TD Power Systems Ltd (TDPOWERSYS)
🎯 Key Takeaways
- TD Power Systems is transitioning from a domestic capital goods player to a globally integrated supplier of high-end electrical equipment, marked by its entry into the 2-pole gas turbine generator market. The company is leveraging in-house design capabilities to secure international contracts, signaling a strategic shift toward higher-margin global markets.
- Revenue grew 8.6% QoQ to ₹640 in Q1FY27.
- ⚠️ The company’s expansion into the global 2-pole generator market introduces execution risk, particularly around timely delivery and margin realization
- Market Cap
- ₹12,267
- P/E Ratio
- 44.6
- P/B Ratio
- 11.45
- ROE
- 25.7%
- ROCE
- 34.6%
- Debt/Equity
- 0.02
- Div Yield
- 0.14%
- Promoter
- 26.9%
📖 The Story
TD Power Systems is transitioning from a domestic capital goods player to a globally integrated supplier of high-end electrical equipment, marked by its entry into the 2-pole gas turbine generator market. The company is leveraging in-house design capabilities to secure international contracts, signaling a strategic shift toward higher-margin global markets. Financial performance shows consistent revenue and margin expansion, supporting this growth trajectory.
📰 What's Happening
In September 2026, TD Power Systems secured a ₹192 crore order from a multinational corporation for in-house designed 2-pole gas turbine generators, with deliveries scheduled between August 2027 and January 2028, marking its formal entry into the global 2-pole generator market. This follows a prior ₹75 crore capital raise via preferential issue of 12.5 lakh shares at ₹600 per share in September 2026. The company also conducted two investor engagement events in late September 2026 — one with Goldman Sachs and another at its Bengaluru facility — to discuss operational updates and strategic direction, all based on publicly disclosed data.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 452 | 443 | 589 | 640 |
| Operating Profit | 77 | 75 | 91 | 114 |
| OPM % | 17.1% | 16.9% | 15.4% | 17.9% |
| Net Profit | 60 | 56 | 72 | 86 |
| EPS | ₹3.85 | ₹3.61 | ₹4.62 | ₹5.52 |
Revenue has grown steadily from ₹443 crore in December 2025 to ₹640 crore in June 2026, with operating margins expanding from 16.9% to 17.9% and net profit rising from ₹56 crore to ₹86 crore over the same period. EPS increased from ₹3.61 to ₹5.52, reflecting improved operational efficiency and scale. This upward trend in profitability aligns with management’s focus on higher-value products and global market penetration, particularly in gas turbine generation.
🔮 Management Outlook & What's Next
Management has not provided formal forward guidance in the reviewed filings. However, the company has signaled confidence in its global expansion plans through the ₹192 crore order and scheduled investor engagements, where it indicated ongoing project execution and capacity readiness for future international contracts. The timing of deliveries into early 2028 suggests a multi-year growth runway in the 2-pole generator segment.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 31 | 31 | 31 | 31 |
| Reserves | 829 | 741 | 1,041 | 930 |
| Borrowings | 12 | 0 | 18 | 36 |
| Total Liabilities | 1,364 | 1,223 | 1,877 | 1,484 |
| Fixed Assets | 198 | 182 | 294 | 201 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 1,364 | 1,223 | 1,877 | 1,484 |
The balance sheet shows a strong equity base of ₹31 crore with reserves growing from ₹829 crore to ₹1,041 crore, indicating retained earnings accumulation. Borrowings remain minimal at ₹18 crore as of March 2026, down from ₹36 crore previously, reflecting a conservative capital structure. Total assets have grown steadily to ₹1,877 crore, suggesting disciplined asset deployment without significant leverage escalation.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +129 |
| Investing | -102 |
| Financing | -21 |
| Net Cash Flow | +3 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 26.9% | 26.9% | 26.9% | 26.9% |
| FII | 23.6% | 24.4% | 26.7% | 26.2% |
| DII | 25.4% | 23.2% | 22.2% | 23.9% |
| Public | 19.7% | 19.9% | 18.8% | 17.7% |
| # Shareholders | 1,08,667 | 1,17,170 | 1,15,089 | 1,34,081 |
Institutional investor interest has risen steadily, with FII holdings increasing from 23.55% in Q2FY26 to 26.68% in Q4FY26, while DII holdings also showed modest growth. Promoter holding remains stable at 26.87% across quarters. The rising institutional stake, coupled with a growing shareholder base (1,34,081 shareholders as of Q1FY27), suggests increasing market confidence and broader ownership.
⚖️ Peer Comparison — Capital Goods - Electrical Equipment
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| BHEL | 1.45 L Cr | 59.4 | 11.6% | — | 0.30 |
| ABB | 1.43 L Cr | 47.9 | 26.5% | — | 0.00 |
| POWERINDIA | 1.36 L Cr | 118.2 | 29.9% | — | 0.00 |
| CGPOWER | 1.35 L Cr | 108.3 | 21.3% | — | 0.00 |
| SIEMENS | 1.34 L Cr | 40.9 | 14.2% | — | 0.00 |
| GVT&D | 1.07 L Cr | 81.7 | 99.4% | — | 0.00 |
| APARINDS | 69,844 | 59.1 | 33.0% | — | 0.16 |
| WAAREEENER | 68,173 | 17.9 | 33.2% | — | 0.17 |
| SUZLON | 54,174 | 17.3 | 44.5% | — | 0.05 |
| THERMAX | 40,404 | 64.4 | 12.5% | — | 0.41 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
The company’s expansion into the global 2-pole generator market introduces execution risk, particularly around timely delivery and margin realization from complex international projects. Additionally, the recent preferential issue at a premium may dilute existing shareholders’ sentiment if not accretive to earnings. While debt is low, capital intensity in power equipment could pressure cash flows if project timelines slip.
📋 Recent Filings
- 🟡 related party transaction2026-10-01TD Power Systems announced receipt of a ₹192 crores order from a multinational corporation for in-house designed 2-pole gas turbine generators destine…
- 🔴 Announcement2026-09-24TD Power Systems announced its upcoming investor relations schedule, confirming a Goldman Sachs virtual meeting on September 30, 2026, from 2:00 PM to…
- 🔴 Announcement2026-09-24TD Power Systems Ltd announced an investor meeting on September 29, 2026, at its Bengaluru plant from 10:00 AM IST, inviting analysts and institutiona…
- Announcement2026-09-24TD Power Systems Ltd announced the closure of its insider trading window effective October 1, 2026, until 48 hours after reporting unaudited quarterly…
- 🔴 Corporate Action2026-09-21TD Power Systems approved the allotment of 12.5 lakh equity shares at ₹600 per share, aggregating ₹75 crore, via preferential issue on September 20, 2…
- 🔴 Announcement2026-09-12TD Power Systems announced it received in-principle approval from BSE and NSE to issue 1.25 million equity shares to promoters at a minimum price of R…
- 🟡 Board Meeting2026-09-10TD Power Systems held an EGM on September 10, 2026, to approve raising up to ₹75 crores via preferential equity and capital issuance, with 52 sharehol…
- 🟡 voting results2026-09-10TD Power Systems held an EGM on September 10, 2026, where shareholders approved two special resolutions: a ₹75 crore preferential equity issue to prom…
- Announcement2026-08-18TD Power Systems reported robust Q1 FY27 results with 74% YoY revenue growth to INR6.3B and 81% PAT growth to INR853M, driven by strong order inflow o…
- 🟡 Board Meeting2026-08-17TD Power Systems Limited announced an EGM on September 10, 2026, to approve a ₹75 crore preferential issue to promoters and a potential ₹600 crore QIP…
🧠 Analyst's Read
TD Power Systems is positioning itself as a global supplier of high-end electrical equipment, supported by rising order inflows and improving financial metrics. Investors should monitor execution of the ₹192 crore order and management’s ability to scale international operations without margin erosion. The next key update is expected during the upcoming investor meeting on September 29, 2026.
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 2026-10-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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