Triveni Turbine (TTL) shares surged 4% to Rs 356.04 in intraday trade on Wednesday amid a subdued market on expectations of a healthy business outlook. The stock was trading near its all-time high of Rs 368.30, touched on March 1, 2023. In contrast, the S&P BSE Sensex was down 0.19% at 60,019 as of 9:58 am.

TTL is an established industrial steam turbine manufacturing company with a leading position in the steam turbine category below 30 megawatts (MW) in capacity. It manufactures steam turbines up to 100 MW. Over the years, the company has completed more than 5,000 installations in the domestic and export markets.

TTL’s order book hit a new high of Rs 420 crore in the October-December quarter (Q3FY23), leading to gross order bookings of Rs 1,139 crore in September FY23, up 26.5% year-on-year, only Slightly below the order book for the entire FY22.

With its solid performance across geographies and business units, the company’s closed order book stood at Rs 1,232 crore impressively as of December 31, 2022, up 33% year-on-year, putting it in a very favourable position for the coming year.

Against this backdrop, ICRA has upgraded TTL Bank Financing’s long-term rating, expecting improvements in revenue, operating profit and robust debt coverage metrics in FY23-FY24.

Thanks to a healthy order pipeline and strong R&D and engineering capabilities, TTL dominates the domestic steam turbine market below 30 MW with a market share of about 60%.