Here are the key highlights from the transcript:

1. Record Financial Performance in FY25:

• Highest-ever annual revenue of ₹20.06 billion, up 21% YoY.
• Record order booking of ₹23.63 billion, up 26% YoY.
• Highest-ever profit before tax of ₹4.89 billion, up 37% YoY.
• Highest-ever profit after tax of ₹3.59 billion, up 33% YoY.
• Margin improvements: Operating margin increased by 280 basis points to 25.8%; PBT margin increased by 270 basis points to 24.3%.

1. Strong Order Book and Growth Drivers:

• Outstanding order book of ₹19.09 billion as of March 31, 2025, up 23% YoY.
• Domestic order book at ₹8.2 billion (+9%), export order book at ₹10.9 billion (+36%), contributing 57% to total.
• Product order booking grew by 38% to ₹17.41 billion.
• International inquiry book grew over 30%; domestic inquiry grew 120%, indicating robust future visibility.

1. Diversification and Market Expansion:

• Orders from renewable energy, industrial power, heat power, and API turbines.
• Entry into CO₂ energy storage solutions, including a ₹290 crore (approx. $36 million) order with NTPC for a 160 MWh long-duration energy storage project.
• Geographical expansion in Middle East, Southeast Asia, Central & South America, and Europe.

1. Technological Innovation & R&D Focus:

• Continued development of turbines across small, medium, and large ranges for various applications including API, geothermal, and niche sectors.
• Investment in new solutions utilizing CO₂ for fluid transmission.
• Capex forecast of ₹1.65 billion for FY26, including capacity expansion, R&D, and testing infrastructure.

1. Operational and Financial Ratios:

• Return on equity (ROE) at 33% (on book equity), 23.5% excluding investments.
• Return on capital employed (ROCE) at 45%.
• Asset turnover at 4.5.
• Current ratio of 2.2.
• Robust balance sheet with cash investments of ₹9.87 billion.

1. Market Outlook & Future Growth:

• Confidence in sustaining growth driven by order book, inquiry pipeline, and new product launches.
• Focus on expanding API and industrial turbines, especially in high-growth regions.
• US market expansion with a focus on aftermarket, product sales, and new segments like SMRs.
• Long-term aspiration to increase market share in higher megawatt segments, similar to success in smaller turbines.

1. Challenges & Market Dynamics:

• Domestic market declined by 10% in FY25; some delays in order finalizations due to macroeconomic and geopolitical uncertainties.
• Export orders are lumpy but remain a key growth driver.
• Market competition exists but the company maintains a strong technological and reference base.

1. Dividend Policy:

• Board recommended a final dividend of 200% (₹2 per share) for FY25, in addition to an interim dividend of 200%.

1. Management Outlook:

• Anticipates FY26 to be another record year despite some quarter-to-quarter variability.
• Emphasis on research, innovation, and strategic market expansion to sustain high growth rates.
• Confidence in the company’s ability to adapt to market challenges and leverage new opportunities.

1. Q&A Insights:
   • API turbines: Focus on maintaining and increasing market share, with growth driven by high-quality, high-efficiency turbines.
   • CO₂ energy storage: Scalable and promising, with potential for multiple projects; technology validation underway.
   • US market: Growth expected in both product and aftermarket segments; expansion plans are on track.
   • International markets: Growth driven by successful installations and reference sites; strategy involves closer customer engagement and regional focus.
   • Margins: Steady improvement driven by higher export share and aftermarket services, with good visibility on costs and pricing.

Overall Summary:
Tuini Turbine Limited delivered a historic FY25 with record revenues, profits, and order bookings, driven by diversified markets, technological innovation, and strategic international expansion. The company remains confident about sustaining growth in FY26, leveraging its strong order pipeline, R&D investments, and market diversification, despite macroeconomic and geopolitical challenges.

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