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Manufacturer of small-to-mid-size steam turbines used for industrial captive power and biomass/waste-to-energy generation.
Manufacturer of small-to-mid-size steam turbines used for industrial captive power and biomass/waste-to-energy generation.
Sells turbines to order for industrial power users, then earns on spares and servicing of the installed turbines for decades, which smooths the order cycle. Exports are a large share of sales. It was demerged from Triveni Engineering in 2010 and is still led by the Sawhney family.
In one line: India's smaller GE/Siemens for small industrial steam turbines.
Moat: narrow (process know-how, installed base). Leading domestic and growing export position in a niche small-turbine segment with a strong service network.
Headquarters: Pune, India · Founded: 1970 · Employees: 942
Size Triveni Turbine (TRITURBINE.NS) is an India Industrials company (Industrial Machinery) with a market value of $1.66B, the 423rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹492.75 on 6 Nov 2026.
Performance Over six months the shares fell 14.2%, against -17.2% for the median peer and 0.0% for the India market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 17.7% over the last twelve months (peer median +8.1%); the operating margin is 17.4% (peer median 8.0%).
Valuation It trades at 42.5× forward earnings against a peer median of 22.7× (5th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 46% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is +20 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.0 points above its cost of capital (17.3% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹22.5B | ₹21.6B | ₹19.9B | ₹16.4B | ₹12.4B |
| Revenue growth | — | +8% | +21% | +33% | — |
| Gross profit | ₹7.65B | ₹6.40B | ₹6.27B | ₹4.53B | ₹3.25B |
| EBITDA | ₹4.28B | ₹4.49B | ₹4.33B | ₹3.15B | ₹2.28B |
| Net income | ₹3.36B | ₹3.50B | ₹3.57B | ₹2.69B | ₹1.93B |
| Free cash flow | n/a | ₹832M | ₹1.74B | ₹2.55B | ₹1.70B |
| Capital expenditure | n/a | ₹716M | ₹429M | ₹317M | ₹386M |
| Total debt | n/a | ₹359M | ₹392M | ₹31.2M | ₹37.2M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Triveni Turbine TRITURBINE.NS | $1.66B | -14% | +18% | 17% | 42.5× | 45.8% |
| GE Vernova GEV | $205B | -26% | +17% | 7% | 32.2× | 24.9% |
| Bharat Heavy Electricals BHEL.NS | $15.4B | +3% | +29% | 9% | 41.2× | 44.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TRITURBINE.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.3% | -5.7% | 10th lowest of 21 |
| 6-month return | -14.2% | -17.2% | 9th highest of 21 |
| Distance from 52-week high | -37.4% | -43.7% | 7th highest of 21 |
| Revenue growth (TTM) | +17.7% | +8.1% | 8th highest of 21 |
| Operating margin | 17.4% | 8.0% | 5th highest of 21 |
| Forward P/E | 42.5× | 22.7× | 5th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 45.8% | 9.2% | most demanding of 16 |
| Growth delivered (Del g) | +25.4% | +9.1% | 3rd highest of 16 |
| Hurdle (Req g minus delivered) | +20.4 pp | -3.8 pp | 3rd most demanding of 16 |
| ROIC minus cost of capital | +3.0 pp | -0.9 pp | 5th highest of 21 |
| EV / EBITDA | 36.6× | 10.8× | most expensive of 8 |
| Net debt / EBITDA | -1.9× | -0.6× | least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Triveni Turbine TRITURBINE.NS | India | $1.66B | -14% | +18% | 17% | 42.5× | 45.8% | +25.4% |
| Harbin Boshi Automation 002698.SZ | China | $1.66B | -15% | -2% | 18% | 19.3× | 5.3% | +9.1% |
| Psk 319660.KS | South Korea | $1.66B | -12% | +32% | 25% | 14.4× | 6.1% | +11.5% |
| Beijing Worldia Diamond Tools 688028.SS | China | $1.66B | -37% | +22% | 16% | 71.0× | n/a | n/a |
| Shaanxi Aerospace Power Hi-Tech 600343.SS | China | $1.65B | -50% | -15% | -24% | n/a | n/a | n/a |
| Chang Wah Technology 6548.TWO | Taiwan | $1.65B | +9% | +25% | 15% | 17.5× | 9.2% | +6.8% |
| Shanghai Hanbell Precise Machinery 002158.SZ | China | $1.67B | -24% | -5% | 15% | 19.3× | 16.3% | +5.2% |
| Tsubakimoto Chain 6371.T | Japan | $1.68B | +7% | +20% | 8% | 10.3× | 2.0% | +8.9% |
| TerraVest Industries TVK.TO | Canada | $1.64B | -17% | +46% | 8% | 26.4× | 10.6% | +35.1% |
| ATS ATS.TO | Canada | $1.68B | -49% | +7% | 6% | 15.9× | 8.7% | +15.8% |
| Volution FAN.L | United Kingdom | $1.68B | +7% | +16% | 20% | 15.7× | 13.7% | +12.2% |
| Sanhe Tongfei Refrigeration 300990.SZ | China | $1.69B | -18% | +23% | 8% | 29.9× | 31.4% | +36.2% |
| KSB SE & Co. KGaA KSB.DE | Germany | $1.63B | -3% | +2% | 7% | 10.3× | -3.2% | +6.6% |
| Fujian Snowman 002639.SZ | China | $1.70B | -18% | +9% | 1% | n/a | n/a | n/a |
| Precision Tsugami (China) 1651.HK | Hong Kong | $1.62B | -35% | +24% | 28% | 7.7× | -13.9% | +9.8% |
| Zhejiang Jiecang Linear Motion Technology 603583.SS | China | $1.60B | -4% | +5% | 8% | 26.0× | n/a | n/a |
| Hunan Yujing Machinery 002943.SZ | China | $1.60B | -42% | -36% | -23% | 37.5× | n/a | n/a |
| Tongyu Heavy Industry 300185.SZ | China | $1.59B | -17% | +6% | 4% | 43.7× | 6.3% | +3.1% |
| Ningbo PIA Automation 688306.SS | China | $1.74B | +3% | +7% | 4% | 190.6× | 35.2% | +8.7% |
| Xizi Clean Energy Equipment Manufacturing 002534.SZ | China | $1.74B | -19% | -2% | 3% | 44.5× | 25.7% | +3.1% |
| Qingdao Haier Biomedical 688139.SS | China | $1.58B | +6% | +12% | 9% | 36.5× | 20.7% | +10.8% |