Capital Goods - Electrical Equipment · TRIV
Capital Goods - Gensets/Turbines
from 575 today
TTL's opportunity runs beyond conventional steam power generation, spanning industrial cogeneration, waste heat recovery, biomass, geothermal, waste-to-energy and distributed generation with a high-margin aftermarket business.
Triveni Turbine reported 1QFY27 results below estimates due to lower margins from export shipment delays and low-to-zero margin strategic NTPC orders. We cut estimates by 17%/7% for FY27/28E and retain BUY with a revised TP of INR680 based on 40x two-year forward estimates.
We maintain our Hold rating on Triveni Turbine with a target price of Rs615, as elevated quarterly volatility, domestic demand softness, delayed export conversions, low-margin strategic execution and geopolitical uncertainty are likely to keep the earnings recovery gradual.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
