Triveni Turbine's Long-Term Strength Remains Intact Despite Short-Term Pressure; PL Capital Maintains 'Buy'

Triveni Turbine faced tariff-related uncertainties in Q1 FY26, leading to elongated order conversion cycles, weaker order bookings, and delays in inspections and dispatches. These headwinds are expected to persist in Q2 FY26, with recovery anticipated in H2 FY26..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..PL Capital Report.Triveni Turbine Ltd. is well-positioned in the niche <100 MW steam turbine market with 50– 55% domestic share and 20–25% global share, supported by limited competition and strong OEM capabilities. Despite near-term headwinds from tariff-related uncertainties and slower-than-expected US traction, recovery is expected from H2 FY26 with long-term macro tailwinds intact. The high-growth aftermarket segment remains a key earnings driver, supported by refurbishment and service opportunities across the turbine lifecycle. In parallel, API turbines business is expected to benefit from Triveni Turbine’s expanding footprint in the Indian and Middle Eastern markets. Additionally, new CO₂-based product initiatives reinforce the company’s long-term growth pipeline. With a dominant position in core markets, expanding global footprint, and steady diversification into new technologies, Triveni Turbine targets to double its revenue over the next five years, offering strong growth visibility..We remain watchful of Triveni Turbine’s short-term challenges due to order finalization delays and weaker execution. However, its long-term prospects continue to remain strong due to-a healthy enquiry pipeline across markets, growing share of higher margin exports and Aftermarket sales, strong traction in both industrial and API drive turbines, anda robust order book with strong inflows across businesses. .The stock is trading at a P/E of 40.0x/32.6x on FY26/27E EPS. We maintain ‘Buy’ rating with a target price of Rs 650 (same as earlier), valuing the stock at a P/E of 40x Mar’27E (same as earlier)..Click on the attachment to read the full report:.'Buy' Shree Cement Shares Maintains Axis Securities Citing Multiple Growth Triggers.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Triveni Turbine's Long-Term Strength Remains Intact Despite Short-Term Pressure; PL Capital Maintains 'Buy'

Despite near-term headwinds from tariff-related uncertainties and slower-than-expected US traction, recovery is expected from H2 FY26 with long-term macro tailwinds intact, adds PL Capital

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