Buy Triveni Turbine; target of Rs 570: Motilal Oswal

Buy

Motilal Oswal's research report on Triveni Turbine

We recently interacted with the management of Triveni Turbine (TRIV) to understand the market potential and growth strategy of the company. TRIV is ideally positioned to capture the upswing in private capex cycle as well as growth in the renewables space in international markets. The domestic market, though weak in the last quarter, is likely to start improving post-elections. Order inflows have been growing steadily in international markets for TRIV as well as for its competitors such as Siemens Energy, and Baker Hughes, indicating strong market potential. The company will continue to focus on increasing its share of exports and the aftermarket, while also concentrating on maintaining strong margins.

Outlook

We tweak our estimates by 2%/3% for FY25/26, and reiterate our BUY rating with a revised TP of INR570.

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Triveni Turbine - 02032024 - moti