Buy Triveni Turbines; target of Rs 134: Edelweiss

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26 Aug, 2025 12:21

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Edelweiss's research report on Triveni TurbineTriveni Turbines (TTL) reported in line FY16 PAT despite revenue miss of 17% in Q4 and ~5% in FY16. Orders for consol entity grew 21% YoY to INR8.4bn led by exports. While overall intake growth came lower than expectation for FY16, management sounded confident of maintaining high growth trajectory over next 2-3 years on improving profile of domestic market and renewable uptick in SE Asia and Europe. We remain bullish TTL as it expands its reference list in larger turbines with improving base of profitable after-sales business in export market. Maintain ‘BUY’ with revised TP of INR134 vs 140 earlier, even as we trim our EPS by ~5% each for FY17/18E. Extending its globally competitive manufacturing and servicing to large turbines, TTL is set to post strong 30% earnings CAGR over FY16-18E, with exciting opportunities in renewable and bio-mass in exports and improving captive market in India. Management’s parallel focus on augmenting after-sales in exports will be a major game changer adding to profitability over next 2-3 years. The stock trades at 19.8x PE of FY18E. Maintain ‘BUY/SO’ with TP of INR134 (based on 25x FY18E).For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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