Buy Triveni Turbine; target of Rs 700: Mirae Asset Sharekhan

Mirae Asset Sharekhan's research report on Triveni Turbine

Revenue fell by 20% to Rs 371 crore on deferred dispatches due to geopolitical uncertainties. OPM slipped 81 bps to 19.8%. PAT was down by 21% y-o-y to Rs. 64 crore. Order book grew 20% y-o-y to Rs. 2,073 crore, with domestic order book rising 27% y-o-y to Rs. 914 crore. Order inflows fell 16% y-o-y. Order inflow pipelines remain strong, with domestic inquiries galloping 130%, while international inquiries slipped 5%.

Outlook

Global focus on renewable energy, waste-to-heat recovery, a robust order book, and margin tailwinds bode well. We model a revenue/PAT CAGR of 21%/23% over FY2025-FY2027E. We reiterate a Buy rating with a revised PT of Rs. 700.