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

Mirae Asset Sharekhan's research report on Triveni Turbine

Triveni is well-positioned with a market share of over 50-55% in domestic market and 20-25% in the global market. Company is expected to benefit from traction in demand for API turbines in Indian and the Middle East market. 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 PT of Rs. 700.