Triveni Turbine Ltd.

“Triveni Turbine is a high-ROCE compounder with a durable installed-base moat, dominant domestic position, expanding export runway, and one of the cleanest financial profiles in Indian capital goods — but at 54x trailing P/E the market has already priced in exceptional execution, leaving insufficient margin of safety for a new position. The business deserves a permanent place on the watchlist; the stock deserves patience. Target entry closer to 35-40x forward earnings where low-to-mid teens annual returns become achievable with an appropriate risk buffer.”