Triveni Turbine Q2 FY27 profit falls 42% to ₹53.3 crore as exports slump
Synopsis
Triveni Turbine's Q2 FY27 profit nearly halved as export sales collapsed by 47%, gutting margins and revealing how exposed the industrial steam turbine maker is to overseas demand cycles. The silver lining: a record ₹764 crore order book, with exports accounting for half, suggests the revenue pain could prove temporary.
Key Takeaways
Triveni Turbine reported a 41.6% YoY fall in consolidated net profit to ₹53.3 crore in Q2 FY27 (quarter ended September 2026).
Revenue from operations slipped 3% to ₹491 crore , while EBITDA fell 43.9% to ₹64 crore .
EBITDA margin contracted to 13% from 23% year-on-year — a ten-point squeeze.
Export sales plunged 46.6% to ₹151 crore ; exports' revenue share fell from 55.7% to 30.7% .
Domestic sales rose 51.8% to ₹340 crore , providing a partial offset.
Record quarterly order bookings of ₹764 crore , up 17.2% YoY, led by export orders surging 49.8% to ₹368 crore .
Triveni Turbine Limited posted a 41.6 per cent year-on-year decline in consolidated net profit for the second quarter of FY27, with earnings falling to ₹53.3 crore for the quarter ended September 2026, down from ₹91.2 crore in the corresponding quarter of FY26, according to the company's stock exchange filing. A sharp contraction in export revenue and margin compression across profitability metrics weighed heavily on the industrial steam turbine manufacturer's performance.
Revenue and Margin Pressure
Revenue from operations declined 3 per cent year-on-year to ₹491 crore, compared with ₹506 crore in Q2 FY26. Earnings before interest, tax, depreciation and amortisation (EBITDA) fell a steeper 43.9 per cent to ₹64 crore, with the EBITDA margin contracting sharply to 13 per cent from 23 per cent a year earlier — a ten-percentage-point squeeze that underscores how the revenue mix shift hit operating leverage. Profit before tax declined 39.2 per cent to ₹75.7 crore, with the corresponding margin narrowing to 15.4 per cent from 24.6 per cent.
Export Slump Drives the Decline
The primary driver of the earnings deterioration was a dramatic fall in export sales, which plunged 46.6 per cent year-on-year to ₹151 crore. This reduced exports' contribution to total revenue to 30.7 per cent, down from 55.7 per cent in Q2 FY26 — a structural shift in revenue composition that explains why margins collapsed even as overall revenue held relatively firm. By contrast, domestic sales proved resilient, rising 51.8 per cent to ₹340 crore, partially offsetting the export shortfall.
Product and Aftermarket Performance
On a segmental basis, product revenue grew a modest 4.4 per cent to ₹343 crore, while aftermarket revenue declined 16.7 per cent to ₹148 crore. Aftermarket operations accounted for 30.1 per cent of total revenue during the quarter. The aftermarket segment, typically a high-margin, recurring revenue stream, thus added pressure to overall profitability on both a volume and mix basis.
Record Order Bookings Signal Future Momentum
Despite the weak profit print, Triveni Turbine reported a record quarterly order intake of ₹764 crore, up 17.2 per cent year-on-year, signalling that demand fundamentals remain intact. Export order bookings surged 49.8 per cent to ₹368 crore, accounting for nearly half of total orders received during the quarter. Product order bookings rose 32.5 per cent to ₹601 crore, though aftermarket order bookings fell 17.8 per cent to ₹164 crore. The record order book provides a potential revenue runway that could restore profitability over the coming quarters as export deliveries resume.
Point of View
But the anatomy of the decline matters: this is an export-timing story, not a demand destruction story. With export order bookings up 50% in the same quarter, the revenue that did not flow through the P&L is likely deferred, not lost. The real concern is margin structure — an EBITDA margin at 13% against a 23% base reveals how heavily Triveni's profitability depends on a high-margin export mix. If domestic sales continue to dominate the revenue split, investors should watch whether the company can reprice domestic contracts to defend margins, or whether the record order book will gradually restore the mix as export deliveries kick in.
NationPress
11 Nov 2026
Frequently Asked Questions
What caused Triveni Turbine's Q2 FY27 profit to fall 42%?
Triveni Turbine's net profit fell 41.6% to ₹53.3 crore in Q2 FY27 primarily due to a 46.6% collapse in export sales, which reduced exports' revenue contribution from 55.7% to 30.7%. This mix shift compressed EBITDA margins from 23% to 13% year-on-year.
What was Triveni Turbine's revenue in Q2 FY27?
Revenue from operations declined 3% year-on-year to ₹491 crore in Q2 FY27, compared with ₹506 crore in Q2 FY26. Domestic sales rose 51.8% to ₹340 crore, partially offsetting the sharp fall in export revenue.
What is the significance of Triveni Turbine's record order bookings?
The company reported a record quarterly order intake of ₹764 crore in Q2 FY27, up 17.2% year-on-year, with export orders alone surging 49.8% to ₹368 crore. The record book suggests demand is healthy and could support revenue and margin recovery in future quarters as these orders are executed.
How did Triveni Turbine's aftermarket business perform in Q2 FY27?
Aftermarket revenue declined 16.7% to ₹148 crore and accounted for 30.1% of total revenue. Aftermarket order bookings also fell 17.8% to ₹164 crore, adding further pressure to margins given that aftermarket is typically a higher-margin segment.
What is Triveni Turbine's EBITDA margin for Q2 FY27?
Triveni Turbine's EBITDA margin contracted sharply to 13% in Q2 FY27 from 23% in Q2 FY26, a ten-percentage-point decline. Absolute EBITDA fell 43.9% year-on-year to ₹64 crore, driven by the adverse revenue mix shift toward lower-margin domestic sales.
