Triveni Turbine 🚀 | FY27 Guidance: Growth Back-Ended

Management remains confident of higher-end double-digit revenue & profit growth in FY27, with growth expected to be stronger in H2. It also expects PBT margin >20% to remain sustainable over the medium/long term. Key Fundamentals: • FY25 ROE: ~33% • FY25 ROCE: ~33.2% • Net Debt/Equity: ~ -0.6x → net cash position • FY25 EBITDA margin: ~21.8% (ex-other income) • FY25 PAT margin: ~17.9% • Historical FY25 P/E: ~50.8x — premium valuation What’s Positive ✅ 🔹 Double-digit growth expected in FY27 🔹 Margin recovery expected in H2 FY27 🔹 >20% PBT margin targeted sustainably 🔹 Strong return ratios 🔹 Healthy balance sheet / net cash position 🔹 US subsidiary targeted to reach breakeven this year Key Risks ⚠️ 🔸 FY27 growth is back-ended → execution risk if H2 disappoints 🔸 High valuation leaves limited room for earnings disappointment 🔸 US subsidiary may continue to drag margins before breakeven 🔸 Margin recovery needs to be monitored quarter-by-quarter 🔸 Any slowdown in industrial/power-capex demand can impact order inflow