Triveni Turbine Limited

Industrials — Specialty Industrial Machinery · NSE

₹497.30−₹8.80 (−1.74%)

DalalBaazaar Score

72 / 100

🟢 Good

Verdict

NEUTRAL

Risk

High

Driven by high debt relative to equity, small-cap size, which brings sharper price swings, falling profits.

In simple words: Strong business and financial position, though profits are falling even as sales grow. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:49 pm

Understanding the Business

Company site ↗

The 60-second version of Triveni Turbine Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Triveni Turbine Limited, together with its subsidiaries, manufactures and supplies power generating equipment and solutions in India and internationally.

IndustrySpecialty Industrial Machinery

SectorIndustrials

Employees928

Annual revenue₹2,159 Cr

How does it make money?

Turns over ₹2,159 Cr a year. Of every ₹100 of sales, about ₹16 reaches shareholders as profit, with ₹23 left at the operating level before interest, tax and depreciation. Each of its 928 employees supports ₹2.33 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.33 Cr

Who are its competitors?

The closest listed comparisons in its industry are SIEMENS LTD, ABB INDIA LIMITED, LARSEN & TOUBRO LTD., HAVELLS INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 31.9%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 24.2% against a peer median of 17.1% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE17.1%

What is the outlook?

9 analysts covering the stock expect revenue to grow about 17.1% and earnings to grow about 31.1% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+17.1%

Est. earnings growth+31.1%

Analysts9

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +75% while net margin moved +4% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+75%

Margin effect+4%

DalalBaazaar Score

72/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 47.0x is demanding — it needs sustained high growth to justify
✓ P/E is 29% below its own historical median of 66.0x — cheap by its own standards
✗ P/B of 10.92x is a steep premium to book

Quality vs. Valuation

Company Quality

80/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

57/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

47.0x

3Y Median

66.0x

40 monthly readings · mean 66.5x · range 39.2x–103.9x

Sector Median

66.2x

median of 4 sector peers

🟢Current valuation is approximately 29% below its 3y median of 66.0x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 29% below the peer median of 66.2x.

vs. its own history

Cheap

66.0x median over 40 months · -29%

vs. sector peers

Cheap

66.2x median of 4 peers · -29%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

31.5x

PEG

2.14

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 20.4% to 23.1% over 3 years.
High return on capital employed
ROCE of 31.9% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

3 items require attention · 3 high

🔴Debt has risen sharplyFinancial
Total debt is up 865% over 3 years, from ₹4 Cr to ₹36 Cr.
🔴High leverageFinancial
Debt/Equity of 2.48x — earnings must service borrowings before shareholders see anything.
🔴Receivables growing faster than salesFinancial
Receivables up 472% against revenue up 75% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 31.9% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 20.4% to 23.1%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 29% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 29% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 2.48x. Interest is payable whether or not the business has a good year.
Sales are being booked faster than collected
Receivables are up 472% against revenue up 75%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 15% a year✓ 20.4% CAGR
Latest reported year was 19.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 21%✓ 23.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹39 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 29%✓ 31.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 2 neutral · 4 weak

Market Cap

₹15,809 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

47.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

10.92x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹10.57

Profitable

Profitable on a per-share basis

ROE

24.2%

Strong

Strong capital efficiency

ROCE

31.9%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

2.48x

High

High leverage

Revenue Growth (YoY)

19.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-21.2%

Falling

Profits are shrinking

Dividend Yield

0.80%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹39 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

32.1x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

9.5%

Average

Average margins

Net Margin

14.9%

Good

Strong bottom-line conversion

Current Ratio

1.98

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.61

Defensive

Steadier than the market

52W Range Position

19%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

534.7 / 562.8

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

21.5

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,236 Cr	₹1,643 Cr	₹1,994 Cr	₹2,159 Cr	+20.4%
EBITDA	₹252 Cr	₹351 Cr	₹483 Cr	₹499 Cr	+25.6%
EBITDA Margin	20.4%	21.4%	24.2%	23.1%	—
PAT (Net Profit)	₹193 Cr	₹269 Cr	₹357 Cr	₹350 Cr	+22.0%
EPS	₹5.97	₹8.47	₹11.23	₹11	+22.6%
ROE	25.3%	28.0%	29.4%	24.2%	—
ROCE	33.0%	36.6%	38.6%	31.9%	—
Total Debt	₹4 Cr	₹3 Cr	₹39 Cr	₹36 Cr	+112.9%
Free Cash Flow	₹157 Cr	₹239 Cr	₹144 Cr	₹39 Cr	-37.0%

🟢 Revenue has grown at 20.4% a year over 3 years.

🟢 EBITDA has grown at 25.6% a year over 3 years.

🟢 EBITDA Margin has risen from 20.4% to 23.1% over 3 years (+2.8 pts).

🟢 PAT (Net Profit) has grown at 22.0% a year over 3 years.

🟢 EPS has grown at 22.6% a year over 3 years.

🔴 ROE has fallen from 25.3% to 24.2% over 3 years (-1.1 pts).

🔴 ROCE has fallen from 33.0% to 31.9% over 3 years (-1.1 pts).

🔴 Total Debt has grown at 112.9% a year over 3 years.

🔴 Free Cash Flow has shrunk at 37.0% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,497 Cr

Total Liabilities

₹1,051 Cr

Cash & Equivalents

₹101 Cr

Operating Cash Flow

₹111 Cr

Capex

-₹72 Cr

Shareholding (proxy)

Institutional Holding

26.7%

Insider Holding

59.7%

Corporate Actions

Dividend Rate

₹4

Ex-Dividend Date

02 Sept 2026

Analyst Consensus

Recommendations

6 Buy · 2 Hold · 1 Sell

Target Price (Mean)

₹686

+37.9% vs CMP

Target Range

₹600 – ₹840

Peer Comparison

Company	P/E	ROE
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%
LARSEN & TOUBRO LTD.	30.1x	15.2%
HAVELLS INDIA LIMITED	43.5x	17.1%

Recent News

2 mixed2 negative2 general

Triveni Turbine (NSEI:TRITURBINE) Stock Forecast & Analyst Predictions

Simply Wall Street, 09 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

TRITURBINE Forecast — Price Target — Prediction for 2027

TradingView, 26 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Triveni Turbine shares fall most in over a year after profit declines 25% in June quarter

Upstox, 10 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Triveni Turbine zooms 65% since April, hits 52-week high; brokerages upbeat

Business Standard, 21 May

Earnings call transcript: Triveni Turbine Q1 2026 revenue misses, shares fall

Investing.com, 11 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Triveni Turbine shares are the top Nifty 500 losers on Tuesday; Here's why

CNBC TV18, 11 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongBusiness Quality · Growth · Profitability

MiddlingFinancial Health · Risk

WeakValuation

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 3 high-severity red flags sit above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑