On the BSE, Triveni Turbine’s shares recorded a new high of Rs 312.70, up 2% in Wednesday’s weak market on a robust business outlook. In comparison, the S&P BSE Sensex was down 0.5% at 60,385.

In the past trading days, the company’s stock in the big electrical equipment business rallied 10% after adding the FTSE Global Smallcap Index.

Triveni Turbine is a focused and increasing corporation having core competency in the steam turbine manufacturing areas about 100 MW size. It is a leading player in industrial steam turbines of up to 30 MW in the >5 to 30 MW range worldwide.

During Q3FY23, Triveni Turbine’s order booking recorded Rs 420 crore, leading Rs 1,139 crore during 9MFY23, up 26.5% when linked to the same period last year and only slightly below for the entire FY22.

With a solid performance across its geographies and business segments, the company had an impressive closing order book of Rs 1,232 crore, up 33% year-on-year as on December 31, 2022, placing it in a highly favourable position for the year to come.

With a strong focus on query generation and violent coverage ideas in national and international markets, the management guesses to convert large openings in the imminent future.

Ordering activity is predictable to endure with its growth impetus given a healthy enquiry pipeline, which grew 31% YoY, led by the export market (up 55% YoY) from Southeast Asia, Europe, West Asia, and North America. The margins are probable to endure within the 19-21% range in the medium term, focused on a better product mix led by exports and operating influence, the brokerage said and upheld a ‘Buy’ call at a target price of Rs 340 (Rs 328 earlier), valuing at PE of 35x FY25E.