Buy Triveni Turbine; target of Rs 700: ICICI Securities

ICICI Securities is bullish on Triveni Turbine has recommended buy rating on the stock with a target price of Rs 700 in its research report dated May 12, 2025.

Broker Research

May 23, 2025 / 11:54 IST

BUY

26 Aug, 2025 12:21

Volume

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ICICI Securitie`s research report on Triveni Turbine

Triveni Turbine (TRIV)’s 4QFY25 results came in line with our expectations. For FY25, domestic order inflows were up 29% YoY, boosted by one-time large order inflow worth INR 2.9b. Export order inflows were up by 23% YoY. Base order inflow was weak, but the enquiry pipeline for base orders is up strongly in both domestic and international geographies. We expect this enquiry pipeline to start translating into order inflows by 2HFY26, with some volatility expected in 1HFY26.

Outlook

Management is optimistic about the domestic order inflow pipeline coming from process cogeneration (doubling YoY), steel, cement, oil & gas, recycling, and food processing. TRIV also expects healthy export inflows from Europe and the US, where it has already made investments. This will further diversify its revenue stream and growth prospects. We cut our FY26/FY27 estimates by 9%/10% to factor in lower base orders in domestic geography. We maintain BUY with a TP of INR 700, based on 42x Mar’27E earnings.

For all recommendations report, click here