Stockrabit · Analysts
Questions across 4 calls

Harshit Patel

Equirius Securities

Triveni Turbine Limited

Triveni Turbine Limited CC-Jun25.pdf · 2025-08-05
Thank you very much for the opportunity. Firstly, on th e domestic market, we have seen quite a bit of revival in our fresh orders. Last time, you had mentioned that the domestic steam turbine market up to 100 MW had declined by about 10% in FY 25. Any update that you have seen in 1Q FY 26? Or these are pure play market share gains?
Understood. My second question is on API drive turbines. I understand that we have had quite a lot of success in the domestic market, wherein we have captured a very high market share. Any colo ur you can give in terms of export orders, order book currently , potential pipeline that we have from Middle East and the other countries as well?
Triveni Turbine Limited CC-Dec24.pdf · 2025-02-03
Thank you very much for the opportunity. Firstly, on the CO2-based system, the order that we have received, as you have mentioned, we will do the engineer - to-order turbine, heat exchangers as well as the CO2 compressor even the civil work will be our domain . Then what exactly will be done by our technology partner? So if you can just bifurcate the scope between them and us, that will be very helpful.
Understood. Sure. Just a small follow -up to that. This ₹290 crore (₹2.9 billion), that is entirely our share from our order booking perspective?
Triveni Turbine Limited CC-Dec23.pdf · 2024-02-06
Thank you very much for the opportunity. So, my first question is, you have mentioned that the overall domestic enquiry book has grown by around 57%, while the overall enquiry book has grow n only 14%, so this would imply a very sharp degrowth in the export enquiry book. Could you explain a little bit on this?
Understood. My second question is on our EBITDA margin, and I'm talking about margins, excluding cash. So, if I compare the Company 's overall trajectory from let's say FY 17, FY 18 to today, so in the last six to seven years, we have almost doubled our sales, our gross margins have improved, the employee cost as a percentage of sales, even they have come down. Despite that, we are not at the similar EBITD A margin levels of the past, mainly because the other expenses have grown disproportionately. So, while I understand the expansion like SADC and what you would be doing in the U.S. market as of now? But this increase in other expenses seems to be quite disproportionate. So, could you think we can go back to those 21%, 22% kind of margin in the next 2-3 years? Or are the current margin levels would be a more appropriate extrapolation of the future margins?