 "Triveni Turbine")
Shares of Triveni Turbine slipped 9 per cent to Rs 579.90 on the BSE in Tuesday’s intra-day trade in an otherwise firm market as the company’s total order booking declined 1 per cent year-on-year (YoY), to Rs 526.4 crore in the December 2024 (Q3FY25) quarter. The company had booked total orders worth Rs 531.3 crore in the year ago quarter.
In comparison, the BSE Sensex was up 0.7 per cent at 77,756 at 11:21 AM. With today’s decline, the stock price of Triveni has tanked 34 per cent from its 52-week high level of Rs 885, touched on November 26, 2024.
Motilal Oswal Financial Services (MOFSL) has reduced the revenue estimates for FY26/FY27 to account for the slower ordering, while increasing its FY25/26/27 margin estimates to factor in a higher share of exports. The brokerage firm expects Triveni’s revenue/EBITDA/PAT to clock a CAGR of 25 per cent/29 per cent/28 per cent over FY24-27.
MOFSL has maintained its ‘Buy’ rating on the stock with a target price of Rs 780 per share. Key risks to the recommendation would come from a slower-than-expected order inflow growth, particularly in the domestic markets; lower-than-expected margins; and a slowdown in global geographies, the brokerage firm said in the company's results update.
While order booking from India remained subdued in the quarter, the company continues to see good international demand which is reflected in its export order booking that grew 9 per cent YoY to Rs 346.4 crore during the quarter. Domestic order booking, meanwhile, declined 16 per cent YoY to Rs 180.0 crore.
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Order booking continues to reflect good demand from the renewable space particularly from the Waste to Energy (WtE) segment, and biomass-based energy generation. Export order booking contributed to 66 per cent of the overall order booking in Q3FY25, which places the company well from a profitability perspective and it is likely to aid in generating new business enquiries, the management said.
The total consolidated outstanding order book stood at a record Rs 1,820 crore as on December 31, 2024, which is higher by 15 per cent when compared to the previous year. The domestic outstanding order book stood at Rs 640 crore, which was lower by 22 per cent as compared to the previous year. The export outstanding order book stood at a record Rs 1,180 crore as on December 31, 2024, up 55 per cent YoY and contributing to 65 per cent of the closing order book.
The company further said enquiry pipelines remain healthy, with domestic enquiries in particular registering a strong growth during the quarter, suggesting that a rebound in domestic order booking could be underway. On the international front, the company is well placed in sizeable orders across multiple segments which provide confidence for future order bookings and sustaining a healthy growth momentum, the company said.
Triveni is a focused, growing and market-leading corporation having core competency in the area of industrial heat and power solutions, and decentralised steam-based renewable turbines up to 100 MW in size. The company is amongst the leading manufacturers of industrial steam turbines, both in India and globally.
Meanwhile, in a notable development, on January 29, Triveni bagged an order worth Rs 290 crore from NTPC, in collaboration with Energy Dome, for setting up a 160 MWhr long-duration energy storage system at the Kudgi Supercritical Thermal Power Plant premises. Triveni’s scope includes providing CO2-based battery storage solutions, compressors and heat exchangers, in addition to civil work (10-12 per cent of the order value).
In order to cement its position in the areas where it has ventured recently, Triveni expects a higher annual capex run rate, from Rs 40-50 crore currently to Rs 120-150 crore, over the next couple of years. Apart from adding a fifth bay at its Sompura facility, Triveni will also invest in software and testing infrastructure for R&D and qualified personnel, which will help to increase the localisation for new products.
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