Triveni Turbine Q4 2025 Conference Call #conferencecall #concall #earningscall #triveniturbine

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. Order Book and Revenue Outlook:

• Outstanding order book at ₹19.09 billion, up 23% YoY.
• Domestic order book at ₹8.2 billion (+9%), export order book at ₹10.9 billion (+36%), contributing 57% to total.
• Robust inquiry pipeline with international inquiries up over 30% and domestic inquiries up 120%, indicating strong future visibility.
• Revenue growth expected to continue in FY26, with a focus on diversified markets and new product segments.

1. Product and Market Segments:

• Growth driven by renewable energy, industrial power, and API turbines.
• Strategic entry into CO₂ energy storage solutions, with a notable ₹290 crore order for a 160 MWh long-duration energy storage project with NTPC.
• International markets (Middle East, Southeast Asia, Europe, North America, Africa) showing strong demand.
• Domestic market faced some delays and deferments but remains optimistic about recovery.

1. Research & Development and Innovation:

• Continued development of turbines across small, medium, and large categories, including niche sectors like geothermal and API.
• Focus on innovative solutions utilizing CO₂ for energy storage, validating new technologies for future commercialization.
• Capex forecast of ₹1.65 billion for FY26, including capacity expansion, R&D, and testing infrastructure.

1. Strategic Initiatives & Expansion:

• Expansion plans for international subsidiaries, especially in the US, with a focus on aftermarket, product sales, and new markets like SMRs.
• US operations are on track, with plans to double team size and create flexible manufacturing capacity.
• Focus on building a future-ready workforce with talent development, diversity, and industry collaboration.

1. Financial Ratios & Balance Sheet:

• Return on equity (ROE) at 33% (on book equity), and 23.5% excluding cash and investments.
• Return on capital employed (ROCE) at 45%.
• Asset turnover at 4.5.
• Balance sheet remains robust, with some short-term increases in receivables due to March order backlogs, expected to normalize.

1. Growth Drivers & Outlook:

• Sustained high growth rates over the past three years (revenue CAGR of 33%, PBT CAGR of 41%).
• Confidence in maintaining strong growth driven by order book, inquiry pipeline, new product launches, and technological innovations.
• Market expansion in high-potential regions and segments, including renewable energy, waste-to-energy, and decentralized power.

1. Challenges & Market Dynamics:

• Domestic market faced some delays due to macroeconomic and geopolitical uncertainties.
• Export orders are lumpy but remain a key growth driver.
• Margins are supported by higher aftermarket share and export growth, with operating leverage benefits.

1. Management Outlook & Confidence:

• The company expects FY26 to be another record year despite some quarter-to-quarter variability.
• Focus on technological innovation, market diversification, and strategic investments to sustain growth.
• Long-term vision includes capturing larger market shares in higher megawatt segments and expanding into new energy storage and SMR markets.

1. Q&A Insights:
   • API turbines: Focus on maintaining and increasing market share, with growth driven by international approvals and pipeline.
   • CO₂ energy storage: Potential for scale-up, with initial orders validating technology; future orders depend on economics and reliability.
   • US market: Growth expected in aftermarket and product sales; expansion plans are on track, with a focus on cost efficiency.
   • Domestic market: Some deferments due to macro factors; pipeline remains strong with sectors like process industries, cement, and recycling showing promise.
   • Margins: Consistent improvement driven by higher aftermarket share, export growth, and operating leverage.
   • Capacity: Current manufacturing capacity is sufficient for near-term growth; plans to expand testing and assembly infrastructure.

Overall Summary:
Tuini Turbine Limited delivered a historic FY25 with record revenues, profits, and order bookings, driven by strong international and domestic demand, technological innovation, and strategic expansion. The company remains confident about sustaining high growth in FY26, leveraging its diversified product portfolio, technological advancements, and expanding global footprint, despite macroeconomic and geopolitical challenges.

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