Management Discussion and Analysis Report
Introduction to Triveni Turbines
Triveni Turbines is a globally dominant leader in industrial heat and power solutions and decentralised, sustainable energy systems. Built on advanced R&D and precision engineering, the Company designs and delivers high efficiency, reliable and customised solutions that help industries optimise energy use, enhance operational performance, and reduce carbon footprint.
Engineering high performance steam turbine solutions
Triveni Turbines is a leading steam turbine OEM, delivering end-to-end capabilities for steam turbines up to 100 MW and comprehensive manufacturing, refurbishment, retrofit, and lifecycle solutions for turbines up to 1,000 MW across leading global OEM platforms. Driven by its deep expertise in thermodynamics, rotating equipment and system integration, the Company has evolved from a product- focussed manufacturer to a comprehensive solutions provider - supporting customers across the project lifecycle, from engineering and manufacturing to commissioning and ongoing performance support.
With an installed base of 6,000+ turbine installations, Triveni Turbines currently serves 20+ industries across 80+ countries, supporting a wide range of applications such as: Power generation and process co-generation, Biomass and waste to energy, Waste heat recovery, District heating and industrial utility systems.
The customer industries served by the Company include steel, cement, oil & gas, chemicals, sugar, textiles, pulp & paper, food processing, pharmaceuticals, geothermal, distilleries, refineries, fertilisers, and allied process sectors.
Enabling decentralised, low carbon energy for industry
Triveni Turbines innovative and extensive solutions support efficient generation of heat and power closer to the point of consumption, enhancing reliability, reducing transmission losses, and improving energy efficiency. Steam turbines continue to play a critical role in converting energy from steam into mechanical and electrical energy, helping industries improve efficiency, and also enabling cleaner power generation when integrated with renewable and waste to energy sources.
Through decentralised, energy systems, often integrated with biomass, waste heat recovery, solar thermal hybrids or other renewable sources - Triveni Turbines aids customers in transitioning toward lower carbon operations while maintaining dependable industrial performance. This ensures a strong competitive edge for the Company in the fast- evolving turbines market.
Expanding the global footprint
Triveni Turbines has a massive global footprint spanning over 80 countries across six continents. The Company delivers advanced, customised systems, manufactured at its state-of-the-art facility in Bengaluru (India), Pretoria (South Africa) and Houston (Texas) to customers across industries. The Companys solutions are supported by a robust global ecosystem of service and customer support capabilities. Its international presence is strengthened by: Triveni Turbines Americas Inc. (TTAI) - serving the Americas; Triveni Turbines Africa (Pty) Ltd (TTAPL) - anchoring its presence in the African market; and a network of global service centres and partners supporting customers across key markets.
This scalable service network enhances responsiveness, strengthens aftermarket support, and helps ensure high availability and lifecycle performance for customer assets.
Advancing energy transition through innovation
Innovation remains central to Triveni Turbines strategy and steers its role in energy transition. Alongside conventional steam turbines, the Company is expanding its portfolio with next-generation, sustainable technologies that support decarbonisation and efficiency improvement, including:
• CO2-based heat pumps and chillers for low carbon heating and cooling applications
• Organic Rankine Cycle (ORC) turbines enabling efficient waste heat recovery and low carbon power generation across diverse industrial processes
To drive innovation and maintain its market competitiveness, TTL maintains a strong focus on research, development and engineering - supported by in-house capabilities and collaborations with leading global and domestic institutions.
This helps drive continuous improvements in efficiency, reliability, and lifecycle performance.
Delivering end-to-end services across asset lifecycle
Triveni Turbines has, over the years, transformed from a product-centric to a solutions-oriented enterprise. The Company offers a comprehensive suite of lifecycle and aftermarket services for its own fleet as well as multi OEM rotating equipment. Its services are designed to maximise uptime, improve operating efficiency, and extend asset-life - supporting customers throughout the operational lifecycle of their equipment.
Global Energy Demand and Power Sector Overview
Energy consumption and demand continue to be on an upward trajectory worldwide. According to the International Energy Agencys (IEA) World Energy Outlook 2025, the global primary energy demand is projected to reach 660- 665 EJ, growing at 2.2% annually. This translates into an available Total Final Energy Consumption (TFC) of 420-430 EJ, after excluding the system conversion and transmission losses. The rise in global energy consumption is driven by an exponential growth in Al and digital infrastructure investments, showcasing structural transformation toward electrification, with electricitys share of global TFC forecast to surge from 21% to 30% by 2030 and reach 50% by 2050. While the Industry sector remains the largest energy consumer, accounting for 35-40% of global TFC (160-180 EJ), thermal applications (heating and cooling) dominate end-use, consuming half of all final energy.
To meet the net-zero targets, rising electricity needs, and aggressive electrification across data centres, EVs and heat pumps, the global electricity demand is growing at 6% annually. At the same time, the global installed power capacity surpassed 10,510 GW in 2025 and renewables contributed 49% of the total, according to the lEAs Electricity 2026 and International Renewable Energy Agency (IRENA) report.
To keep pace with the demand, renewable power capacity is expected to reach 11,000 GW by 2030, while the advanced Small Modular Reactors (SMRs) will aggressively penetrate the industrial heat market to unlock the new decarbonisation segment.
In the United States, the installed power capacity expanded to 1,320 GW in 2025 to support record high data centre and commercial loads, according to the United State Energy Intelligence Agency (US-EIA) report. To secure grid reliability and balance intermittent power supplies, the US (utility-scale) steam turbine baseline maintained an operational range of 380 to 400 GW, successfully contributing to 42% of the countrys total electricity generation during this period.
India Energy Demand and Power Sector Overview
Closely aligned with the global energy transition trends, Indias energy mix is expanding rapidly, primarily on account of robust economic expansion, urbanisation, and industrialisation. The nations total primary energy demand is estimated at 38-40 EJ, growing at 5-7% annually, which translates into an available TFC of 25-27 EJ. Similar to global trends, Indias expansion is driven by its industrial sector, which commands a dominant 40-45% share of the nations total final energy consumption.
Indias total installed power capacity reached 532 GW as of FY 26, according to the Central Electricity Authority (CEA). Renewable power capacity, at 210 to 215 GW, represents a substantial 43% to 45% share of the national energy mix, positioning the country firmly on its strategic trajectory towards achieving 500 GW of renewable capacity by 2030.
According to the Ministry of Statistics and Programme Implementation (MoSPI), ongoing digitalisation and infrastructure development have driven growth in electricity consumption. With manufacturing sector contributing 16-17% to the national GDP, securing reliable, affordable and continuous power is crucial. To achieve this, energy-intensive sectors rely heavily on captive power generation for a customisable supply of electricity, steam, and heat. Facilities are integrating cogeneration alongside a diverse energy mix, comprising fossil fuels to solar, wind, biopower (biomass) and waste-to-energy, to reduce grid dependence and optimise efficiency. Deployment of such clean energy solutions is vital to sustaining market competitiveness and meeting net-zero targets.
The key component of this diversified clean energy generation is biopower (including biomass and biogas), which accounts for approximately 11.6 GW of installed renewable captive power capacity, representing 14-15% of the total installed captive power capacity. By efficiently converting organic and agricultural waste into usable power, these technologies are reducing fossil fuel dependency and fostering a highly resilient, low-carbon grid.
Global Steam Turbine Market Overview
The global steam turbine market (incl. China and Japan) grown at a CAGR of 18%, from 60 GW in 2021 to 116 GW in 2025. In 2025, the market declined by 2%, impacted by geopolitical tensions causing supply chain disruptions, and execution challenges.
The global steam turbine market (excl. China and Japan) grown at a CAGR of 22%, from 27.5 GW in 2021 to 60 GW in 2025. However, the market registered growth of 79% in 2025, driven by increasing demand for industrial heat and power solutions. The >100 MW market dominates the overall market, with 88% share in 2025, largely driven by utility- scale turbines.
The sub-100 MW industrial steam turbine (exl. China and Japan) market in 2025 register a growth of 25% to reach 7GW. Within this, the <30 MW segment recorded a modest growth of 3%, while the 30.1-100 MW segment expanded significantly by 55%.
The 30.1-100 MW market which represent 54% of the market in 2025 is largely driven by Thermal Renewable fuel units specially from segments like Steel, Cement, Chemicals & Petrochemicals and led by Asian markets.
Shift Toward Renewable Thermal Energy
According to the McCoy Report, the last 5 years global steam turbine market (incl. China and Japan) has seen a clear global shift away from conventional fossil fuels declined from 59% in 2021 to 53% in 2025.
However, in the sub-100 MW market (excluding China and Japan), thermal renewables have demonstrated strong and consistent growth. The share of biomass, Waste-to-Energy (WtE) and Waste Heat Recovery (WHR) fuels has remained high, although it moderated slightly from 66% in 2021 to 65% in 2025. Meanwhile, the share of fossil fuels, which declined during the intervening period, has remained at 22% in 2025, broadly in line with 2021 levels. This reflects the continued role of conventional thermal energy in meeting the growing global energy requirement, as renewable sources alone are yet to fully address the incremental demand for reliable power.
Triveni Turbines: Sustained Market Leadership through Innovation
Over the past decade, Triveni Turbines has consistently outpaced broader market trends, supported by rising demand for industrial heat and power in its focus segments and a steady gain in market share. As a result, Triveni Turbines ranks among the top two global players in a technically demanding market traditionally dominated by large multinationals. The Company also holds a strong leadership position in the thermal renewable-fuel-based segments, including biomass, Waste-to-Energy (WtE), and Waste Heat Recovery (WHR).
Economic and Business Overview
The outlook for the Companys business remains strong and positive in the backdrop of the global and domestic economic projections.
According to the International Monetary Fund (IMF)-World Economic Outlook, the global real GDP growth for 2025 is at 3.2% and projected to reach 3.1% in 2026. This indicates a modest recovery, constrained by trade disputes, geopolitical tensions, and differing international policies. Despite these global challenges, Indias economic outlook remains robust, with 7.1% GDP growth in FY 25 and projected to reach 7.7% in FY 26, according to MoSPI. Strong domestic demand, continued infrastructure expansion, and policy-led investments in energy and sustainability will drive continued growth for the country.
The economic projections augur well for Triveni Turbines. Strengthened by its robust order booking performance and enquiry pipeline in FY 26, the Company is well-positioned to scale growth, supported by a resilient domestic supply chain that bolsters its competitive advantage. This momentum is driven by a strong order backlog from the Industrial Power Generation (IPG) business and for pump drives in thermal plants and refineries, reinforcing TTLs market strength in API compliant steam turbine business. At the same time, the Aftermarket segment provides a stable revenue foundation through a steady stream of both new and repeat orders for spares and services.
The strategic focus for Triveni Turbines remains clear. The Company is leveraging its expanding international footprint, alongside strategic expansion into high-potential markets like the US, to drive its sustained long-term growth strategy. Its growth is underpinned by the global energy transition towards sustainable power, with rising electricity demand led by waste- to-energy, geothermal and decentralised power solutions accelerating renewable thermal energy applications. The Aftermarket segment is also widening its reach by offering refurbishment solutions for a more diverse range of steam, gas, and utility turbines. Furthermore, advancements in High Temperature CO, Pleat Pumps and CO,-based Energy Storage (ESS) are positioning the Company for a broader market leadership.
Triveni Turbines Americas Inc. (TTAI)
TTLs Houston facility in Texas serves as a strategic growth engine for the Americas, enhancing customer confidence through specialised refurbishment services. After launching in FY 25, the Company upgraded the facility in FY 26 with advanced equipment to boost service capacity. By operating as both an OEM and an independent provider, TTAI now delivers complete end-to-end solutions, effectively moving up the value chain.
Triveni Turbines Africa Pyt Limited (TTAPL)
FY 26 was a landmark year for Triveni Turbines Pty Ltd, marked by strategic expansion across Africa and entry into new markets. The Company established a presence in Kenya, Ghana and Mozambique through a geothermal renewable energy project, utility sector and delivery of reverse-engineered turbine rotor components respectively. Through its partnership with a leading South African power utility, TTAPL contributed to improving Energy Availability Factor (EAF) from 56% to 65% while maintaining service performance above 96%. Additionally, the integration of TSE Engineering into Triveni Turbines Africa strengthened operational synergies and created a robust platform for future growth across industrial and utility sectors in sub- Saharan Africa.
Product Business Overview
The product business contributed Rs. 14.47 billion, accounting for 62% of the total order bookings during the year. Growth in this business was fuelled by order finalisations across sectors like steel & cement (waste heat recovery applications), oil & gas (API compliant pump drive and STG turbines), and biomass as well as waste-to-energy based power generation. Domestically, order book grew 8% year-on-year, with the healthy after market mix.
Despite geopolitical tensions and tariff barriers impacting nternational order finalisations towards the end of FY 26, the Company secured key order wins across the Middle East, Southeast Asia and Europe, owing to the broadening of its international footprint. During this period, TTL prioritised exploring a wider range of market opportunities, while continuing to refine pioneering technologies like high- temperature heat pumps and C02-based Energy Storage Systems (ESS).
Robust enquiry pipeline
Global diversification and a robust enquiry pipeline powered TTLs sustainable growth during the year. International and domestic enquiries surged almost doubled, fuelled by the Product and Refurbishment (REFURB™) segments. In product business, the IPP segment remains a key growth driver, seeing strong order conversions from steel & cement, process industries, oil & gas and sugar & distillery segments. The aftermarket business thrived on a mix of new, repeat and referral orders - a clear validation of TTLs diversified business strategy. The Companys strategic milestones for the year included a grid-stabilising utility contract in the SADC region that has opened business avenues for future service expansion.
In FY 26, the North American enquiries surged multi-fold, driven by the demand for Al data centre, small nuclear reactors, and combined cycle units. Although, tariffs and geopolitical unrest have delayed order finalisation towards the end of FY 26. The company earmarked a milestone entry into the U.S. geothermal market with our refurbishment business
Aftermarket Business Overview
The aftermarket business saw exceptional growth in FY 26, as order bookings surged by 41% year-on-year to reach Rs. 8.78 billion. This performance, driven by a healthy mix of new, repeat, and referral orders, now represents 38% of the overall order bookings, and underscores a successful strategic shift towards diversified business streams. REFURB™ order bookings surged by 107% year-on-year, primarily driven by finalisations from international regions. The business vertical remains dedicated to its core mission of providing timely maintenance and spare parts needed to maximise asset performance and longevity-a strategic focus that will steer sustained business growth for the Company in the coming years.
The growth trajectory in this business is powered by robust global demand and efficient execution, creating strong momentum in both enquiry generation and order inflows. By continuing to broaden its geographic reach and sectoral presence, the Company is positioning the Aftermarket segment to play a significant role in its overall growth strategy. Furthermore, the division is evolving into a premier provider of comprehensive lifecycle solutions, utilising its technical expertise to service turbines and rotating equipment from a wide variety of manufacturers - a transition that will strengthen the business value proposition, going forward.
New Product Business Overview
FY 26 was a pivotal year for TTLs New Product Development (NPD), as the Company advanced high-efficiency solutions to meet the demands of the Al infrastructure boom and the global energy transition in the emerging geopolitical backdrop. While pioneering the implementation of technologies like C02-based Energy Storage (CESS) and high-temperature heat pumps, challenges of technology-readiness and integration were managed through disciplined engineering and strategic collaboration.
A standout achievement was TTLs partnership with the Indian Institute of Science (lISc), Bengaluru, which bridged academic research with the Companys industrial expertise to master Transcritical CO, pressures. This collaboration successfully tailored the thermodynamic cycle to perform far beyond the limits of conventional refrigerants. Rigorous testing at TTLs new Heat Pump Test Centre has since validated all performance benchmarks, establishing a strong foundation of reliability and customer confidence.
To effectively navigate the challenges, the Company has embedded a rigorous risk management framework directly into its innovation process:
• Governed Investments: The NPD programme follows a disciplined "staged investment" model. This ensures that capital is deployed only as key milestones are met, keeping projects aligned with long-term shareholder value and market demand.
• Operational Integrity: TTLs Risk Management Policy identifies NPD as a high-priority area. The Company maintains strict internal controls to ensure every new product meets the highest standards of safety, sustainability and reliability, essential for mission-critical sectors like data centres and heavy industry.
Key Strategic Pillars & Achievements
C02-Based Energy Storage (CESS): Following its milestone turnkey contract with NTPC, TTL has moved towards full execution-readiness for mechanical long-duration storage. This "lithium-free" technology offers a 20+ year lifespan, providing a sustainable alternative for grid firming as renewable energy capacity grows.
Breakthrough in C02 Turbomachinery (Subcritical and Supercritical): TTL successfully designed and tested its second 20 MW subcritical CO, turbine for the NTPC- Kudgi project. This validates the Companys ability to scale C02-based power cycles for non-steam renewable and storage applications.
Commercial Launch of Indias First C02 Heat Pump:
Unveiled in August 2025, the high-temperature C02 Heat Pump (developed with lISc Bengaluru) is a gamechanger for industrial decarbonisation. It delivers heat up to 120?C with a best-in-class COP of 6, offering 3x the efficiency of conventional electric heating for industries like pharma, food & beverage, and chemicals.
Expanding the Fluid Portfolio: The Company developed new turbines and expanders capable of operating with non-steam fluids (organic and inorganic). These are critical for waste heat recovery and converting low-grade thermal energy into power.
Aligning with Al & Data Centres: With global Al Capex expected to hit ~$700 billion in 2026, TTL is tailoring its thermal management and power solutions to meet the 24/7 clean energy and advanced cooling needs of high-density data centres. In FY 26, the Company aligned its NPD with the surging requirements of Al infrastructure. As data centres scale with higher power densities, TTL is pivoting towards advanced cooling solutions, such as direct-to-chip systems and waste heat recovery. To address growing water constraints, it is also developing water-efficient thermal and desalination solutions. The focus remains on delivering 24/7 clean power and reliable heat management, essential for mission-critical digital operations.
Scaling for the Future
Looking ahead, TTL is strategically positioned to capitalise on the surging demand for long-duration energy storage, electrified industrial heating, waste heat recovery, and advanced thermal solutions for digital infrastructure. The combined success of the NTPC-CESS project, C02 turbomachinery milestones, and commercial launch of the C02 heat pump (backed by dedicated testing capabilities) empowers the Company to scale these innovations responsibly and competitively to ensure sustained and sustainable long-term growth.
As the energy transition and Al infrastructure reshape global investment priorities, the NPD portfolio will expand TTLs market reach while reinforcing its commitment to sustainability, "Make in India" engineering, and technology- led growth.
Manufacturing & Supply Chain Excellence
Triveni Turbines dedication to manufacturing excellence is fundamental to ensuring long-term value creation and stakeholder trust. In FY 26, the Company advanced its commitment to inclusive growth by enhancing its manufacturing culture; most notably, women engineers and technicians are now driving key operations across turbine assembly and precision machining.
Operational Highlights:
• Manufacturing & Supply Chain Transformation (TRI- ZEN): TTL initiated TRI-ZEN, a strategic Manufacturing and Supply Chain Transformation initiative aimed at building a world-class, agile, and digitally-enabled production system (TTPS 2.0). The programme focusses on strengthening governance, standardising manufacturing and supply chain processes, enhancing end-to-end visibility, and improving cross-functional collaboration across the value chain. By integrating lean principles, digital technologies, and robust performance management, TRI-ZEN is driving sustainable improvements in productivity, quality, delivery performance, and operational resilience. As the transformation progresses, the initiative will establish a scalable foundation to support future growth, boost operational excellence, and enhance customer value.
• Technical Innovation: TTL enhanced its production capabilities through the adoption of digitalised hydro testing for turbine casings and advanced laser hardening processes during the year.
• Strategic Projects: The year was marked by the successful execution of four high-criticality turbine projects, featuring fully integrated lube, jacking, and control oil systems that met rigorous international safety and compliance standards.
• Lifecycle Support: TTLs re-manufacturing teams ensured the reliable supply of refurbishment solutions and critical spares to customers across the nuclear power, geothermal energy and process industries, reinforcing the Companys global reputation for lifecycle support.
Efficiency & Supply Chain:
Driven by lean manufacturing and deep supply-chain engagement, TTL achieved a significant 40% reduction in manufacturing throughput time and a 25% improvement in subcontract lead times in FY 26. Furthermore, the expansion of its global sourcing footprint has enhanced the Companys cost competitiveness and quality consistency.
Road Ahead:
Looking towards FY 27, TTL is investing in high-precision infrastructure (expansion of Sompura facility with D-Bay), including Gantry and 5-axis blade polishing machines. By expanding its manufacturing footprint at Sompura, the Company is building a scalable, future-ready hub for emerging technologies. Supported by an agile and capable team, Triveni Turbines is well-positioned to remain a trusted global leader in efficient rotating equipment solutions.
Quality Assurance Customer Satisfaction
Customer centricity remains central to TTLs strategic priorities. During FY 26, the Company set an ambitious target and enhanced its Net Promoter Score (NPS) by 128%, while engaging with a reputed independent third-party agency to conduct a comprehensive global customer survey. The survey spanned all business segments and geographies reaching out to 204 customers.
This rigorous and unbiased assessment enabled Triveni Turbines to significantly exceed its NPS target. Over the last five survey cycles, the Company has witnessed a consistent upward trend in NPS, reflecting sustained improvements in product quality and service delivery. Customers have particularly appreciated TTLs responsiveness, product reliability, strong and prompt technical support, cohesive teamwork, and professional approach - key drivers of enhanced customer satisfaction and long-term trust.
Quality Management Systems & Certifications
A robust Quality Management System (QMS) forms the foundation of the Companys commitment to consistent and superior performance. Triveni Turbines continuously strives to meet and exceed the requirements of diverse global quality standards, enabling it to effectively serve multiple ndustry sectors.
During FY 26, the Company successfully achieved several key quality and certification milestones:
? Continued certification under the API Spec Q1 standard for the oil and gas sector, following a successful surveillance audit. This globally recognised standard established by the American Petroleum Institute, reinforces TTLs adherence to safe, reliable, and efficient operational practices
? Successful completion of the AS9100D re-certification audit for the aerospace and defence sector, reaffirming TTLs capability to meet stringent industry requirements
• Renewal of DGQA certification for the Naval Warship Project, underscoring the Companys compliance with critical defence quality standards
• Re-certification of ISO 14001 (Environmental Management System) and ISO 45001 (Occupational Health and Safety Management System), demonstrating TTLs unwavering commitment to environmental stewardship, workplace safety, and sustainable business practices
Business Excellence Initiatives
The manufacturing facilities at Peenya and Sompura exemplify strong engineering capabilities, disciplined operations, and a deeply embedded culture of quality and process excellence. These strengths are evident across machining, assembly, and documentation practices.
To further strengthen its excellence journey, the Company participated in the Integrated Manufacturing Excellence Assessment (IMexI) 2025, conducted by Kaizen Hansei, a reputed organisation affiliated with the Kaizen Institute Japan. The assessment involved an intensive three-day evaluation of TTLs manufacturing and operational practices.
TTL is proud to have been honoured with the IMexI Distinguished Plus Prize, recognising its excellence in manufacturing systems, operational discipline, and continuous improvement culture.
In parallel, the Company invested in building internal capabilities by conducting the CII-EXIM Business Excellence Assessor Training Programme at the CM campus in Bengaluru. Twenty employees successfully completed the programme and were certified as Provisional Business Excellence Assessors, strengthening TTLs ability to drive structured excellence initiatives across the organisation.
Customer Expansion
During the year, TTL was successfully onboarded by a dozen new customers through rigorous and comprehensive evaluation processes. These additions include prestigious organisations from Europe, the United States, the Middle East, and Japan, further strengthening the Companys global footprint and reinforcing customer confidence in its capabilities, quality standards, and delivery excellence.
Kaizen & Continuous Improvement
Continuous improvement remains a cornerstone of TTLs operational philosophy. Thousands of Kaizen initiatives are implemented annually across all functions, extending beyond the organisation to supplier facilities and customer sites.
In recognition of the Companys strong Kaizen culture, its team was honoured with the Gold Award at the QCFI Kaizen Competition. To further enhance employee participation and accessibility, TTL has launched an upgraded, globally accessible Kaizen digital platform, fully compatible with mobile devices, enabling seamless idea generation and implementation.
Supplier Excellence & Capability Building
Triveni Turbines sees its suppliers as strategic partners in its growth journey. Accordingly, the Company places a strong emphasis on their continuous development and capability enhancement.
Cross-functional teams from Quality, Design, and Site Execution regularly engage with suppliers through on-site visits, providing guidance to improve product quality, delivery performance, and operational excellence. Additionally, suppliers are invited to TTLs facilities for structured training programmes covering key quality tools and methodologies, such as Kaizen, 8D root cause analysis, and engineering best practices.
ZED (Zero Defect Zero Effect) Initiative
As part of its commitment to strengthening the broader ecosystem, Triveni Turbines actively promotes the Government of Indias ZED (Zero Defect Zero Effect) initiative among its suppliers. The Company conducted dedicated training sessions at its facilities during the year to create awareness and build capability.
To further support its partners, TTL engaged a specialised agency to guide suppliers through the ZED certification process, and to enable them to leverage applicable government incentives and benefits, thereby enhancing their global competitiveness.
Digitalisation for Quality Excellence
Digital transformation continues to be a key enabler in scaling operations and strengthening quality systems at TTL. The Company remains focussed on making all quality processes ean, efficient, and digitally integrated.
During the year, Triveni Turbines upgraded its key digital platforms, including the Kaizen portal, Salesforce (SFDC), and SAP systems. Additionally, it implemented advanced digital dashboards that enable automated generation of monthly performance and quality reports, improving transparency, decision-making, and operational efficiency.
Technology, Research and Development
Triveni Turbines remains a global leader in high-performance energy solutions, specialising in precision-engineered industrial steam turbines. By integrating advanced blade designs and high-efficiency steam cycles, it delivers reliable power while actively reducing emissions. The Companys versatile turbine systems support a wide range of applications - from biomass, waste-to-energy, solar and thermal, to industrial waste heat recovery in sectors like steel, cement, and oil & gas. It also maintains a dominant presence in the sugar, textile, and paper industries, with robust, cogeneration-ready systems recognised for their efficiency and operational flexibility.
Over the past decade, Triveni Turbines has consistently outpaced the broader market trends, supported by rising demand for industrial heat and power in its focus segments, and a steady gain in market share. The Companys growth has been supported by strong and continuously advancing research, development, and engineering capabilities.
A customer-centric approach, with a sharp focus on performance and life-cycle cost, has enabled the Company to set industry benchmarks in turbine efficiency, durability, and uptime. As a result, Triveni Turbines ranks among the top two global players in a technically demanding market traditionally dominated by large multinationals. The Company also holds a strong leadership position in renewable-fuel- based segments, including biomass, Waste-to-Energy (WtE), and Waste Heat Recovery (WHR).
The focus of TTLs R&D division, in FY 26, has been on:
• Strengthening platforms with higher efficiency, robustness, and ease of operation
• Expanding variable-speed turbine offerings for drive applications, including Boiler Feed Pump (BFP) drives, to meet evolving operational flexibility and efficiency requirements
• Developing higher megawatt (MW) class turbines for oil & gas and petrochemical industries, fully compliant with applicable API standards, to address critical process and reliability demands
• Delivering advanced, high efficiency aero solutions with a strong focus on product reliability and robustness, validated through in-house and external testing in collaboration with European universities and deep domain experts
• Advancing sustainable technologies into successful commercial projects by scaling validated solutions and embedding low emission, energy efficient capabilities into deployable industrial offerings Triveni Turbines is further strengthening this focus through sustained investments of around 5% of revenue in innovation and technology-led initiatives, including new product development, advanced engineering and design capabilities, technology innovation, testing infrastructure, and component- level intellectual property. This ongoing effort is expanding the product portfolio and enhancing the Companys ability to address evolving customer requirements across segments.
Investing in Steam Turbines for Combined Heat and Power Applications (CHP)
Over the past 50+ years, Triveni Turbines has developed steam turbine solutions for industrial heat and power applications worldwide, with core expertise in decentralised, steam-based renewable turbines up to 100 MW. Its cogeneration solutions utilise low-pressure steam to simultaneously produce heat and electricity, reducing power costs by 14-15% compared to IPPs, while ensuring continuous energy supply. Rising electricity demand and increasing focus on biomass, waste-to-energy, and waste heat recovery are further driving the adoption of cogeneration as a sustainable and cost- efficient solution
Expanding Variable Speed Turbine Offerings for Drive Applications
Building on its strong foundation in industrial steam turbines. TTL has expanded its portfolio of variable speed turbine solutions for critical drive applications, including Boiler Feed Pump (BFP) drives and compressor drives. These solutions are engineered to deliver enhanced operational flexibility, improved part load efficiency, and superior controllability across varying process conditions. By integrating robust mechanical design with advanced control philosophy, Triveni Turbines variable speed turbines enable customers to optimise energy consumption while maintaining high reliability in demanding operating environments.
Higher MW Turbines for Oil & Gas and Petrochemical Industries (API Compliant)
Triveni Turbines continues to strengthen its presence in the global oil & gas and petrochemical markets through development of higher megawatt class turbines, including direct drive machines that are fully compliant with applicable API standards. These turbines are designed to meet stringent requirements on reliability, safety and maintainability, demanded by critical applications such as compressors, pumps, and generators. With advanced steam path designs and robust rotor systems, TTL continues to win international orders, recently delivering several API 612 units to the Middle East, underscoring the growing global confidence in its heavv-dutv solutions.
Advanced Aero Solutions with Proven Reliability and Robustness
Triveni Turbines delivers high-efficiency aerodynamic solutions that balance cutting-edge performance with longterm mechanical robustness. Its optimised blade profiles and refined stage designs undergo systematic validation at both n-house facilities and prestigious external laboratories. By collaborating with leading European universities and global subject matter experts, the Company ensures high-fidelity verification of structural integrity, aerodynamic performances and operating margins across a wide spectrum of operating conditions, both design and off design.
Energy Transition Projects
Energy Storage System: Triveni Turbine Limited has secured a significant energy transition system contract with NTPC Limited to instal Indias first CO, Energy Storage System at the NTPC, Kudgi Super Thermal Power Plant in Karnataka. The technology is notable for its long storage duration, minimal degradation, and a lifespan exceeding 25 years. The project is currently at proof-of-concept (POC) stage, and a successful demonstration will position C02- based ESS as a viable, geography-agnostic alternative to Pumped Storage Projects (PSP) at scale.
Heat Pump: Triveni Turbines has successfully developed Indias first CO,-based high-temperature industrial heat pump, delivering hot water and simultaneously providing chilled water from a single electrified system. Designed and manufactured entirely in India, it was tested at TTLs dedicated Heat Pump Test Centre in Bengaluru and met all performance benchmarks under tropical conditions. This heat pump serves any process industry requiring heat, especially where simultaneous cooling adds value: food & beverage, dairy, pharmaceuticals, textiles, distilleries, chemicals, pulp & paper, and district heating/cooling.
Notable Orders
During the year, Triveni Turbines secured multiple orders for variable speed turbine solutions for critical drive applications, ncluding Boiler Feed Pump (BFP) drives across power and ndustrial sectors.
The Company continued to register significant order wins in the higher MW range, including direct drive for oil & gas and petrochemical applications, with turbines compliant to stringent API norms
Triveni Turbines made important commercial progress in sustainable technology programmes, securing landmark projects in C02 based turbine and mechanical vapour recompression (steam compressor).
In-House Testing & Validation
To sustain its leadership in delivering high-thermal efficiency and mechanically-reliable turbine solutions, Triveni Turbines continues to invest in advanced laboratory and load-testing capabilities. Key turbine modules are currently being tested at a leading German university laboratory (Stuttgart) using state- of-the-art aerodynamic and blade path flow instrumentation complemented by comprehensive mechanical reliability measurements covering vibration, stresses, thermal behaviour, and rotor-bearing dynamics. These tests provide deep nsights into internal flow physics and structural responses. The outcomes of this extensive testing programme are being used to validate predicted performance, and to systematically correct and refine TTLs thermal, CFD, and structural design tools, thereby strengthening their robustness and accuracy and enabling further improvements in efficiency and longterm mechanical reliability.
In parallel, an operational load test facility for both backpressure and condensing turbines has been established under the guidance of German and Italian academic partners. These turbines are equipped with state-of-the- art measurement equipment to provide deep insight into machine behaviour under operating conditions. Additionally, substantial progress has been made in expanding TTLs in-house Load Test Centre, targeted for operational-readiness in FY 27, thus reinforcing the Companys commitment to robust product development, performance validation, and reliable operational design.
Intellectual Property Rights
The Companys R&D efforts consistently produce significant Intellectual Property (IP), which is vital to maintaining its technological lead and competitive edge. Protecting these innovations is a top priority, and a dedicated IP team works closely with R&D - from the initial idea through to manufacturing, to ensure that all valuable assets are secured.
To safeguard its portfolio, the Company follows a comprehensive IP strategy that involves active patent and design registrations worldwide. While there is a strong focus on expanding its footprint in India, protection is also being secured in Europe, Southeast Asia, the UK, and the USA, with plans for further international expansion.
As of March 31, 2026, the Company has reached 418 global IPR filings, with many rights already granted in India and abroad. These filings are concentrated in key areas like turbomachinery and CO,-based power systems, reinforcing the Companys leadership and commitment to protecting its proprietary technologies globally.
IT & DIGITALISATION
FY 26 marked a significant year in TTLs digital transformation journey, as the organisation progressed from technology stabilisation to enterprise-wide value realisation. Building on a robust digital foundation, TTL accelerated the adoption of data-driven decision-making, process automation, customercentric digital platforms, cybersecurity enhancements, and emerging technologies including Artificial Intelligence.
Key achievements:
? Customer Experience Transformation: Continued enhancement of Salesforce-based platforms enabled improved customer engagement, knowledge management, service responsiveness, and seamless management of the customer lifecycle, resulting in enhanced operational efficiency and customer satisfaction.
? Data & Analytics Enablement: Expansion of enterprise analytics through Power Bl empowered business functions, including Sales, Manufacturing, Finance, HR and Service with real-time insights, supported faster and more informed decision-making across the organisation.
? Digital Process Excellence: Wider adoption of digitised workflows, paperless approvals, and integrated business processes improved governance, operational efficiency, audit readiness, and organisational agility.
? Digital Manufacturing & Innovation: Continued strengthening of digital manufacturing capabilities through enhanced data visibility, process monitoring, and exploration of advanced technologies helped mprove operational excellence and equipment reliability.
? Artificial Intelligence & Future-Readiness: Launch of strategic Al adoption initiatives and identification of multiple use cases were aimed at improving productivity, reliability, decision support, and knowledge management, while establishing a foundation for responsible Al adoption across the enterprise.
? Cybersecurity & Digital Trust: Strengthened cybersecurity controls, secure-by-design practices, and enhanced identity and access management capabilities further improved organisational resilience, data protection, and risk management.
Through these initiatives, TTL continued to strengthen its digital capabilities, creating a scalable and secure technology foundation that supports innovation, operational excellence, and sustainable growth.
People: Capability, Competence & Culture
During the year under review, the Company undertook a comprehensive strengthening of its Talent Management, Leadership Capability, and Performance Management systems to support its long-term growth strategy, technology leadership, and operational excellence. The focus areas included leadership hiring, succession planning, development of internal technical expertise, proactive talent banking, institute partnerships, enhancement of performance management systems, capability development, and embedding a Total Quality Management (TQM) culture across the organisation. These initiatives were reviewed and guided through structured governance mechanisms, including the Talent Management Committee.
Leadership & Critical Talent Acquisition
In alignment with the Companys strategic priorities, significant progress was made towards strengthening leadership capacity. Several senior and CXO-level positions were onboarded during the year, with additional roles either offered or under active hiring. To strengthen future leadership-readiness, four senior leaders were nominated to the Executive Development Programme conducted by XLRI, aimed at enhancing strategic thinking, enterprise leadership, and business acumen. This deliberate focus on leadership augmentation has enhanced strategic depth, strengthened governance, and improved readiness to support scale- up, diversification, and new business opportunities. The leadership hiring approach emphasised not only time-to-hire but also time-to-autonomy and enterprise risk mitigation.
Succession Planning & Leadership Pipeline
The Company continued to build a robust succession pipeline for business-critical and leadership roles. A structured, phased approach was adopted to identify critical positions, assess internal talent-readiness, and deploy targeted development interventions. During the year, a formal talent review and succession planning exercise identified critical organisational roles and key talent pools, with more than 25
high-potential employees across CEO-3 leadership levels included in focussed development interventions. Internal successors were identified for several key roles, supported by Individual Development Plans (IDPs), leadership development programmes, and external exposure. Where internal-readiness timelines necessitated, selective external hiring was planned to ensure business continuity. This approach has strengthened the Companys leadership bench strength while reducing long-term dependency on lateral hiring.
Building Internal Technical Expertise and R&D Capability
Recognising technology as a core competitive advantage, the Company invested significantly in developing internal subject matter experts across critical engineering and R&D domains. A structured, multi-phase capability-building programme was implemented, combining mentorship by global external experts with internal knowledge transfer through a Guru-Shishya model. During the year, 16 internal experts across R&D were identified and developed as Subject Matter Experts (SMEs), strengthening internal capability and reducing dependency on external specialists. The initiative covers advanced domains such as thermal engineering, CFD, rotor dynamics, testing and validation, product design across multiple capacity ranges, and emerging technologies. The programme aims to institutionalise knowledge and create a sustainable internal expertise pipeline.
Talent Bank & Proactive Workforce Planning
To support future growth and emerging business opportunities, the Company transitioned from a reactive "just-in-time" hiring model to a proactive "just-in-case" talent banking approach. It onboarded 14 Post Graduate Engineer Trainees (PGETs) from premier institutions, including NTs and NSc, and ensured early identification of niche lateral skills required for future businesses, such as gas turbine services, compressors, and aftermarket solutions. Structured training, rotational exposure, and real-world project integration were designed to accelerate readiness and improve time-to- autonomy.
Campus & Institute Partnerships
The Company expanded its campus engagement strategy beyond select premier institutions to build long-term partnerships with a broader set of high-quality engineering institutes. As part of its Industry-Campus Connect initiative, a structured six-month internship model was introduced for Graduate Engineer Trainees prior to formal onboarding, enabling early immersion into business operations and contributing to a 25% reduction in time-to-autonomy. Structured programmes, including internships, student connect sessions, campus ambassador initiatives, industrial visits, technical workshops, and faculty engagement, were launched. These initiatives aim to strengthen employer branding, improve offer-to-joining ratios, enhance the quality of entry-level talent, and establish the Company as a preferred industry partner with a "seat at the table" in key institutions.
Learning, Capability Building & Performance Management
Capability development continued to remain a key priority, with over 45,000 learning man-hours delivered across technical, functional, behavioural, and leadership domains. More than 450 instructor-led and digital learning sessions were conducted through internal and external faculty, resulting in an average of over four learning man-days per employee. Approximately, 80% of learning investments were directed towards lateral employees and 20% towards Graduate Engineer Trainees, ensuring balanced development of present and future talent pools.
During the year, the Company also initiated a comprehensive redesign of its Performance Management System in partnership with an external expert. The objective is to realign Job Descriptions, KRAs, and KPIs with business strategy, clarify role accountability, introduce outcome-oriented and SMART metrics, and strengthen cross-functional alignment. The initiative also addresses governance, weightage prioritisation, review mechanisms, and leadership capability for effective KPI ownership. This transformation is expected to significantly improve performance transparency, leadership effectiveness, and linkage between individual performance and business outcomes.
Talent Retention
Reflecting the effectiveness of the Companys talent management practices, employee value proposition, and development initiatives, annual attrition remained at a healthy 8%, supporting organisational stability, retention of critical capabilities, and continuity of institutional knowledge.
Developing a Quality Mindset & TQM Culture
The Company formally launched its Total Quality Management (TQM) journey as a systemic, organisation-wide commitment to excellence. Anchored around customer focus, leadership commitment, employee involvement, process-centricity, integrated systems, and continuous improvement, the TQM framework is supported by foundational aspects such as data-driven decision-making, standardisation, training, and cross-functional collaboration. Multiple quality initiatives leadership workshops, internal trainer development, and measurable quality metrics have been rolled out to embed a sustainable quality culture, with direct impact on customer satisfaction, cost of poor quality, and operational efficiency.
Employee Engagement - Sangam Trophy 2025
The Sangam Trophy marked the successful launch of a flagship sporting initiative, bringing together employees from the Sompura and Peenya locations through a four- day tournament designed to promote collaboration, healthy competition, and a sense of community across the organisation. The event witnessed enthusiastic participation, with 21 teams representing diverse functions, including Finance, R&D, Sales and Marketing, Technology, Assembly, Site Execution, and Operations, competing in a structured knockout format. Hosted at a professionally managed venue with professional umpires and real-time scoring through the CricHeroes application, the tournament offered a high-quality sporting experience.
A key highlight was the friendly exhibition match between CXOs and participating team members, reinforcing a culture of inclusivity, accessibility, and leadership connect. The inaugural edition had a positive impact on employee morale, teamwork, well-being, and cross-functional engagement beyond the workplace. Building on its success, the next edition of the Sangam Trophy was scheduled for May 1, 2026 with the objective of further strengthening camaraderie and organisational unity.
Outlook
The Company believes its competitive advantage is built on leadership depth, technical excellence, and a future-ready talent pool. This years initiatives have further strengthened the foundation for innovation, quality, and resilient growth. Looking ahead, the Company remains committed to enhancing internal capabilities, accelerating leadership readiness, deepening technical expertise, and aligning its performance culture with evolving business priorities to support long-term sustainable growth.
Corporate Social Responsibility (CSR)
CSR objectives and vision
Triveni Turbines continues to position itself as a "Company with Conscience" actively and consistently working to support the social and economic advancement of the communities it serves. The Company targets deprived, underprivileged, and differently abled individuals through meaningful and high impact programmes. It firmly believes that sustainable business success is rooted in giving back to society and operating in an environmentally responsible manner.
Triveni Turbines remain committed to enhancing peoples lives and enabling their holistic development through focussed initiatives in Healthcare, Education & Training, Sustainable Environment, Promoting Sports and Technological Innovation and Development. During FY 26, the Company designed and executed a comprehensive set of CSR programmes aimed at creating maximum positive impact on its target beneficiaries, in collaboration with credible and experienced implementation partners.
Driven by a strong sense of corporate citizenship, Triveni Turbines aspire to be a socially responsible organisation that contributes to inclusive and equitable development for society at large. The Company also strives to embed social and environmental considerations into its core business operations, reflecting a heightened commitment at all organisational levels to conduct business in an economically, socially, and environmentally sustainable way.
CSR focus areas
Given the wide range of pressing needs across Indias diverse society - driven by gaps in education, awareness, and access to an affordable, quality life - the Company has prioritised specific focus areas aimed at improving the well-being of people in FY 26.
I. Education and training
The Company extended support to Dharithree Trust and Aruna Chetana in Bengaluru, Karnataka, which offers a comprehensive suite of therapeutic services for children with multiple disabilities. These services - encompassing physiotherapy, speech therapy, yoga therapy, and vocational training - play a crucial role in strengthening the childrens physical and emotional well-being. Through this partnership, the children received meaningful assistance that helped enhance their quality of life, build self-confidence, and foster greater independence.
Triveni Turbines also partnered with Karnataka German Technical Training Institute (KGTTI) wherein machines/ equipments were donated for industry-aligned technical skill development, vocational training, and improved access to quality workforce education.
The Company also extended support to Peenya Government School and Government Model Primary School in Bengaluru. This support encompassed a range of initiatives, including technology upgrades, infrastructure improvements, and assistance with teachers salaries, all designed to strengthen the overall learning environment for students. The focus was on fostering a safer, more modern, and inclusive atmosphere in these schools.
During the year, Triveni Turbines continued its support to Ananta Aspen Centre in New Delhi, which hosted roundtable masterclasses on advanced technologies and geopolitical trends for college and university students. As technological transformation accelerates across sectors such as artificial intelligence, space systems, and next-generation energy, there is a growing need for focussed platforms that surface key technical developments alongside their geopolitical economic, and regulatory dimensions. Supported by Triveni Turbines, this initiative resulted in guidance for collaboration and policy thinking at the frontier of Indias technological future. It provided students with a unique opportunity to engage directly with leading practitioners and researchers in the fields of geopolitics, emerging technology, and strategic studies.
The Company also supported Commit2Change, an organisation dedicated to driving sustainable impact by empowering vulnerable and at risk adolescent girls across India and South Asia through education. The programme has played a key role in strengthening girls futures by funding adaptive learning and life skills initiatives at Centre for Social Service, Hyderabad. These interventions are enabling young girls to realise their potential and contribute to transformative change in their communities.
Triveni Turbines supported "The Akshaya Patra Foundation" by contributing a corpus of funds for equipment at its centralised kitchen in Hyderabad. Akshaya Patra runs a broad spectrum of welfare initiatives, including the provision of free meals in government hospitals, schools, and market yards, as well as subsidised food services through collaborations with government agencies. These efforts are powered by a network of advanced centralised community kitchens. With the addition of new equipment, the kitchen has seen a substantial increase in the number of meals served, along with improved quality and higher standards of hygiene in food preparation.
II. Technology
TTL has further broadened its support to the Indian Institute of Science (NSc), with an emphasis on fostering innovation and accelerating technological advancement. Through this collaboration, the Company aims to make a meaningful and significant contribution to Indias economic growth, environmental sustainability, and social progress. By fostering a culture of innovation, research, and responsible development, the Company seeks to accelerate the creation of breakthrough technologies and solutions that address critical challenges across industries. The collaboration will promote sustainable practices, resource efficiency, and inclusive growth, while supporting Indias transition towards a greener and more future-ready economy.
III. Healthcare
Triveni Turbines partnered with a long-standing charitable hospital in North Delhi to provide comprehensive screening, assessment, and therapy services for children aged 6 months to 16 years facing developmental and behavioral challenges. This collaboration ensured that children received timely and essential care, enabling early intervention and more effective support.
The Company also extended support to Sompura Government Hospital for the enhancement of its healthcare infrastructure. The initiative facilitated a range of civil and facility upgrades designed to improve the quality of medical services and create a more comfortable and conducive environment for both patients and hospital staff.
IV. Environmental Sustainability - Water Management
The Company has partnered with CM to develop and deploy research based tools and methodologies for designing water resource management frameworks at the watershed level. These efforts include WATSCAN, an IT-enabled, GIS and remote sensing based Decision Support System that integrates satellite data, on ground databases, and spatial- temporal information processed through millions of pixels on a GIS platform, supported by technical software such as ArcGIS and groundwater modelling tools. Building on advances in technology, it is intended to further strengthen capabilities by investing in next-generation techniques such as Al-driven engines, software enhancements, database upgrades, and new application tools. This will result in better management of surface and groundwater resources which can help ensure reliable water availability for communities, agriculture, and industry.
V. Promoting Rural Sports
TTL has collaborated with the India Youth Soccer Association (IYSA) to support children and youth playing football in villages and small towns across North India. The initiative meets the basic needs of a village academy by providing playing kits, footballs, bibs, cones, markers, ball bags, and essential sportswear, along with setting up basic infrastructure such as mini goalposts and facilitating coaching sessions and practice matches.
For number of beneficiaries, please refer Principle 8 of the Business Responsibility and Sustainability Report forming part of this Annual Report.
Financial Review
Consolidated Financial Statements
The consolidated financial results of the Group for FY 26, in comparison with the previous year, are summarised below. The statements have been prepared taking into account the results of TTLs subsidiaries, namely: Triveni Turbines (Europe) Private Limited (TTEPL), a wholly-owned subsidiary based in United Kingdom; Triveni Turbines FZCO (TTFZCO) (Formerly known as Triveni Turbines DMCC, a wholly-owned subsidiary based in Dubai; Triveni Turbines Africa (Pty) Ltd (TTAPL), a wholly-owned subsidiary based in South Africa; TSE Engineering (Pty.) Ltd (TSE), a wholly-owned subsidiary based in South Africa (w.e.f. October 30, 2025): Triveni Turbines Americas Inc (TTA) based in the United States of America; and Triveni Energy Solutions Limited (TESL), a wholly-owned Indian subsidiary. Further, the consolidated financial statements include the performance [accounted by using the equity method] of the joint venture (50% controlled) Triveni Sports Private Limited (TSPL).
These subsidiaries strengthen the global presence of the Triveni brand, enabling the Group to expand its market reach through deeper market insights, improved customer trust and loyalty, access to international resources, adherence to local regulations, and alignment with regional cultural and business practices. The outlook for the Groups subsidiaries, particularly those operating internationally, remains positive.
TTL has chosen to showcase its financial review for consolidated financial results to present a holistic view of the Groups financial performance.
| (Rs. in Million) | |||
Particulars |
2025-26 | 2024-25 | Change % |
Revenue from operations |
21,811 | 20,058 | 8.7 |
Other Income |
765 | 810 | (5.5) |
EBITDA |
5,268 | 5,177 | 1.7 |
EBITDA Margin |
24.2% | 25.8% | |
Profit before tax and exceptional items |
4,888 | 4,886 | 0.1 |
PBT Margin |
22.4% | 24.4% | |
PBT after exceptional item |
4,731 | 4,886 | (3.2) |
PBT margin % after exceptional item |
21.7% | 24.4% | |
PAT |
3,494 | 3,586 | (2.6) |
PAT Margin |
16.0% | 17.9% | |
Total Comprehensive Income |
3,659 | 3,604 | 1.5 |
These summarised financial results are based on the consolidated financial statements that have been prepared in accordance with Indian Accounting Standards (Ind AS), notified under the Companies Act, 2013 ("the Act"), and other relevant provisions of the Act.
Consolidated Financial Performance
During FY 26, the Company reported the highest-ever annual Revenue from Operations at Rs. 21,811 million - a growth of 8.7% as compared to FY 25, due to strong performance in product sales. The EBITDA of Rs. 5,268 million is higher than the previous years EBITDA of Rs. 5,177 million, showing an increase of 1.7%. EBITDA margins declined by -160 bps to 24.2% in FY 26 as against 25.8% in FY 25, primarily impacted by an adverse segment mix and execution of strategic orders during FY 26.
Revenue from Operations
During FY 26, product sales contributed 72.5% of the overall revenue, reflecting the execution of a strong order book, including strategic orders secured in the previous year, and registered a growth of 16.0% over FY 25. Aftermarket sales contributed 27.5% of the overall revenue, continuing to provide a stable and recurring revenue stream. The revenue in Product and Aftermarket sales segments is shown below:
| (Rs. in Million) | |||
Particulars |
2025-26 | 2024-25 | Change % |
Product Sales |
15,816 | 13,633 | 16.0 |
%Total Sales |
72.5% | 68.0% | |
Aftermarket Sales |
5,995 | 6,425 | (6.7) |
%to Total Sales |
27.5% | 32.0% | |
Total Sales |
21,811 | 20,058 | 8.7 |
Revenue growth in FY 26 was primarily driven by strong export performance. The Company sustained its export momentum despite global geopolitical uncertainties and tariff-led disruptions, with exports increasing by 30.1% year- on-year to Rs. 12.6 billion. Exports accounted for 57.7% of the full-year revenue, while the domestic business contributed 42.3%, reflecting the Companys diversified geographic revenue mix and balanced market presence.
The break-up of domestic and export sales, and the %change in sales mix, is shown in the table below:
| (Rs. in Million) | |||
Particulars |
2025-26 | 2024-25 | Change % |
Export |
12,581 | 9,670 | 30.1 |
%Total Sales |
57.7% | 48.2% | |
Domestic |
9,230 | 10,388 | (11.2) |
| %to Total Sales | 42.3% | 51.8% | |
Total Sales |
21,811 |
20,058 |
8.7 |
Other Income
Other Income has decreased by 5.5% over the previous year, due to lower interest income from bank deposits and reduced returns on mutual fund investments amid a declining interest rate environment..
Expenses
Cost of Goods Sold
(Rs. in Million) |
|||
Particulars |
2025-26 | 2024-25 | Change % |
Raw material consumption and change in inventories |
11,593 | 10,002 | 15.9 |
Subcontracting charges |
715 | 893 | (20.0) |
| 12,307 | 10,895 | ||
Percentage of Sales |
56.4% | 54.3% | 3.9 |
Cost of goods sold, i.e. raw material cost, changes in inventory, and sub-contracting charges as percentage of sales, increased to 56.4% as against the previous years 54.3%, due to lower aftermarket revenue including execution of strategic orders.
Employee Cost
The Companys employee expenses increased by 6.3% over FY 25. At the same time, stronger digital initiatives and automation have contributed to improved efficiency and greater customer satisfaction.
Other Expenses
Other expenses (excluding subcontracting charges) increased by 8.6% year-on-year, largely driven by manufacturing, administrative, and selling costs. While manufacturing expenses rose in line with higher production levels, administrative costs expanded with business growth. A significant contributor to the increase was the Companys enhanced focus on R&D and digitalisation.
The increase in R&D investment reflects a strategic push towards innovation, process improvement, and technology adoption, which is expected to strengthen longterm competitiveness.
Additionally, increased export activity led to higher selling expenses. Overall, the rise in administrative and selling costs aligns with the scale of operations in FY 26, and is partly influenced by general inflation.
Balance Sheet
Major items, including where significant changes have taken place during the year, are explained hereunder.
Non-Current Assets
Property, Plant and Equipment (PPE), Capital Work-in- Progress & Intangible assets
Total additions to PPE and intangible assets, excluding ROU assets, made during the year stood at Rs. 673 million. This comprises mainly the investment in infrastructure of corporate office, plant and machinery, and extension of manufacturing and testing facility at Sompura which is under Capital work in progress. Addition to intangible assets was mainly in R&D design and new product related software.
Current Assets Inventories
Total inventories at the year-end stood at Rs. 2,443 million, as against Rs. 1,948 million in the previous year. The increase was primarily on account of planned purchases driven by the scaling up of operations, supported by a higher order book and a strong pipeline of orders.
Trade Receivables
Trade receivables increased to Rs. 6,391 million from Rs. 3,632 million in the previous year. The rise is primarily attributable to the execution of certain long-gestation strategic projects resulting in higher year-end billing.
Other Financial Assets (Current and Non-Current)
Other financial assets increased to Rs. 4,182 million in FY 26 from Rs. 3,755 million in the previous year. The rise was primarily driven by higher investments in bank deposits with maturities exceeding 12 months, which has been disclosed as non- current financial assets.
Other Current Assets
Other current assets increased to Rs. 2,097 million in FY 26 from Rs. 544 million in the previous year. This rise is mainly attributable to the unbilled portion of a turnkey project, where revenue has been recognised based on the percentage of completion method. The corresponding billing is scheduled post year-end, in accordance with milestone-based payment terms. Further, higher export incentives and Goods & Services Tax receivable from government authorities also led to increased other current assets.
Non-Current Liabilities
These mainly comprise certain long-term and short-term provisions towards employee benefits, as mandated by relevant provisions of Ind AS, warranty etc., which are made in the normal course of business.
Current Liabilities
Current liabilities mainly consist of trade payable for purchase of goods and services, and advances from customers. Trade payable increased to Rs. 5,581 million, in view of higher purchase price of raw material and components to cater to the production needs with respect to the orders in hand. Further, accrued project cost in respect of turnkey project has led to higher trade payable by Rs. 1,021 million.
Payments to these vendors are not contractually as at the year end and will be paid by the due date.
Other major components of current liability are advances from customers, which increased by Rs. 221 million as compared to FY 25 due to the order booking expansion.
Ratios |
FY 26 | FY 25 | Change % | Remarks |
Return on Equity |
4 26.22% | 32.89% | (20.36) | Return on equity is lower due to lower profit during the year |
Operating Margin (EBIDTA/Sales) |
* 24.15% | 25.81% | (6.42) | Operating margins got impacted due to segment mix and execution of strategic order |
Net Profit Margin (PAT/Sales) |
416.02% | 17.88% | (10.39) | Net profit ratio is lower due to lower profit during the year impacted by exceptional item incurred. |
Inventory Turnover |
4- 5.28 | 4.75 | 11.16 | Inventory turnover is higher due to increased turnover and better supply chain management. |
Debtors Turnover |
4.35 | 7.41 | (41.26) | Debtors turnover is lower due to increased average trade receivables |
Current Ratio |
1.98 | 2.22 | (10.87) | Current ratio is lower due to decrease in cash and investment balance |
Indicates adverse ratio movement from previous year
* Indicates favourable ratio movement from previous year
The calculation of the above ratio is based on the consolidated financial statements of the Group as per the formulae used (described below), and not necessarily in accordance with the formulae prescribed by the Guidance note on Schedule III issued by The Institute of Chartered Accountants of India.
• Return on Equity : PAT divided by average total equity
• Operating Margin: EBITDA divided by revenue from operations
• Net Profit Margin: PAT divided by revenue from operations
• Inventory Turnover Ratio: Cost of materials consumed, and changes in inventories of finished goods and work- in-progress divided by average inventories.
• Debtors Turnover Ratio : Revenue from operations divided by average trade receivables
• Current Ratio : Current assets divided by current liability
Headline figures for consolidated financial statements duly compared with standalone are provided hereunder:
| (Rs. in Million) | ||
Particulars |
Standalone | Consolidated |
Revenue from operations |
20,097 | 21,811 |
Profit before tax and before exceptional items |
4,703 | 4,888 |
Profit after tax |
3,367 | 3,494 |
Standalone Financial Statements
The financial results of the Company for FY 26, as compared with the previous year, are summarised hereunder:
| (Rs. in Million) | |||
Particulars |
2025-26 | 2024-25 | Change % |
Revenue from operations |
20,097 | 17,952 | 11.9 |
Other Income |
632 | 724 | (12.6) |
EBITDA |
4,983 | 4,817 | 3.5 |
EBITDA Margin |
24.8% | 26.8% | |
Profit before Tax and exceptional items |
4,703 | 4,581 | 2.7 |
PBT Margin |
23.4% | 25.5% | |
PAT |
3,367 | 3,744 | (10.0) |
PAT Margin |
16.8% | 20.9% | |
Total Comprehensive Income |
3,309 | 3,715 | (10.9) |
KEY RISKS, CONCERNS AND MITIGATION
Triveni Turbines operates in the global turbomachinery and industrial-energy equipment sector, and its performance is influenced by key developments in international energy markets, cross-border supply chains, technology transitions, and project-execution environments. The Company follows a proactive risk management strategy to protect its business and assets from global and domestic volatility and vagaries. Its Risk Management Committee reviews the enterprise risk landscape on a structured basis and oversees mitigation. The key risks assessed as capable of materially affecting the business, together with the steps taken by the Company to navigate and manage them, are set out below.
Geopolitical Instability and
Order Inflow
Heightened geopolitical instability across several key markets-most notably the Middle East - is expected to weigh on order finalisations. Deferred customer purchasing decisions amid macroeconomic and geopolitical uncertainty may slow order inflow, drive an adverse product-mix shift, and impact near- term profitability.
Mitigation strategy:
• Accelerating pipeline development in more conflict-resilient geographies, including the Americas, Europe and Southeast Asia, and diversifying product and geographical mix
• Deploying rolling demand forecasts to capture pent-up demand as conditions normalise, alongside disciplined containment of discretionary spend
Aftermarket, Spares and
Service Continuity
Regional instability and travel restrictions in the Middle East have led to deferral of spares despatch schedules and service engagements, affecting revenue in the relatively higher-margin aftermarket. Order finalisations in the refinery-driven (API) segment may also face postponement in FY 27.
Mitigation strategy:
? Reprioritising spares pipeline towards nonconflict geographies, accelerating domestic aftermarket push, exploring alternative service-delivery models for restricted regions, and reallocating field-service resources to accessible markets
• Pivoting API segment growth towards boiler- feed-water drive applications domestically, targeting revival in H2 FY 27 as regional refineries prepare for operational restarts
Supply Chain, Logistics and Receivables
Middle East logistics disruptions - including container-freight-station congestion, delivery variability and higher landed costs - together with slower receivables collection, are placing pressure on supply-chain continuity, despatch schedules, and working capital. They also threaten continuity of critical raw-material supply, including industrial gases essential to casting and forging operations and petroleum-based inputs used in coatings.
Mitigation strategy:
• Exploring alternate routing and ex-works contracting to transfer logistics risk, with air freight reserved for time-critical despatches
• Deploying milestone- and inspection-linked payment structures to de-risk receivables
• Adopting geo-diversified sourcing, fuelswitching capability at furnaces; and strategic buffer inventory of critical materials and bought- out components
Tariffs, Input Costs
and Currency
Uncertainty around import tariffs in the US, alongside the time required to establish TTLs brand presence in that market, could compress margins on imported components and extend the breakeven timeline for the US business. Input-cost inflation and foreign- exchange volatility present additional pressure on profitability.
Mitigation strategy:
• Accelerating US sales hiring for deeper market penetration, negotiating tariff pass-through arrangements with customers, and exploring local sourcing to limit import-duty exposure
• Closely monitoring Input costs, and substantially passing increases to customers
• Revisiting hedging policy, taking hedging decisions on case-by-case basis
Technology Maturity and New Product Introduction
Deployment of emerging, lower-maturity technologies across materials, aerodynamics, sealing and controls in turbomachinery design carries the risk of performance shortfalls, design delays, or higher development costs. Pending validation of the Companys next-generation product series also constrains the near-term addressable market and competitive positioning.
Mitigation strategy:
• Enforcing technology-readiness maturity gates with phased validation and proven fallback designs for safety-critical components, supported by enhanced testing protocols and conservative design margins
• Fast-tracking validation and commercial introduction of new product series, using external domain expertise where required
Project Execution
TTL undertakes complex engineering and project execution assignments, including deployment of emerging technologies and customised solutions. Delays arising from engineering challenges, customer dependencies, technology integration issues, supply chain constraints, or changes in project scope may result in cost overruns, liquidated damages, margin erosion and working capital pressures. Execution risks are higher in first-of-a-kind projects and innovative energy transition applications.
Mitigation strategy:
? Undertaking daily work-management reviews with real-time issue resolution, weekly crossfunctional alignment and dedicated engineering coordination with the technology partner on interdependencies
? Actively taking up commercial items such as changes in the bill of quantities with counterparties
Product Reliability, Quality and Field Performance
Gaps in design, material selection or life analysis during development could, in adverse cases, lead to rotor or blade distress, with attendant safety and operational consequences. While critical field defects have reduced through root-cause interventions, the broader level of customer issues remains elevated and requires sustained attention, and any persistent gap between contractually committed and field-achieved turbine performance could affect acceptability with EPC contractors and repeat-order conversion.
Mitigation strategy:
• Applying comprehensive life assessments covering stress, fatigue, creep and overspeed, independent expert design reviews, and mandatory overspeed and endurance testing with conservative safety margins
• Addressing quality at source through a manufacturing-transformation programme, targeted rapid-response interventions, and a supply-chain-management transformation
• Uitilising zero-gap efficiency programme with validated thermal tools and introduction of upgraded product series to close the performance gap
• Closely monitoring cost of poor quality
Cyber Security
TTL faces standard manufacturing, loT, and operational technology (OT) cyber risks, including potential supply chain attacks, intellectual property (IP) theft, and ransomware. With increased industrial automation, the risk of malicious cyberattacks becomes more defined.
Mitigation strategy:
• Risk Management Committee overseeing and evaluating cyber security risks, enforcing strict data protection, ensuring compliance with local privacy laws, and undertaking regular system audits
• Maintaining IT best practices and product safety regulations to prevent any serious threat to the Companys digital systems.
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
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2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, IA SEBI Regn. No: INA000000623, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
