Ladies and gentlemen, good day and welcome to the Triveni Turbine Limited Q1 FY 2026 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. If you need assistance during the call, please signal an operator by pressing star then zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rishab Barar, CDR India. Thank you and over to you sir. Good day everyone and a warm welcome to all of you participating in the Q1 FY 2026 earnings conference call of Triveni Turbine Limited. We have with us today on the call Mr. Nikhil Sawhney, Vice Chairman, Mr. S.N. Prasad, Chief Executive Officer, Mr. Sachin Parab, Chief Operating Officer, Mr. Lalit Agarwal, Chief Financial Officer, and Ms. Surabhi Chandna, Head of Investor Relations. Before we begin, I would like to mention that some statements made in today's discussion may be forward looking in nature and a statement to this effect has been included in the invite which was mailed to everybody earlier. I would now like to emphasize that while this call is open to all invitees, it may not be broadcasted or reproduced in any form or manner. 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 regard to the operations and outlook for the business. Over to you Mr. Sawhney. Thank you. A very good day everyone and a warm welcome to you. To all of you participating in the Q1 FY 2026 earnings conference call for Triveni Turbine Limited. The performance of the company in the quarter gone by is disappointing. There are many reasons for that and I'll be happy to go into those. Largely, the disappointment in the decline in sales was due to the government reporters because of conflicts that have happened in the Middle East, Israel, Iran as well as with India's conflict as well with Pakistan. These deferment of MRTs and inspections by clients led to a deferment of dispatch, discharge contraction as well as the revision terms. While 17 quarters of growth of the company, the chapter in our growth is on pause, the longer- term story of the company stays very much intact. The company has a very strong outline, a good visibility to markets, new product, new developments coming on stream, and while we already cautioned in the previous conference call about the revenue for the company being lumpy as the business of the company has moved into larger value contract both in API as well as in higher megawatts categories. Twenty per meter quarters happened. These throw themselves out more in the results of the company. Having said that, let me take you through some of the specific results and I'll be happy to take your questions. During the Q& A, the revenues of the company stood at INR 3.71 billion with a decline of 20% year-over-year, and EBITDA was declined by 17% to INR 958 million. The margin for EBITDA was 25.8% with an increase of 100 basis points year- over- year. PBT came in 19% lower at INR 873 million with a PVC margin of 23.5% and an increase of 20% year- over- year. PAT stood at INR 644 million, a decline of 20%. Quarterly order booking was at INR 5.39 billion during the quarter, a decline of 16% year- over- year, and outstanding order book as of June 30th stood at INR 20.74 billion on record and an increase of over 20% year- over- year. Cash and investments stood at over INR 1,000 crore. Order booking for the quarter, as I said, was a decline of 15% year- over- year to INR 5.3936 billion. This is due to lower export demands across products and aftermarket services. The order booking was impacted also by geopolitical tensions. We had certain situations of clients that you spot. Clients who, given the India-Pakistan conflicts and the risk of force majeure, decided to not leave orders on us but on the origin parties where this risk was perceived to not be at large. Having said that, global uncertainties persist and we exist in this market despite the uncertainties. The U.S. market also presents uncertainties in terms of placement of orders and those deferments are part of our active marketing efforts. As you could imagine, placing orders without knowing what the tariff level would be would be a great uncertainty on our end client. While the inquiry book in the United States has gone up by over 175% and gives us good visibility into order that we will face in the coming quarters. Similarly to what we talked about in the Indian market where we've seen very good growth in the inquiry book in FY 2025 but a deferment of order, we see that in Q1 orders are being placed in sectors ranging from steel, cement, large value, large capacity order. We believe that this will continue into the rest of the year as well, so we're quite optimistic on the domestic market from a capital generic perspective, but equally so in certain global markets. While we've seen that overall growth of the inquiry book by over, by about, domestic inquiry book has grown by about 130% and international inquiry book has declined by about 5%. Certain markets in the international market have grown. As I told you, the North American market had grown quite considerably. We've had good growth in the Central Asian region as well as in Africa. We've seen certain declines in our inquiry group coming from the South region as well as Southeast Asia as well as Europe. Overall, on a balanced basis we seem to think that the year has good opportunities that we've had for order booking in the previous year, obviously with an expectation of growth in order booking for this current financial year. At the same point in time our revenue is something that would be packaged as I've talked about already, we are very optimistic on execution of our orders, but we have to temper it with the uncertainties that exist in the geopolitical situation both of the price above dispatch and therefore revenue recognition and revenue, but also in terms of order booking. Despite all these risks, the company is continuing with what has mainstayed to focus on technology, technology innovation and introducing new products into the market. To this, we're very proud and very happy to talk about a very new product development that we've had which is our new heat pump. We proactively undertake new product and technology initiatives to diversify our portfolio across various energy services products and this includes heat pump chillers, steel compressors, cabin expanders which use carbon dioxide both in supercritical as well as transcritical forms. It gives me great pleasure to formally introduce our newest product launch, India's first CO₂-based high-temperature ultra-efficient heat pump capable of delivering heat at up to 120 degrees Celsius to 122 degrees Celsius and achieving a coefficient of performance of [6]. This is indigenously developed as a product, marks a major step forward in offering clean and future-ready heat, contributes to India's industrial sector. The CO₂-based solution has been developed in technical collaboration with the Indian Institute of Science in Bangalore, combining academic research and industrial engineering legacy of so many turbines. To give you a little bit more information, unlike a conventional heat pump that uses synthetic refrigerants with high global warming potential, this new solution uses carbon dioxide, a natural, non-toxic, non-flammable refrigerant with zero ozone depletion potential and global warming potential of 1. Its launch comes at a time when countries including India are accelerating efforts to phase out hydrocarbons under the Kigali Amendment, which is subsequent to the Montreal Protocol. This heat pump is up to 3x more efficient than conventional electric heating solutions and is significantly more efficient than average commercial heat pumps. G lobally, a COP of 6 for high-temperature heat pumps operating above 100 degrees Celsius is considered a best-in-class benchmark, especially under tropical climate conditions. The heat pump has been successfully tested at Triveni Turbine Limited's newly commissioned Heat Pump Test Center in Bangalore, where it met COP performance benchmarks. The applications for this would include industrial customers ranging from the pharmaceutical, chemicals, Excel Distilleries, Falcon, Sava, and district heating and cooling applications, with support applications including steam generation, pasteurization, distillation, dehydration, dyeing, metal cleaning, drying, etc. We're very optimistic about this. India presents the unique opportunity for us to prototype and commercialize the development. We think that the market is more global than for India, but this just gives an indication of the innovation that is able to be put forward. We will be coming up with newer products to align with this offering, which will help expand our market and give us greater visibility into sustaining growth in the coming quarters. As I talked about the fact that while this quarter has seen a decline, our growth trajectory on a longer-term basis is still very robust both from a perspective of our technological resources that we put into technological development for our turbine lines to further improve efficiency and ensure that we're reducing cost continuously, given that fixed capital formation will continue in certain end user industries, specifically also in terms of renewable energy generation, which makes us quite confident on the growth path that we have. That's coupled with our newer innovations of CO₂-based products both in terms of critical and subcritical power labs like Dov Amp and heat pumps and other products that we'll be introducing, gives us greater visibility. Of course, challenges exist given the global uncertainty. Orders will be lumpy, dispatches get impassed into deposit revenue, may be lumpy. As I said, for this current year we will be back-ended quite significantly in our growth. We believe that the future here holds good comments for Triveni and its products. The challenge is for us to be able to reach more global markets and ensure that optimal maintain their high level of station. Our products is a constant endeavor. Happy to go through some of the efforts that the company is leading in terms of ensuring that we are best in class, which is a customer's mind from a customer satisfaction perspective, that we are talking about best in class in terms of technological offerings in front of our customers, and ultimately we're able to sustain our growth not only in terms of product, but to help work with the customer through the lifecycle of the product, which should engage in our aftermarket revenue. We continue with our other initiatives, including digitization and expansion of our subsidiaries, to ensure that we are able to get the required return on capital employees that we have in those subsidiaries. The performance of both the South African and U.S. market has been underwhelming for this current quarter. We believe in the coming quarters that we should have some uptick both from refurbishment as well as new product orders. With that, I'm very happy to take questions. Back to you. Sure. Thank you very much. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, visit star and two participants are requested to use handset while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from Harshit Patel from Equirus Securities. Please go ahead. Hi sir. Thank you very much for the opportunity. Firstly, on the domestic market we have seen quite a bit of revival in our fresh orders. Last time you had mentioned that the domestic steam turbine market up to 100 MW had declined by about 10% in FY 2025. Any uptick that you have seen in Q1 FY 2026 or these are purely market share gains? No, no, the market has grown quite considerably in Q1 though our market share has improved also. The fact that we already have a large market share in gas, so taking our market share up is really incremental. Going up to while we may have been at about 46%, 48% last year, we're about to see 55% right now in the market segments that we operate in. The market itself has expanded quite competitively. Prasad is here, m aybe you could give an insight into the segments as well as the growth and how you see that. Yes, Coming to the domestic markets, as our Vice Chairman mentioned, yes, market also staggered, continue increase in Q1. Another interesting part is the inquiry pipeline from domestic market. What we have seen even last two quarters, we started seeing that traction is increasing. Even this quarter, around 131%. Inquiry pipeline is increasing especially from steel, cement, and some of the project co-generation industries started contributing to this increase in the inquiry pipeline. This is giving a good traction even coming quarters. I think domestic market are going to be the robust market. We may come back to one of the levels of FY 2024 in terms of the market prices because as we know FY 2025 domestic market at its lowest levels. We are hopeful that we come back on that. I think we may see a growth over 2024. The market seems to be quite robust, but we'll see, we'll get more clarity on this graph after Q2. Understood. My second question is on API drive surveys. I understand that we have had quite a lot of success in the domestic market wherein we have captured a very high market share. Any color you can give in terms of export order, order book, currency potential pipeline that we have from Middle East and other countries as well. I don't think we talk about specific product successes. Yes, you're right that we have had very good NC and very good customer acceptance on drive as well as power generating API turbines. The drive turbines, of course, are coupled along with movies footprint feature pump, other driven equipment, fans, etc. Some of these horses are placed directly by the OEM driven equipped with, some of them are placed by the ultimate inclined runner. It depends on market to market. While the acceptance of the product has been very good, our technological levels and price levels are also very competitive in this market. Prasad, maybe you can give a little bit more color on where this drive market will go. Yeah. Coming to the drive market wise, yes, we are there driving, pulling water pumps, compressors, boiler feed water pumps. More or less every equipment, whatever mass can be driven by steam turbines. We are in the approved vendor list. Even inquiry pipeline is quite strong. As rightly mentioned, in the domestic market last year we have a good share when it comes to drive for band markets. Rational wise, international market can drive application. The quite strong inquiry pipeline is given buildups in oil and gas international market. You notice around 250% year- on- year growth in inquiry type in oil and gas. As you know, in oil and gas, inquiry to order conversion is a longer dictation period compared to industrial power generation because of the but we are confident that these things are going to drive real good growth for us. One of the things that we've noticed in our results is that despite the fact that turnover came down by 20%, our margins were quite robust. This is driven by the fact of good overhead absorption of the business based on the profit margin on a revenue stretch. Aftermarket is a percentage of revenue at 31%, which is approximately the same as it's been in previous quarters. This is the type of order that we're seeking, which are better than margin, which of course from the API segment as well as from the export markets. Given the fact that as a market over the last couple of years has grown, the intensity of competition remains, but the realize but the effort that the company made in terms of lowering costs in terms of material cost as well as expanding its supply chain relations to have better price realization from our supply chain as well. We're quite confident in the fact that margins would be reasonably robust this year. Lastly, if you can update on the execution status of the CO₂-based energy storage system, the one that we had from NTPC, also has any clarity evolved in terms of what kind of margins we will be able to post in this new area that we are punching? I think you know that we won't talk about margins, but this is, it's of course not a negative margin or contribution order for us. This is a company where we don't work on a subsidized basis, but the scope of the work is reasonably comprehensive. They're just shy of EPC in a sense, and therefore you won't know full cost until we actually end up finishing the job. We've obviously taken a number of contingency factors, which we'll find out only towards the end. As far as the execution goes, everything is on track for us to deliver it. We have delivered CO₂ turbines to the same party in this current quarter as well, and that will go to an application, but we've had a very good successful installation in one of their sites in Italy and the performance has been as stated. We're quite confident in being able to deliver our commitment to NTPC in terms of the performance of the projects, but more so in terms of the time. A nd Sachin, maybe you could probably build much the cost is the rest. So good afternoon as our Vice Chairman has mentioned, the execution of the project CO₂ turbine for NTPC is well on track as per the plan and NTPC is also updated about the progress that we are making. Important to note, as our Vice Chairman said, is that we have already executed a similar project in terms of a CO₂ turbine for the same technology, the same application, and that was very much in time and in cost. We are confident that we will be able to achieve the same with the NTPC projects as well. As mentioned by our Vice Chairman, it is this sort of an EPC. There are several areas of civil construction that are involved and we'll be able to look at accurately the margins only after completion. Thank you. Thank you. Next question is from Jai Chauhan from Trinetra Asset Managers. Please go ahead. Good afternoon. Am I audible? Yes. Yeah, thank you for the opportunity. I just have one question. Recently launched India's first CO₂-based high-temperature COP of 6. Right. Could you just provide some Corona eligible market size for this product domestically and internationally and what kind of revenue contribution we can expect from this product line over the next two, three years? Yeah, the fact is that actually the current market that caters to the application are configured to buy disparate equipment, to buy deficit equipment. The fact that we're going to be introducing a heat pump that has both a cooling and heating application and at the same time is somewhat unique from a perspective of this efficiency that is being delivered, that part of the reason that the efficiency is being delivered actually. When we do look at the market price, like I said, in India, it wouldn't be limited in its current application of how customers would use it because the comparable will be easier for heat pumps or other comparable technologies. We believe that it's there. The market for these type of products is for us to work and develop. It's a little TV show for us to give the market size which we work on internally. It's robust enough for us to pursue. I'm really hesitant right now providing any indication on contribution of these new technologies to our revenue using all these things that we will introduce into the market as we see customer acceptance of it. We will come back and tell you how these products pair. If it could be, if we could say that the new product introduction would not contribute more than a couple of percentage points to our revenue. Once they become more meaningful, we provide more color. It is a lot more development work for us to develop the market. We believe a lot of it could be driven internationally. Right. I guess in your opening remarks you mentioned about the differentiation of this product and what you said just now just contrasts, just contradicting that point. Can I know like what exactly is the differentiation and is it, is there any differential in this product? No, no. The point is that the efficiency of this product is somewhat unmatched. F or a heat pump to deliver, te mperatures of over 120 degrees Celsius is also unheard of in categories in our temperature, you know, because this is a top of the climate in which we are applying this. One is a technological innovation to be able to achieve best in class results in terms of efficiency and operating parameters. The next is the type in terms of what customer usage daily. The customer usage and applications, like I said, vary from everywhere from drying to steam generation. It doesn't mean that currently we're going to become a polygon company, because that is not our ambition either. This is a product that we'd have to, which will have a different channel for sales. It will not be the same channels that we are using currently. The development of the market is a slightly longer-term thing for us to be able to introduce this product into the market. Yeah. Okay, thank you. The next question is from Amit Anwani from PL Capital. Please go ahead Hi sir, am I audible? Yes. Yeah. Thank you for the opportunity. My first question is on the international pipeline. You did highlight that inquiry book has declined by 5%, including SOC and Southeast Asia plus a few other geographies. Just wanted to understand, we have been growing international business for the past two years, getting into newer markets. With this slowdown and current situation, has that changed for us? Still, are we looking for newer markets? What is the response in other incremental markets which we have been getting into in the past? Let me just complete. First, it's a good question because I see ambition to drive deeper into markets is continuous, and we think that we have a long way to go before we have covered a lot of our international markets completely. This is both in the largest markets that we cater to, which is Europe, which, while we have seen a decline in inquiry, still represents a very large segment of demand for us and order booking. This is driven by the fact that the energy transition market in Europe is very robust and resilient. There's a lot of money behind that scene, and as the fuel sources become available, this is something that companies are very ready to invest in. In other markets such as the United States, it is more of going deeper to expand the inquiry levels in what is a $25 trillion, $27 trillion economy. The reluctance w hile the inquiry levels have grown in the U.S. market, the placement of portals there is getting quite secured, and this is, I see, quite similar globally. Given a lot of uncertainty that exists, we are finding that order-to-require-to-order conversion cycles are becoming a little longer. It's difficult for me to point out exactly how much is getting elongated from customer to customer or geography to geography, but there's definitely a little bit more education. The requirements are still there. The demand is still quite robust, which is what the inquiry book suggests. Now, to what extent will it flow back into us in terms of order booking, that is something that we'll be able to provide color on as we go on. We're quite optimistic right now. The sales team is quite geared that despite these uncertainties that they've given me that target. because we want to add any color on that. Just to add that yes, these things also, what we have seen may be a temporary moment, respectively Europe and all, because of the geopolitical situation in Q1 and all, just everybody wants to cross their fingers and wait and work for a scenario. Now, going forward, by seeing the requirements in Europe and all these things, what we are seeing last one month, yes, I think we may be back in inquiry pipeline as well in Internet. All right, sir, my second question is on the deployment and dispatches, which you already alluded to. Considering that this year would be backhanded and lumpy with respect to dispatches, wanted to understand two things. Has there been any change in the growth outlook which we were looking at three months back and now, since the dispatches are deferred for this year, and will any permanent slippage, a permanent loss, because of these issues which you're looking for? What was the deferment in revenue of Q1 which got deferred because of the delays in this crisis? Unfortunately, we're not able to give you a rookie figure to the dispatch, to the amount of revenue that were deferred, but as you would understand, customers, when uncertainty exists, project timelines are getting extended. There are two different issues that I'd like to highlight. One is what happened in this quarter in specific visual MRTs and customer inspections that have to happen before dispatch takes place, and without that inspection taking place, we can't dispatch it, therefore we can't recommend revenue, which is impacted by different conflicts in this current quarter. At the same time, what is happening also is that project cycles by themselves are getting extended, which has a longer term impact in terms of how we, this is how we forecast revenue to be, and this patterns to take place for the course of the year. We are not. We are still, as we said in the lecture brief as well, we are continuing with our outlook for the growth trajectory that we have as a company. That is not stopping. Very frankly, there is already an expectation that some order that will need to be dispatched in this current year will get deployed into next year just because customer acceptance in terms of listings will be deferred. That is after taking that into consideration, which is why we are talking about the fact that the company will continue to grow in the state and way that it has grown in the future. Lastly, sir, on the heat pump, any addressable market where we'll be going local, global, any competition, any color on the addressable market there, and what kind of revenue by when are we expecting any contribution from this product? This is a heat pump application. As our Vice Chairman mentioned, this is a very, very brilliant opportunity in terms of giving 122 degrees. With the COP of around 6.0, the applications-wise, if you see any of the process industry starting from distilleries, food processing, the usage, the fitment is there in many industry segments. The only thing is, when we are selling 122 degrees for majority of the customers, unless otherwise they see that, they don't believe this thing. That is the reason whatever the demo unit we established at our plant, which is giving these are the results. Initial maybe a couple of quarters, where we are focusing is the industry-wise, segment-wise, we are inviting customers, consultants, and we are focusing this thing both in domestic and international. Otherwise, if you see Swiss pump accessible market globally, if you see this is a huge market, we are talking around $2.5 billion market. This fitment being only because some of these things are low heat requirements for a scenario and all, we have to create the market for this thing. What we believe is, there's a reason we invested a lot of time and energies into this development along with Indian Institute of Science. We believe that this is a considerable market for us. It will take some time because we have to drive this market towards this efficiency. It's important to point out that one of the unique things and why this efficiency is possible is because this is a high central system. That's why applications cannot come into sort of residential use, etc., because of the difficulty of maintaining the high pressure and the risks that come with a high pressure system. Now, Triveni is used to working with systems like this because this is what the company does. We perform in high pressure, high temperature applications. The constraint of a high pressure system also has to be looked at in terms of where the applications may be executable. Thank you so much for answering my questions all the time. Thank you very much. Before we move to the next question, we would like to inform participants that given the long queue and to allow maximum participation, we request participants to please limit your questions to one per participant. Should you have a follow-up question, we request you to rejoin the queue. We take the next question from Balasubramanian A from Arihant Capital Markets. Thank you so much for the opportunity. Some small modular reactors open emerging addressable market and how does the plan compete with against local OEMs? We provide bottoming solutions to the technique that is produced from reactors and the addressable market has actually, as a matter of fact, quite small because it's only startups and those types of application currently which are currently on the valid book. Am I correct? Yeah. The fact is that essentially we provide heat and power solutions and modular reactors continue to be a growing market for us. We see representing an increased percentage of our inquiry book. It's not a significant percentage, but it is continuously increasing. Applications such as geothermal and this is both from foreign requirements but also indigenous startups. You have companies in India which are also looking at it. We will announce in the coming quarters new development that the company is undertaking in the Organic Rankine Cycle market. Those will be new low heat recovery systems which will have better applications in microreactors. Having said that, the company itself has large experience in dealing in the nuclear sector. We have refurbishment and aftermarket opportunities with the Nuclear Power Corporation of India as well as other nuclear utilities globally where we offset not only services but parts. We have the idea of quality that is required. We have the idea of the documentation and the systems that are required. We understand the robustness and reliability that is necessary in the system both from a product and aftermarket perspective. We're optimistic on the market of this particular market of CPF power. Thank you. Next question is from Chirag Muchhala from Centrum Broking. Please go ahead. Yeah, thank you. My question is on the aftermarket services. I just wanted your feedback on the latest growth potential in aftermarket including refurbishment orders from overseas. From order inflow or revenue point of view, the stagnant things seem to be, you know, from inflow point of view, around INR 150 crore. Also, is the run rate that we are seeing for past few years. So any further growth that can be expected from refurbishment point of view? Also, Link's question is that this heat pump as well as the new carbon dioxide, these various products that we are planning to launch, is there a scope of aftermarket services in those also? Let me ask you a second question first and we will be quick on that. There's aftermarket potential in every business. Just to put the question maybe in services of their part, but you need to install this that has been running for some period of time before you can actually approach it. The heat pump has a percentage of upfield lower rotating equipment. The rotating equipment is what actually gets more spare requirements because of wear and tear, while the carbon dioxide turbines will have higher wear and tear in general. Therefore, in general, would have more aftermarket sales requirement. Your first question was asked for the refurbishment. That's a very good observation, a very good question, to be honest. We have underperformed in this current quarter on refurbishment. In fact, our growth of refurbishment even last year should have been better, but all of this is a little skewed by the fact that we had large service contracts from the utility in the southern market. While that was high in revenue value, the profitability was lower. As we've been successful in a lot of those endeavors, we've moved up the value chain to a higher value refurbishment contract. Looking at the refurbishment value in specific, yes, while I admit that it has been slower than the growth that we want and the fact that we think that there's much more growth in this market, technology sells. You have to understand that we want to move up the value chain continuously also to do higher value-added work in the recognition so that we can earn better margin and add more value to customers from the technological perspective rather than generic services. A lot of that is driven around having on-the-ground presence in certain locales to be able to build customer confidence. There's a lot more work we need to do there. You're very right. We need to perform much. I looked for that initially in my introductory remark when I said that our U.S. and South African subsidiaries have underperformed. They're just largely a refurbishment. Thank you. Next question is from Prolin Nandu from Edelweiss Public Alternatives. Please go ahead. Hi Nikhil, thank you for giving me the opportunity. I just wanted to understand how important are these physical inspections both for completion of order as well as for order pipeline given the fact that some of the customers whom we are dealing with are quite have been dealing with for quite some time now. There is always an option of, you know, probably digitally taking some of the turbines. What I'm getting at is that, you know, once probably these people continue to travel, will the pipeline and execution improve? Some of the orders that we have lost to our European counterparts right during the quarter, are they expecting to revert? The macro situation will take its own free time. Something which is which was very unique in Q1 and is not expected to repeat, is that largely taken care of? It's two different questions. One is an order booking. Order booking, we hope that there's no more situation where a situation can arise in India, which is India directly in a conflict. We think that from a customer interactive protected field source beside it that is no longer a concern going into Q2, fuel, CUFO, etc. From a dispatch and revenue recognition perspective, Sachin, you can talk about what customers' expectation and how. Yes. This is a very unique situation in Q1 because for these turbines being very critical, what customers normally expect is a mechanical wrenches where we run this turbine using the steam in our factory. That is one of the unique propositions we offer to the customer. Normally customers visit there, they listen to the whole process, then they sign off. What happened because of the various travel advisories in Q1 by various countries, because of the prevailing situation, these people delay that. Once they delay, overall projects, as you know, the van being the critical equipment, there is a delay in their inspection. There is a delay in dispatch, overall project schedules also got replaced and get that. Going forward, also MRT is going to be critical and this is a differentiation point we offer to all our customers across the globe. Whatever the machine we manufacture, we offer a mechanical rental. Going to continue that, and the situation, we have offered it digitally to customers in the past, and customers, depending on customer to customer, do accept it. Some of these things were too late for us to organize with the customer in this form. I think that is a good point that we should have that contingency. Yes, thank you. Next question is from Amit Mahaw ar from UBS. Please go ahead. Two questions. First is, in Q1, if I adjust for disruptions, a lot of companies in the last three quarters have seen disruptions on physical exports, etc. What would have been the order and revenue, broadly? I want to understand if fiscal 2026, as a company, can we grow order, maybe flat or in double digits, and color there? No, most definitely, both revenue and order book will expect growth. Coming to your first question. Yes, order book wise also. As we mentioned, the inquiry pipeline is a strong inquiry pipeline. One month reaction is a positive, and we are in various whole seasons going on as usual for all. Definitely, we are going to see the growth trajectory continue as price statement mentioned in the beginning of the thing, both on revenue and order bookings. Your confidence. Q1 in specific, while we're in to give what was the department, what you have to understand is that it has dispatches, and about 50% or plus, maybe 60% of the purchase order value are bought out items which don't enter our factory. These inventory were fully set up on our balance sheet. You can have an indication of the increase in working capital that we had because of two factors. One is an indication of our ending cash reserve, which I talked about, because there are two items here. One is that because of delayed dispatches, you had a buildup of finished goods inventory in the factory, but also you have a department of collections, which also does end up happening because of the leasing of before the dispatches don't take place. Net, net, it has had an impact both cash flow wise, but we think that we'll recover in the coming quarters. Net, you should expect the company from a year-on-year performance to sort of meet half one. All right. The market should be exhibiting growth over the previous year and significant growth in Q4 versus last year. Thank you. Next question is from Rohit Chawla from NV Capital. Please go ahead. Yeah, thank you for the opportunity. My first question was on, so this quarter our sales declined by almost 20%. This is a domestic decline by 24% and export by 15%. Export understandably because of the geopolitical counsel. What are the reasons for domestic sales being subdued? You know, the company works up an order book. Very frankly, we execute what we have in our order book. Last year order booking for the domestic market was weak. I hope that answers your question. The order book is now 20% Y. This order book is executable over the next nine to twelve months. Is my understanding correct? No. Actually, some of the larger capacity orders will be executed in FY 2027. The fact is we do have booking bills in the current year because all the spares and aftermarket orders are executed within a time frame of anywhere between two to four months. We have order booking and that which will be executed within the year also. That's why we're confident, not only given the fact of our opening order book positions but also the booking pipeline which will come from these aftermarket segments which have short duration execution cycles. Thank you. Next question is from Raj from Enam Asset Management. Please go ahead. My question got up to sir. Thank you. Thank you. Take the next question. Next question is from Aditya Gupta from Tara Capital Partners. Please go ahead. Hi, good afternoon. Thanks for taking the question. Have you alluded to some change in competitors' dynamics also in your opening remarks? Did I hear that correctly? If you could elaborate on that. You know, your position. Can you say the question again, please? There's competitive dynamics also internationally and in India, or is that something you said in your opening remarks? While we have a high market share in this segment, it is an intensely competitive segment with our largest competitor being global, European, multinational. We do have other manufacturers as well. There is intensity and competition because ultimately the customers also demand it in terms of having the best realization of price as well as other factors that they consider. The competitive dynamics exist. We think that we have a good value proposition to put in front of the customer. We're quite confident that in certain markets we operate in a duopolistic situation. In other markets we operate in a holobaccalistic situation. It doesn't mean that competition is not there or intense. It's not as if it's more intense than it has been in the past. In fact, if you look at it over a period of time, it becomes less intense because the number of competitors in the market have come down. It is still a competitive market. When markets decline, competition is more in pricing. When markets expand, pricing is no longer the primary factor, but it is the other factors that come into consideration. It is a dynamically competitive market. Thank you. Next question is from Mayank Chaturvedi from HSBC Mutual Fund. Please go ahead. Hi. Thanks for the opportunity. Just on your mark on the decline in the domestic piece of the business. I take your point that the order inflows throughout FY 2025 were slow. Still, your opening order book for FY 2025 was 9% higher than what it was for FY 2024. Of course, we were expecting subdued revenues in the domestic piece, but still, can you just elaborate on this 24% decline that has come in and if that is the only thing that one could expect going forward as well? 24% decline in what? In that case. Domestic business. Decline in the current quarter. These are again based on the delivery schedules. Basically, this is as per plan, only when we plan because the domestic delivery of when they're finalizing the orders. This has to be temporarily the delivery of the boiler and the pipeline. This is just a quarterly distinct. These are planned due to no surprises. It is only next quarter we have seen the surprises which will not help. Plan based on the delivery schedules of the domestic orders. No, there's no dispatch department from the domestic market. Thank you. Next question is from Mahesh Patil from ICICI Securities. Please go ahead. My question is on the EU market. You mentioned that the inquiries are down here. However, in which they are. Can you just elaborate on why the inquiries? Are there any specific reasons for that? Any specific reason for the decline in inquiries from the European market? Yes. Our inquiries are based on the efforts at lean maintenance. We can't have a congestion on why the inquiries have come down. We can hypothesize that it's because of the uncertainty. The markets in which we are very resilient in the European context is renewable power generation. This is both. Municipal waste incineration, which is largely driven by government or local subsidies, biomass-based ITP, which is based on availability of raw material, waste heat recovery, which is an energy efficiency-based application. Then you have general capital formation, and the chickpeas are not applications. When we look at it and break the market down, certain of these segments have been slower in terms of contribution to the inquiry book. We think in general the European market presents a very significant opportunity and continuously gives us about 20% of our revenue. It's a sizable market for us in the export market, transit exporter. Thank you. Next question is from Aditya Gupta from Tara Capital Partners. Please go ahead. Thanks for your question. Again, can you confirm there has not been any order cancellation? Right. This is the end of the. I'm getting. This is the net order inflow figure in testimony but they're not getting any chance to. Yeah, you're right. There's been no cancellation. In fact, actually the expectation this current quarter was to be significantly higher in order booking. We were very close to actually being maybe 30% higher than the current number. Unfortunately, one of our end customers didn't hit that order. The current order book is all realizable, all current. We've taken out orders in Q4 which we thought were slow moving, which again we do think that they are passing normal production. We will add them back into order booking. As of right now, all orders in our order book are executable. Thank you. Next question is from Tess from ICICI Prudential. Please go ahead. Thank you for the audience. On domestic market, you saw order inflow growth after a long time, after many quarters now. Right. Overall engineering, we have not seen that steep of travel state in the domestic market. What has caused that revival for you and does that have any big orders or. It's more of sustainable order. You look at in the domestic sector, I think it's quite sustainable. It's some sectors like say cement, it's quite sustainable. In FY 2024, we saw good demand coming from the steel sector, which did not exist at all in FY 2025. As you know, then there was a safe spark duty that was put and that led to an expansion again in the steel sector and metals in general. You have general growth in process co-generation that is happening because of higher consumption and higher investment into end user industries. Certain sectors like chemicals, et cetera, are a little slow right now, we're not really seeing it. In general, we're seeing a growth over the FY 2024 market size. I think that this is broadly represented by all markets. You have sort of a newer demand from solid municipal waste refineries and waste-to-energy applications, which are picking up more given the fact that we have such a dire situation with waste in the country. That gives us confidence. Also, newer markets such as paper, plastic, recycling, etc., do present also new opportunity. We think that the demand from a lot of these applications is going to be quite, quite resilient. It's not as it is the marginal book. Prasad, you want to give some insights into how the inquiry book is growing and what here. As our Vice Chairman mentioned, clearly there's a sustainable growth because of this spread. It is not focused in only one segment. It is distributing between steel, cement, and municipal solid waste projects. IPP is what we call, even there is a good sugar disclosures continue to grow back in a qualified plant. Even oil and gas, domestic oil and gas. With all these expansion, that way it is well spread. If you see whatever 131% growth, we are talking of inquiries in domestic, that is across all segments we are seeing the growth. These are attainable growth, what we believe. Thank you. Next question is from Samyak Jain from Marcellus Investment Managers. Please go ahead. Good afternoon, sir. Sir, I see that our other expenses have reduced by 33% on a year-on-year basis. While in the opening remarks you did mention some cost efficiencies that you have gotten in this quarter, I just wanted to double check. Are this reduction in cost purely due to operating deliveries or are there some one-off as well? No. I'll give you an indication as to what is the largest contributor to other expenses. Apart from administrative cost and travel, it is a commission that we pay to agents, and that is directly inflected by revenue. Because when we receive, when we recognize revenue and a commission payment is when we pay. Those other expenses will be quite directly proportionate to revenue growth. In general, the costs are fully under control. Our fixed overhead is something that we've been able to absorb better because of just a better constitution of. Please. Thank you. Next question is from Bimari Sampat who's an individual investor. Please go ahead. Yeah, good afternoon. Hello. Yeah, good afternoon. I just want some color on our American subsidiary. I mean with all these tariffs and all this how, I mean, are we looking at it for the next one or two years? That again is a very, very good question. Where we've underperformed in the U.S. subsidiary, the current quarter contributed to about an INR 6 crore loss on the subsidiary which you would possibly see in the consolidated results. This is after absorbing those plots we are reporting these results. This is part of our plan. The fact that we're investing in overhead there so that we can approach the market to attack both the refurbishment market, which is for current third party opportunities, also provide opportunities for current sales of new products. Our ambition was to actually cater to our installed base in America through our U.S. subsidiary. Unfortunately, given the trade situation, billing of those orders for the rest of America outside the U.S. is difficult to do because of customer reluctance. There's a military on India, but it doesn't mean that the efforts that the people in the U.S. are not benefiting the company directly. We think that the inquiry levels, like I said, have grown by about 175% for the U.S. market and that gives us good cause for what may come in the coming quarters. We think that the uncertainty given the direct tariffs with India presents some uncertainty in finalizing the orders. I think if we stick at this 25% level, the value addition every two in the U.S. would be more. We have to see what we have to do. The company, by having a local presence in the U.S., has the flexibility to decide what value addition it will do in which jurisdiction so that ultimately we can be competitive in front of the customer. Thank you. Next question is from Amit Mahawar from UBS. Please go ahead. Nikhil, you know, if you can help us understand, you know we've been bidding for others in North America. We have sad series in where you've covered. I just want to get this right that in FY 2026 and 2027 and maybe, you know, half times if I hear, do you think we will take a longer time on the kind of contracts we had? These are contracts at a large value, maybe two, three domestic contracts, you know, three to one online alternate nor the kind of orders we are targeting. Any color on how 2026 and 2027 you should see or you think this market will take much more time and you can compare with the SADC again, you know, where we had a very strong after sales. These are all delivery cycles wise or finalization periods, so quite normal whatever we have seen last one, one and a half years because our entry into these large contracts, as you recognize, it is like since last one and a half years we are participating in this and we are winning these things. These delivery cycles continue to be the same levels, sort of a scenario both in domestic as well as international markets. Coming to this FY 2026 and FY 2027, as our Vice Chairman mentioned, the growth has history. Whatever today we are seeing, now we are confident and things are in place. This only lumpy quarters. What we are seeing now going forward, even in FY 2027, our attempt is to smoothen that lumpiness. We are not very sure, as you know, that these contracts as well as in large projects, especially north and gas, but definitely based on the current pipeline and whatever the confidence we are having on our accessibility, there will be substantial growth there. We are on a positive direction on that. I don't know if that answers your question, Amit, but I think that as we reinforce what the nature of the toughening paper largest value contract means, we will be a little lumpy. We've seen the impact of that this quarter and we are disappointed with that. We have a learning for us also to smoothen in small orders, should not have these type of shocks that can happen because of things which are out of our control. In general, the market is quite robust. The company is in very good footing. We think that our inquiry book indicates a good order booking and order bookings gives you an indication of a gross difficulty may have, so in all fronts we think that we're quite optimistic in the quarters to come. Of course, the fact is that a lot of the global uncertainty is out of our hands. Please try and mitigate it to the extent possible. I think Q1 has been a learning for us and for that we are disappointed. Thank you. We take the last question from Priyesh Babariya from Mahindra Manulife Mutual Fund. Please go ahead. Thank you so much for the opportunity. This one question with respect to the customer acceptability and also from the perspective of how easy for the customer it is to actually switch the vendors. Let's say like the observed or the experience in the first quarter. I'm sorry, are you saying that one quarter is placed, how easy is it for command to change the tools, to change the manufacturer? Is that what you are? Yeah, yeah. And if it is even if it is not order, please. But let's say how it is easy for the customers to actually, you know, just like we experience the 2D0 and counterpart. Obviously, this is separated into two different timings. One is we recognize orders in our inquiry book when advances are placed, and our advances are placed are non-refundable and they're quite sizable. I would think that all you would use, the only thing that you have to have from a customer's perspective is delay or deferment of orders, not cancellation of orders once the order is placed. That can happen for a variety of reasons before the order is placed. Of course, it's competitive and the point is that the customer is free to choose from other manufacturers as long as they comply with the stipulations and specifications that he may have. While the number of manufacturers out there is not enormous, a customer, it is very easy for someone to change manufacturers at the team level option. Thank you very much. That would be the last question. I would now like to hand the conference back to the management team for closing comments. Thank you very much, ladies and gentlemen. Again, I'd like to reiterate the fact that while this is a disappointing quarter, the company is quite confident on where it's based. We continue with our recruitment with expenditures on a variety of different factors, including digitization and process improvement, to ensure that this company will be the benchmark for technologically driven mechanical equipment manufacturing in India. We're well on our path to continuing to maintain our leadership in our current product team as well as to introduce new products to allow us to take leadership in UA and innovation markets. Thank you very much, ladies and gentlemen. I look forward to addressing you again in the next quarter. Please. Thank you very much on behalf of Triveni Turbine Limited. That concludes the conference. Thank you for joining us.