Triveni Turbine has reported a strong revenue growth of 29.2% year-on-year for Q2 FY25, with an improvement in EBITDA margin of 306 basis points to 22.2%. The company has seen a recovery in domestic inquiries, driven by demand in sectors such as oil and gas, industrial generation, waste-to-recovery, cement, and steel.

The company's export order bookings have also increased, particularly from the Middle East, Americas, and Europe. Triveni Turbine expects the increasing share of aftermarket and export orders to improve its margin profile. The aftermarket segment shows promising growth prospects, supported by new product offerings, spare parts, services, and refurbishments. The demand for API turbines and higher MW turbines is expected to be driven by global energy transition trends and generation shortages.

Despite challenges in its US subsidiary, improvements are anticipated by FY26. Prabhudas Lilladher maintains a 'Buy' rating on Triveni Turbine, with a target price of Rs 800. The stock is currently trading at a P/E of 53.9x, 40.5x, and 30.6x for FY25, FY26, and FY27 estimated EPS, respectively. The outlook remains strong, with a healthy inquiry pipeline and a robust order book across various business segments.