Industrials
Triveni Turbine
A global specialist in small industrial steam turbines and aftermarket services.
Inside sugar mills, cement plants and refineries around the world, a quiet Indian company sells the machine that turns steam into power. Triveni does not compete for the giant turbines used in huge power stations. It focuses on smaller industrial steam turbines - a niche where engineering, reliability and service matter enormously. That narrower market has made it a global leader by volume. The even more attractive part comes after installation: spares, service, upgrades and refurbishment can generate recurring, higher-quality revenue for years.
The one thing to remember: The turbine sale starts the relationship; aftermarket makes that installed base valuable.
How the business works
The company designs and manufactures steam turbines for process industries, renewable energy, combined heat-and- power and waste-heat applications. New turbines create equipment revenue. The installed base then supports aftermarket service, parts and efficiency upgrades. Exports are a major contributor, so Triveni is exposed to industrial investment across many countries.
FY2025-26 snapshot
Revenue
about ₹2,181 crore
Net profit (PAT)
about ₹349 crore
EBITDA
about ₹527 crore
Year-end order book
about ₹2,050 crore
Exports
about 58% of revenue
Figures are for the financial year 2025-26 as reported by the company. Educational context only.
Where the money comes from
New industrial steam turbines Export equipment sales Aftermarket spares and service Refurbishment and efficiency upgrades
What could make it much bigger?
Energy efficiency and decarbonisation support demand. A larger installed base expands recurring aftermarket revenue. International markets can grow faster than domestic industry.
What can go wrong
Industrial capex cycles can delay orders.
Large export orders can be lumpy.
Large export orders and industrial-capex cycles can make order inflow lumpy.
5 things to watch
Order intake
Export share
Aftermarket growth
EBITDA margin
Order-book conversion
Ramsam Takeaway
Triveni’s strength is focus. New turbine sales expand the installed base; aftermarket monetises that base for years. That creates better economics than equipment sales alone. Watch both engines together: if orders and aftermarket grow, the franchise compounds.
This profile is educational context only. Ramsam does not rate companies or suggest whether to buy, hold or sell anything.