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Centrum Broking Report
Triveni Turbine Ltd., a renowned player in the 0-30 mega watt industrial steam turbines, enjoys leadership position in India (50% market share) and is the second largest globally (20% market share).
Technology driven, customised and engineered product offering gives it a key edge, ably supported by large exports (43% of total sales over FY16-22) and highly profitable after-market services (25% of total sales over FY16-22).
This aided Triveni Turbine to maintain superlative financial metrics over the past decade despite domestic capex slowdown, which impacted growth (less than 3% compound annual growth rate in revenue/profit before tax over FY13-22).
The order inflow momentum has seen a sharp upsurge since FY22 led by revival in industrial capex in India, rising renewable and waste-to-energy capex in Europe, and process co-gen and biomass driven capex in South East Asia.
The renewed capex cycle will act as a key catalyst for Triveni Turbine’s growth (FY22-25E revenue/earnings CAGR at 24%/56%), further accentuating its superior financial franchise.
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