Triveni Turbine Ltd (NSE: TRITURBINE) Q3 2026 Earnings Call dated Feb. 04, 2026
Corporate Participants:
Unidentified Speaker
Rishab Barar
Henilkumar Soni
Shreya Sharma — Head- Investor Relations
Analysts:
Harshit Patel — Analyst
Presentation:
operator
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operator
Ladies and gentlemen, Good day and welcome to The Treveni Turbine Limited Q3FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the call please signal an operator by pressing star then zero on your touch tone phone. I now hand the conference over to Mr. Rishabh Barar from CDR. Thank you and over to you sir.
Rishab Barar
Good day everyone and a warm welcome to all of you participating in the Q3 and 9 months FY26 earnings conference call of Triveni Turbine Ltd. We have with us today on the call Mr. Nick Swani, Vice Chairman and Managing. Mr. S.M. prasad, Chief Officer. Mr. Sachin, Chief Operating Officer. Mr. Lalit Agarwal, Chief Financial Officer. Ms. Manikantan Rajendra, Mr. Head of Investor Relations and Amit Shah from the Investor relations team. Before we begin I would like some statements made today forward looking in nature and it has been made to every area. I would now like to call invitees it may have.
We will start this call with opening remarks from the management following which we will have an interactive question and answer session. I now request Mr. Nikhil Soni to share some perspectives with you with regard to the operations and outlook for the. Over to you Mr. Soni.
Henilkumar Soni
Thank you Rishabh. Firstly, I don’t know if you’re very audible. Possibly you’re taking this on your mobile. So I’ll repeat it for the. For all the other audience that we have. Mr. S.N. prasad, our CEO Mr. Sachin Parab, our COO Mr. Lalit Agarwal, our CFO Mr. Manikantan who’s our Chief Marketing Officer Shriya Sharma who I’ll introduce later who’s joined us recently as our Investor relations and value creation head as well as Amit Shah who is part of the investor relations team and was assisting in this role in the interim. So firstly, very warm welcome to you ladies and gentlemen.
We’re very pleased to report the fact that we have the highest ever revenue and ebitda in this third quarter of FY26 where revenue stood at 6.24 billion rupees and EBITDA at 1.54 billion rupees. Turnover was higher by 24% year over year in the quarter and EBITDA was higher by 16.9% year over year. The profit before tax and before exceptional items was higher by 15.3%. And after taking an impact which is non recurring in nature for the wage code related exceptional charge of 15.7 crores we had a PAT of 917 million rupees which is 1% lower than at the same quarter of the previous year.
As we’ve spoken about in previous quarters, we had anticipated a growth in profitability, growth in turnover in Q3 and this is something that as we had said would reflect in the nine month results as a catch up and our exceeding results would happen by Q4. So in the nine month results as you would see, we have a largely flattish or maybe 2.3% increase in turnover in the nine month period while EBITDA and PBT before exceptional items are largely flat. This gives you an indication of where the company stands in its growth for the current financial year and the optimism that we face that we have in terms of the growth for the current financial year which will be impacted by by a slower Q1 and Q2, by a slower order booking and book and bill that we’ll have for the current year at the same point in time.
This current quarter was impacted by a lower dispatch in the aftermarket which as you can see has impacted the overall margin for the company. But we’re confident that we will revert to our usual status in the quarters to come. The current quarter also did have a significant amount of billing from our NTPC project which is a slightly lower margin. But having said that, the company is quite consistent and confident on not only the margin profile and the growth for this coming year, but the growth in the coming year as well. Growth in the coming year, as you would imagine, would be driven by order booking and our order booking for the current quarter was down by about 26% on a year on year basis.
This was severely impacted by certain orders that we had on hand which would have allowed our order booking for the quarter to be commensurate with previous quarters. But unfortunately those advances were not taken at the quarter end and so therefore could not be accounted in our policy by which we record orders. Having said that, we are confident in the current quarter that we would be able to exceed previous quarter’s order booking and this is despite the spillover of the order booking that I just talked about. Having said that, the orders continue to come from a variety of different sectors.
The domestic market as well as the export market present both opportunities as well as certain uncertainties in terms of order finalization. We find that both within the aftermarket of refurbishment as well as spares. But having said that, certain uncertainties seem to have been lifted with the reduction in the duty structure for the United States for our products, which will now revert to an 18% duty. And so we’d give some more color around how we see the buildup of our inquiry book as well as the order book as we get into the question and answers. The company continues to focus on expansion of its capabilities in research and development as well as in terms of focusing on commercialization of its newer products and technologies.
Our heat pumps now have an inquiry book well in excess of 100 and we’re quite confident of hitting that market in a manner with a great focus. We’ve already received our first order for this and we’d be happy to share some more details about that, but our other products of mvrs, et cetera, continue to do well. Our confidence in the refurbishment space continues to remain very consistent given our engineering capabilities which stretch not only from the steam turbine line but to other rotating equipment. And we feel that the coming quarters will give us confidence in terms of being able to secure more orders in both larger scale utility turbines as well as in other rotating equipments, including both gas and other geothermal applications.
Our HR continues to perform exceedingly well and we are confident in not only our intake of fresh gets but also in terms of the retention that we have of our high caliber workforce. The quality systems that we have in place are well regarded by our customer and we feel that our current recently concluded Net Promoter Score study seems to indicate that our customer satisfaction is at an all time high. So with that I’d be happy to take some questions. Sorry. Before I close this, I wanted to introduce Shriya Sharma who is joined as our head of investor relations and value creation and she brings an extensive experience of investor engagement and capital markets and will lead the interaction with the investor community.
Shreya, maybe you can introduce yourself and tell people how they can contact you.
Shreya Sharma — Head- Investor Relations
Sure, yeah. Hello and good afternoon everyone and thank you for joining the call. Thank you Nikhil for the warm introduction. As I joined the Veni Group, I’m truly excited about collaborating with all of you. With my background in investment, engagement and capital markets, I look forward to fostering a transparent and continuous partnership. Together we will work towards unlocking the value and drive meaningful growth. I’m thrilled to be bold and eager to get started. For any further connections and discussions, please feel free to reach out to me@irveni turbines.com or shreya.sharmaini turbines.com thanks. With that I hand over the call to the moderator for the Q and A session.
Questions and Answers:
operator
Sure.
operator
Thank you very much. We will now Begin the question and answer session. Anyone who wishes to ask questions may press Star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask questions, please press star and 1. The first question is from Harshit Patel from Equis Securities. Please go ahead.
Harshit Patel
Hi sir. Thank you very much for the opportunity. Firstly, based on the market conditions in your end use industries domestically namely steel, cement, sugar, pharma, chemicals etc. And based on your current inquiry book levels, what kind of order growth you expect to register in fourth quarter as well as for the full year FY27 from the domestic market.
Henilkumar Soni
Well Q1 and Q2 of this current financial year for the domestic market did have very good growth from overall perspective. We are forecasting the company having a growth in order booking in FY26 compared to FY25. I’ll ask Mani to provide a little bit more color maybe I’ll ask Prasad first to talk about the first nine month order booking and then Mani can provide some more clarity around order booking for Q4 and going forward. So Prasad first if you could provide some color on the domestic and export market.
Henilkumar Soni
Yes, domestic market wise. Yes. What we are seeing all the industry segments starting from food processing industry, chemical, sugar distilleries, steel and cement. So equal tractions there even first nine months when we see these are the things in addition to that some of these drive turbines for feed water pumps. So that’s the way how we noticed in domestic market and based on the current inquiry pipeline and this thing what we feel is our domestic market going to grow further in Q4. So with a year on year growth of something like a double digit growth, what we are expecting we have to wait and see how the Q4 orders getting converted into that coming to the international markets.
Yes, there is a little dip in international markets. So inquiries even though inquiry pipeline is strong, it is taking time for converting those inquiries into orders. So wherever we converted those are all municipal solid waste based power projects. And some of these again the process industry, process co generation industry inquiries are piling up. So based on that what we believe is overall definitely there is a sizable increase in market size. What we are expecting Mani would like to add.
Unidentified Speaker
Yeah, this is Mani. So in terms of sector wise we find steel cement are propelling very well. And also with our main product lines like sugar distillery those are also picking. We see lot amount of opportunities and in terms of enquiry pipeline we have quite a bit robust pipeline going forward. We are waiting for these enquiries to be translated into orders in Q4. So we expect the healthy numbers as reported by Nikhil and Prasad to close the year with a healthy number from domestic market.
Harshit Patel
Understood. Secondly, can you share an update on the orders received and the outlook for the new solution that we have introduced this year mainly CO2 based heat pump as well as mechanical vapor recompression, MBR compressor.
Unidentified Speaker
Yeah, I talked about this in our introductory remarks. The inquiries for both of these segments are are very positive and we have actually.
Unidentified Speaker
Expanded.
Unidentified Speaker
I mean we have got orders in these new product segments. These new products allow us to really bring to market our technical capabilities and our engineering capabilities. They will not be meaningful from a perspective of turnover for the company I think for a couple of years. But having said that they will provide us a greater opportunity to access customers, be closer to our customers and to build greater technical relationships with them. Sal, do you want to talk about the heat pump solutions that we have and how they.
Henilkumar Soni
Yes, heat pumps wise there’s a good traction as right now we mentioned that there’s a good inquiry pipeline is getting built up. We got the first of its kind order which will be executed in the in FY27 by seeing the traction and since the demo unit also we established here so a lot of customers visiting and inquiry pipeline is building up. We are confident FY27 will be able to get good traction on that. Coming to MVR initial orders we picked up sizable around 7, 8 orders which are under execution that also we expect to commission those things in FY27 and MVR being a very very adjacent product line.
The customer showing a lot of interest that. These two we believe FY27 will be a good year to.
Harshit Patel
Understood sir. Just lastly a bookkeeping one. What is the loss posted by the US subsidiary in the 9 month FY26 and also if you can share the performance of South African subsidiary as well that will be helpful.
Harshit Patel
The loss of the US subsidiary was I believe 21.7 crores in the nine month period. Lalit, can you confirm that?
Shreya Sharma
So the loss for 916 is around 21 crore.
Harshit Patel
That is right.
Harshit Patel
That’s the right number.
Shreya Sharma
Yeah. Now having said that obviously you bring up a point that our standalone profitability of the business is significantly higher on a margin perspective and we are again for the second year in a row absorbing both overhead and other costs from the US subsidiary. I’ll Ask Mani to talk a little bit about the outlook for the US subsidiary and the inquiry base that we have there. And then we’ll look at South Africa separately. So, Mani, can you first talk about the US subsidiary in terms of how you’re looking at both the refurbishment and aftermarket as well as a new product inquiry base?
Harshit Patel
Yeah. In case of inquiries for the new product, there has been a substantial increase in the number of inquiries, mainly from the data centers SMRs and we are also getting enquiries on our key product like steel, cement and paper and pulp. Now, with the tariffs now coming down, we should be well placed to convert these enquiries while they were there. Because of the tariffs, there has been a delay in the decision making. But with the now tariffs coming down, things could be materializing in the coming quarters. With respect to refurbishments, there has been proposals and inquiries from the geothermal plants as well as the ipps, not only for the steam turbine, but also for other rotating equipments.
So we are focusing on those. With our shop being established, we are seeing tractions and customers are visiting our factories and we see good tractions going forward.
Rishab Barar
Thank you. On the South Africa subsidiaries question, as you know and as we’ve reported, we’ve taken complete 100% control of TSE Engineering which has been reported to the exchanges and we would look at unifying our operations in the South African market. Of course, with this unified approach, we would be expanding the scope from the ACTC region to Sub Saharan Africa and see a great scope of growth of both new product as well as aftermarket business in the African market. Again, Prasad, can you provide some visibility on both the aftermarket scope through the South African subsidiary?
Harshit Patel
Yeah.
Unidentified Speaker
Yes, sir. South African subsidiary. As we are increasing the scope to Sub Saharan Africa, so there is a good refurbishment opportunities pipeline there with the experience from ESKOM that we’ll be taking to other African countries. So with this unified approach, so both refurb and the service opportunity pipeline is building up. So FY27 will be interesting year for that. With the focused efforts Africa, we are quite bullish on that, especially on the utility segment refurbishment.
Harshit Patel
Thank you very much, sir. I’ll come back.
Shreya Sharma
Thank you.
operator
Thank you. Before we take the next question, a request to participants to please limit your questions to two per participant so that the management is able to address questions from all participants in the conference. The next question is from Amit Anwani from PL Capital. Please go ahead.
Harshit Patel
Hi, sir. Thank you for the opportunity. The first question on the delay in dispatches which started at the Beginning of the year and I assume that there has been a good recovery this quarter on that. Wanted to understand what portion already been, you know, dispatched and what is the status on delays in dispatches.
Harshit Patel
And.
Harshit Patel
Yeah, yeah.
Shreya Sharma
So first, let me finish your first question, which is, which is on delays. Some of the delays will not be, not, will not be able to be caught up. But as you see from the nine month performance, we’re about flat from a nine month basis and as we’d suggested that the growth would really come back ended and so it will come in Q4. So while we’ve had a record turnover and profitability in Q3, we expect Q4 to be another record and a much more significant record. But as you would imagine, it’s difficult.
Harshit Patel
To catch up all the growth and.
Shreya Sharma
To exhibit that in Q4 itself, there are pressures in terms of ensuring that we don’t compromise our balance sheet and payment terms just to dispatch orders, as well as the availability of raw material which is required for final assembly and the availability of customers for inspections. But keeping all of that in mind, the team is quite alive to these risks and is quite confident that we will end the year on the high that we are forecasting. This would be not only from a revenue perspective and profitability perspective, but also for order booking. We believe that order booking itself will.
These deferment of orders which we didn’t receive advances for will come in into this Q4 and the normal order booking that we were expecting from Q4 would only allow us to exceed any previous quarter in terms of order booking. Having said that, what you would recognize in this current financial year is the lumpiness of the way that orders come in and the lumpiness by which revenue is both accounted for and built. This is happening because as we approach newer market segments and larger turbine orders, this will make the business a little bit more lumpy until our turnover reaches a higher level where these orders become more routine.
We believe that this lumpiness will continue into a bit of FY27 though on a year on year basis the growth will be. Will be fine.
Harshit Patel
Sure, sir. So second question on this EU FTA which has been done so first, any color, what was kind of tariff, if at all you were paying for your products and does it change the scope for you in terms of any new geographies which probably because of tariffs you were not able to go. So just wanted to understand what could be the positive negative impact of EU tariffs on you and any scope change with respect to markets or geography there.
Shreya Sharma
Thank you. You know, you bring Up. An interesting question because Europe has always been a large market for Trivini turbine. We’ve had our technical solutions there in a variety of different sectors, the largest being municipal solid waste incineration as well as other biomass based applications, which is very much in the fixed capital formation that Europe is pushing, which is towards a more renewable future. So we’ve always had a good market share. Europe has always constituted a good part of our order booking as well as inquiry book. So with this fta, what we hope is that it reinvigorates fixed capital formation, but from a direct trade with Trivini turbine, we were not prohibited earlier and we don’t see any distinct advantages from a tariff perspective.
What we do believe is that possibly signing with this some labour mobility in terms of servicing will improve as well as certain orders from a refurbishment perspective. But having said that, while Europe has had a very strong role in our inquiry book, what we’re very enthused by, which Mani also did point out, was that the US also is exhibiting a very large inquiry book for us. Now this has not translated into order finalizations in the us, but we’re hopeful in the coming months and quarters that this will lead to quite substantial business where the US can take a mainstay in our both order booking as well as order execution.
Harshit Patel
Sure. Just a follow up. So is it fair to assume that the exports still will be better growth than the domestic business for next two, three years? Probably maybe between 15, 20% for exports growth. Is it something we are eyeing since now US probably is better after the tariff reduction And Europe also we saw dispatches and a lot of challenges, three, four quarters. So are things normalizing, let’s say in next two, three quarters and then we are back to decent growth in exports?
Shreya Sharma
Well, exports is always going to be a focus for us both from new products as well as from the aftermarket side. And we have some very good orders in newer application areas such as geothermal, et cetera, which will come through in Q4, which will be quite landmark for the company both as well as aftermarket orders as refurbishment orders in the export side. Now you bring up a difficult question because we believe that the domestic market presents very good growth opportunities as well. One will be in our historic business of steam turbines for applications in industries of process cogeneration as well as steel and cement, as well as some renewable energy based applications.
But also in terms of newer applications that we had. As you know, our domestic order booking in FY25 included an order from NTPC for carbon dioxide based Power plant. Now we have while that plant is still to be commissioned and. And that will happen in FY27. The confidence on the execution of that could possibly lead to more orders which will then present a different market opportunity for the domestic market. But we’re quite hopeful that that or similar schemes will come about in FY27 as well. So that coupled with the fact that we are seeing growth in the export market, maybe the differential will not change from this.
55% export, 45% domestic. That is my indication, that is my feeling from an order booking perspective.
Harshit Patel
Prasad, do you want to add any.
Shreya Sharma
Color on this percentage?
Unidentified Speaker
Sir, I agree more or less. Both the domestic and export market also expanding. I agree more or less. We’ll be at around that 55, 45 level.
Harshit Patel
Understood. So kind of parallel growth you might be looking for export and domestic.
Harshit Patel
It will be lumpy quarter to quarter.
Shreya Sharma
It will be lumpy quarter to quarter. That is to be expected.
Harshit Patel
Yeah, but at least a double digit plus. Just an understanding the two, three years perspective, not the next year, no two.
Shreya Sharma
Three year perspective, we expect the exports to meaningfully grow. We think that the global market is obviously significantly larger than the Indian market by itself. And our penetration from a market share perspective is obviously lower. So we have much more to grow and gain there, both in terms of greater market reach, greater product fit and profile as with our customers, as well as greater credibility as we commission more and more projects and get closer to our customers.
Harshit Patel
So of course the export market always.
Shreya Sharma
Presents us with greater opportunities. It’s also a market that is of keen focus to us because not only does it allow us to validate our competitiveness of the product from a cost and technology viewpoint, but also it is more lucrative from a margin perspective.
Harshit Patel
Sure. Thank you sir. Thank you so much.
operator
Thank you. The next question is from Chirag Machala from Centrum Broking. Please go ahead.
Harshit Patel
Yeah, thank you. So just to continue on that conversation on exports.
Shreya Sharma
So while for the last two, three.
Harshit Patel
So we understand that the opportunity is very large, but just in terms of regional flavor. So last two, three quarters, there’s some softness in order inflow which is due to tariff related uncertainties and delay in finalization. So is it restricted to one or two specific geographies or are you seeing this trend? I mean broad based.
Harshit Patel
You know, it’s.
Shreya Sharma
Very difficult to say, but I’ll let.
Harshit Patel
Mani comment on this also.
Shreya Sharma
But what we’re finding is things that, that were hot and on the table, that getting deferred from finalization and those which were cold are suddenly coming up and getting finalized very quickly also. So there’s no consistency in the market. Actually, that is what is the real reading. I find that overall there is greater push into like.
operator
Participants. Please stay connected. We seem to have lost the line for the management. Please stay connected while we reconnect the management. Ladies and gentlemen, please stay connected. Ladies and gentlemen, thank you for patiently holding your lines. We have the line for the management reconnected over to you, sir.
Harshit Patel
I apologize for that. I hope that you. You got the understanding if you could carry on with your question.
Harshit Patel
Yes, so I was just clarifying that whether this exports softness in inflow over the past 2, 3/4 is because of any specific region where order finalizations are getting delayed or is it a broad based trend that you are seeing?
Harshit Patel
What I said to you is that I think that there is definitely uncertainty in finalizing orders. I think broadly speaking from the. You see, we have two product lines that we. That we. Three product lines that we are. That we. That we cater to in the export market. One is obviously the products and there they’re split between both applications as well as geographies. Then we’d have our refurbishment solutions which are based on capabilities that we have as well as proximity to customers. And then you have the spares business which is based on the installed base.
Now the spares business is somewhat more consistent in terms of demand, but it would present, I would say, a lower aspirational growth trajectory because you can’t push excess sales there. The refurbishment side is providing us very good inquiries and it will be lumpy in terms of the way the orders come in because they are larger in scope. On the product side itself, it depends on geography to geography. We’ve traditionally been, for example, we saw softness in Southeast Asia, but in newer applications such as geothermal, we’re finding very good reception from that market. Now it depends on how demand is coming up.
Mani, do you want to add a little bit more color into what I just said?
Henilkumar Soni
Yeah. Apart from tariff, what we see is also the geopolitical issues which is holding back the decision making. So that is what is getting into the order finalization now with one by one getting released more or less going forward, we think the order finalization time, it is now taking more time would reduce. This is what we say. And with respect to your market, as said Southeast Asian market, in terms of the existing product, yes, there has been a delay in decision making. However, with newer products we find there have been good traction. And in the Middle east and Europe it is mainly on the Geopolitical on the Americas, it’s on the tariff.
So these are the things which is holding back the customers.
Harshit Patel
Okay sir, thanks. And sir, secondly, since in FY27 a large part of NTPC order would get commissioned and also currently our order book mix has shifted in favor of domestic since the domestic inflow have been better the last three four quarters. So do you see any risk in our existing ebitda margin for FY27 specifically since it will be NTPC and domestic market heavy.
Harshit Patel
So you see for the nine months we’ve already had about 70 odd crores of billing NTPC in the current quarter we’ll have 50% of revenue recognition of NTPC within this financial year, 50% in the next financial year. What you find in the nine month period is that our EBITDA margin is quite consistent between FY26 and 25 from.
Shreya Sharma
A nine month perspective.
Harshit Patel
We always think that our margins are quite comfortable. It will change quarter to quarter on the amount that we may build from an order like ntpc. But it will not have any significant movement on our margins. It will move around. Traditionally we’ve always said that it will be above 20% on a PBT basis and we continue to maintain that.
Harshit Patel
Okay, sure. Thanks. Thanks a lot.
operator
Thank you. The next question is from Saif Sorab Gujar from ICICI Prudential Asset Management. Please go ahead.
Harshit Patel
Thank you for the opportunity. So first question is maybe I missed it. Could you just repeat 4q auto and for expectation on both export and domestic scale.
Harshit Patel
Can you repeat that question again? You export in domestic for which period?
Harshit Patel
For 4Q. I think you mentioned about the order inflows right after having 3Q which was lower. What sort of order inflows and domestic and export do we see.
Harshit Patel
In Q4? We. So we had an order booking in Q3 of 391 billion rupees which I want to say is about 200 plus crores short of what our average has been in the previous quarters. And that is exactly the quantum of orders that were sort of deferred because of non receipt of advance. And we expect that in coming Q4 we would be able to sort of make that up as well as revert to our sort of normal average order booking. So when we look at Q4 both from a domestic and export perspective we expect Q4 to be much export oriented in terms of orders that we would get which would revert then order booking position to our historical to our recent averages which is more skewed towards export.
Harshit Patel
And second thing on the One of your earlier remarks on US markets there was a mention of inquiries and products which include even the data center part. So can you highlight, are these part of the combined cycle plans for the steam turbines or something else?
Harshit Patel
So yes, you bring up an interesting point and I’ll let Manish speak about this. They are very large inquiries, a very, very large number of inquiries. What we found is that given the fact that gas turbine manufacturers are booked out for five years, there is a tendency of players or developers to look for combined cycle applications because of the non availability of capital infrastructure from the gas turbine side. Now to what extent will this rectify into orders? We’re also waiting for that. There is permitting issues which take more time on steam turbines and with gas.
But having said that, there is some traction in the market because there is a very large appetite from the US market for energy. Mani, do you want to add on anything as to how you think the data center business in the U.S. i.
Henilkumar Soni
Think you addressed it entirely. Yes. So long it has been always a simple cycle. Customer is now looking at combined cycle as an. As an avenue because most of the gas turbine manufacturers are fully loaded. So that is where the inquiries are coming in. How far it is going to get translated is a question which we are also looking and we are discussing with.
Harshit Patel
Customers just to understand the quantum. How large can be each of these?
Harshit Patel
I’m sorry, what do you mean? How large will each of these be? Like in terms of value of megawatts?
Harshit Patel
Yeah.
Harshit Patel
Our inquiry book is extremely large. Even if all of these orders structify, I think from our conservative viewpoint we wouldn’t see the US at its maximum potential exceed a 20% of our order book. So if that’s a roundabout way of giving you an answer, it is significant. But it is. It’s not at this point in time. The way that we look at it from the short term, which is FY27 and Q4 of FY26, it cannot be that material. I think these orders will take longer to finalize than just this short one quarter, one year.
Harshit Patel
Okay.
operator
Thank you. Before we take the next question, I request to participants to please limit your questions to two per participant. The next question is from Dipesh Agarwal from UTI Asset Management. Please go ahead.
Harshit Patel
Yeah. Hi Nikhil. Just one clarification. You mentioned that FY26 will see an order inflow growth. But if even if I take a flat number for a full year, that implies a 25% growth for 4Q despite a large NTPC order in your 4Q page, is that understanding correct? Even on that base you will be growing at 25%.
Harshit Patel
I would say 20%. There will be growth on order booking in FY26 over FY25. I didn’t fully follow your point about 20%.
Harshit Patel
No, I think last year 4Q had a MPPC order in the base also. So that’s a large order on that base also. You would?
Harshit Patel
Yes. I mean the fact is that may be in a one off order but when we say lumpy lumpiness just means that they come in different quarters and the way that they get executed, I think it’s. We don’t look at NTPC as a one off because we think that we do have a product within that application line which is for energy storage and we look forward to more orders from that space. So despite that, we looked at the order booking in FY25 of 2,300 plus crores as being the base for us to grow off in FY26.
Harshit Patel
Sure, sure. The other thing is I think last four years we were doing a 20% kind of a run rate and in some of the calls you also mentioned that potentially we may continue such growth rates for a couple of years given strong demand. Understand this is a year where we have seen a lot of different should we charge revenue going back to these kinds of growth rates from next year given the demand is still strong as per your commentary?
Harshit Patel
Well, to be frank, we can only execute what orders we have in hand. So since you asked a very plain question, let me answer it without giving guidance as plain in a way that I can explain it. This current year we should see a double digit growth in top line margins will get impacted a little bit because of ntpc. Also because of the fact that we took this exceptional one time write off. But having said that, in general the growth will be commensurate with the fact that we had uncertainty in order booking as well as and deferment in terms of execution for FY27.
As we come into that year with a strong order book, we should look at commensurate if not slightly higher growth than we had in FY26. But our order booking projections for FY27 lead us to believe that we should be reverting to our normalized growth rates of what you spoke about starting FY28 onwards.
Harshit Patel
Sure, sure. And lastly if you can add some more color on the US plans and now with the trade deal being signed, how you think the US subsidiary panning out over the next two to three.
Harshit Patel
Years you Know, as you’ve seen that we’ve incurred over 20 crore losses in both FY25 and FY26 for our US subsidiary. And so our overhead absorption there has been based on the fact that we have confidence in that market and it’s exhibited by a very strong inquiry book that we have from that market. It’s multi hundred million dollars that we have in that market from inquiry base. And so we’re quite confident that those will translate into orders. As uncertainty dies with trade as to how we would actually supply from India, both for product as well as for the aftermarket, including refurbishment, I think the US will add incrementally more to our order books.
Given the fact that the tariff has come down, it’s a little premature for us to see how quickly this will translate into orders. But what we can say that will translate quicker than what we were assuming a quarter or two ago. So if I look two, three years down the line, I feel that the U.S. market should contribute meaningfully to Triveni’s both top line and bottom line. Of course we already have turbines and refurbishment business that’s happening here. Do you want to add anything to this, Prasad or Sachin?
Unidentified Speaker
Sir, as you rightly mentioned, yes, inquiry pipeline is strong and market acceptability is picking up up in that based on the inquiry pipeline and what customers visits our facility and all. So that is as you mentioned that yes, there’s going to be a good opportunity market for us going forward but it is taking little longer time than anticipated. I think you want to add.
Henilkumar Soni
Yeah, just Prasad and VCMD have said, although the order finalizations have taken longer but whatever few orders orders have been executed by our US facility, it has found good acceptance and the satisfaction level of our customers are really very encouraging and that is resulting in repeat orders from the customers and therefore creating the opportunity for good references for new enquiries to be generated. So while on the short term the.
Shreya Sharma
Performance is not something to write home.
Henilkumar Soni
About but in the short term to.
Shreya Sharma
Medium term I think the outlook is very bright.
Henilkumar Soni
Thank you.
Harshit Patel
Sure. Thank you. And all the best.
operator
Thank you. The next question is from Amit Mahavar from ubs. Please go ahead.
Harshit Patel
Yeah, hi Nikhil. I just have quick two, three questions. First is if I heard it right, even if I exclude NTPC broadly, I think you meant 10% growth on the, you know, X of NTPC orders for this year. That was right.
Harshit Patel
Yeah. Where we’re projecting growth in order booking for this current financial year. I couldn’t, I’m sorry, I’m taking it from my mobile I couldn’t tell that fully.
Harshit Patel
Yeah, no problem. So even if I exclude the 2.9 billion, this is more excluding 2.9 billion in Q4 last year.
Harshit Patel
No, but I’m trying to say that as a concept you should not exclude it because it’s not it. It is a. We are not looking at that as a one time order. We, we would aim to get more orders on the same application as well from the same customer given the performance of the plant and all indications are that the plant will will perform to its.
Harshit Patel
Okay, that is very clear, Nikhil. That is very clear. Thank you. Second question is maybe if Prasad and Sachin can chip in in US 25, 26 are investment years, you know, 27, 28. Do you think what kind of size in business basis the inquiry and the translation rate because you have particular belts in US where you’re targeting the energy belts in US 27 and 28 broadly you think we can have 2300 crore revenue base in US or it’s too early some color on the kinds of references in US we’re targeting and I’m sure when you compare and keep the reference from India, you know businesses the translation can be faster.
For example, if you showcase a wh are working in India that you’ve supplied, you know a similar customer in US will translate faster. So any color there by, by the team.
Harshit Patel
I think you see because orders don’t currently on the product side currently don’t sit in our order book. To expect a large jump in turnover in FY27 from the US subsidiary would be then based only on the aftermarket side which is difficult for it to achieve a 200, 300 crore revenue benchmark from what its current status is. There will be a significant growth, don’t get me wrong. And our anticipation is that FY 2027 should be more than a breakeven year for the US subsidiary but will be a launch platform for us to take on from FY28 onwards where we should be at a minimum achieving those targets that you are setting.
Harshit Patel
That is very good. Thank you. And the last question is broadly if I size up the opportunity for Trivani, we are very clear about up to 30 megawatts but as we move larger, especially in the API drive and power generation turbines, the market size is not very, very clear and and it can look optically very large but the translation and penetration can be very difficult. So any color on, you know, again I’m sorry for the timeline but 12 months to 24 months, what size can we move on the larger turbines?
Harshit Patel
Thank you, no.
Harshit Patel
I’d like Prasad to talk a little bit about this. But as you know we have the capacity to produce turbines already up to 125megawatts and we have orders in the 100megawatt range also. The point is you’re right that these will be lumpy and to actually see what the size of the market is and where they’re coming from always becomes a little bit tricky to forecast. It’s more difficult from the execution side as well. From a perspective of inventory planning as well as well, manufacturing capacity is not the constraint. Inventory planning is a little bit more of a constraint for larger sized turbines.
I feel that API market for this current year has actually, even though there’s a lot of expenditure happening in the oil and gas space and fertilizer space in specific, API from the Middle east has actually for us has been a flattish market and has not grown in FY26 and that has translated into a little bit of this lumpiness in order booking. We see that from the inquiry side it’s still quite strong. And when inquiries in the API existence they do translate into orders, it just takes some time based on order booking. So we think that that will come back in FY20, FY27 and that will provide us a good inroad to continue to grow in the larger megawatt space.
Larger megawatts are always going to be a little bit more lumpy, Amit, and we still haven’t got enough, large enough orders under our belt for it to smoothen out both order booking as well as revenue.
Harshit Patel
Okay, thank you.
operator
Thank you. The next question is from Balasubramanian from Arihan Capital. Please go ahead. Mr. Balasubramaniam, you may go ahead with the question. There seems to be no response from the line of Bala. We move to the next.
Harshit Patel
Hello.
operator
Yes, we can hear you now. Please go ahead. Yes, please go ahead.
Harshit Patel
Good afternoon sir. Thank you so much for the opportunities. Sir, we are entering into geothermal applications and BFW drives. Just want to understand which are the specific applications we are targeting and what kind of contributions we can expect over the next three to five years time frame.
Harshit Patel
So you bring up an interesting question. Both of these are growth markets for us because our technology solutions are very appropriate for it. But also we’ve had historically a lower market share in these thermal is really about getting. We’ve had great successes in the refurbishment side in the space and the product orders have also now picked up and so therefore that will represent A good growth opportunity for clean, renewable firm power that is required by customers on the boiler feed water pump drive market as the energy mix is moving more towards having thermal power plants as well.
This is a market that I think will present a good short term opportunity for us for the next three to five years.
Harshit Patel
Okay, so my second question is utility auxiliary drive dervanes potential market sizes around 52 turbines over next three two to three years time frame. So like what kind of market share we are targeting and is there any qualification or certifications are required specific for specialized turbine? And what is the average realization for in the industry right now, sir?
Harshit Patel
Okay, so actually we don’t give most of the data that you asked for, but you can get an indication of that from the calls that we have or you could take some of it offline and ask Shriya. But in specifically we don’t give value based indications partly driven by the fact that it’s a customized order. I mean our turbine is a customized order and very frankly each customer has a different pricing range than the next. Some are more lucrative. And in general the way that we see it is the higher the specifications of a market in terms of end use, the higher the margins will be and the higher the price per megawatt will be.
And so therefore you would always expect markets like geothermal boiler feed pump drive or API to have higher turnover and value per megawatt than a process co generation plant at a sugar factory. So that is the general feed that you would have for it.
Harshit Patel
Okay sir, got it. Thank you.
operator
Thank you. Next question is from Harsh Dhawani from Ashmore Investment Management. Please go ahead.
Harshit Patel
Hi Nikhil, thanks for the opportunity. I just want to check on your South Africa. Basically we had a presence in SADC for the better part of three years through our refurbishment order. Has that actually helped us make inroads on the product side as well in that geography?
Harshit Patel
Yes, and we have success on it. Except the point is, as you would understand, the size of a market is sort of directly proportionate to the fixed capital base that the country has. And South Africa is the most industrialized country in south in sadc. And so we have a good market penetration there. But the economy has its own set of issues in terms of industrial growth. But we are represented in the market. We have good market share in the market segments that are growing there. But it is unfortunately constrained by the fact that it is a smaller economy and therefore it can only contribute a certain amount to our growth.
Harshit Patel
And with the recent oil price fluctuation given the geopolitical tensions across the globe. How big is that an impact on our API turbine business in the Middle East?
Harshit Patel
Well, that’s why I said, I mean, I don’t know if it’s directly related to oil prices because very frankly the planning cycle for oil and gas integrated majors is much longer than one year price movements as it is. What we found is the projects that were coming up are coming up in oil derivatives and in gas and methanol and downstream value addition based projects rather than pure petroleum refining. So I think the oil majors are cognizant of what the situation is. They’re continuing with their capex. That doesn’t seem to have slowed down. It’s just that FY26 represented a strong, a smaller number of orders that were finalized in this space.
Harshit Patel
And lastly, the way we have seen a lot of success on the municipal waste applications in Europe, are we actively in talks with let’s say local government bodies in India to introduce such solutions? Any thoughts on that?
Harshit Patel
No, you’re very right. I mean this is an area that India does need to spend an enormous amount of money on. Unfortunately. I think the regulation of waste is an urban local body matter. And so this is more of a governance question than intent or money availability. Urban local bodies don’t have credit worthy, are not credit worthy on a counterparty risk assessment basis. And so there’s no concession agreement that can be signed which is credible unless it’s backed by the center. Because I don’t think state guarantees also would matter here. But they are projects that are coming, you know, they are progressive municipalities which have credit worthy paper, which are, which are, which are going with these projects.
But we think that the potential is enormous. It requires a political will and a correct governance structure.
Harshit Patel
Understood. That was all from my side. Thank you.
operator
Thank you. Next question is from Srinivar from Ask Investment Managers. Please go ahead.
Harshit Patel
Yeah, hi. Thank you for the opportunity. So again, on this USA opportunity, would it be possible to comment on sort of competition you have got in this, in this opportunity?
Harshit Patel
Of course there’s competition.
Harshit Patel
Is it similar to what you have in India or nature of competition? Yeah. Players, if you cannot comment, similar to.
Harshit Patel
Our competition in Europe.
Harshit Patel
Okay.
Harshit Patel
But there are no local turbine producers in the United States.
Harshit Patel
Okay, understood. And correct me if I’m wrong, it appeared to me that the US opportunity, at least the last part of US opportunity, is it emerging from the supply constraint on the gas turbine or even on its own, It’s a large opportunity that will emerge.
Harshit Patel
The second part, both are right. You see the US is a continent by itself. So demand that comes from the Southwest is very different from the Northeast and Northwest and the Midwest in fact. And the applications are very different. For us to get known by customers, it takes a little bit of time. You have different issues that happen from the refurbishment side where because of the federal structure of the United States, for us to execute work on the servicing of plants which are in different local localities and jurisdictions requires zoning and licenses. It’s actually quite a.
It’s a learning for me also, but it’s quite a bureaucratic country.
Harshit Patel
Okay. Yeah. And so just from the data center, as this market evolve, will it largely be a simple single cycle gas turbine market or as these companies try to reduce energy intensity, it will evolve into a combined cycle gas based application.
Harshit Patel
So you know, on utility scale gas turbines, I think about 50% of the market there is simple cycle. 50% is combined cycle. That’s from a planning perspective. When you get down from utility scale gas turbines to the less than 100 megawatt, I think about 70% are simple cycle or 80% are simple cycle. The reason is that either these plants are located where the availability of raw material such as water is poor. And so therefore it’s not a viable option now in power hungry applications. And if water is available, it sort of makes sense for you to do it.
It’s better for you to have planned a combined cycle from the beginning as an add on to a simple cycle because there’s certain configurations of the plant layout, etc. Which benefit from that adequate planning. And I believe that most data center operators are planning for that because they have. Because if you have data center in a particular locale, for you to move from a simple cycle to a combined cycle is just lowering your cost of power. So it’s a logical move. How much will happen will be based on availability of water in specific locations. And if it follows the same trend of about 20% to 30% being translated, being converted, then that’s what we could expect as well.
Which is then the non utility side utility size is about 50%.
Harshit Patel
Right. And last one, if I may sir, I wanted to understand in our conventional cogent kind of industry end market in India is the opportunity intensity reducing because these companies want to go more green, want to consume power which is more renewable. Like for example, what opportunity used to emerge from a 1,000,010 typical steel plant five years back and what is now is the whole opportunity size unchanged or reduced or increasing for you.
Harshit Patel
So in steel it’s the same because you see any, any process that actually uses heat as any continuous process that uses heat as part of the process or emits heat as part of the process would necessarily generate power on site. So our competition really isn’t against grid power for majority of these applications. It’s based on the concept of cost of capital. So the higher the cost of capital, the more relevant our propositions become actually and the more worthwhile they are from a customer’s perspective. We find that in areas like cement, which typically don’t go for waste heat recovery as part of the conception of the plant, going more green has meant adding these installations like what we provide is actually greening them more.
Because still about 70% of our, like what we said, like in FY25, 70% of our turbines had an application which is renewable. So the feed source was renewable in nature. But 70% of our customers were industrial. So that means that a lot of our customers were actually buying products from an energy efficiency perspective which is using waste heat or other, other sources which, which allows them to firstly be more green but also lower their cost of energy.
Harshit Patel
Understood. And similarly on oil and gas as well.
Harshit Patel
Oil and gas is fed through, through however the steam is produced. For them it may be a mix of their own product. I think that looking at oil and gas, you can never look at it with a green eye. So I think that has a distinct use. But if you need heat as part of your process, then you generate on site. It’s as simple as that. And the way that this is that over the last 15 years the general market of below 100 megawatts has been quite consistent, if not growing a little bit.
Harshit Patel
Understood sir. This is really helpful. Thank you so much for answering my questions.
Harshit Patel
Thank you.
operator
Thank you. The next question is from Prolin Nandu from Edelweiss Public Alternatives. Please go ahead.
Harshit Patel
Yeah, hi Nikhil, thank you so much for taking my question. Just one question, right. And this is relating to the answer that you gave to previous participants. Things question on the growth rate, right. What we were clocking in till FY25 and what we intend to clock in after, let’s say FY27 or FY28 or in FY27 and FY28. So my question is that, see you mentioned that order book is something which we can execute. Right. But what is the quality of inquiry pipeline, let’s say which we had right now and which we had two years back, the conversion of this inquiry pipeline into order book, is it taking longer because we are venturing into newer geographies, higher megawatt projects, newer technologies.
Is that the reason why, you know, reverting back to those kind of growth rates before FY25 will take another year and it will only be in FY28. Or is there anything else that you know is, you know, hampering or whatever? You know, it’s taking a bit longer for the pipeline to convert.
Harshit Patel
Let me ask Prasad to answer this question. He can provide a better insight.
Unidentified Speaker
Yeah, Inquiry pipeline wise quality of the inquiry pipeline is similar to what inquiry pipeline we used to have because inquiry pipeline, you know, budgetary firm inquiries and all. But that inquiry overall inquiry pipeline is growing. What we see is that means our traction is increasing. People are knowing Triveni more so that way. How we consider that. So some of these certain percentage of inquiries budgetary in nature where they’ll be taking the inputs and probably it may take a longer time to get into the gestation story for that. But what we are looking today is inquiry pipeline in terms of number of inquiries and megawatt sizes is increasing.
So that is giving a confidence to us going forward. Whatever. Nikhil mentioned that yes, we are quite confident in terms of order booking and maintaining some sustainability of growth going forward in the coming years.
Harshit Patel
It’s difficult to get a consistent answer for you. You know, yes, you’re right. And our feeling is that inquiry finalization is taking longer. Reasons differ from people to people but the main underlying reason is that there’s a lot of uncertainty out there. You have a clear push towards more energy intensive infrastructure both from data centers as well as metals and mining etc. That require it. So there’s a clear tailwind in that regard. So our confidence is coming from the fact that our inquiry books and our conversation with customers is leading us to believe that demand exists.
How quickly will that translate into orders? Well, you just see the difference between Q3 and Q4 of this financial year. How one can move one from one to the next and become extremely lumpy. And we’ll have the same conversation at the end of Q4 and then you see how it’s very uncertain for companies to be able to predict order booking.
Harshit Patel
Sure. So no Nikhil, that’s it from my side. Thank you so much and all the. Very well.
Harshit Patel
Thank you very much.
operator
Thank you. Thank you. The next question is from J. Chauhan from Trinetra Asset Managers. Please go ahead.
Harshit Patel
Good afternoon. Thank you for the opportunity. I just had one question. Could you help us understand beyond customer relationships, what are the key in house capabilities and systems that differentiate Trivani from precision engineering suppliers. And how does outsourcing fits into this model?
Harshit Patel
Outsourcing is a cost structure question. So that’s independent of that. Ultimately you’re providing quality to the customer. So the question isn’t only about service. And being able to get the customer, gets the customer satisfied from a basis of provision of, of adequate service. But if your technology is not up to mark, both from a perspective of reliability and robustness of the product, that is both uptime and performance at efficiency parameters, that is ultimately where it lies. The question is technology, service levels can only be backed up. I have to back up that technology level.
Harshit Patel
Let me reframe the question a bit. Like for example, at a value chain level, what are, which capabilities are considered core and retained in house versus outsourced? And like just beyond customer relationship, is there any key technical or system level differentiators that, you know, separate preveni from precision component manufacturers?
Harshit Patel
Well, I can’t talk about others, but I’ll tell you what. For us, we, we are, like you said, a precision technology company for rotating equipment. And our focus is it starts with technology and our investments into rotating technology, both from fluid dynamics to structural analysis and finite analysis and other aspects because there are so many multiple touch points and variations and variability that exist in our product configuration. More than that is the fact that we have to actually produce a quality product. And so we don’t out while on R and D basis, we work with institutions to help validate our technologies and platforms.
We think that areas such as quality, assembly, testing can never be outsourced. Those have to be in house because not only does that allow for validation of your own technology, but you have to then be able to take the liability of that in front of your customer. So ultimately, because you live with your customer for 30, 40 years, the more important thing is that what you have to do is to ensure that you’re able to keep the customer satisfied from a technical viewpoint through that lifecycle. Now, there are multiple viewpoints, there are multiple things that come in between.
Maybe we should take this offline because it’s not a question that we could answer in just two minutes.
Harshit Patel
Understood? That’s it from my side. Thank you.
operator
Thank you. Next question is from Salil Desai from Marcellus Investment managers. Please go ahead.
Harshit Patel
Hi, Nikhil. I want to just kind of make sure I understand this, right? In the US what you’re saying is that credentials have been established, now it’s just a matter of time before you build scale and then, you know, things kind of start falling in place in terms of Profitability and so on. Is that right?
Harshit Patel
Well, the orders themselves need to come up for finalization, you know, so the point is it’s not a question of. So it is a question of demand actually has to be, has to exist. Demand, meaning inquiries exist, meaning that there is an indication of demand, but demand finally has to come out. There has to be a job for you to bid on.
Harshit Patel
But other than that, there’s no constraint on what you can be in terms of competitive positioning there, right?
Harshit Patel
Well, of course, our brand, we need to make sure that we’re in front of the customers. I don’t know how many customers in the United States will be familiar with the Trivini brand. And the brand is not only a question of your supply having supplied elsewhere in the world. Customers want to see a running reference point in their backyard in their industry. So to be able to convince customers of that is the next question. You know, and so we are practical in the constraints of the market and that we face.
Harshit Patel
But time should address most of these, that you have few supplies, you know, you build references and then it performs as exactly.
Harshit Patel
We think growth will be steady, it will not jump up. I’d be very happy if it jumps up overnight.
Harshit Patel
And lastly again on this US tariff reduction, does that materially change your competitive positioning or you think again, all these issues that you spoke about will anyway play out?
Harshit Patel
No, I think what it will allow is, I think quicker finalizations from our end users and we will benefit from that. The US market is a rich market, so they could even have possibly still placed orders with the tariffs of the previous tariffs. This will just allow for a better return for both. Obviously the tariff reductions will have to be passed on to customers.
Harshit Patel
Of course. Right, that’s all. Thank you.
operator
Thank you. The next question is from Mohit Surana from Monarch Network Capital. Please go ahead.
Harshit Patel
Thank you for the opportunity. So, one question with respect to data center, in terms of the inquiry pipelines, what kind of capacity turbines, in terms of range that we are getting the inquiries for, is it less than 50, less than 100? What kind of inquiry pipelines are we getting the inquiry for? And second, they both did.
Harshit Patel
There’s nothing typical about it because even in data centers, it all depends on the size of the data centers, etc. So you have both 70 megawatt operations and 20 megawatt operations as well. Typically the way it is is that for every three megawatts of a gas turbine, you’d have one megawatt of a steam turbine.
Harshit Patel
Right, understood. And sir, in terms of refurbishment or the services part of the business. Are we taking orders for both steam and gas turbines or are we limited only to the gas turbine services business?
Harshit Patel
No, our typical OEM technology is in steam turbines and so of course depending on the refurbishment requirement that comes about from the value addition perspective, we can offer to a variety of different rotating equipment. So capabilities would exist for running, maintenance, overhaul, etc. For all rotating equipments. When you go on to the higher value addition such as upgradation, those will obviously be limited to more steam based technologies. So we do work for a lot of rotating equipment and we provide more flesh around this in Q4 because we should have some good wins which would explain this question a little bit better.
Harshit Patel
Understood. So last question, with respect to the R and D that you have been doing over the last few years, we have already introduced NVR as well as industrial heat pumps which we are yet to see traction in our order booking. But are there anything more in plan for us going forward?
Harshit Patel
Of course we have over 7% of our workforce is in R and D only. We have another 8% odd in engineering. So it gives you an indication as to where the manpower strength of Trivini is. So new products will come about. Majority of them will be product development, platform changes and new product development within the steam turbine line itself. And then we’ll have new technology development which will happen along the lines of what you just mentioned as well as newer products which are adjacent to those which will be more in tune to where customer demand is.
We will also have work that will happen which will be application specific, which will combine a variety of different products for new applications. And one of the applications that we’re very bullish about in the medium term is energy storage. We think that that presents a unique market for us and we will be combining a lot of products together to come up with correct applications.
Harshit Patel
Sir, in terms of the energy storage project from NTPC, I think that was somewhere around 270 to 90 crores. Please correct me if I’m wrong. And any, any indication that you have got from end customers, be it NTPC or anywhere else apart from India in terms of inquiry pipeline for these kind of. These kind of orders. Energy storage.
Harshit Patel
No. Yes, the team is constantly working on those. The inquiries are very hot and live for that application in specific and configuration as well as others. So this is something that we’re focusing on and we’re hopeful that we will show some traction in FY27 both on the CO2 side as well as non CO2 based energy storage, thermal Energy storage.
Harshit Patel
Understood, sir. Thank you. Thanks. That’s all from my end.
Harshit Patel
Thank you very much.
operator
Thank you. The next question is from Bimal Sampath, who’s an individual investor. Please go ahead.
Harshit Patel
Yeah, good afternoon. Now most of the questions have been answered. Just one, this thing. Now seeing that we are facing a slowdown in our current product line, are we now thinking, because we had developed some more in rotating equipment and you know, new, so now are we looking, I mean in future will we have to add more products to come back to our growth of 25, 30%? How are we looking?
Harshit Patel
I think that our core will remain the core for the time being. We will change some of it, will focus, will change in terms of applications like I said. So being product specific or selling a steam turbine as a steam turbine is one, but then when you sell it as an application for energy storage, it adds on different balance of plants and different calculations that you need to take to deliver it to the market. It’s a little bit of a question as to how you’re driving demand here. We’re completely dependent on someone who wants a thermal power scheme in a steam turbine manner.
If you move into energy storage, you have a larger market there from an end use perspective and who you’re selling to is different. So what we try to do is expand the base by which we, we, who we sell to, how we sell. And this will mean if we stick to our steam turbine product line as well as the services and refurbishment around it, this will always, this would be the mainstay of the company for the medium term for sure we will add newer products in because they are somewhat aligned to our technical capabilities as well as expanding on certain lines with our product, with our customer.
I think that you should still look at Triveni Turbine as a single product company for the short term, medium term we’ll become a multi product company which will allow us to basically be more application centric and solution centric to our.
Harshit Patel
Customers and more expanding, more geography like USA and South Africa, you are present. So are you looking at being somewhere in Asia and Europe putting up a.
Harshit Patel
Plant or, you know, so until the US stabilizes, I don’t think we would look at expansion both from a perspective of, of bandwidth as well as validating.
Harshit Patel
Right. So thank you. Yeah, thank you. Very useful. Thank you.
Harshit Patel
Okay. Should we, should we end now?
operator
Yes sir, that was the last question in queue. If you’d like to give any closing comments before we close.
Harshit Patel
Okay. No, thank you very much. Ladies and gentlemen. I feel that we’ve said a lot on the call and hopefully if you missed it, you’d be able to pick up on the nuances that I’ve said on the transcript. But again, very happy to welcome Shriya here. Her details are at the end of the investor brief, so please do reach out if you have any questions. Again, we look forward to speaking. Speaking in May for our Q4 full year results. Thank you very much again. Goodbye.
operator
Thank you very much on behalf of Triveni Turbine Ltd. That concludes the conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.