Triveni Turbine Limited (TTL) is a leading manufacturer of industrial steam turbines up to 100 MW, with over five decades of experience in the industry. Originally a division of Triveni Engineering & Industries Ltd since the 1970s, the company was demerged in October 2010 into a separate entity. The company was formerly incorporated as 'Triveni Sri Limited' on June 27, 1995, and underwent name changes before becoming Triveni Turbine Limited on March 12, 2010.
The company specializes in industrial heat & power solutions and decentralized steam-based renewable turbines, providing steam turbine solutions for Industrial Captive and Renewable Power, serving industries such as biomass, waste-to-energy (WtE), waste heat recovery (WHR), geothermal, cement, steel, petrochemicals, textiles, pulp & paper, and more. Triveni holds a dominant market share of over 60% in India, with over 6,000 steam turbines supplied and installed across 20 industries in over 80+ countries, including Europe, Africa, Central & Latin America, SE Asian and SAARC countries.
As of recent data, Triveni Turbines has a market capitalization of ₹20,447 crore, reflecting its strong position in the capital markets. The company has demonstrated robust financial performance across multiple metrics.
For FY25, revenue from operations grew 21% over the previous year to reach a record level of ₹20.06 billion. EBITDA and Profit Before Tax (PBT) grew faster at 36% and 37% year-on-year and stood at ₹5.18 billion and ₹4.88 billion respectively, while Profit After Tax (PAT) stood at ₹3.59 billion, representing an increase of 33% over the previous year.
Recent quarterly performance shows continued strength, with Q2FY25 delivering the highest ever quarterly revenue at ₹5.01 billion (29% YoY growth) and highest ever quarterly EBITDA at ₹1.31 billion (47% YoY growth) with a margin of 26.1%. For Q4 FY25, the company reported revenue of ₹538.00 crore and net profit of ₹94.60 crore.
Order booking for FY25 reached a record ₹23.63 billion, up 26% year-on-year supported by increased domestic and product-led demand. The company maintains a record outstanding carry forward order book of ₹17.96 billion as of Q2FY25, an increase of 22% year-on-year.
Export performance has been particularly strong, with export order booking growing by a robust 51% to ₹10.19 billion in FY24, representing 54% of the total up from 42% in the previous year. During Q1FY25, exports contributed to 66% of overall order booking.
Triveni offers steam turbine solutions for Industrial Captive and Renewable Power, providing a comprehensive range of solutions by combining product and aftermarket services across the entire lifecycle of the Steam Turbine Generator (STG). The range of steam turbines comprises of Backpressure and Condensing that are easily customized to suit segment-specific and customer-specific needs, equipped with a choice of impulse and reaction technology that can work across a wide range of pressure and flow applications.
The manufacturing facility is located on an 11-acre green campus in Peenya Industrial Area in Bengaluru. The company is ISO 9001:2008 certified with a sound quality management system, and products are designed, manufactured and commissioned in accordance with international quality norms such as API, ASME, AGMA, NEMA and IEC.
The company has secured a substantial number of IP Rights globally, including a notable presence in India, with a total of 374 global IPR (Intellectual Property Rights) filings as of June 30, 2024. Triveni Turbines is championing the energy transition efforts through new product development, particularly focusing on sCO2 and tCO2 based solutions.
Triveni REFURB is the company's multi-brand repair arm offering various refurbishment solutions including Efficiency Enhancement services for existing turbines, addressing rising costs, changes in process requirements and age. The aftermarket business has enabled the company to double its revenue from this segment in five years with a contribution of 30% to overall revenue.
The company's network of global representative offices manned by experienced and qualified engineers allows it to meet the aftermarket requirements of customers for both its own brand and other brands. The company serves over 4,000 steam turbines across 20+ industries in over 70 countries, catering to varied industries like Biomass IPP, Waste to Energy IPP, District Heating, Palm Oil, Paper, Sugar, Naval, Textiles, Metals, Cement, Carbon Black, Solvent Extraction, Pharmaceutical, Chemicals, Petrochemicals, Fertilizers, Oil & Gas Municipal Solid Waste based Independent Power Plants (IPPs), and Captive Power Plants (CPPs).
The company is headed by Chairman and Managing Director Dhruv M. Sawhney. Promoter holding in the company stands at 55.84% as of March 2025. The company is almost debt-free and has delivered good profit growth of 25.1% CAGR over the last 5 years with a good return on equity (ROE) track record of 28.2% over 3 years.
The company's products are used in diverse industries for power generation and heating applications in segments like Sugar, Distillery, Cement, Steel, Pulp & Paper, Textiles and Palm Oil to Food Processing, Petroleum Refineries, Chemicals, Petrochemicals, Fertilizers, to Biomass and waste to Energy. With its global expertise and local manufacturing excellence, Triveni helps customers by understanding their requirements in detail and offering robust API 611 and API 612 steam turbines.
The company's strong market position is supported by its comprehensive service network, technological innovation, and commitment to sustainability through renewable energy solutions. With a robust order book and expanding global presence, Triveni Turbines continues to strengthen its position as a leading player in the industrial steam turbine manufacturing sector.
