Triveni Turbine Ltd

ESOP 2023 – Share Allotment

• Share Allotment Committee allotted 2,000 equity shares on Sept 25, 2026 under ESOP 2023.
• Issued capital increases to Rs 31,79,00,459 comprising 31,79,00,459 shares.
• Par value Re 1 per share; exercise price Re 1.
• ISIN INE152M01016; distinctive numbers 329993697 to 329995696.
• Shares rank pari-passu with existing equity shares.
• Total issued shares after issue: 31,79,00,459; total issued share capital: Rs 31,79,00,459.
• Date of issue of shares: September 25, 2026; time 04:30 PM.

Triveni Turbine Limited — Closure of Trading Window from October 1, 2026 till 48 hours after announcement of the unaudited standalone and consolidated financial results for the second quarter and half year ending on September 30, 2026.

Rating Action & Facilities

• Date of rating action: September 18, 2026.
• Rating agency: ICRA Limited reaffirmed AA+ (Stable) on long-term fund-based facilities of Rs 179.50 crore.
• Rating reaffirmed on short-term non-fund-based facilities of Rs 710.00 crore as A1+.
• Total bank facilities enhanced to Rs 1,099.50 crore from Rs 889.50 crore.
• Enhanced facility includes short-term non-fund-based limits of Rs 210.00 crore rated A1+.
• Enhanced facility is designated under Non-fund based limits (short-term) category.
• Overall rating action: reaffirmation for existing facilities plus assignment for enhanced facility.

AGM Details

• Date and mode: 9 Sep 2026, VC/OAVM.
• Time not disclosed; no record closure details provided.

Key Resolutions and Outcomes

• Ordinary: Adoption of financial statements; passed with 88.72% in favour.
• Ordinary: Interim 2.25 and final 2 dividend per share; passed with 96.13% in favour.
• Ordinary: Re-appointment of Director; passed with 89.56% in favour.
• Ordinary: Ratify remuneration of Cost Auditors for FY 2026-27; passed with 99.58% in favour.
• Special: Re-appoint Vijay Kumar Thadani as Independent Director for second term; passed with 93.48% in favour.
• Special: Re-appoint Vipin Sondh as Independent Director for second term; passed with 99.55% in favour.

AGM Details

• Date and time: September 9, 2026, 3:30 PM to 4:46 PM IST via VC/OAVM.
• Cut-off for remote e-voting: September 2, 2026.
• Meeting chaired by Dhruv M. Sawhney; quorum present and proceedings recorded.
• Scrutinizer appointed for e-voting; results to be placed on company and KFintech websites.
• Total attendees: 163 members (including 12 promoters).

Key Resolutions

• Resolution 1 (Ordinary): Adoption of standalone and consolidated financial statements for FY2025-26.
• Resolution 2 (Ordinary): Interim dividend Rs 2.25 and Final dividend Rs 2 per share.
• Resolution 3 (Ordinary): Re-appointment of Dhruv M. Sawhney as Director (retiring by rotation).
• Resolution 4 (Ordinary): Ratification of remuneration of Cost Auditors M/s J.H & Associates for 2026-27.
• Resolution 5 (Special): Re-appointment of Vijay Kumar Thadani as Independent Non-Executive Director for second term of 5 years.
• Resolution 6 (Special): Re-appointment of Vipin Sondhi as Independent Non-Executive Director for second term of 5 years.

Voting Results

• Voting results and Scrutinizer’s report to be submitted separately.

Auditor Appointments

• Cost auditor remuneration for 2026-27 ratified.

Director Changes

• Re-appointment of Dhruv M. Sawhney as Director (retiring by rotation).

Dividend

• Interim dividend Rs 2.25 per equity share; Final dividend Rs 2 per share.

Meeting Details

• Date and time: September 8, 2026 at 3:30 PM.
• Type: Group meeting; Mode: Physical.
• Venue: Triveni Turbine Sompura facility, Bengaluru.
• Event/organiser: UBS India Industrial field trip.

Participants

• Key company participant: Company Secretary.

Purpose

• Purpose: Investor plant-visit and facility overview for UBS India field trip.

Additional Notes

• Schedule may change due to exigencies of investors or company.

Financial Performance

• Revenue from operations: ₹4.43 billion, up 19.2% YoY
• Domestic sales: ₹2.4 billion, up 27.4% YoY
• Exports: ₹2.03 billion; export share 48.8% of revenue (vs 49.3% LY)
• EBITDA: ₹797 million; margin 18% (vs 25.8% LY)
• Profit before tax: ₹697 million; margin 15.7% (vs 23.5% LY)
• Quarter order booking: ₹5.68 billion; up 6.1% YoY; led by exports/aftermarket
• Closing order book: ₹21.8 billion as of 30 Jun 2026; up 5.1% YoY; export OB 57%
• Aftermarket closing orders: ₹6.24 billion; up 115% YoY; 29% of closing OB
• Balance sheet: receivables down; negative working capital; cash balance up

Operating / Segment Update

• Export order booking grew 53.4% YoY; accounted for 68% of quarterly bookings
• Domestic and product order booking slowed; down 35.4% and 11.6% YoY respectively
• Enquiries in international markets improved; US/SE Asia showing momentum; domestic weakness persists
• US subsidiary: healthy enquiries; focus on service/product capabilities; build footprint in the Americas
• R&D focus: ORC developments; expanding heat pumps and MVR offerings; geothermal combo potential
• CO2 BESS pilot in Europe progressing; exclusivity terms with Energy Dome not disclosed
• Data-centre opportunity: traction visible; confluence of conventional/combined-cycle options

Balance Sheet and Cash Flow

• Receivables reduced; negative working capital motif re-emerging; cash balance higher
• No explicit debt restatement provided in the quarter

Projects and Capex

• Heavy R&D focus; ORC and geothermal integration; heat pumps/MVR advancing
• US entity: path to break-even targeted in FY2028; Q1 loss expected due to lack of orders
• Product-and-solution approach: combining multiple offerings to deliver better payback

Outlook and Guidance

• Full-year FY2027: revenue and bottom-line growth expected; margins to recover in H2
• Management cites potential to maintain PBT margin >20% in medium to long-term

Q&A Takeaways

• NTPC CO2 project: ~₹175 crore execution, ~40% in Q1; freight-led delays shift some to Q2/Q3
• Export freight volatility caused margin pressure; domestic orders compressed; overall mix improving
• Domestic enquiry softness is c. 6–12 months gestation; bounce-back expected in coming quarters
• US data-centre opportunity: enquiries >12 months to orders; product-first approach; reforms later
• Bought-out components (BOP): scope 30–70% per order; price escalations absorbed if volatility persists
• ORC/Heat-pump: progress gradual; customers seek validated payback; pipeline expanding