Triveni Turbine Posts Record Revenue, EBITDA; PAT Hit by One-Offs

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AuthorVihaan Mehta|Published at:
Triveni Turbine Posts Record Revenue, EBITDA; PAT Hit by One-Offs
Overview

Triveni Turbine reported its best-ever Q3 revenue at ₹6,240 million, a 24.0% year-on-year surge, and record EBITDA of ₹1,536 million, up 16.9% YoY. However, Profit After Tax declined 1.0% YoY to ₹917 million, primarily due to a ₹157 million exceptional charge for employee benefits. The consolidated order book reached a record ₹19,864 million, driven by a 64% surge in domestic orders, though export orders dipped 20% YoY.

📉 The Financial Deep Dive

The Numbers:
Triveni Turbine Limited has announced a stellar third quarter for FY26, marked by record-breaking financial achievements.

  • Revenue: Operations revenue surged by an impressive 24.0% year-on-year (YoY) to ₹6,240 million in Q3 FY26, achieving a new quarterly high. For the nine months ended December 31, 2025 (9M FY26), revenue also hit a nine-month record of ₹15,015 million, marking a 2.3% YoY increase.
  • EBITDA: The company posted a record quarterly EBITDA of ₹1,536 million, a 16.9% YoY jump. For 9M FY26, EBITDA stood at ₹3,824 million, up 1.3% YoY.
  • EBITDA Margins: Margins in Q3 FY26 were 24.6%, a slight decrease from 26.1% in Q3 FY25. For 9M FY26, margins were stable at 25.5%.
  • PAT: Profit After Tax (PAT) for Q3 FY26 was ₹917 million, reflecting a -1.0% YoY change. The nine-month PAT stood at ₹2,475 million, down 6.2% YoY.

The Quality:
Profit Before Tax (PBT) before exceptional items demonstrated resilience, growing 15.3% YoY to ₹1,435 million in Q3 FY26. The YoY decline in PAT was primarily attributed to a non-recurring exceptional charge of ₹157 million recognized for employee benefit obligations due to the new wage code implementation. Adjusted consolidated PAT, excluding this exceptional item, showed a healthier growth of 12.76% YoY for the quarter and a decline of 1.4% YoY for the nine-month period.

The Grill:
While the operational revenue and EBITDA numbers are robust, the reported YoY decline in PAT and the significant impact of the exceptional item will likely be points of focus for analysts. The company's order booking performance in Q3 FY26 shows a 26% YoY decrease to ₹3,907 million, largely driven by a 40% YoY drop in export order booking, attributed to global trade uncertainties and contract closure delays. Management's confidence in future performance amidst these headwinds will be key.

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