Sharekhan has given Buy recommendation for Triveni Turbine with a target price of Rs. 280 in its research report issued on Sep 23, 2022
Sharekhan’s research report on Triveni Turbine
Our interaction with Triveni Turbine Limited (TTL) reaffirms our bullish stance on the company, given its foray into high-margin API turbines, scaling up of 30-100 MW segment, and renewable energy orders driving its core business. The company aims ~35% revenue growth for the next couple of years, led by strong order book of Rs. 1,070 crore and large enquiry pipeline in both India and international markets. TTL leads with a market share of 50-60% in the 0-30 MW segment in India with industry-leading margin. In the international addressable market, TTL has a share of ~20%. The addressable global market size for 0-30 MW is 1.5x Indian market.
We retain Buy on TTL with a revised PT of Rs.280 (based on September FY2024E EPS), considering strong revenue guidance and promising future growth trajectory.