Vice Chairman & Managing Director
Profitability growth was even stronger than revenue, driven by efficient cost management, operating leverage and favourable sales mix, comprising more international and high-margin orders. EBITDA was up by 36%, crossing the ₹ 5 billion mark for the first time to ₹ 5.18 billion.
How would you review the performance of the Company in FY 25?
FY 25 has been a record year for Triveni Turbines, marking our fourth consecutive year of growth. It validates the value we bring, the trust that our customers place in us, and the strong foundation that we have built.
Each year, we continue to strengthen our foothold. Our ability to deliver on complex solutions and back them with superior services continues to outpace the expectations of demanding customers across the world.
During the year, Triveni Turbines recorded its best-ever performance across all key indicators on a growing base. Our revenue surged by 21% year-over-year (y-o-y) to ₹ 20.06 billion. Geography-wise, export sales increased by 26% to ₹ 9.67 billion and accounted for 48% of the overall revenue. Domestic sales grew by 17% to ₹ 10.39 billion. In terms of business segment, product revenues grew by 22% to ₹ 13.63 billion. Aftermarket revenue grew by 19% to ₹ 6.43 billion and accounted for 32% of the overall revenue
Profitability growth was even stronger than revenue, driven by efficient cost management, operating leverage and favourable sales mix, comprising more international and high-margin orders. EBITDA was up by 36%, crossing the ₹ 5 billion mark for the first time to ₹ 5.18 billion. EBITDA margin increased by 280 basis points (bps) y-o-y to 25.8%. Profit After Tax (PAT) grew by 33% y-o-y to ₹ 3.59 billion, with margins expanding by 160 bps to 17.9%.
In line with our commitment to creating value for shareholders, the Board approved a total dividend of 400%, which is ₹ 4 per equity share of ₹ 1 each for FY 25. This will result in an outgo of ₹ 1.27 billion.
Could you elaborate on the enquiry and ordering scenario during the year?
Enquiries during the year remained healthy, across both products and aftermarket segments and from across geographies. The team did an excellent job converting these, resulting in the highest-ever annual order booking of ₹ 23.63 billion, an increase of 26% y-o-y, driven by increased domestic and product-led growth. This was achieved despite downward adjustments in order booking of ~₹ 1.4 billion due to slow-moving orders while having customer advances.
Product order booking grew by 38% y-o-y to ₹ 17.41 billion in FY 25, driven by strong demand, especially from the renewable energy sector, industrial clients, power producers and API turbines. It represents a key milestone in our pursuit of sustainable and innovative solutions to meet the evolving needs of customers while withstanding market volatility. In the API segment, we registered increased orders for both drive and power turbines from the Middle East, Southeast Asia, Central & South America and Europe. The Aftermarket order booking stood at ₹ 6.22 billion, with sustained new, repeat, and referral orders.
Domestic orders grew by 29% y-o-y to ₹ 11.04 billion, led by our strategic foray into CO2 energy storage solutions (ESS). We won the prestigious order from NTPC for setting up a 160 MWh Long Duration Energy Storage (LDES) system at their Kudgi Supercritical Thermal Power Plant (STPP). The project will be undertaken in partnership with an international technology provider, with Triveni Turbines supplying the subcritical CO2 turbine and other critical parts. This CO2-based ESS is still at proof-of-concept (POC) stage, and can be a viable alternative for LDES, once POC is established.
In the international markets, we continued to witness good demand, including from the Middle East, Europe, North America, Southeast Asia and Africa. Export orders thus grew 23% y-o-y to ₹ 12.59 billion.
What has been the progress in the USA business? What is your outlook on this business?
Our foray into the USA marks a strategic growth step in a critical market. The USA is not just the world’s largest economy, but also one of the world’s largest and most sophisticated industrial markets. With a strong capital base and growing focus on energy efficiency, it presents substantial long-term potential.
In FY 25, we completed the establishment of the USA subsidiary, including building a local office and repair facility, team and agent network. Local presence gives customers confidence in our long-term commitment, opening meaningful opportunities for engagement and addressing demand in the USA and the broader Americas.
The subsidiary eventually closed the year with a loss of ₹ 0.23 billion, due to upfront investments as planned in plant & machinery, manpower and other establishment costs.
That said, we remain confident in making a breakthrough and delivering healthy performance. Our optimism stems from the robust enquiry pipeline witnessed for both aftermarket refurbishment and new product sales, especially in API, geothermal and industrial power generation segments. Our brand is steadily witnessing traction among customers.
Given the uncertainty around future tariff dynamics, we are building flexibility into our infrastructure to adapt and optimise our value chain as needed.
The API segment is gathering momentum. What is your assessment of this market and its future contribution to growth?
The API segment has emerged as a key growth driver for us, and we are actively pursuing efforts to further penetrate this area. Over the past year, we have made steady inroads by widening our global supply chain and getting enlisted as approved vendors with major global refineries and petrochemical complexes. The results were evident in healthy order booking, alongside a growing enquiry pipeline.
Looking ahead, our confidence is high. API segment demands high-quality, high-efficiency, and high-technology turbines. Triveni Turbines, being amongst the few companies globally having capabilities to manufacture API-611 and API-612 compliant turbines, has a significant edge. Our presence in both drive turbine and power generation applications for API machines as well as the differentiation of quick back-end support across the globe, opens significant potential for larger MW orders.
Besides, we see reliable, routine investments in this segment, as oil & gas majors continue to focus on diversification into gas, methanol and other forms of downstream production. Further, we are working on strategies to become their preferred service partner.
Overall, we expect this segment to outpace other segments in terms of growth, and we are well-positioned to tap into this opportunity with greater agility and impact.
How is the Company aligning its solutions with the global energy transition and emerging decarbonisation needs?
Energy transition is a theme that is shaping worldwide, aligned with the urgency for decarbonisation and mitigating the impact of climate change. For energy-intensive industries, the challenge is bigger. On one hand, their energy consumption is growing, and on the other, they need to address this cost-effectively while managing carbon emissions.
At Triveni Turbines, we are reimagining our role in this evolving energy landscape. We are increasingly investing in R&D focussed on technologies that support decarbonisation and energy efficiency. Thermal renewables, including Waste Heat Recovery (WHR), Waste-to-Energy (WtE), including Municipal Solid Waste (MSW) and Biomass solutions, have been a major thrust area.
Simultaneously, we are now investing in diversifying to other energy transition products like heat pumps, chillers and expanders that use CO2, air, and hydrocarbons as fuel, instead of steam. We are especially bullish on the CO2-based technologies, as they offer a viable pathway to reduce emissions and cost-effectively meet internal power demand. This will be critical for product-centric industries like metals and cement, which are under pressure to meet green products criteria.
We already possess in-house technology for subcritical, supercritical and transcritical CO2-based solutions, and are exploring partnerships for other technologies to accelerate time-to-market. We expect these emerging areas to provide a sustainable growth trajectory.
How is the Company strengthening internal competencies to support growth?
We are making significant investments across four core dimensions – R&D, people, digital technologies and operational excellence – to ensure our future-readiness.
Innovation: We are strengthening a culture of innovation by building internal capabilities, collaborations, engaging global subject matter experts for knowledge transfer and empanelling global institutions to support product testing. Our R&D efforts, as mentioned earlier, will be focussed on the areas of energy transition products.
People: We are investing in deepening technical expertise and leadership capacity, internally, externally and through industry collaborations. We intend to build a future-ready workforce aligned with our customer-first and innovation-driven approach.
Digital technology: Our focus during the past year was on digitalising internal processes, be it manufacturing, turbine performance management, or supply chain management. These will streamline and bring more efficiency to the operations. The upgradation to SAP RISE on private cloud is supporting our growing scale and accelerating our digital transformation journey.
Operational excellence: Amidst increasing dynamism and unpredictability, and the growing scale of operations globally, resilience is key. We focussed on building manufacturing flexibility, driving operational agility and ramping up supply chain capabilities to shorten lead times and adapt swiftly to evolving customer needs.
Together, these efforts strengthen our foundation for sustainable and scalable growth, and we will continue to advance these areas.
What is your outlook for the coming year? What gives you confidence in sustaining strong performance going forward?
Headed into FY 26, Triveni Turbines remains in a position of strength to sustain healthy performance. Our outstanding carry-forward order book of ₹ 19.09 billion as of March 31, 2025, across renewables, API and the industrial power generation segments, provides adequate revenue visibility. The enquiry pipeline across all segments and geographies also remains robust, with 30% growth witnessed in export enquiry book and 120% in domestic enquiry book.
Our ongoing diversification across geographies, product markets, and aftermarket segments helps mitigate us from market volatility risks. We are pursuing targeted initiatives to expand the market in high-potential regions like the USA. Our new product introductions enhance bandwidth to weather the cyclicality across geographies and applications.
The aftermarket business shows a promising growth aspect for both our own products in terms of providing upgrades and greater value, and for third-party application refurbishments targeting a wider customer base. We will continue to engage with customers to unlock these opportunities. Additionally, our expanding presence in global markets and the increasing demand for renewable energy and energy efficiency solutions continue to present substantial growth opportunities.
We are confident of leveraging these opportunities, both domestically and internationally, to grow profitably and create value for all stakeholders.
