Triveni Turbine Limited has informed the Exchange about Investor Presentation
REF: TTL: SE: 11/03
Date: November 10, 2025
By E-filing
BSE Limited P.J. Tower, Dalal Street, Fort, Mumbai - 400 001 Thru: BSE Listing Centre STOCK CODE: 533655
Dear Sir/Ma’am,
National Stock Exchange of India Limited Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051 Thru: NEAPS STOCK CODE: TRITURBINE
Subject: Investors’ brief and Investors’ presentation for the 2nd quarter and half year ended
on September 30, 2025
Pursuant to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith (i) Investors’ brief; and (ii) Investors’ presentation on the performance of the Company for the 2nd quarter and half year ended on September 30, 2025.
The same has also been made available on www.triveniturbines.com.
the website of
the Company at
You are requested to take this information on record.
Thanking you,
Yours’ faithfully For Triveni Turbine Limited
Pulkit Bhasin Company Secretary M. No. A27686
Encl: A/a
Registered office: A-44, Hosiery Complex, Phase-II, NOIDA 201 305, Uttar Pradesh Corporate office: Express Trade Towers, 8th floor, Plot No.- 15-16, Sector 16A, Noida 201301 Manufacturing Facility: 12A, Peenya Industrial Area, Peenya, Bengaluru 560 058
CIN : L29110UP1995PLC041834
Key Highlights of the quarter:
➢ Revenue at ₹ 5.06 billion, an increase of 1% y-o-y
➢ EBITDA at ₹ 1.33 billion, an increase of 1.5% y-o-y
➢ EBITDA margins of 26.3%, an increase of ~20 bps y-o-y
➢ Profit Before Tax (PBT) at ₹ 1.25 billion, up 0.4% y-o-y
➢ PBT margin of 24.6%, a decline of ~20 bps y-o-y
➢ Profit After Tax (PAT) at ₹ 914 million, an increase of 0.4% y-o-y
➢ Record Order booking of ₹ 6.52 billion during the quarter, an increase of 14% y-o-y
➢ Record outstanding carry forward order book as on September 30, 2025, at ₹ 22.20 billion, an
increase of 24% y-o-y
➢ Investments including Cash at ₹ 9.78 billion
Bengaluru, November 10, 2025: Triveni Turbine Limited (TTL) a focused, growing and
market-leading corporation having core competency in the area of industrial heat & power solutions and
decentralized steam-based renewable turbines up to 100 MW size; today announced the performance
for the second quarter and half year ended September 30, 2025 (Q2 / H1 FY 26).
Performance Summary (Consolidated) (All figures in ₹ million, unless otherwise mentioned)
Q2 FY 26
Q2 FY 25 % Change H1 FY 26
H1 FY 25 % Change
Revenue from Operations
5,062
EBITDA
EBITDA Margin
PBT
PBT Margin
Consolidated PAT
1,330
26.3%
1,246
24.6%
914
Consolidated PAT Margin
18.1%
EPS (₹/share)
2.87
5,011
1,310
26.1%
1,241
24.8%
910
18.2%
2.85
1.0%
1.5%
0.4%
0.4%
8,775
2,288
9,644
2,460
26.1%
25.5%
2,119
24.1%
1,558
2,319
24.0%
1,714
17.8%
17.8%
4.90
5.37
-9.0%
-7.0%
-8.6%
-9.1%
Commenting on the Company’s financial performance and recent developments, Mr. Dhruv M.
Sawhney, Chairman and Managing Director, Triveni Turbine Limited, said:
“The quarter under review showed improvement with Revenue from Operations of ₹ 5.06 billion,
EBITDA of ₹ 1.33 billion and Profit After Tax (PAT) of ₹ 914 million, all improving marginally on a y-
o-y basis. We are pleased to report record order booking of ₹ 6.52 billion during Q2 FY 26, up 14%
y-o-y, driven by robust domestic order booking. As a result, closing order book at end of September
30, 2025 stood at an all-time high of ₹ 22.20 billion, up 24% y-o-y. Over the past three years the
outstanding order book has nearly doubled, underscoring the Company’s strong market position,
consistent performance and is a testament to its sustained growth trajectory.
Domestic order booking grew by 52% y-o-y to ₹ 4.07 billion and contributed 62% of overall order
booking in the quarter. While export order booking declined by 19% y-o-y to ₹ 2.46 billion, impacted
by global trade uncertainties. However, enquiry pipelines remain robust and globally diversified,
providing good visibility for the near term.
On the Product side, order booking for the segment increased by 14% y-o-y to ₹ 4.54 billion. We
continued to witness strong momentum in domestic markets in segments of Steel, Sugar & Distillery
and Cement.
The Aftermarket business has been expanding its horizons through a wider array of customer solutions
going beyond industrial steam turbines to other rotating equipment, while expanding its global
footprint. During the quarter, the segment reported a record order booking of ₹ 1.99 billion which
included few marquee orders and led to a growth of 15% y-o-y when compared with the
corresponding period of previous year. The Aftermarket turnover was also a record ₹ 1.78 billion
during the quarter, an increase of 8% y-o-y. As a result, the Aftermarket segment contribution to
turnover enhanced to a robust 35% in Q2 FY 26, as compared to 33% in Q2 FY 25.
We recently announced the acquisition of the remaining 30% equity stake in TSE Engineering Pty.
Ltd. (TSE), South Africa for a cash consideration of ZAR 10.97 million (₹ 56 million). After
consummation of this acquisition, TSE shall become wholly owned step-down subsidiary of the
Company. This is in line with the Company’s strategic objective to consolidate its ownership and
strengthen operational control over its subsidiaries. This move will enable simplifying the Group
structure, enhance decision-making agility and alignment with the Group’s long-term business goals,
realize operational synergies and cost efficiencies through unified management and streamline
process.
The Company is confident of its new product and technology introductions, which in turn provide
visibility for healthy growth in the years to come. For the financial year under consideration (FY 26),
we expect the performance to be back-ended, leading to a growth outlook.”
PERFORMANCE REVIEW
Triveni Turbine Limited (TTL) is a focused, growing and market-leading corporation having core
competency in the area of industrial heat & power solutions and decentralized steam-based renewable
turbines up to 100 MW size. TTL is among the leading manufacturers of industrial steam turbines globally.
Apart from manufacturing, the Company also provides a wide range of aftermarket services to its own
fleet of turbines as well as turbines and other rotating equipment such as compressors, pumps, etc. of
other makes supported by its team of highly experienced and qualified service engineers. The Company’s
ability to provide high-tech precision engineered-to-order solutions has made it one of the most trusted
names within the sector.
The consolidated result of the Company includes the results of wholly owned foreign subsidiaries namely
Triveni Turbines (Europe) Pvt. Limited (TTE), based in UK, with a 100% step down subsidiary Triveni
Turbines DMCC (TTD), based in Dubai, with a 100% step down subsidiary Triveni Turbines Africa (Pty)
Ltd (TTAPL), based in South Africa and the recently incorporated wholly owned foreign subsidiary namely
Triveni Turbines Americas Inc. (TTAI) based in the State of Texas, USA. Further, results also includes the
results of TSE Engineering (Pty.) Ltd, (TSE) (70% owned step-down foreign subsidiary) based in South
Africa. The consolidated results also include the results of domestic wholly owned subsidiary namely Triveni
Energy Solutions Limited (TESL) and the Joint venture Company namely Triveni Sports Private Limited
(TSPL).
Q2 FY 26 Performance Review:
• During the quarter under review, revenue from operations grew marginally by 1% y-o-y to ₹5.06 billion
• Domestic sales declined by 20% to ₹ 2.24 billion, while export sales increased by 27% to ₹ 2.82 billion.
• Exports contribution to sales increased to 56% in Q2 FY 26 as compared to 44% in Q2 FY 25.
• EBITDA increased by 1.5% to ₹ 1.33 billion, with EBITDA margin at 26.3% as against 26.1% in Q2 FY
25, indicating broadly stable operating performance.
• Profit After Tax (PAT) remained stable at ₹ 914 million, showing a marginal increase of 0.4% as
compared to ₹ 910 million in Q2 FY 25.
• The Company achieved record order booking of ₹ 6.52 billion in Q2 FY 26 as against ₹ 5.72 billion during
Q2 FY 25, a growth of 14% year on year, driven by strong domestic order inflows.
• Export order booking declined by 19% y-o-y to ₹ 2.46 billion, impacted by global trade uncertainties.
Domestic order booking grew by 52% y-o-y to ₹ 4.07 billion and contributed 62% of overall order
booking in the quarter.
• On the Product side, order booking for the segment increased by 14% y-o-y to ₹ 4.54 billion. The product
segment turnover was ₹ 3.29 billion during the quarter, a marginal decline of 2% over previous year.
• The Aftermarket segment registered order booking of ₹ 1.99 billion during the quarter, which was an
all-time high, registering a growth of 15% when compared with the corresponding period of previous
year. The Aftermarket turnover was a record ₹ 1.78 billion during the quarter, an increase of 8% y-o-y.
• Aftermarket contribution to turnover was a robust 35% in Q2 FY 26, as compared to 33% in Q2 FY 25.
• The total consolidated outstanding order book stood at a record ₹ 22.20 billion as on September 30,
2025, higher by 24% when compared to the previous year. The domestic outstanding order book stood
at an all-time high of ₹ 10.97 billion, which grew 55% as compared to the previous year. The export
outstanding order book stood at ₹ 11.23 billion as on September 30, 2025, up 3% y-o-y, contributing to
51% of the closing order book.
H1 FY 26 Performance Review:
• Revenue from operations declined by 9% y-o-y to ₹ 8.78 billion as compared to ₹ 9.64 billion in H1 FY
25.
• Domestic sales declined by 22% year-on-year to ₹ 4.12 billion, while the export turnover increased by
6% y-o-y to ₹ 4.65 billion.
• In H1 FY 26, the mix of domestic and export sales was 47:53, as compared to 55:45 in the previous
corresponding period
• EBITDA declined by 7% y-o-y to ₹ 2.29 billion in H1 FY 26 as against ₹ 2.46 billion in H1 FY 25
• EBITDA margins stood at 26.1% in H1 FY 26 as against 25.5% in the corresponding period of the
previous year.
• Profit After Tax declined by 9.1% year-on-year to ₹ 1.56 billion during the half year.
• The Company achieved total order booking of ₹ 11.88 billion in H1 FY 26 as against ₹ 12.08 billion during
H1 FY 25, a decline of 2% y-o-y.
• The domestic order booking during H1 FY 26 was a record ₹ 6.92 billion, an increase of 43% y-o-y.
• Domestic order booking contributed 58% of total order booking in H1 FY 26 as compared to 40% in H1
FY 25.
• The export order booking during H1 FY 26 was ₹ 4.96 billion, a decline of 31% as compared to the
previous year.
• On the Product side, order booking for the segment declined by 5% y-o-y to ₹ 8.43 billion. The product
segment turnover was ₹ 5.83 billion during the half year, a decline of 9% over the previous year.
• The Aftermarket segment registered healthy order booking of ₹ 3.45 billion during the half year, growing
by 7% y-o-y. The Aftermarket turnover was ₹ 2.94 billion during the half year, a decline of 8% year-on-
year. Aftermarket contributed 34% of the total turnover in H1 FY 26, as compared to 33% in the previous
corresponding period.
OUTLOOK
• As a globally trusted energy innovator, Triveni Turbines, is well-positioned to sustain healthy
performance in the near-term after delivering a strong performance yet again in FY 25. This outlook is
supported by a robust order backlog in API and IPG (Industrial Power Generation) turbine segments, as
well as market expansion in high-potential regions. A robust domestic supply chain further enhances
competitiveness and ensures business continuity.
• Additionally, the Aftermarket business presents strong growth potential, driven by an expanded portfolio
of offerings, including spare parts, services and refurbishments targeting a wider customer base across
of rotating equipment encompassing steam turbines, gas turbines, utility turbines, and geothermal
turbines.
• The Company’s expanding presence in global markets, along with the increasing demand for renewable
energy, energy efficiency, waste-to-energy (WtE), and decentralized power solutions, continues to
present substantial growth opportunities for Triveni Turbines. The Company is confident that leveraging
these opportunities, both domestically and internationally, will enable it to maintain growth and
profitability in the coming years.
Summary of Consolidated Order book
(All figures in ₹ million, unless otherwise mentioned)
Particulars
Q2 FY 26 Q2 FY 25 % Var H1 FY 26 H1 FY 25 % Var
Opening Order Book
Domestic
Exports
Total
9,140
7,206
11,596
10,049
27%
15%
8,172
10,922
7,518
8,007
9%
36%
20,736
17,255
20%
19,094
15,525
23%
Mix of Exports
56%
58%
57%
52%
Product
17,836
14,505
Aftermarket
2,900
2,750
23%
5%
16,487
12,709
2,607
2,816
30%
-7%
Total
20,736
17,255
20%
19,094
15,525
23%
Mix of Aftermarket
14%
16%
14%
18%
Order booking
Domestic
Exports
Total
Mix of Exports
Product
Aftermarket
Total
Mix of Aftermarket
Sales
Domestic
Exports
Total
Mix of Exports
Product
Aftermarket
Total
Mix of Aftermarket
Closing Order book
38%
4,535
1,988
6,523
30%
2,242
2,820
30%
2,793
2,218
5,062
5,011
56%
3,286
1,776
5,062
35%
44%
3,361
1,650
5,011
33%
4,068
2,455
2,682
3,037
52%
-19%
6,918
4,960
4,843
7,239
43%
-31%
6,523
5,719
14%
11,878
12,082
-2%
53%
3,984
1,735
14%
15%
42%
8,432
3,446
60%
8,849
3,233
-5%
7%
5,719
14%
11,878
12,082
-2%
29%
27%
-20%
27%
1%
-2%
8%
1%
4,124
4,651
5,266
4,378
-22%
6%
8,775
9,644
-9%
53%
5,834
2,941
8,775
34%
45%
6,430
3,214
-9%
-8%
9,644
-9%
33%
Domestic
Exports
Total
10,966
11,231
7,095
10,868
55%
3%
10,966
11,231
7,095
10,868
55%
3%
22,197
17,963
24%
22,197
17,963
24%
Mix of Exports
51%
61%
51%
61%
Product
19,085
15,128
Aftermarket
3,112
2,835
26%
10%
19,085
15,128
3,112
2,835
26%
10%
Total
22,197
17,963
24%
22,197
17,963
24%
Mix of Aftermarket
14%
16%
14%
16%
About Triveni Turbine Limited
Triveni Turbine Limited (TTL) is a focused, growing and market-leading corporation having core competency in the
area of industrial heat & power solutions and decentralized steam-based renewable turbines up to 100 MW size.
The Company is amongst the leading manufacturers of industrial steam turbines both in India and globally. The
Company delivers robust, reliable and efficient end-to-end solutions. The Company’s ability to provide high-tech
precision engineered-to-order solutions has made it one of the most trusted names within the sector.
Triveni Turbines manufactures steam turbines at its world-class manufacturing facilities in Bengaluru, India and
assists its customers with their aftermarket requirement through its global servicing offices. With installations of
6000+ steam turbines across over 20 industries, Triveni Turbines is present in over 80 countries around the world.
It was demerged from its parent Company, Triveni Engineering and Industries Limited (TEIL) in 2010. TEIL held
21.85% equity capital of TTL since the demerger until 2022. On September 21, 2022 TEIL fully divested its stake
in TTL.
Triveni Turbine Limited offers steam turbine solutions for Industrial Captive and Renewable Power. The Company
provides renewable power solutions specifically for Biomass, Independent Power Producers, Process Co-generation,
Waste-to-Energy, Waste Heat Recovery and District Heating. Its steam turbines are used in diverse industries,
ranging from Sugar, Distilleries, Steel, Cement, Textiles, Chemicals, Oil & Gas, Pulp & Paper, Petrochemicals,
Fertilisers, Solvent Extraction, Metals, Palm Oil to Food Processing and more. Apart from manufacturing, the
Company also provides a wide range of aftermarket services to its own fleet of turbines as well as turbines and
other rotating equipment such as compressors, rotors, etc. of other makes supported by its team of highly
experienced and qualified service engineers.
Triveni Turbines’ market leadership has been built on a foundation of strong and continuously evolving research,
development and engineering capabilities. The customer centric approach to R&D, along with a keen focus on
delivered product and life-cycle cost has allowed Triveni Turbines to set benchmarks for efficiency, robustness and
up-time of the turbine. A strong internal team, strengthened by collaborative associations with globally leading
design and research institutions, has placed Triveni at the forefront of a technically challenging field dominated by
large multi-nationals.
For further information on the Company, its products and services please visit www.triveniturbines.com
Surabhi Chandna / Amit Shah Triveni Turbine Limited Ph: +91 120 4848000 E-mail: ir@triveniturbines.com
Gavin Desa / Rishab Brar CDR India Ph: +91 22 66451237/66451235 E-mail: gavin@cdr-india.com, rishab@cdr-india.com
Note: Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Triveni Turbine Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
TRIVENJ TURBINE LIMITED Regd. Office: A-44, Hosiery Complex, Phase II Extension, Naida, U.P. - 201 305 Corp. Office: 8th Floor, Express Trade Towe1·s, 15-16, Sector-16A, Naida, U.P - 201 301 CIN : L29110UP1995PLC041834
Statement of standalone unaudited financial results for quarter and six months ended September 30, 2025
Particulars
1. Revenue from operations 2. Other income Total income
3. Expenses
(a) Cost of materials consumed (b) Changes in inventories of finished goods and work-in-progress (c) Employee benefits expense (d) Finance costs (e) Depreciation and amortisation expenses (f) Other expenses
Total expenses 4. Profit before exceptional items and tax 5. Exceptional items [refer note 4] 6. Profit before tax 7. Tax expense:
- Current tax - Deferred tax Total tax expense 8. Profit after tax for the period/ veai· 9. Other comprehensive i.ncome/(loss) A. (i) Items that will not be reclassified to profit or loss
(ii) Income tax relating to items that will not be reclassified to profit or loss
B. (i) Items that will be reclassified to profit or loss
(ii) Income tax relating to items that will be reclassified to profit or
10. Total comprehensive income for the period/year 11. Paid up equity share capital (face value n/-) 12. Other equity 13. Earnings per share of� 1/- each - (not annualised)
(a) Basic (in�) (b) Diluted (in�)
See accompanymg notes to the standalone unaudited f111anoal results
(� in millions, except per share data) Year ended September June 30, 2025 September 30, September 30, September 30, Ma.r 31, 2025
Six Months ended
Quarter ended
30, 2025
2024
2025
2024
Unaudited Unaudited 3,446 189 3,635
4,786 152 4,938
2,590 (138) 450 2 61 698 3,663 1,275
1,275
341 (21) 320 955
(42) 11 (31) 924 318
3.00 3.00
1,638 113 479 7 60 448 2,745 890
890
212 8 220 670
(195) 49 (146) 524 318
2.11 2.11
Unaudited
Unaudited
Unaudited
Audited
4,688 176 4,864
2,259 247 430 7 51 659 3,653 1,211
1,211
312 (1) 311 900
(104) 26 (78) 822 318
2.83 2.83
8,232 341 8,573
4,228 (25) 929 9 121 1,146 6,408 2,165
2,165
553 (13) 540 1,625
(237) 60 (177) 1,448 318
5.11 5.11
8,642 344 8,986
4,103 566 821 15 101 1,237 6,843 2,143
2,143
533 16 549 1,594
(72) 18 (54) 1,540 318
5.01 5.01
17,952 724 18,676
9,252 576 1,711 22 214 2,320 14,095 4,581 360 4,941
1,319 (122) 1,197 3,744
(30) 7
(8) 2 (29) 3,715 318 10,020
11.78 11.78
TRIVENI TURBINE LIMITED Statement of standalone assets and liabilities
Particulars
ASSETS Non-current assets Property, plant and equipment Capital work-in-progress Intangible assets Financial assets
i.lnvestrnents in subsidiaries and joint venture ii.Other financial assets Other non-current assets Income tax assets (net) Deferred tax assets (net) Total non-cunent assets
Current assets Inventories Financial assets i. Investments ii Trade receivables iii.Cash and cash equivalents iv. Bank balances other than cash and cash equivalents v. Other financial assets
Other current assets Total current assets TOT AL ASSETS
EQUITY AND LIABILITIES
EQUITY Equity share capital Other equity Total equity
LIABILITIES
Financial liabilities i. Lease liabilities
Provisions Total non-current liabilities
Current liabilities Financial liabilities i. Lease liabilities ii. Trade payables
a) Total outstanding dues of micro enterprises and smaU enterprises b) Total outstanding dues of creditors other than micro enterprises and small enterprises
iii. Other financial liabilities
Other current liabilities Provisions Income tax liabilities (net) Total cmTent liabilities Total liabilities TOTAL EQUITY AND LIABILITIES
As at
(� in millions) As at
September 30, March 31,
2025 Unaudited
2025 Audited
2,929 43 53
415 124 132 66 125 3,887
2,818 14 24
415 12 23 36 52 3,394
2,376
1,919
3,313 4,210 390 462 3,806 899 15,456 19,343
2,689 3,543 340 1,701 3,377 505 14,074 17,468
318 10,835 11,153
318 10,020 10,338
239 115 354
248 150 398
19
9
866
2,225
579 3,332 550 265 7,836 8,190 19,343
835
2,195
239 2,623 466 365 6,732 7,130 17,468
Notes to the standalone unaudited financial results for the quarter and six months ended September 30, 2025
TRIVENI TURBINE LUviITED
1 The above standalone financial results have been prepared in accordance with Indian Accounting Standards as prescribed under Section 133 of the Companies Act,
2013 read with the Companies (Indian Accounting standards) Rules as amended from time to time and other relevant provisions of the Act .
2 The Company primarily operates in a single reportable segment - Power Generating Equipment and Solutions. Accordingly, there are no reportable segments as
per Ind AS 108.
3 The above unaudjted standalone financial results of the Company for the quarter and six months ended September 30, 2025 have been reviewed and recommended for adoption by the Audit Committee on November 09, 2025 and approved by the Board of Directors of the Company at their meeting held on November 10, 2025. The Statutory Auditors have carried out limited review of the above financial results.
4 During the year ended March 31, 2025, pursuant to the Hon'ble National Company Law Tribunal order on the reduction of share capital ofTriveni Energy Solutions Limited, a Wholly Owned Subsidiary of the Company,� 360 million of gain on account of such capital reduction has been presented as an exceptional item in the standalone audited financial results for the year ended March 31, 2025.
5 Subsequent to the quarter ended September 30, 2025, Triveni Turbines DMCC ('TTDMCC'), a wholly owned subsidiary of the Company, entered into a Share Purchase Agreement to acquire the remaining 30% equity interest in TSE Engineering Pty. Ltd ('TSE') for a cash consideration of� 56 million (ZAR 10.97 million). Following this h·ansaction, TSE became a wholly owned subsidiary of the Company.
For Triveni Turbine Limited
Place : Bangalore Date : November 10, 2025
TRIVENI TURBINE LIMITED Regd. Office: A-44, Hosiery Complex, Phase II Extension, Noida, U.P. - 201 305 Corp. Office: 8th Floor, Express Trade Towers, 15-16, Sector-16A, Noida, U.P - 201 301 CIN : L29110UP1995PLC041834
Statement of consolidated w1a udited financial results fo1· the quarter and six months ended September 30, 2025
Quarter ended Jw1e 30, 2025
September 30, 2025
September 30, 2024 Unaudited Unaudited Unaudited Unaudited Unaudited
September 30, 2024
September 30, 2025
Mar 31, 2025
Audited
(� in millions, except ier share data) Year ended
Six Months ended
Particulars
1. Revenue from operations 2. Other income Total income 3. Expenses
(a) Cost of materials consumed (b) Changes in inventories of finished goods and work-in-progress (c) Employee benefits expense (d) Finance costs (e) Depreciation and amortisation expense
(t) Other expenses
Total expenses
4. Profit before tax and share of profil/ (loss) in joii1t venture 5. Share of profit/(loss) of joint venture 6. Profit before tax 7. Tax expense:
- Current tax - Deferred tax Total tax expense
8. Profit after tax for the period/ year
Profit for the period attributable to: - Owners of the parent - Non-controlling interest
9. Other comprehensive income/(loss) A. (i) Items that wiU not be reclassified to profit or loss
(ii) Income tax relating to items that will not be reclassified to profit or los�
B. (i) Items that will be reclassified to profit or loss
(ii) Income tax relating to items that will be reclassified to profit or loss
Other comprehensive income/(loss) attributable to: - Owners of the parent - Non-controlling interest 10. Total comprehensive income for the period/year Total comprehensive income attributable to: - Owners of the parent - Non-controlling interest 11. Paid up equity share capital (face value� 1 /-) 12. Other equity 13. Earnings per share of� 1/- each - (not annualised)
(a) Basic (in�) (b) Diluted (in�)
See accompanymg notes to the consolidated unaudited fmanoal results
5,062 184 5,246
2,703 (206) 531 4 80 888
4,000
1,246 0 1,246
347 (15) 332 914
912 2
29 11 40
39 1 954
951 3 318
2.87 2.87
3,713 222 3,935
1,664 112 548 8 77 653
3,062
873 (1) 872
221 7 228 644
645 (1)
(177) 49 (128)
(130) 2 516
515 1 318
2.03 2.03
5,011 196 5,207
2,303 239 517 8 61 838
3,966
1,241
1,241
332 (1) 331 910
909 1
(72) 26 (46)
(47) 1 864
862 2 318
2.85 2.85
8,775 406 9,181
4,367 (94) 1,079 12 157 1,541
7,062
2,119 (1) 2,118
568 (8) 560 1,558
1,557 1
(148) 60 (88)
(91) 3 1,470
1,466 4 318
4.90 4.90
9,644 390 10,034
4,184 589 996 18 123 1,805
7,715
2,319
2,319
589 16 605 1,714
1,709 5
(23) 18 (5)
(6) 1 1,709
1,703 6 318
5.37 5.37
20,058 810 20,868
9,394 608 2,033 29 263 3,656
15,983
4,885 1 4,886
1,428 (128) 1,300 3,586
3,572 14
(30) 7 39 2 18
17 1 3,604
3,589 15 318 11,846
11.28 11.28
TRIVENI TURBINE LIMITED Statement of consolidated assets and liabilities
Particulars
ASSETS Non-current assets Property, plant and equipment Capital work-in-progress GoodwiU Other Intangible assets lnvesbnents accounted for using equity method Financial assets i. Other financial assets Other non-current assets Income tax assets (net) Deferred tax assets (net) Total non-current assets
Cun-ent assets Inventories Financial assets i. Investments ii. Trade receivables iii. Cash and cash equivalents iv. Bank balances other than cash and cash equivalents v. Other financial assets
Other current assets Total current assets TOTAL ASSETS
EQUITY AND LIABILITIES
EQUITY Equity share capital Other equity Non controlling interest Total equity
LIABILITIES Non-current liabilities Financial liabilities i. Lease liabilities
Provisions Total non-current liabilities
Current liabilities Financial liabilities i. Lease liabilities ii. Trade payables
a) Total outstanding dues of micro enterprises and small enterprises b) Total outstanding dues of creditors other than micro enterprises and small enterprises
iii. Other financial liabilities
Other current Liabilities Provisions Income tax liabilities (net) Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES
As at
(� in millions) As at
September March 31,
30, 2025 Unaudited
2025 Audited
3,396 l35 37 57 27
159 133 102 117 4,163
3,165 193 36 30 28
14 38 55 49 3,608
2,435
1,948
4,103 4,439 874 1,089 3,913 930 17,783 21,946
318 12,681 34 13,033
329 141 470
55
866
2,472
650 3,545 563 292 8,443 8,913 21,946
3,452 3,632 982 2,283 3,741 544 16,582 20,190
318 11,846 31 12,195
348 182 530
43
846
2,571
323 2,821 472 389 7,465 7,995 20,190
Notes to the consolidated w1audited financial results for the quarter and six months ended September 30, 2025
TRIVENI TURBINE LIMITED
1 The above consolidated financial results have been prepared in accordance with Indian Accounting Standards as prescribed under Section 133 of the Companies
Act, 2013 read with the Companies (Indian Accounting standards) Rules as amended from time to time and other relevant provisions of the Act .
2 The Company and its subsidiaries (together referred to as the 'Group') primarily operate in a single reportable segment - Power Generating Equipment and
Solutions. Accordingly, there are no reportable segments as per Ind AS 108.
3 The unaudited standalone results of the Company are available on the Company's website (www.triveniturbines.com), website of BSE (www.bseindia.com) and
NSE (www.nseindia.com). Summarised standalone financial performance of the Parent Company is as under:
Quarter ended
Six montl1s ended
Year ended
(� in millions)
Particulars
Revenue from operations Profit before tax Net profit after tax Total comprehensive income
September 30, 2025
September 30, 2024 Unaudited Unaudited Unaudited Unaudited Unaudited
September 30, 2025
Jw1e 30, 2025
30, 2024
September Mar 31, 2025
Audited
4,786 1,275 955 924
3,446 890 670 5,24
4,688 1,211 900 822
8,232 2,165 1,625 1,448
8,642 2,143 1,594 1,540
17,952 4,941 3,744 3,715
4 The above unaudited consolidated financial results of the Company for the quarter and six months ended September 30, 2025 have been reviewed and recommended for adoption by the Audit Committee on November 09, 2025 and approved by the Board of Directors of the Company at their meeting held on November 10, 2025. The Statutory Auditors have carried out limited review of the above financial results.
5 Subsequent to the quarter ended September 30, 2025, Triveni Turbines DMCC ('TTDMCC'), a wholly owned subsidiary of the Company, entered into a Share Purchase Agreement to acquire the remaining 30% equity interest in TSE Engineering Pt:y. Ltd ('TSE') for a cash consideration of� 56 million (ZAR 10.97 million). Following this transaction, TSE became a wholly owned subsidiary of the Company.
For Triveni Turbine Limited
Place: Bangalore Date : November 10, 2025
Imagine. Innovate. Inspire Investor Presentation
Q2 / H1 FY 26 November 2025
Contents
Description
Triveni Turbines At A Glance
Market Overview
Company Overview
Financial Performance Highlights
Shareholding Pattern
Investor Relations Contact
Page Number
3
4
10
23
32
34
2
Triveni Turbines at a Glance
Top 2 globally in industrial steam turbines
One of the leading manufacturers of decentralised steam-based renewable turbines globally
50+ years of designing, manufacturing & supplying industrial steam turbines
1000+ Employee Strength, >20% Employee Addition in last two years
Comprehensive solutions’ provider for steam turbines and other rotating equipments
Industrial and Renewable Heat and Power Solutions <100 MW
Innovation-led, reliable, customer- centric products and solutions
Caters to a diverse base of customers across 20+ industries
6000+ global installations in 80+ countries with power generation capacity of 16+GW
3
Market Overview
Global Final Energy Consumption is led by Heating and Cooling Applications
Thermal energy uses, which include space and water heating, space cooling, and industrial process heat, represent more than half (51%) of Global Total Final Energy Consumption
Source: Renewables 2022 Global Status Report
5
Industry as a Sector has the Highest Contribution in Global Final Energy Demand
Final Energy Demand By Sector (EJ)
80
100
119
122
114
105
24
121
120
31
132
38
142
43
151
45
168
188
205
203
2000
2010
2019
2030 (New Momentum Scenario)
2050 (New Momentum Scenario)
Industry
Feedstocks
Buildings
Transport
Source: : BP Energy Outlook 2023
Industry contributed to ~39% of end global energy demand in 2019
Even in future scenarios, the contribution is expected to remain at similar % levels
6
Overall Global Steam Turbine Market has been declining over the years…
Overall Global Steam Turbine Market (in GW)
134
108
91
160
140
120
100
80
60
40
20
0
101
89
81
69
61
66
58
49
4 1 0 2
5 1 0 2
6 1 0 2
7 1 0 2
8 1 0 2
9 1 0 2
0 2 0 2
1 2 0 2
2 2 0 2
3 2 0 2
4 2 0 2
The global steam turbine market declined from
108 GW in 2014 to 101 GW in 2024
a decline of ~1% p.a. yearly during 2014 - 24
Source: McCoy Report 2024
7
Global Steam Turbine Market <100 MW also declined during the last decade
9.6
7.6
15.0
10.0
5.0
0.0
Global Steam Turbine Market, Below 100 MW (in GW)
Below 100 MW industrial segment where
Triveni Turbines operates
has also declined
over a period of 10 years
8.7
6.2
6.9
5.5
4 1 0 2
5 1 0 2
6 1 0 2
7 1 0 2
8 1 0 2
9 1 0 2
0 2 0 2
1 2 0 2
2 2 0 2
3 2 0 2
4 2 0 2
Overall Ex-China, Ex-Japan
Source: McCoy Report 2024
Below 100 MW market ex-China, ex-Japan
that Triveni addresses
also registered a decline
8
Contribution of Thermal Renewable Fuels in <100MW market has also been rising
Global Steam Turbine Market, Below 100 MW (in %), By Fuel Type - 2014 to 2024
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
4 1 0 2
5 1 0 2
6 1 0 2
7 1 0 2
8 1 0 2
9 1 0 2
0 2 0 2
1 2 0 2
2 2 0 2
3 2 0 2
4 2 0 2
Fossil
Combined Cycle
Thermal Renewable
Others
Source: McCoy Report 2024
In the <100 MW market, where Triveni
operates the growth of thermal renewables
has been consistent and strong.
The share of thermal renewable fuels
(Biomass, Waste-to-Energy, Waste Heat
Recovery) is significant at 73% in 2024
compared to 42% in 2014. In contrast, the
share of fossil fuels declined to 22% in 2024
from 36% in 2014.
9
Company Overview
A Differentiated Product Portfolio Catering To Wide Range Of Applications
11
Providing Sustainable Turbine Solutions for Renewable Energy Space
12
Comprehensive Aftermarket Offerings
Customer Centric Approach
Original Equipment Manufacturer (OEM) Expertise
Shorter Lead Time
24x7 Customer Service
Automation & Efficiency
Quality & Reliability
Preventive Maintenance
LTSA/AMC
Upgradation
High Speed Balancing
Turnkey Solutions
Troubleshooting
LTSA: Long-term Service Agreements AMC: Annual Maintenance Contracts
13
Driving Growth through Refurbishment Solutions
Key Growth Area: Refurbishment
OEM expertise with vast knowledge
of rotating equipment promoting refurbishment growth
Large addressable market globally
Access to newer end-user industries and geographies
Energy efficiency and return-driven metrics driving growth for
refurbishment solutions globally
1
2
3
4
Compliments own product and aftermarket solutions of the
5
Company
14
Our Strategic Priorities
Innovation-led Diversified business
Sustained & Responsible Growth
Customer Centric Products & Solutions
Global Market Significance
People Focus
Increasing Proximity to Customers
15
Our Unique Strengths
16
Our Key Growth Drivers
01
04
07
10
Energy Transition
Customer-Centric Approach
Focus on Sustainability
Expansion into New Markets
02
05
08
11
Increasing Industrial Energy Demand
Innovation & Technological Advancements
Diverse Customer Base and Market Presence
Strong Execution Capabilities
03
06
09
12
Global Market Significance
Engineering Excellence
Refurbishment Solutions
Dynamic and Collaborative Workforce
17
Strong Global Footprint
>80 Countries of Presence
Note: Map for representation purpose and not to scale
18
Sustainability-led Responsible Growth
Renewable fuel sources driving Product Order Booking
Fuel-agnostic solutions that align with the decarbonization journey
Focused on energy efficiency across products and solutions
New product development and innovation efforts towards long-term sustainable solutions
Rising contribution of thermal renewable fuels in addressable markets
Green Manufacturing Facilities
Sustainable sourcing with focus on local suppliers & MSMEs (Micro, Small & Medium Enterprises)
19
Our Core Principles
Impact
Product Quality
Innovation & Technology
▪ Aims to make a positive impact to
▪ Best-in-class manufacturing at
all our stakeholders
▪ Enhance market share with a
compelling value proposition
▪ Propel sustainable development through our strategic priorities
two-world class facilities at Peenya and Sompura in Bengaluru
▪ Both the plants are certified for AS 9100, ISO 9001, ISO 14001 and ISO 45001 standards for Quality Management, Environmental Management and Safety Management respectively
▪ Consistent R&D of technology to surpass customer needs and keeping up with changing business requirements
▪
Leveraged in-house R&D expertise along with institutional association reputed technical institutes such as IISc, etc.
▪ An organization driven by intellectual property 400 with Intellectual Property Rights (IPR) fillings
20
Our Core Principles
Ethics
Strong Relationships
Sustainability
▪ Professional and transparent
business practices
▪ Strong focus on Environment, Social and Governance (ESG)
▪ Customer centricity with focus on continuous modernisation, with regular upgrades and efficiency improvements
▪ Sustainable solutions that create a
high degree of value for our stakeholders
▪ Strong networks in place to enable
smooth business operations
▪ Supports environment sustainability with significant focus on thermal efficiency improvements
▪
Leadership in all our business lines with sustainability at the core
▪ Enabling Environmentally responsive
operations
21
Continued ESG Focus
Environmental
Social
Governance
▪ Manufacturing Facilities at both Peenya and Sompura are Green Factories
▪
Installation of roof top solar power plant of 1300 KW capacity with net metering facility
▪ Educational initiatives such as sponsorship on education and training programmes for differently-abled students
▪ Provided financial support to a non-profit organisation, that focusses on value based leadership development and open dialogue on important issues facing the Indian society, to help its transformation
▪ Board comprises of 9 members which include 5 Non-Executive Independent Directors (including 2 Women Directors), 2 Non-Executive Non-Independent Directors and 2 Executive Directors ▪ Committees of the Board: i. Audit Committee ii. Nomination and Remuneration
Committee
iii.Stakeholders’ Relationship Committee iv.Corporate Social Responsibility
Committee
v. Risk Management Committee
22
Financial Performance Highlights
Strong & Consistently Improving Performance Over the Years
Revenue From Operations (₹ Million)
30% p.a.
20,058
16,539
12,476
7,026 8,522
FY 21 FY 22 FY 23 FY 24 FY 25
6,000
5,000
4,000
3,000
2,000
1,000
-
EBITDA and EBITDA Margins (₹ Million & %)
% 7 . 3 2
33% p.a.
% 5 . 2 2
% 2 . 2 2
% 8 . 5 2
% 0 . 3 2
3,810
2,764
1,667 1,921
PBT and PBT Margins (₹ Million & %)
34% p.a.
30.0%
5,177
6,000
25.0%
5,000
20.0%
4,000
15.0%
3,000
% 4 . 1 2
% 5 . 9 1
% 5 . 0 2
% 6 . 1 2
3,576
2,555
10.0%
2,000
1,506 1,666
5.0%
1,000
0.0%
-
% 3 . 4 2
30.0%
4,884
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
FY 21 FY 22 FY 23 FY 24 FY 25
FY 21 FY 22 FY 23 FY 24 FY 25
• Revenue CAGR of 30% p.a.
between FY 21 - FY 25
• EBITDA CAGR of 33% p.a. between FY 21 – FY 25
• PBT CAGR of 34% p.a. between FY 21 – FY 25
24
Strong & Consistently Improving Performance Over the Years
PAT and PAT Margins (₹ Million & %)
% 7 . 1 3
2,702
37% p.a.
% 1 . 5 1
1,929
% 3 . 6 1 2,695
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
-
% 6 . 4 1
1,025
% 9 . 7 1
3,586
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Order Booking (₹ Million)
38% p.a.
23,627
18,783
16,054
11,836
6,431
FY 21 FY 22 FY 23 FY 24 FY 25
FY 21
FY 22
FY 23
FY 24
FY 25
• PAT CAGR of 37% p.a. between FY 21 – FY 25
• Order Booking CAGR of 38% p.a.
between FY 21 – FY 25
Note: PAT and PAT margins for FY 22 include the impact of one-time exceptional income of ₹ 1,982 million (Net of Expenses)
25
Focused on Diversification
Share of Domestic and Export Sales (%)
Share of Product and Aftermarket Sales (%)
4 5
6 4
0 7
0 3
5 5
4 5
5 4
6 4
2 5
8 4
7 2
7 2
3 3
3 3
3 7
3 7
7 6
7 6
2 3
8 6
FY 21
FY 22
FY 23
FY 24
FY 25
FY 21
FY 22
FY 23
FY 24
FY 25
Domestic
Exports
Aftermarket
Product
•
Focused on enhancing our global market position and enhancing contribution of Aftermarket Solutions
26
Enhancing Working Capital Management Efficiency
Working Capital (₹ Million)
660
Inventory Turnover Ratio (x Times)
Assets Turnover Ratio (x Times)
5.96
5.86
2.26
3.22
FY 20
-756
FY 25
FY 20
FY 25
FY 20
FY 25
• Sharp focus on effective management and ongoing monitoring has resulted in sustained improvement in working capital position.
• Focus on high-value engineering alongside remaining asset-light ensures more effective use of assets, contributing to an increase
in asset turnover.
27
Optimising Cashflows and Returns
Investments including Cash (₹ Million)
Return on Capital Employed (%)
Return on Equity (%)
9,873
32%
40%
33%
25%
1,979
FY 20
FY 25
FY 20
FY 25
FY 20
FY 25
• Our focus on operational efficiency and effectively managing cash aids sustained high cash flow generation and robust return metrics.
• Our cash position including investments as on June 30, 2025, stood at ₹ 10.05 billion giving us enough headroom for investing in
growth initiatives.
28
Q2 / H1 FY 26: Management Commentary
•
The quarter under review showed improvement with Revenue from Operations of ₹ 5.06
billion, EBITDA of ₹ 1.33 billion and Profit After Tax (PAT) of ₹ 914 million, all
improving
marginally on a y-o-y basis. We are pleased to report record order booking of ₹ 6.52 billion
during Q2 FY 26, up 14% y-o-y, driven by robust domestic order booking. As a result,
closing order book at end of September 30, 2025 stood at an all-time high of ₹ 22.20 billion,
up 24% y-o-y.
• Domestic order booking grew by 52% y-o-y to ₹ 4.07 billion and contributed 62% of overall
order booking in the quarter. While export order booking declined by 19% y-o-y to ₹ 2.46
billion, impacted by global trade uncertainties. However, enquiry pipelines remain robust and
globally diversified, providing good visibility for the near term. In Q2 FY 26, the international
product enquiry pipeline showed improvement by growing at 43% and the domestic product
enquiry growth was also strong at ~86%.
Mr. Dhruv Sawhney, Chairman & Managing Director Triveni Turbine Limited
• Over
the past
three years the outstanding order book has nearly doubled,
underscoring the Company’s strong market position, consistent performance and is a
testament to its sustained growth trajectory.
29
Q2 / H1 FY 26: Key Financial Indicators
REVENUE
EBITDA and EBITDA Margin
PAT and PAT Margin
3,000
2,500
2,000
1,500
1,000
500
-
(₹ in Million)
-9.0%
9,644
8,775
+1.0%
5,011
5,062
Q2 FY 25 Q2 FY 26
H1 FY 25 H1 FY 26
• The quarter under review showed
improvement with key financial metrics marginally improving y-o-y
• Domestic sales declined by 20% to ₹
2.24 billion, while export sales increased by 27% to ₹ 2.82 billion.
-7.0%
25.5%
26.1%
2,460
2,288
26.1% 26.3%
+1.5%
1,310
1,330
18.2%
18.1%
+0.4%
914
910
-9.1%
17.8% 1,714
17.8% 1,558
18.2%
18.0%
17.8%
17.6%
17.4%
17.2%
17.0%
27% 1,900 1,700 25% 1,500 23% 1,300 21% 1,100 19% 900 700 500
17%
15%
Q2 FY 25 Q2 FY 26
H1 FY 25 H1 FY 26
Q2 FY 25 Q2 FY 26
H1 FY 25 H1 FY 26
• EBITDA margins increased by ~20bps and ~60bps y-o-y to 26.3% and 26.1% in Q2 FY 26 and H1 FY 26 respectively
• PAT margins of 18.1% in Q2 FY 26 and 17.8% in H1 FY 26 were largely maintained on y-o-y basis
30
Q2 / H1 FY 26: Record Closing Order Book
Order Booking
Closing Order Book
(₹ in Million)
-1.7%
12,082
11,878
+23.6%
22,197
17,963
+14.1%
5,719
6,523
Q2 FY 25 Q2 FY 26
H1 FY 25 H1 FY 26
Q2/H1 FY 25
Q2/H1 FY 26
• Domestic order booking grew by 52% y-o-y to ₹ 4.07 billion and contributed 62% of overall order booking in the quarter.
• Export order booking declined by
19% y-o-y to ₹ 2.46 billion during the quarter, impacted by global trade uncertainties.
• The domestic outstanding order book
stood at an all-time high of ₹ 10.97 billion, which grew 55% as compared to the previous year.
• The export outstanding order book stood at ₹ 11.23 billion as on September 30, 2025, up 3% y-o-y, contributing to 51% of the closing order book.
31
Shareholding Pattern
Shareholding Pattern
1.32% 3.94% 10.81%
28.09%
1.67% 5.77%
13.11%
23.60%
55.84%
55.84%
30-Sep-24
Promoter Group Mutual Funds + AIF Others
30-Sep-25
Foreign Portfolio Investors Resident Individuals
As on September 30, 2025 Mutual Funds + AIF, Resident Individuals increased holding y-o-y along with Others
Note: Others comprise of Insurance companies, HUF, Corporate Bodies, NRI, LLP, Trusts, IEPF, etc.
33
Investor Relations Contact
Investor Relations Contact
Visit us: www.triveniturbines.com
Surabhi Chandna / Amit Shah Investor Relations & Value Creation
ir@triveniturbines.com
+91 - 120 - 4308000
8th Floor, Express Trade Towers Plot No. 15 & 16, Sector 16-A, Noida – 201 301, India.
Some of the statements in this presentation that are not historical facts are forward looking statements. These forward-looking statements include our financial and growth projections as well as statements concerning our plans, strategies, intentions and beliefs concerning our business and the markets in which we operate.
These statements are based on information currently available to us, and we assume no obligation to update these statements as circumstances change. There are risks and uncertainties that could cause actual events to differ materially from these forward-looking statements. These risks include, but are not limited to, the level of market demand for our services, the highly-competitive market for the types of services that we offer, market conditions that could cause our customers to reduce their spending for our services, our ability to create, acquire and build new businesses and to grow our existing businesses, our ability to attract and retain qualified personnel, currency fluctuations and market conditions in India and elsewhere around the world, and other risks not specifically mentioned herein but those that are common to industry.
Further, this presentation may make references to reports and publications available in the public domain.
Triveni Turbine Ltd. makes no representation as to their accuracy or that the company subscribes to those views / findings.
35
Thank You