Key Metrics of Triveni Turbine
About Triveni Turbine
Sectors
Company details
- Website
- triveniturbines.com
- Registered office
- 401, Bptp Capital City, Sector-94, Noida, Noida, Noida, In-up, 201301
- Listed
- NSE: TRITURBINE · ₹515.10
Operational Areas of Triveni Turbine
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 18 Sep 2026 | ICRA | Reaffirmed | AA+ | A1+ | Stable | ₹1,100 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Strong market position in the steam turbine industry
TTL has a dominant position in the domestic steam turbines market, aided by a healthy pipeline of orders and strong research, development and engineering capabilities.
+ Geographically diverse presence across various end-user markets with healthy current order book position
TTL’s steam turbines are used in diverse industries, ranging from sugar, steel, cement, chemicals, pulp and paper, fertilisers, distillery, waste-to-energy, biogas, palm oil and food processing.
+ Focus on exports and refurbishing markets supports profitability
TTL’s operating profits are supported by a healthy proportion of aftermarket sales (where the company sells spares and services its own, other turbines and other rotating equipment) and exports, wherein the contribution margins are higher than the domestic product segment.
+ Strong financial profile and liquidity
The high value-additive nature of TTL’s operations has led to healthy profitability over the years.
Credit challenges
− Order booking and revenues sensitive to capex cycle in end-user industries along with other factors
The order inflows and revenue growth remained susceptible to capital expenditure trends across end-user industries.
− Intense competition
TTL competes with large players that benefit from the operational, technical and financial support from global parent companies.
− Exposure to commodity and counterparty risks
The profit margins remain exposed to fluctuations in commodity prices, as the majority of the orders are fixed-price in nature, through back-to-back orders with suppliers mitigate the risk to an extent.
Could lead to an upgrade
The ratings could be upgraded, if the company demonstrates a significant growth in its scale and operating profits, driven by a substantial growth in order bookings, scaling-up of the aftermarket business and diversification into new segments, while maintaining strong credit metrics and
Could lead to a downgrade
ICRA could downgrade the ratings, if there is a sustained slowdown in the domestic and export markets which results in weak order booking and/or deferred execution or elongated working capital cycle, thereby impacting the cash flows and profitability. Any large debt-funded capex and acquisition or a sharp reduction in
Agency-reported financials (ICRA, 18 Sep 2026)
| Metric | FY2025 | FY2026 | Q1 FY2027 |
|---|---|---|---|
| Operating income | ₹2,006 Cr | ₹2,181 Cr | ₹443 Cr |
| PAT | ₹359 Cr | ₹350 Cr | ₹51.10 Cr |
| OPBDIT/OI | 22.9% | 21.4% | 11.6% |
| PAT/OI | 17.9% | 16.0% | 11.5% |
| Total outside liabilities/Tangible net worth (times) | 0.70× | 0.70× | — |
| Total debt/OPBDIT (times) | 0.10× | 0.10× | — |
| Interest coverage (times) | 155.90× | 179.00× | 85.50× |
| Revenue growth (YoY) | — | 8.7% | — |
| EBITDA (margin × income) | ₹459 Cr | ₹467 Cr | ₹51.35 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹45.93 Cr | ₹46.68 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹2.95 Cr | ₹2.61 Cr | ₹0.60 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| facilities | Other | ₹180 Cr | ₹180 Cr | 0.0% | AA+ (Stable) | Reaffirmed | ICRA |
| facilities | Other | ₹710 Cr | ₹920 Cr | 29.6% | — | Other | ICRA |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 83% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 80% chance the next rating action is stable or better
- Current rating AA+ (investment grade)
- Interest coverage 85.5×
Rated limits by facility
Timeline
From the report
September 18, 2026 Triveni Turbine Limited: Ratings reaffirmed; rated amount enhanced Summary of rating action Previous Current rated rated # Instrument* amount Rating action Financial Sector Regulator amount (Rs. crore) (Rs. crore) Fund-based - Working capital 179.50 179.50 [ICRA]AA+ (Stable); reaffirmed RBI facilities Non-fund based - Working capital [ICRA]A1+ reaffirmed; assigned for 710.00 920.00 RBI facilities enhanced amount Total 889.50 1,099.50 *Instrument details are provided in Annexure I #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as S
From the report
The comfortable working capital intensity of operations, driven by access to advances from customers, and the healthy cash accretion over the years have led to a debt-free capital structure and strong coverage indicators.
From the report
The company remains debt-free, and the strong accruals ensure that it will maintain a conservative capital structure.
From the report
Liquidity position: Strong The company’s liquidity profile remains strong with healthy operating cash flows, sizeable bank/cash balance and liquid investments of Rs. 1,020.5 crore as on June 30, 2026, along with sufficient cushion in fund-based limits.
From the report
Further, the company remained debt-free.
From the report
Ltd (TSE) for a cash consideration of Rs. 5.6 crore.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Triveni Turbine
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Larsen & Toubro |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | larsentoubro.com | 1938 | Mumbai, India |
 Thermax |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | thermaxglobal.com | 1980 | Pune, India |
| Machine Tools & Industrial Machinery · Construction | sanyexcavator.com | — | Maharashtra, India | |
 Blue Dart Express |
Outlets operated by Blue Dart Express. | bluedart.com | 1983 | Mumbai, India |
| H.G. INFRA ENGINEERING LIMITED (PART IX) | Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | — | — | Jodhpur, Rajasthan, India |
 Tata Hitachi Construction Machinery Company |
Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | tatahitachi.co.in | 1961 | Bangalore, India |
 Kirloskar Brothers |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | kirloskarpumps.com | 1888 | Pune, India |
 Sansera Engineering Limited |
Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | sansera.in | — | Bangalore, Karnataka, India |
 Action Construction Equipment Limited |
Fertilisers, Seeds & Crop Protection · Agriculture & Agri-Inputs | ace-cranes.com | 2009 | Palwal, India |
 AJAX Engineering |
Part of Fiori Group. | ajax-engg.com | 1992 | Bangalore, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Steam turbines
Filings
No filings on record yet.