Chairman’s Message

Against a backdrop of geopolitical tensions, regional conflicts, tariff-related uncertainties and a cautious investment climate, we delivered our highest-ever annual turnover of ₹ 21.81 billion, registering a growth of ~9% over FY 25. This performance, driven by healthy execution across key business segments and strong traction in both domestic and export markets, stands as a testimony to the strength of our business model, operational excellence, and market positioning.

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.

Expanding into new growth areas

Our performance during the year underlined our growing emphasis on innovation and new product development, opening new avenues of growth and boosting confidence in the long-term prospects of the business.

The growing global focus on energy efficiency, industrial decarbonisation and sustainable power generation continues to create new opportunities beyond our traditional industrial applications, enabling us to participate in the next phase of the energy transition. Through sustained investments in research and development, complex engineering, and product innovation, we continue to expand our portfolio of advanced steam turbine solutions for renewable thermal applications.

During the year, we further strengthened our offerings across biomass, waste-to-energy, waste heat recovery, geothermal and Organic Rankine Cycle (ORC) applications, enabling customers to improve energy efficiency while reducing carbon emissions. As a frontrunner in driving industrial decarbonisation, we are also offering next-generation energy solutions utilising CO₂ technology, specifically focussing on long-duration energy storage and industrial heating. Our CO₂-based heat pump and Mechanical Vapour Recompression (MVR) solutions positions us to participate in emerging opportunities in industrial heat recovery and energy-efficient processes. Notably, approximately 65% of our order bookings during the year were linked to sustainable and clean energy applications.

At the same time, we remain focussed on extending our capabilities into adjacent technologies that complement our core business.

Strengthening collaboration & diversification

Our innovation journey is further strengthened through collaborations with leading academic and research institutions. These partnerships combine advanced scientific research with Triveni’s engineering expertise, accelerating the development of differentiated products and solutions that address evolving customer requirements. Such collaborations enhance our technology leadership while enabling us to deliver greater value across existing and emerging applications.

Our diversified presence across industries and geographies continues to be a key growth enabler. Today, we serve customers across power generation, steel, cement, paper, process industries, oil & gas, independent power producers, and renewable energy applications. This diversified sectoral mix, together with our balanced geographical presence, empowers us to navigate evolving geopolitical and economic uncertainties. They also help us maintain business resilience and capture opportunities across multiple markets.

Our innovation journey is further strengthened through collaborations with leading academic and research institutions. These partnerships combine advanced scientific research with Triveni’s engineering expertise, accelerating the development of differentiated products and solutions that address evolving customer requirements.

Growing enquiry pipeline

The enquiry environment remained particularly encouraging during FY 26. I am happy to share that our enquiry pipeline has more than doubled over the previous year, providing strong visibility for future growth. The enquiry momentum was driven by emerging opportunities across international markets in geothermal, process industries and utility-scale refurbishment among other segments, while the domestic pipeline in API and IPG segment also stayed strong.

To convert these opportunities into orders, we continue to strengthen our global presence and service outreach. During the year, we expanded our customer engagement initiatives across Africa and strengthened our presence in the United States, bringing us closer to our customers and enhancing our ability to provide responsive sales, engineering, and lifecycle support.

Enhancing execution and digital capabilities

As our business expands, we are investing in strengthening our manufacturing footprint and supply chain capabilities. By enhancing production flexibility, deepening supplier partnerships, and building a resilient sourcing ecosystem, we are not only improving execution competencies but also scaling our ability to manufacture increasingly complex products, while maintaining the quality, reliability and delivery standards that our customers expect.

We also continue to leverage digital technologies across engineering, manufacturing, project execution and client service to improve productivity, enhance decision-making, and deliver superior customer experience. Increasing digital integration across our operations is also strengthening lifecycle support for our installed base and contributing to the sustained growth of our high-margin aftermarket business.

Customer and people-centric growth

Customer centricity remains an important differentiator for Triveni Turbines. The sustained growth of our export and aftermarket businesses reflects the confidence our customers place in our engineering capabilities, product quality, and service excellence. We remain committed to strengthening these relationships by delivering innovative solutions, along with enhanced service and long-term value to our customers.

Our people continue to be the foundation of our success. Their commitment, technical expertise and entrepreneurial spirit have been instrumental in driving our transformation journey. We remain focussed on investing in leadership development, capability building, and employee well-being, and fostering a culture that encourages innovation, collaboration and continuous learning. As we expand into new technologies and global markets, developing future-ready talent will remain a strategic priority.

Our people continue to be the foundation of our success. Their commitment, technical expertise and entrepreneurial spirit have been instrumental in driving our transformation journey. We remain focussed on investing in leadership development, capability building, and employee well-being, and fostering a culture that encourages innovation, collaboration and continuous learning.

Looking ahead with confidence

As we enter FY 27, we do so from a position of strength, supported by a robust pipeline, expanding sustainable solutions portfolio, strengthened manufacturing capabilities and a healthy balance sheet. Despite global uncertainties, we remain confident in the long-term opportunities driven by decarbonisation, energy efficiency and renewable thermal energy.

These structural tailwinds are well aligned with our strategic priorities, and we will continue to invest in innovation, technology, digital capabilities and operational excellence to maximise these opportunities. We also remain committed to the highest standards of corporate governance, prudent capital allocation, and disciplined risk management as we pursue sustainable and profitable growth.

On behalf of the Board, I extend my sincere gratitude to our customers, shareholders, employees, business partners and all our stakeholders for their continued trust and support. Their confidence inspires us to continue innovating, creating enduring value, and contributing meaningfully to a more sustainable future.

Aligned with our commitment to delivering stakeholder value, the Board of Directors has recommended payment of a final dividend of 200% (₹ 2.00 per equity share of ₹ 1 each), taking the total dividend to 425% for the year (₹ 4.25 per equity share).

With our strong foundation, differentiated engineering capabilities and clear strategic direction, we remain confident of building on our transformation journey while creating sustainable value for all our stakeholders. As we look ahead, we remain committed to advancing our vision of delivering innovative and impactful solutions for a better tomorrow.