger?

YES — Triveni Turbine shows multibagger characteristics:

Signal

Status

Consistent Revenue Growth

✅

Strong Cash Flows

✅

Capital-Efficient Business

✅

Global Expansion & Diversification

✅

Sustainable Dividend Policy

✅

Scalable Innovations (e.g., CO₂ ESS)

⚠️ Early Stage

✅ Final Summary

Criteria

TTL Verdict

Valuation PE (TTM)

~55–60× (High, but justified by growth)

Growth Visibility

🔼 High – 23% order book growth

Moat

Niche in sub-100 MW turbine space, R&D, global reach

Multibagger Potential

⭐⭐⭐⭐☆ (4.5/5)