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Results below our estimates

* Triveni Turbine’s performance was much below our estimates on all parameters. The quarter was hit by deferred dispatches and order execution, as geopolitical tensions led to inspection delays from international customers.

* Revenue stood at INR3.7b (-20% YoY). Domestic/export sales declined 24%/15% to INR1.9b/1.8b. Export as % of sales increased to 49% in 1QFY26 from 47% in 1QFY25.

* EBITDA at INR736m declined 23% YoY, while EBITDA margin contracted 80bp YoY to 19.8% vs. our estimate of 20.3%.

* The company’s PAT at INR644m declined 20% YoY.

* Order inflows declined 16% YoY to INR5.4b due to lower export demand across products and aftermarkets. Order booking was also impacted by geopolitical tensions, which delayed advance collections.

* Export order inflows declined 40% YoY to INR2.5b on a high base of 1QFY25, which included some large export orders. The domestic order inflows, on the other hand, recovered after a few quarters of subdued performance and came in at INR2.9b (+32% YoY).

* On the product side, order inflows for the segment decreased 20% YoY to INR3.9b, whereas the aftermarket segment registered a 3% decline in order inflows at INR1.5b.

* The total consolidated outstanding order book stood at INR20.7b as of 30th Jun’25 (+20% YoY), of which the domestic outstanding order book stood at INR9.1b (+27% YoY), and the export outstanding order book stood at INR11.6b (+15% YoY), contributing to 56% of the closing order book.

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