Accumulate Triveni Turbine; target of Rs 66: Dolat Capital

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26 Aug, 2025 12:21

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Dolat Capital's report on Triveni Turbine

"Triveni Turbine is a technology driven company with consistent focus on upgradation to suit the market needs. The company has designed hybrid turbines which enables it to offer better value proposition to clients both in terms of efficiency and cost. Triveni has an inhouse developed technology for the upto 30MW turbines and its partnership with GE for the 30-100MW turbines has further strengthened its product offering. Partnership by a global major like GE speaks highly of Triveni’s manufacturing capabilities."

"Triveni has a strong presence (~58 percent market share) in the sub 30MW Indian turbine market. Importantly its share in this segment is significantly higher than its closest competitor viz. Siemens. With its JV with GE, we expect Triveni to significantly ramp up in the international markets as well. The company has also had a breakthrough in the international segment for its 30MW plus turbines."

"Triveni has extremely strong financials with zero debt and return ratios of ~40 percent. Importantly, pricing discipline and significant after-market revenue allows it to have superior margins of over 20 percent on a consistent basis. We expect growth to pick up in FY15E on back of strong order book of Rs 5.2 bn. Operating leverage led benefits would enable it to grow its PAT by 35 percent YoY to Rs 1.2 bn in FY15E. On our EPS estimate of Rs 3.7 for FY15E, the stock trades at P/E multiple of 16x. We initiate coverage on the stock with ACCUMULATE rating with a target price of Rs 66 per share, implying 15 percent upside from current levels," says Dolat Capital research report.

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