Ladies and gentlemen, good day, and welcome to the Triveni Turbine Limited Q3 FY26 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 touchtone phone. I now hand the conference over to Mr. Rishabh Barar from CDR. Thank you, and over to you, sir.
Good day, everyone, and a warm welcome to all of you participating in the Q3 and nine months FY 2026 earnings conference call of Triveni Turbine Ltd. We have with us today on this call Mr. Nikhil Sawhney, Vice Chairman and Managing Director; Mr. S. N. Prasad, Chief Executive Officer; Mr. Sachin Parab, Chief Operating Officer; Mr. Lalit Agarwal, Chief Financial Officer; Mr. Manikantan Rajendran, Chief Marketing Officer; Ms. Shreya Sharma, Head of Investor Relations and Valuation; and Amit Shah from the Investor Relations team. Before we begin, I would like some statements made that is forward-looking in nature and has been included, which is made to everybody area. I would now like to hand over this call to invitees. 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 Sawhney to share some perspectives with you with regards to the operations and outlook for the future. Over to you, Mr. Sawhney.
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 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 is our Chief Marketing Officer, Shreya Sharma, who I'll introduce later, who's joined us recently as our Investor Relations and Valuation 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, a 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 FY 2026, where revenue stood at INR 6.24 billion and EBITDA at INR 1.54 billion. Turnover was higher by 24% year-over-year on 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 INR 15.7 crore, we had a PAT of INR 917 million, 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 in the 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, exceeding results would happen by Q4. 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 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 is just, this is, 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, 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 our 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 in for the United States for our products, which will now revert to an 18% duty. But and so we'll 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 very manner with great focus.
We've already received our first order for this, and we'll 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. 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 GTs, but also in terms of the retention that we have of our high caliber workforce.
The quality system that we have in place are well regarded by our customer, and we feel that the recently concluded Net Promoter Score study seems to indicate that our customer satisfaction is at an all-time high. So with that, I would be happy to take some questions. And also, I'm sorry, before I close this, I wanted to introduce Shreya Sharma, who has joined as our Head of Investor Relations and Valuation. 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.
Sure. Yeah. Hello, hello, and good afternoon, everyone, and thank you for joining the call. Thank you, Nikhil, for the warm introduction. As I join Triveni Group, I'm truly excited about collaborating with you, 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 together towards unlocking the value and drive meaningful growth. I'm thrilled to be on board and, I'm eager to get started. For any further connections and discussions, please feel free to reach out to me at ir@triveniturbines.com or shreya.sharma@triveniturbines.com. Thanks. With that, I hand over the call to the moderator for the Q&A session.
Sure. 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 their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. 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 one. The first question is from Harshit Patel, from Equirus Securities. Please go ahead.
Hi, sir. Thank you very much for the opportunity. So firstly, based on the market conditions in your end-use industry domestically, namely steel, cement, sugar, pharma, chemicals, et cetera, and based on your current inquiry book level, what kind of orders growth you expect to register in fourth quarter, as well as for the full year, FY 2027 from the domestic market?
Well, Q1 and Q2 of this current financial year from the domestic market was, did have very good growth. Overall perspective, we are forecasting the company having a growth in order booking in FY 2026 compared to its compared to FY 2025. I'll ask Mani to provide a little bit more color. Or 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.
Yes. So domestic market-wise, yes, what we have seen, all the industry segments starting from food processing industry, chemical, sugar, distilleries, steel and cement, so equal fractions there. Even first nine months when we see, these are the things in addition to that, some of these, the 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, process industry, process cogeneration industry inquiries are, piling up. So based on that, what we believe is, overall, definitely there is a sizable increase in the market size, what we are expecting. Mani, you would like to add?
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, distilleries, those are also picking. We see a lot amount of opportunities. In terms of inquiry pipeline, we have quite a bit robust pipeline going forward. We are waiting for these inquiries to be translated into orders in Q4. So we expect a healthy number, as reported by Nikhil and Prasad to close the year with a healthy number from domestic market.
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 and MVR compressors?
Yeah, I talked about this in our introductory remarks. The inquiries for both of these segments are very positive, and we have actually expanded. 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 greater opportunity to access customers, be closer to our customers, and to build greater technical relationships with them. Prasad, do you want to talk about the heat pump solutions that we have and how they did?
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 FY 2027. 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 FY 2026 and 2027, we'll be able to get a good traction on that. Coming to MVR, initial orders we picked up, are sizable around 7-8 orders, which, which are under execution. That also we expect to commission those things in FY 2027. And MVR being a very, very adjacent product line, the customer is showing a lot of, interest on that. These two, we believe FY 2027 will be a good year too.
Understood, sir. Then lastly, a bookkeeping one. What is the loss posted by the U.S. subsidiary in the nine-month FY 2026? Also, if you can share the performance of South African subsidiary as well, that will be helpful.
The loss of the U.S. subsidiary was, I believe, INR 21.7 crore in the nine-month period. Lalit, can you confirm that?
The loss for nine months is around INR 21 crore. It is right, that's the right number.
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 U.S. subsidiary. I'll ask Mani to talk a little bit about the outlook for the U.S, 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 U.S. subsidiary in terms of how you're looking at both the refurbishment and aftermarket, as well as the new product inquiry base?
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 inquiries on our key products like steel, cement, and paper and pulp. Now, with the tariffs now coming down, we should be well placed to convert these inquiries. 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. We not only for the steam turbine, but also for other rotating equipment. So we are focusing on those with our shop being.
We are seeing traction and customers are visiting our factories, and we see good traction going forward.
South Africa.
On the- Thank you. On the South Africa subsidiary 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 SADC 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?
Yeah. South African subsidiary, as we are increasing the scope to Sub-Saharan Africa. So there's 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 the refurb and the service opportunity pipeline is building up. So FY 2027 will be interesting year for that with the focused efforts. Africa, we are quite bullish on that, especially on the utility segment of refurbishment.
Understood. Thank you very much, sir. I'll come back in touch.
Thank you.
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.
Hi, sir. Thank you for the opportunity. So first question on the delayed dispatches we, 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, has already been, you know, dispatched, and what is the status on delays in dispatches? And, second-
Yeah.
Yeah.
Yeah, so first, let me finish your first question, which is on delays. Some of the delays 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've 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 to catch up all the growth and 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 materials, 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 will be not only from a revenue perspective and profitability perspective, but also for order booking. We believe that order booking itself will the deferment of orders, which we didn't receive advances for, will come in into this Q4.
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 billed. 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 FY 2027, though on a year-on-year basis, the growth will be fine.
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 are probably because of tariff, 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, yeah.
Thank you. You know, you bring up an interesting question because Europe has always been a large market for Triveni 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 Triveni Turbine, we were not prohibited earlier, and we don't see any distinct advantages from a tariff perspective.
What we do, what we do believe is that possibly signing with this, some labor 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 U.S. also is exhibiting a very large inquiry book for us. Now, this has not translated into order finalizations in the U.S., but we're hopeful in the coming months and quarters that this will lead to quite substantial business, where the U.S. can take a mainstay in our both order booking as well as order execution.
Sure, sir. Just a follow-up: so is it fair to assume that the export 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 U.S. probably is better off after the tariff reduction, and Europe also, we saw dispatches and lot of challenges three to four quarters. So are things normalizing, let's say, in next two, three quarters, and then we are back to decent growth in exports?
Well, you know, so exports is always going to be a focus for us, both from new Products as well as from the Aftermarket side. 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, and 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 FY 2025 included an order from NTPC for a carbon dioxide-based power plant. Now, we have, while that plant is still to be commissioned and that will happen in FY 2027, the confidence on the execution of that would, 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 FY 2027 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. Prasad, do you want to add any color on this percentage?
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.
Understood. So kind of parallel growth you might be looking for export and domestic.
It will be lumpy quarter to quarter.
Yeah.
It will be.
Yeah, yeah.
Lumpy quarter to quarter. But that is to be expected.
Yeah, but at least a double-digit plus, just in understanding with a two, three years perspective, not the next year.
No, two, three- year perspective, we expect the exports to meaningfully grow. We think that the export, 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 a 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. So of course, the export market always 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.
Sure. Thank you, sir. Thank you so much.
Thank you. The next question is from Chirag Muchhala from Centrum Broking. Please go ahead.
Yeah, thank you. Sir, just to continue on the conversation on exports, so while for the last two, three ... 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?
You know, it's very difficult to say, but I'll let Mani comment on this also. But what we're finding is things that were hot and on the table are then 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 it, like, this-
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.
I apologize for that. I hope that you got the understanding. If you could carry on with your question?
Yes, sir. So I was just clarifying that whether this exports softness in inflow over the past two, three quarters is because of any specific region where order finalizations are getting delayed, or is it a broad-based trend that you are seeing?
What I said to you is that I think that there is definitely uncertainty in finalizing orders. I think broadly speaking, from the-- we have two product lines that we-- or three product lines 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 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 from 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. It depends on how demand is coming up. Mani, do you want to add a little bit more color into what I just said?
Yes. 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, which is now taking more time, would reduce. This is what we say. And with respect to your market, as Nikhil 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 America, it's on the tariff. So these are the things which is holding back the customers.
Okay, sir. Thanks. And sir, secondly, since in FY 2027, a large part of NTPC order would get commissioned, and also currently our order book mix has shifted in favor of domestic, since you know, the domestic inflow have been better the last three to four quarters. So do you see any risk in our existing EBITDA margin for FY 2027 specifically, since it will be NTPC and domestic market heavy?
So you see, for the nine months, we've already had about INR 70 odd crore of billing NTPC in the current quarter.
Okay.
We'll have 50% of the 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 FY 2026 and 2025, from a nine-month perspective.
Mm. Correct.
We always think that our margins are quite comfortable. It will change quarter to quarter on the amounts that we may bill from an order like NTPC, but it will not have any significant movement on our margins. It will move around. Traditionally, yeah, we've always said that it will be above 20% on a PBT basis, and we continue to maintain that.
Okay, sir. Sure. Thanks. Thanks a lot.
Thank you. The next question is from Saif Sohrab Gujar from ICICI Prudential Asset Management. Please go ahead.
Thank you for the opportunity. So first question is, maybe I missed it, could you just say the 4Q order and expectation on both export and domestic scale?
Can you repeat that question again? Export and domestic for which period?
For 4Q, I think you mentioned about the order inflows, right? After having 3Q, which was lower. What sort of order inflows on domestic and export do we see?
In Q4, we had an order booking in Q3 of INR 391 crore, which I want to say is about INR 200+ crore short of what our average has been in the previous quarters. That is exactly the quantum of orders that were sort of deferred because of non-receipt of advance. 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 more export-oriented in terms of the orders that we would get, which would revert then our order booking position to our historic, go to our recent averages, which is more skewed towards export.
Second thing, on the one of your earlier remarks on U.S. 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?
So, yes, you bring up an interesting point, and I'll let Mani speak about this. There 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 where, because of the non-availability of capital infrastructure from the gas turbine side. Now, to what extent will this fructify into orders? We're also waiting for that. There is permitting issues which take more time on steam turbines than with gas. But having said that, there is some traction in the market because there is a very large appetite from the U.S. market for energy.
Mani, do you want to add on anything as to how you see the data center business in the U.S.?
Yeah, I think you addressed it, entirely. Yes, so long it has been always a simple cycle. Customer is now looking at combined cycles and 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 customers.
Just to understand the quantum, how large can be each of these?
I'm sorry, what do you mean how large will each of these be, like, in terms of value of megawatts?
Yes.
Our inquiry book is extremely large. Even if all of these orders fructify, I think from a conservative viewpoint, we wouldn't see the U.S. at its maximum potential exceed 20% of our order book. So if that's a roundabout way of giving you an answer, it is significant, but it is not... At this point in time, the way that we look at it from the short term, which is FY 2027 and Q4 of FY 2026, it cannot be that material. I do think these orders will take longer to finalize than just this short one quarter, one year.
Yeah. Okay, and all done.
Thank you. Before we take the next question, a request to participants to please limit your questions to two per participant. The next question is from Deepesh Agarwal from UTI Asset Management. Please go ahead.
Yeah. Hi, Nikhil, just one clarification. You mentioned that, FY 2026 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 full year, despite a large NTPC order in your full year base. Is that understanding correct? Even on that base, you will be growing at 25%?
I just said 20%. I didn't... There will be growth in order booking in FY 2026 over FY 2025. I didn't fully follow your point about 20%.
Yeah, I think last year, full year had a NTPC order in the base also, so that's a large order inflow.
No.
On that basis also, you will?
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 than 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 look at the order booking in FY 2025 of INR 2,300+ crore as being the base for us to grow off in FY 2026.
Sure, sure. The other thing is, I think last four years you were growing at 20%+ kind of a 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. I understand this is a year where we are seeing a lot of difference. Should we emphasize to when you going back to these kinds of growth rates from next year, given the demand is still strong as per your commentary?
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 in as, 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 the, and deferment in terms of execution.
For FY 2027, as we come in, come into that year with, with a strong order book, we should look at, commensurate if not slightly higher growth than we had in FY 2026. But our order booking projections for FY 2027, lead us to believe that we should be reverting to a normalized growth rates of what we spoke about, starting FY 2028 onwards.
Sure, sure. And lastly, if you can add some more color on the U.S. plants and now with the trade deal being signed, how you think the U.S. subsidy panning out over the next, two to three years?
You know, as you've seen, that we've incurred over INR 20 crore losses in both FY 2025 and FY 2026 for our U.S. 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 U.S. will add incrementally more to our order book.
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 is that it 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?
Sir, as you rightly mentioned, yes, inquiry pipeline is strong, and market acceptability is picking up in that, based on the inquiry pipeline and what customers visit our facility and all. So that is, as you mentioned, that, yes, this is going to be a good opportunity market for us, going forward, but it is taking a little longer time than anticipated. Sachin, you want to add?
Yeah, just adding on to what Prasad and the CMD has said, a lthough the order finalizations have taken longer, but whatever few orders have been executed by our U.S. 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 inquiries to be generated. So while on the short term, the performance is not something to write home about, but in the short term to medium term, I think the outlook is very bright. Thank you.
Sure. Thank you, and all the best.
Thank you. The next question is from Amit Mahawar from UBS. Please go ahead.
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, ex of NTPC orders for this year. That was right?
Yeah, we're projecting growth in order booking for this current financial year. I couldn't... I'm sorry, I'm just taking this-
Yeah.
on my mobile. I couldn't hear that fully.
Yeah, no problem. So even if I exclude the INR 2.9 billion, this is more excluding INR 2.9 billion in Q4 last year?
No, but you-
So last year order-
I'm trying to say that as-
Okay.
You should not exclude it, because it's not. We are not looking at that as a one-time order. 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 perform to its in-
That is okay. That is very clear, Nikhil. That is very clear. Thank you. Second question is maybe if Prasad and Sachin can chip in. In U.S., 2025-2026 are investment years. You know, 2027-2028, do you think, you know, what kind of size in business base is the inquiry and the transmission rates? Because, you know, you have particular belts in U.S. where you're targeting the, the, you know, energy belts in U.S. 2027 and 2028, broadly, you think, you know, we can have INR 200-INR 300 crore revenue base in U.S., or it's too early? Some color on the kinds of references in U.S. we're targeting, and I'm sure when you compare and get the reference from India, you know, businesses, the transition can be faster.
For example, if you showcase a WHR working in India that you've supplied, you know, a similar customer in the U.S. will transit faster. So any color there by, by the team?
I think you see, because orders don't start currently on the Product side, currently don't sit in our inquiry book on our order book, to expect a large jump in turnover in FY 2027 from the U.S. subsidiary would be then based only on the Aftermarket side, which is difficult for it to achieve INR 200-INR 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 break-even year for the U.S. subsidiary, but will be a launch platform for us to take on from FY 2028 onwards, where we should be at a minimum achieving those targets that you are setting.
That is very clear. Thank you. And the last question is, broadly, if I size up the, you know, opportunity for, Triveni, you know, we're very clear about up to 30 MW, but as we move larger, you know, especially in the API drive, and power generation turbine, the market size is not very, very clear, 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 12-24 months, what size can we move, on the larger turbines? Thank you.
No, 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 125 MW, and we have orders in the 100 MW 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, specifically, API from the Middle East has actually, for us, has been a flattish market and has not grown in FY 2026, 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 exist, they do translate into orders. It just takes some time based on order booking. So we think that that will come back in FY 2027, and that will provide us a good inroad to continue to grow in the larger megawatt space.
Larger megawatts are always gonna be a little bit more lumpy, Amit, you know, 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.
Okay. Thank you.
Thank you. The next question is from Balas ubramanian, from Arihant Capital. Please go ahead. Mr. Bala Subramaniam, you may go ahead with the question. There seems to be no response from the line of Bala. We move to the next.
Sir, I'm audible?
Yes, we can hear you now.
Sir, I'm audible.
Please go ahead. Yes. Yeah. Please go ahead.
All right. Good afternoon, sir. Thank you so much for the opportunity. Sir, we are entering into geothermal applications and BFWP 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 timeframe? Those are my questions, sir.
So, you bring up an interesting question. Both of these are growth markets for us because they are. Our technology solutions are very appropriate for it, but also we've had historically a lower market share in these segments. Geothermal is really about getting. And we've had great successes in the refurbishment side in this space, and the product orders have also now picked up, and so therefore this 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.
Okay, sir. So my second question is, utility auxiliary drive turbines, the potential market size is around 52 turbines, so in the next two to three years timeframe. So like, what kind of market share we are targeting? And is there any qualification or certifications are required, specific for specialized turbines? And what is the average realization in the industry right now, sir?
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 conference calls that we have, or you could take some of it offline and ask Shreya. But specifically, we don't give value-based indication, partly driven by the fact that it's a customized order. I mean, a 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-
Okay.
a process for a generation plant at a sugar factory. So, that is the general feed that you would have for it.
Okay, sir. Got it. Thank you.
Thank you. Next question is from Harsh Tewaney, from Ashmore Investment Management. Please go ahead.
Hi, Nikhil. Thanks for the opportunity. Just wanted to check on your South Africa, basically, we've had a presence in SADC for the better part of three years through a refurbishment order. Has that actually helped us make inroads on the product side as well in that geography?
Yes. 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. South Africa is the most industrialized country in SADC. 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 a smaller. And therefore can only contribute a certain amount to our growth.
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?
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 FY 2026 represented a smaller number of orders that were finalized in this space.
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, any thoughts on that?
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 are not creditworthy 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 there are projects that are coming. You know, there are progressive municipalities which have creditworthy paper, which are going with these projects. But we think that the potential is enormous.
It requires a political will and a correct governance structure.
Understood. That was all from my side. Thank you.
Thank you. Next question is from Srinidhi Karlekar from ASK Investment Managers. Please go ahead.
Yeah, hi. Thank you for the opportunity. Sir, again, on this U.S.A. opportunity, will it be possible to comment on sort of competition you have got in this, in this opportunity?
Of course, there's competition.
As in, like, is it similar to what you have in India, or?
Similar to-
Yeah, nature of competition, yeah, players, if you can comment.
It's similar to our competition in Europe.
Okay.
But there are no local turbine producers in the United States.
Okay. Understood. And just correct me if I'm wrong, it appeared to me that the U.S. opportunity, at least the large part of U.S. opportunity, is it emerging from the supply constraint on the gas turbine, or even on its own, it's a large opportunity that will have?
Yeah, the second part is... Both are right. You see, the U.S. is a continent by itself, so like, you know, demand that comes from the Southwest is very different from the Northeast and Northwest.
Yeah.
Midwest, in fact. You know, and the application 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 learning for me also, but it's quite a bureaucratic country.
Okay, yeah. And so just on 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?
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 MW, 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 materials, 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, et cetera, which benefit from that adequate planning. And I believe that most data center operators are planning for that, 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.
Yeah.
How much will happen will be based on availability of water in specific locations. And if it follows the same trend of about 20%-30% being converted, then that's what we could expect as well. Which is then the non-utility side.
Yeah.
Utility side is about 50%.
Right. And last one, if I may. Sir, I wanted to understand, in the conventional, cogen kind of, industry and market in, 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 you see emerge from a 1 million ton typical steel plant five years back and what is now? Is the whole opportunity size, changed, or reduced, or increasing for you?
So in steel, it, 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.
Yeah.
So our competition really isn't against grid power for-
Mm.
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
Yeah. Mm.
Still about 70% of our, like what we said, like in FY 2025, 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 our products from an energy efficiency perspective, which is using waste heat or other sources, which allows them to firstly be more green, but also lower their cost of energy.
Understood. And, similarly on oil and gas as well?
No.
Oil and gas in this-
Oil and gas is fed through whatever, 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 the process, then you generate on site. It's as simple as that. The way that we-
So-
Look at this, is that over the last 15 years, the general market of below 100 MW has been quite consistent, if not growing a little bit.
Understood, sir. Understood. This is really helpful. Thank you so much for answering my questions.
Thank you.
Thank you. The next question is from Prolin Nandu from Edelweiss Public Alternatives. Please go ahead.
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. A question on the growth rates, right? What we were clocking in till FY 2025 and what we intend to clock in after, let's say, FY 2027 or FY 2028, or in FY 2027 and FY 2028. So my question is that, see, you mentioned that order book is something which you 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 FY 2025 will take another year, and it will only be in FY 2028? 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?
Let me ask Prasad to answer this question. He can provide a better insight.
Yeah, the inquiry pipeline-wise, quality of the inquiry pipeline is similar to what inquiry pipeline we used to have. Because inquiry pipeline, you know, budgetary form 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, now, 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 the inquiry pipeline in terms of number of inquiries and megawatt size is increasing, so that is giving a confidence to us going forward.
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.
Prasad-
Difficult to get a consistent answer for you, you know? It's... 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, et cetera, 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, you know, of this financial year, how one can move from one to the next and become extremely lumpy. We'll have the same conversation at the end of Q4, and then you'll see how it's very uncertain for companies to be able to predict order booking.
Sure. So, no, no, Nikhil, that's it from my side. Thank you so much, and all the very best.
Thank you very much.
Thank you. Thank you. The next question is from Jai Chauhan, from Trinetra Asset Managers. Please go ahead.
Good afternoon and thank you for the opportunity. So I just had one question. Could you help us understand, beyond customer relationships, what are the key in-house capabilities and system levels that differentiate, you know, Triveni from precision engineering suppliers? And how does outsourcing fit into this model?
Outsourcing is a cost structure question, so that's independent of that. It's ultimately you're providing quality to the customer. So, the question isn't only about service and being able to get the customer, I guess, customer satisfied from a basis of provision 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. If the question is technology, service levels can only be backed up. Yeah, I have to back up that technology level.
So sir, let me, like, reframe the question a bit. Like, for example, at a value chain level, which capabilities are considered core and retained in-house, versus outsourced? And, like, just beyond customer relationships, is there any key technical or system-level differentiator that, you know, separate Triveni from precision component manufacturers?
Well, I can't talk about others. I'll tell you what, for us, 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 variabilities 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 outsource. While on R&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 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 life cycle. 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.
Understood, sir. That's it from my side. Thank you.
Thank you. Next question is from Salil Desai, from Marcellus Investment Managers. Please go ahead.
Hi, Nikhil. I want to just kind of make sure I understand this right. In the U.S., 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?
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 if the inquiries exist, meaning that there's an indication of demand, but demand finally-
Right.
has to come out, and there has to be that, there has to be a job for you to be done.
Fair enough. But other than that, there's no constraint on what you can be in terms of competitive positioning there, right?
Well, of course, our brand is, 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 Triveni brand, and the brand is not only a question of your 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.
Well, but time should address most of these, right? You have a few suppliers, you know, you build references and then it performs as-
Exactly.
Okay.
We think growth will be steady. It will not jump up all. I'll be very happy if it jumps up overnight, but of course it will.
Right. And lastly, again, on this, you know, U.S. tariff reduction, right? Does that materially change your competitive positioning, or you think, you know, again, all the issues that you spoke about will anyway play out?
No. I think what it will allow is quicker finalizations from our end users, and we would benefit from that. The U.S. 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.
Of course. Right. Okay. That's all. Thank you very much.
Thank you. The next question is from Mohit Surana, from Monarch Networth Capital. Please go ahead.
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, they differ. There's nothing typical about it, because even in data centers, it all depends on the size of data centers, et cetera. So we have both 70 MW operations and 20 MW operations as well. Typically, the way it is, is that for every 3 MW of gas turbine, you'd have 1 MW of the steam turbine.
Right. Right. Understood. Sir, in terms of refurbishment or for 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?
No, we, 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, et cetera, for all rotating equipment. 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.
Understood. So last question with respect to the R&D that you have been doing over the last few years. We have already introduced MVR, 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?
Of course, we have over 7% of our workforce is on, is in R&D only. We have another 8% part in engineering. So it gives you an indication as to where the manpower strength of Triveni 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 a work that will happen at, which will be application-specific, which will combine a variety of different products for newer 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 there.
Right. So, in terms of the energy storage proposal from NTPC, I think that was somewhere around INR 270 crore-INR 290 crore. Please correct me if I'm wrong. So any indication that you have got from any 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?
No, yeah. 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.
Understood, sir. Thank you. Thanks, that's all from my end.
Thank you very much.
Thank you. The next question is from Vimal Sampat, who's an individual investor. Please go ahead.
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, future, will we have to add more products to come back to our growth of 25%-30%?
Uh, no-
How are we looking?
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 calculation that you need to take to deliver it to the market. It's a bit, 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 at, from an end-user perspective, and who you're selling to is different. So what we try to do is expand the base by which 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 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 customers.
And, more expanding, more geography like U.S.A. and South Africa, you are present. So are you looking at being somewhere in Asia and Europe, putting up a plant or?
You know, so until the U.S. stabilizes, I don't think we would look at,
Look at.
Both from a perspective of,
Okay.
Of bandwidth, as well as validating our-
Right.
Response.
Right.
So that-
Thank you. Yeah, thank you. Very useful. Thank you.
Okay. Should we, should we end now, Chorus Call?
Yes, sir. That was the last question in queue. If you'd like to, if you have any closing comments before we close?
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'll be able to pick up on the nuances that I've said while on the transcript. But again, very happy to welcome Shreya 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 in May for our Q4 full year results. Thank you very much again. Goodbye.
Thank you very much. On behalf of Triveni Turbine Limited, that concludes the conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.