Heavy Electrical Equipment

Triveni Turbine Ltd – A duopoly you should know about

The company has a 50%-60% share in domestic markets and ~20% share in international markets in the 30MW category.


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(A) About

Triveni Turbine Ltd - logo

Triveni Turbine Ltd is primarily engaged in the business of manufacturing and supply of power-generating equipment and solutions. It is an established steam turbine manufacturing company and holds a leadership position in the sub-30MW capacity turbine category. And has its manufacturing plants located at Sompura and Peenya in Bengaluru.

(B) Journey

(C) About the Executive Management

(i) Mr Dhruv M. Sawhney - Chairman & Managing Director

Mr Dhruv M Sawhney is the company's Chairman & Managing Director of the company.

He graduated with a Master’s degree in Mechanical Sciences from Emmanuel College, University of Cambridge, U.K. and also an M.B.A with distinction from the Wharton School, University of Pennsylvania, U.S.A. He was also on the Dean’s list for all terms, came second in the University, and is a life member of Beta Gama Sigma.

Moreover, Mr Sawhney was President of the Confederation of Indian Industry (CII), when India’s first wave of liberalization started in 1991.

(ii) Mr Nikhil Sawhney - Vice Chairman & Managing Director

Mr Nikhil Sawhney is the Vice Chairman & Managing director of the company.

Nikhil worked in the field of investment banking and consumer goods in the UK and USA before joining Triveni Engineering in 1999. Moreover, Nikhil has a Bachelor's degree in Arts and a Master's degree in Arts from Emmanuel College, University of Cambridge, and a Master's degree in Business Administration from The Wharton School, University of Pennsylvania.

In FY22, Mr Nikhil Sawhney Received a remuneration of Rs 7.06 Crore which is 0.82% of sales and 2.61% of the profit.

(iii) Mr Arun Prabhakar Mote - Executive Director

Mr Arun Mote has a Master’s degree in Technology from the Indian Institute of Technology (IIT) – Bombay and also a Master’s degree in Business Administration from Jamnalal Bajaj Institute of Management Studies, Bombay University. Moreover he has over 45 years of varied experience in the engineering industry including as a Business Head/CEO of a company.

In FY22, Mr Arun Prabhakar Mote Received a remuneration of Rs 3.36 Crore which is 0.39% of sales and 1.24% of the profit.

(iv) Mr Tarun Sawhney - Non-Executive Director

Mr Tarun Sawhney is the Non-Executive Director of Triveni Turbine and Vice Chairman & MD of Triveni Engineering.

Sawhney graduated with a Bachelor's Degree and a Master's Degree from Emmanuel College, University of Cambridge, UK, and an MBA from the Wharton School, University of Pennsylvania, USA. 

In FY22, Mr Tarun Sawhney Received a remuneration of Rs 0.15 Crore which is 0.01% of sales and 0.05% of the profit.

(D) Shareholding Pattern of Triveni Turbine Ltd

Triveni Turbine Ltd - Shareholding
Triveni Turbine Ltd - Promoters holdings
Triveni Turbine Ltd - Public Shareholding

(E) Business Segmentation

Triveni Turbine Ltd - Segment

(i) Steam Turbine

(a) Condensing Steam Turbine

Triveni Turbine Ltd - Condensing Turbine

The condensing turbine is able to use the total energy of the inlet steam flow to a maximum extent. Therefore, this type of turbine is used for power utilities that want to supply electricity to consumers as much as possible. Meanwhile the company manufacture 5 types of turbines in this segment

  • Straight Condensing
  • Uncontrolled Extraction Condensing
  • Controlled Extraction Condensing
  • Double Extraction Condensing
  • Injection Condensing
  • Reheat Condensing

(b) Back Pressure Steam Turbine

Triveni Turbine Ltd - Black pressure Turbine

The back pressure turbine is used for supplying process steam to the facilities of private-use power producers. This type of steam turbine supplies not only electricity but also steam to various process requirements. Meanwhile the company manufacture 3 types of turbines in this segment

  • Straight Back Pressure
  • Uncontrolled Extraction Back Pressure
  • Controlled Extraction Back Pressure

(c) API Steam Turbine

Triveni Turbine Ltd - API turbine

Triveni also offers a wide range of API-compliant steam turbines up to 100MW range in back pressure and condensing modes suitable for applications in Oil & Gas, Petrochemical, Refinery and Fertilizer industries.

Meanwhile, API-compliant steam turbines are designed for installation in harsh weather conditions (desert, coastal, tropical, frigid). Triveni customizes its products for both Safe and Hazardous area installations.

(ii) After Market

In after market Triveni offers branded spare parts for turbines and provides service and automatic solutions for its installed base and also provides services made parts for 3rd party turbines.

Triveni Turbine Ltd - After market

(F) Revenue from Operations

(i) Revenue Segmentation

Triveni Turbine Ltd - Revenue Segmentation

Revenue from steam turbine is 74% meanwhile, after market contribute to 26%.

(ii) Geographical Wise Revenue

Triveni Turbine Ltd - Geographical Wise revenue

(G) Cost Structure

Triveni Turbine Ltd - Cost Structure

(H) Competitors of Triveni Turbine Ltd

Triveni Turbine Ltd - Competitors

(I) Financials

(i) Financial Trend

Triveni Turbine Ltd - Financial Trend

Company’s revenue has increased at a CAGR of 2.51% while its profit after tax increase at a CAGR of 10.08% in the past 10 years. Moreover its ROE & ROCE has also improved from FY21 to FY22.

Company has also reduced its debt to equity in the past 10 years.

(ii) Du Pont Analysis

Triveni Turbine Ltd - Du Pont Analysis

Company is consistently improving its PAT margins in the last 10 years. Moreover its Assets to equity improved due to reduction of debt to equity.

(J) Management Discussion & Concalls


  • Company has filled 316 IP and granted 220.
  • Moreover company has seen a good growth in its order book.
  • On Sectorial front in domestic business most of the growth comes from co-generation, food processing, Distillery, pulp & paper, Chemicals and also other sectors like cement, sugar and Oil & Gas.
  • Further, in International market, the increase in demand has been reported mainly from South East Asia followed by Europe.
  • Enquiry generation is also good where Domestic enquiry grew by 57% and Export grew by 25% over FY21.

Growth Opportunities

  • Company is seeing a powerful shift from conventional energy sources to renewable power. This further led to greater acceleration towards eco-friendly "Green Power" solution.
  • Expansion in Sugar companies where residues from sugar mills in the form of Biomass are used as fuel to generate power. Further aided by the National Policy and incentive offered by Government of India.
  • Energy efficiency has become a top priority for the cement Industry. Large companies are considering WHR (Waste Heat Recovery) based powerplants for their Greenfield projects.
  • Oil & Gas Industry is facing multiple challenges due to the modern energy refining processes, causing customers to find the ways to maximize energy efficiency and also reduce the carbon footprint as well as the operating costs.

Q1 FY23 Concall Highlights

  • Due to improved product mix, export contributions, and growth in the after market segment, management predicted that PBT margin would remain at 20% levels over the coming years.
  • Strong order inflow visibility for FY23 and FY24 is provided by the robustness of the inquiry pipeline in both the domestic and international markets.
  • Export enquiry pipeline is up 22% YoY from Central and South America, Turkey, North America, Southeast Asia and Europe with higher enquiries in IPP segment followed by process industries.
  • Order book stands strong at Rs1070 Cr up 47% YoY, comprising of domestic (59%) and exports (41%).
  • In domestic market distillery & process cogeneration are the 2 key segments followed by Steel & Cement.
  • Turbines with capacity more then 30MW constitute ~10% in current order book.
  • Moreover company has increased its current turbine capacity of 150-180 turbines p.a. to 200-250 turbines p.a. and believe that additional capacity will provide ~Rs 250-350 Cr revenue when fully utilized.

(K) Strengths & Weaknesses


(i) Leading position in domestic market

Triveni Turbine Ltd holds a dominant position of around 60% market share in the sub-30 MW domestic steam turbines market, aided by a healthy pipeline of orders and strong research, development and engineering capabilities. Further, with the recent revival of capex cycle in various end-user industries, including captive power plants and waste heat recovery systems, renewable power solutions, sugar, process co-generation and waste-to-energy systems, TTL witnessed a strong order inflows.

(ii) Geographically diverse presence across various end user markets with healthy current order book position

Triveni Turbine Ltd steam turbines are used in diverse industries, ranging from sugar, steel, cement, textiles and chemicals to pulp and paper, fertilizers, distillery, Waste-to-energy, Biogas, palm oil as well as food processing. Meanwhile the company’s presence in South Asia, the Middle East and some African markets has been relatively long. In the last few years, it has expanded its presence across markets like Europe and South America.

(iii) Focus on exports and refurbishing markets supports profitability

Triveni Turbine Ltd operating profits are supported by a healthy proportion of after-market sales (where the company sells spares and servicing for its own, other turbines and other rotating equipment) and exports, wherein contributions are higher than the domestic product segment.


(i) Order booking and revenues sensitive to capex cycle in end-user industry

While the capex cycle in both domestic and export markets has revived recently, TTL’s order booking and, hence revenues remain vulnerable to the capex cycle in the end-user industries. However, diversification across geographies and end-users mitigates this risk to an extent.

(ii) Intense competition

TTL competes with large players that benefit from operational, technical and financial support from global parent companies. However, the company too has been able to compete with the bigger players and gain market share globally. In addition, it has continued to maintain its dominant presence through experienced engineering and manufacturing capabilities, good coverage of after-sales services and faster turnaround to its customers.

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References:  Annual Reports, News Publications, Investor Presentations, Corporate Announcements, Management Discussions, Analyst Meets & Management Interviews, Industry Publications.

Disclaimer: The report only represents the personal opinions and views of the author. No part of the report should be considered a recommendation for buying/selling any stock. Thus, the report & references mentioned are only for the information of the readers about the industry stated.

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