TD Power Systems Limited (TDPOWERSYS)

Capital Goods · Electrical Equipment · NSE · Updated 15 July 2026

₹1,174.2 ↑ 136.4% (1Y)

🎯 Key Takeaways

TD Power Systems Limited is transitioning from a domestically focused capital goods manufacturer to an export-oriented growth player with expanding margins and strategic capex plans. The company has demonstrated consistent top-line expansion and is actively investing in capacity to capture international demand, particularly in high-growth segments like AI data center infrastructure.
Revenue grew 14.3% QoQ to ₹350 in Q3FY25.
⚠️ Margin pressure from pending Turkey contract delays could persist short-term, affecting gross margin trajectory.

Market Cap

₹20,486

P/E Ratio

136.0

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

TD Power Systems Limited is transitioning from a domestically focused capital goods manufacturer to an export-oriented growth player with expanding margins and strategic capex plans. The company has demonstrated consistent top-line expansion and is actively investing in capacity to capture international demand, particularly in high-growth segments like AI data center infrastructure. While profitability remains volatile due to project timing and margin pressures, recent guidance upgrades and improved credit ratings signal strengthening investor confidence in its long-term trajectory.

📰 What's Happening

In Q4 FY26, TD Power Systems reported standalone revenue of INR17.37bn (+35% YoY) and consolidated revenue of INR18.78bn (+44% YoY), driven by 51% growth in order inflow to INR22.38bn, with export orders constituting 76% of total. The company raised its FY27 revenue guidance to over INR2,400 crores and announced INR50 crores of additional capex for large generator capacity expansion targeting export markets such as AI data centers. Gross margins are expected to rebound to 33-34% after a temporary dip from a Turkey contract delay. The order book stands at INR19.73bn, with pending growth in generators and motors segments at 66%. Management highlighted that export momentum is accelerating, supported by stronger global demand and improved project execution.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	250	220	274	243	264	274	306	350
Operating Profit	51	42	50	45	46	52	62	65
OPM %	17.4%	17.5%	17.2%	16.4%	15.8%	17.7%	18.1%	17.5%
Net Profit	35	27	33	30	29	35	41	45
EPS	₹2.27	₹1.71	₹2.10	₹1.91	₹1.86	₹2.26	₹2.64	₹2.88

Revenue has grown steadily over the past four quarters, rising from ₹220 crores in Q1FY24 to ₹350 crores in Q3FY25, reflecting expanding domestic and international demand. Profitability has shown improvement, with OPM stabilizing around 17-18% and NP increasing from ₹27 crores to ₹45 crores over the same period. However, the company faced a temporary margin dip in Q4FY24 (OPM 15.8%) before recovering, which management attributes to a Turkey contract delay now behind it. The upward revision of FY27 revenue guidance to over INR2,400 crores and strong order inflow growth indicate accelerating momentum, though near-term margin pressure may persist until the Turkey-related projects conclude.

🔮 Management Outlook & What's Next

Management has provided an optimistic outlook, raising FY27 revenue guidance to over INR2,400 crores and planning INR50 crores of additional capex to expand large generator capacity for export markets, particularly AI data centers. They expect gross margins to rebound to 33-34% after a temporary dip caused by a Turkey contract delay. The company is also focused on scaling export orders, which now represent 76% of total order inflow, and targeting growth in generators and motors segments at 66% pending rate. Management emphasized that the current order book provides strong visibility into future revenue, with export demand acting as a key growth catalyst.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Electrical Equipment

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Hitachi Energy India Limited	1.45 L Cr	172.4	—	—	—
Bharat Heavy Electricals Limited	1.39 L Cr	267.3	—	—	—
ABB India Limited	1.35 L Cr	48.8	—	—	—
CG Power and Industrial Solutions Limited	1.32 L Cr	136.7	—	—	—
Siemens Limited	1.28 L Cr	45.2	—	—	—
GE Vernova T&D India Limited	1.11 L Cr	104.1	—	—	—
Siemens Energy India Limited	1.10 L Cr	83.9	—	—	—
Waaree Energies Limited	86,928	22.4	—	—	—
Suzlon Energy Limited	73,843	64.1	—	—	—
Thermax Limited	53,625	81.9	—	—	—

🔗 Peer Stock Analyses

POWERINDIA BHEL ABB CGPOWER SIEMENS

⚠️ Risk Factors

1. Margin pressure from pending Turkey contract delays could persist short-term, affecting gross margin trajectory. 2. Execution risks in scaling export-focused generator capacity amid global demand volatility. 3. Going concern uncertainty, despite an unmodified audit opinion, warrants monitoring of future cash flow generation. 4. High P/E multiple (136x) reflects elevated valuation expectations, making the stock sensitive to any earnings miss or guidance downgrade.

📋 Recent Filings

🧠 Analyst's Read

TD Power Systems is transitioning into a high-growth export exporter with improving order visibility and margin recovery prospects, but near-term volatility remains due to project timing and margin fluctuations. Investors should monitor execution of the FY27 guidance, Turkey contract resolution, and gross margin trends as key near-term catalysts.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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