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Informist, Tuesday, Nov. 18, 2025

 

By Rajesh Gajra

 

NEW DELHI - The wide fluctuation seen in Triveni Turbine Ltd.'s on-year growth in quarterly revenue from the aftermarket business segment in the first two quarters of the financial year 2025-26 (Apr-Mar) was on account of lumpiness in revenue from the refurbishment sub-segment, a top official of the company told Informist on the sidelines of an event in New Delhi Tuesday. The company's aftermarket revenue had fallen 25% on year to INR 1.17 billion in the June quarter but rose 8% on year to INR 1.78 billion in the September quarter, data from the company's quarterly earnings-related investor presentations showed.

 

"It is fair to say that the company's refurbishment (business) is what is lumpy, because obviously the order sizes are large and they are disproportionate," the official said. He said the aftermarket business is a key growth pillar for the company and one has to look at it on a full-year and holistic basis. The company expects aftermarket business revenue growth for the whole of FY26 to be in positive territory and the business to be a key driver for sustainable growth in the future.

 

For Apr-Sept, the company reported an 8% year-on-year decline in aftermarket business revenue to INR 2.94 billion. The aftermarket business segment accounted for 34% of the company's total revenue in Apr-Sept, up from 33% a year ago. To be able to report positive growth in its revenue from its aftermarket business revenue for FY26, the company will have to post more than 8.4% year-on-year growth in Oct-Mar, a back-of-the-envelope calculation showed. For FY25, the company had reported a 20% year-on-year rise in aftermarket business revenue to INR 6.43 billion.

 

Triveni Turbine designs, develops, and delivers steam turbine generators of up to 100 megawatt range for electricity generation, and combined heat and electricity generation applications across various industries. Apart from the aftermarket business, it operates a products business, which accounted for 66% of its total revenue in the first half of FY26. For Apr-Sept, the company reported a decline of 9% on year in its products business to INR 5.83 billion, and a decline of 9% on year in overall revenue to INR 8.78 billion.

 

Triveni Turbine operates its products and aftermarket businesses in the domestic and overseas markets. Its revenue from exports increased just 6% on year to INR 4.65 billion in Apr-Sept. The exports revenue has also witnessed wide quarterly fluctuations in the current financial year. After reporting a 15% year-on-year fall to INR 1.83 billion for the June quarter, Triveni Turbine reported a surge of 27% on year in exports revenue for the September quarter to INR 2.82 billion.

 

The company official said export sales have also been lumpy. "The fact is certain markets perform well, certain do not...," he said. "(There was) a lot of trade disruption and uncertainty driven by the US." The US market, from which the company had anticipated strong growth, has underperformed for the company, the official said.

 

He said the company is hopeful of exports improving in the December and March quarters on the back of reduced uncertainty. For FY25, the company had reported a 26% rise in exports revenue to INR 9.67 billion.

 

On domestic sales, which fell 22% on year to INR 4.12 billion in Apr-Sept, the official said it was because the previous financial year "was poor from an order-booking perspective... (even as) inquiries were higher". Also, in FY25, the company's domestic revenue had risen 17% on year to INR 10.39 billion.

 

Tuesday, shares of Triveni Turbine ended at INR 540.15, up 0.6%, on the National Stock Exchange.  End

 

Edited by Rajeev Pai

 

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