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Motilal Oswal Report
Triveni Turbine Ltd.'s Q4 result came below Motilal Oswal's estimates, as a strong revenue ramp-up was offset by weak margins. This resulted in a lower-than-estimated PAT for the quarter.
However, order inflows ramped up (+19% YoY) in Q4 FY26. Export orders, which had remained weak over the last few quarters, have now started improving.
The inquiry book has nearly doubled over the past year, supported by increasing visibility across thermal power generation, industrial capex, and renewable energy-linked applications across India, Southeast Asia, Europe, and the US.
In the US market, the company is eyeing projects in combined cycle applications, geothermal, biomass, paper and pulp, IPPs, and small modular reactor-related applications, with a large part of the demand linked to data centers' power requirements. This allays concerns about the visibility of export order inflows.
With improved contribution from exports and aftermarket and completion of the low-margin pilot project on the domestic side, Motilal Oswal expects margins to rebound to ~21-21.5% levels in FY27/FY28.
The brokerage has tweaked its estimates and roll forward our valuation to Jun'28 estimates. Motilal Oswal reiterates Buy rating with a revised target price of Rs 720 (based on 40x P/E Jun'28E earnings).
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