Steam turbine rotor turning into a spray of orange pixels and green foliage

Annual Report 2025-26

Imagine Innovate Inspire

The Landscape of Our Transformation Journey

Core Product

Aftermarket Services

New products & technological solutions

Delivery of comprehensive end-to-end solutions, extending from design to engineering, to after-market and lifecycle support

This is Our Track Record

6,000+
Turbines installed globally since inception
80+
Countries of presence
38%
Aftermarket order booking (FY 26)
₹ 20.54 billion
Record closing order book in FY 26

Corporate Overview

Powered by Core Capabilities

Steam turbine rotor on the assembly floor

Where We Stand Today

#2 globally in industrial steam turbines
A 900+ strong people-led organisation, with >30% employee addition in last 3 years
Catering to a diverse customer base spread across 20+ industries
Provider of innovation-led, reliable, customer-centric products and solutions
Comprehensive solutions provider for steam turbines and other rotating equipment

Our Offerings

Diversified Solutions for the Growing Industry Needs

Product Solutions

Up to 100 MW

Condensing Steam Turbines^*

Straight | Uncontrolled/Controlled/Multiple Extraction | Injection | Reheat | Axial Turbines

Backpressure Steam Turbines^*

Straight | Injection | Uncontrolled/Controlled Extraction

Robust API Steam Turbines

API 612 (Special Purpose) and API 611 (General Purpose) Steam Turbines

^* Power generation capacity: Up to 100 MW; Steam Inlet Temperature: Up to 545°C; Steam Inlet Pressure: Up to 140 Bar(a)

Aftermarket

Spares

Lifecycle support, service and parts for turbines installed globally

Services

Value-added services to ensure smooth operation - upgradation and automation of turbines globally

New Products and Technological Solutions

Product

ORC System - Organic Rankine Cycle Turbines
Steam Generating Heat Pump
CO₂ Expanders
CO₂ Heat Pumps
Centrifugal Steam Compressors - for MVR (Mechanical Vapour Recompression)

Packaged steam turbine generator set on the Triveni Turbine assembly floor

Research & Development (R&D)

Innovations Inspired by the Future

Innovation and IP Highlights in FY 26

Innovative turbine variants introduced in FY 26 (including backpressure, condensing, extraction condensing, and CO₂ turbines)

28.5%

Revenue generated from New Products and Technological Solutions

3.2%

Towards new technology and innovation expenditure as a % of FY26 turnover

400+

IPR Filings

How the R&D Model Works

In-House Capability Development
Global Technology Partnerships and Knowledge Network
Sustained Investments in R&D
Digitalisation and Analytics Initiatives

Dhruv M. Sawhney, Chairman and Managing Director

Chairman’s Message

Our exports contributed ~52% of the total order booking during the year and the share of aftermarket orders increased to 38%, up from 26% in FY 25, highlighting a marked improvement in our business mix and the growing acceptance of our products and solutions worldwide.

Dhruv M. Sawhney Chairman & Managing Director

Nikhil Sawhney, Vice Chairman and Managing Director

Q&A with the Vice Chairman and Managing Director

Driven by lean manufacturing and deep supply-chain engagement, we achieved a significant 40% improvement in assembly throughput time and a 25% improvement in subcontract lead times during the year.

Nikhil Sawhney Vice Chairman & Managing Director

Digital Capabilities

Navigating Digital Pathways for the Future

At Triveni Turbines, technology is a key enabler of operational excellence, engineering innovation, and customer responsiveness, enabling us to keep pace with the growing operations. In FY 26, we moved digital and IT from a set of standalone projects to an enterprise-wide capability, while creating a stronger digital foundation for AI, analytics, remote monitoring, and digital twin readiness.

Production visibility and shop-floor control
Improved engineering governance through better version control and design automation
Faster engineering knowledge discovery through AI-enabled search

Enterprise Systems and Process Digitisation

Expected 15-20% higher workflow efficiency with better process traceability
Improved planning and operational reliability
Transparent and efficient supply chain management, with ~20% targeted reduction in manual supplier interaction

Cybersecurity and Digital-Readiness

Improved endpoint monitoring, protection and cyber resilience
Digital-Readiness, with 80% of the training roadmap completed

Scaling Stakeholder Experiences

~25% reduction in response time through chatbot
Enhanced service improvement workflows

Digital Governance and Decision Support

Greater leadership visibility across digital initiatives, with 30-40% faster reviews
Reduced manual reporting
KPI dashboards integrated into business excellence-led review meetings

Performance Highlights

Translating Opportunity into Value

₹ 21,811 million

Revenue from Operations

₹ 20,539 million

Closing Order Book (as on March 31, 2026)

₹ 5,268 million

EBITDA

₹ 5,394 million

Closing Aftermarket Orders (as on March 31, 2026)

24.2%

EBITDA Margin

₹ 3,494 million

PAT

₹ 9,999 million

Domestic Order Book (as on March 31, 2026)

₹ 10,540 million

Export Order Book (as on March 31, 2026)

₹ 23,256 million

Order Booking

Key Performance Indicators

Validation of Our Growth Strategy

Net Sales

(₹ million)

EBITDA & EBITDA Margin

(₹ million)

EBITDA and EBITDA Margin from FY 22 to FY 26

PAT & PAT Margin

(₹ million)

Note: PAT and PAT margins for FY 26 & FY 22 include the impact of one-time exceptional item of ₹ 157 million (expense) & ₹ 1,982 million (Income) respectively

# Without Cash & Investment