Triveni Turbine Ltd (TRITURBINE) Q1 FY27 Results Analysis: PAT Falls 21%, Revenue Grows 19%

Triveni Turbine Ltd's Q1 FY27 numbers came in soft, with revenue of Rs. 442.70 Cr (+19.23% YoY) and PAT growth of -20.65% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

Revenue grew 19% YoY to Rs.442.7 Cr, but PAT declined 21% due to a 1,249 bps surge in material costs, compressing EBITDA margin to 18.00%. Management's margin guidance is under pressure. The strong order book provides revenue visibility but margin recovery is critical.

Key Investment Insights

Key Positives

• Revenue grew 19.23% YoY to Rs.442.7 Cr, the highest Q1 on record.
• Subsidiary contribution turned positive: consolidated PAT-to-owners of Rs.51.1 Cr vs standalone PAT of Rs.50.5 Cr, compared to negative Rs.2.5 Cr contribution in Q1 FY26.
• Order book at FY26 close was Rs.2,054 Cr, providing strong revenue visibility.
• Aftermarket order book doubled to Rs.539 Cr at FY26 close.

Risk Factors

• EBITDA margin compressed 780 bps YoY to 18.00%, the lowest in five quarters, contradicting management's guidance of stable margins.
• PAT declined 20.65% YoY despite 19.23% revenue growth, due to cost-of-materials ratio surging 1,249 bps YoY.
• Cost of materials consumed grew 52.46% YoY, far outpacing revenue growth of 19.23%.
• Effective cash tax rate increased 335 bps to 28.69% from 25.34% a year ago.
• Management's margin guidance of 'stable, no structural dilution' is under challenge as EBITDA margin continues to decline.