Chairman & Managing Director
It is not just about shipping turbines to over 80 countries worldwide; it is rather about being present locally and being indispensable to our customers, giving them confidence that their equipment will be serviced promptly and efficiently.
Dear shareholders,
The journey of Triveni Turbines over the last decade has been phenomenal. From being largely domestically focussed and operating primarily in smaller range industrial steam turbines, we have evolved into a multi-region player with multi-dimensional competencies, including more complex product and aftermarket areas.
While this journey to continually innovate and push ourselves was challenging, the results are gratifying. FY 25 now marks our fourth consecutive year of record performance, having registered the highest-ever results across key parameters to outpace the industry. This is not just a milestone; it is a validation of our strategy and capabilities. It is a testament to the growing confidence that customers worldwide place in our ability to deliver best-in-class and complex solutions, and back them up with exceptional services. It demonstrates our ability to deliver enduring value to all our stakeholders.
I take this moment to acknowledge the exceptional efforts put in by our teams in continuously raising the bar and ensuring disciplined execution.
Triveni Turbines' growth is not by chance. It is a culmination of years of focussed strategy and an enduring culture of doing what is right.
First, our focus on internationalisation has been a clear differentiator. It is not just about shipping turbines to over 80 countries worldwide; it is rather about being present locally and being indispensable to our customers, giving them confidence that their equipment will be serviced promptly and efficiently. We recognised this imperative early and have built global aftermarket capabilities.
The establishment of subsidiaries to cater to the European and South African Development Community regions has been a major success. The impact is evident in increased orders from key regions, including the Middle East, Europe, North America, Southeast Asia and Africa. And now, we have taken another bold step by establishing a local presence in the USA. Being one of the largest and most sophisticated capital investment markets, we expect it to contribute to the next phase of our growth.
The second significant step has been our penetration into the API segment, which is perhaps one of the toughest to break through. This segment is about catering to the oil and gas industry, and we have worked diligently to achieve vendor registrations with several majors. Such qualifications are hard-won and create a significant competitive moat, placing us in a league where very few players operate.
We are now beginning to reap the rewards of those efforts, both in terms of enhanced market credibility and growing API orders. It further highlights our ability to introduce new products and solutions that can withstand the volatility that often characterises capital goods markets.
Third, our pivot to the thermal renewables segment has been both timely and successful. Consider this, fossil fuel-based power generation increased from 73% in 2014 to 76% by 2024 in the global steam turbine market. However, within up to 100 MW segment, the growth of thermal renewable fuels has been consistent and strong. Its share has increased from 42% in 2014 to 73% in 2024. We anticipated this shift early and positioned ourselves to meet this demand. Today, our solutions spanning biomass, waste-to-energy, waste heat recovery, and geothermal are contributing to the world’s energy transition.
Given the global push towards energy security and sustainability, and the increased expectation from the industrial sector to reduce carbon emissions, these solutions are witnessing a sharp uptake.
Continuing our legacy, we are now diversifying into next-generation energy transition products, including gas expander turbines, especially those based on CO2. In the last few years, we have made substantial investments in building competencies in the subcritical and supercritical and transcritical CO2 technology areas. This places us among the leading companies globally exploring this frontier.
We are already yielding results, winning the landmark order to develop 160 MWh long-duration energy storage at NTPC’s Kudgi Supercritical Thermal Power Plant. We are extremely proud of this project, and the team remains sharply focussed on seamless execution in collaboration with our technology partner, Energy Dome. This will validate our technological capabilities in the Indian market and open potential for operationalising this as a product segment going forward.
The strategic choices made in the past have enabled to stay ahead of opportunities and outperform the broader market. The results speak for themselves – over the last three years (FY 2022-25), our revenue grew at 33% CAGR and PBT at 41% CAGR. Our international (export) markets and our aftermarket segment are consistently delivering healthy performance.
In FY 25, exports contributed to 53% of order booking and 48% of the revenue. Meanwhile aftermarket contributed to 32% of revenue for the year. This clearly indicates the success of our internationalisation and aftermarket focus.
Beyond the numbers, we are equally proud of the value created for all stakeholders during the year. We announced a dividend of ₹4 per equity share (Interim: ₹2 per equity share and Final*: ₹2 per equity share), which would amount to an outflow of ₹1.27 billion. For our community development efforts, we spent ₹42.26 million.
* Final dividend is subject to approval by shareholders at the Annual General Meeting
As we move forward, while there may be short-term cycles and challenges arising from geopolitical uncertainties and tariff-led disruptions, the overall long-term growth trajectory remains firm. The continued global emphasis on renewable energy, energy efficiency, and decentralised power solutions presents a significant opportunity for Triveni Turbines.
We are well-positioned to leverage these trends, both domestically and internationally, with our diversified operations, presence in high-potential areas and ongoing innovation. At the same time, we will continue to intensify R&D efforts to advance new product opportunities and make breakthroughs in the high-potential USA market to secure long-term growth.
We have a robust closing order book and enquiry pipeline. We aim to execute orders with precision and to establish our credentials further in complex areas like API, geothermal, and CO2-based technologies to unlock more such opportunities.
I want to thank all our stakeholders who have been with us through our journey. We look forward to your continued support as we enter an exciting new phase of growth and value creation for all.
Regards,
DHRUV M. SAWHNEY
Chairman & Managing Director
