Anand Rathi has given Buy recommendation for Triveni Turbine with a target price of Rs. 285 in its research report issued on Sep 30, 2022

Anand Rathi’s research report on Triveni Turbine

Triveni Turbine Limited (TTL) provides innovative, robust, reliable, cost effective and efficient end-to-end industrial steam turbine solutions for power generation and for Combined Heat and Power (CHP) generation applications, catering to the needs of the global customers across diverse industrial segments and for power plants run by Independent Power Producers (IPP). The Company has been among the leading manufacturers of industrial steam turbines in >5 to 30 MW range globally for many years and following the termination of the Joint Venture (JV) agreement with respect to its JV Company Triveni Energy Solutions Limited (TESL) (Formerly known as GE Triveni Limited) is now independently approaching the 30.1-100 MW segment globally, thus catering to the entire range from 0.1-100 MW on a worldwide basis. TTL has industry leading domestic market share of greater than ~50%. Triveni Turbines manufactures steam turbines at its world-class manufacturing facilities in Bengaluru, India and assists its customers with their aftermarket requirement through its global servicing offices. With installations of 5000+ steam turbines across over 20 industries, Triveni Turbines is present in over 75 countries around the world. Triveni Turbine Limited offers steam turbine solutions for Industrial Captive and Renewable Power. The Company provides renewable power solutions specifically for Biomass, Independent Power Producers, Process Co-generation, Waste-to-Energy, Waste Heat Recovery and District Heating. Nearly 75% of Triveni Turbine Limited’s (TTL’s) business (FY22 Order booking) currently comes from non-fossil or renewable energy.


Given the strong carry forward order book proposition and robust Enquiry, increase in addressable market, Industry leading market share and capacity increase TTL is all set to enter next leg of growth. We initiate our coverage on Triveni Turbine Ltd with a BUY rating and a target price of ₹285 per share.

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