Order Book Or Contract Wins
Expected: Current QuarterHIGH confidence
What: Order Inflow: INR 6.56 billion
“Order inflow during the quarter is INR 6.56 billion, an all-time record, an increase of 61% on a Y-on-Y basis.”
TD Power Systems Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +57.1%Weak12w Streak
In , TD Power Systems Ltd (Capital Goods - Gensets/Turbines) is outperforming Nifty 500 with +57.1% relative strength. Fundamentals: Weak. On a 12-week streak.
TD Power Systems Ltd Key Facts
- PE Ratio
- 86.8x
- Market Cap
- ₹19,054 Cr
- PAT Growth YoY
- +24%
- Revenue Growth YoY
- +27%
- OPM
- 18.0%
- RS vs Nifty 500
- +57.1%
PE: Mid ExpansionRiding Wave
What's Happening
📊Debt increased 200% YoY — leverage rising
👔Promoter stake down 7.4% this quarter
🌐FII stake increased 7.3% this quarter
🏛️DII reducing — stake down 4.3%
💰Trading 38% above estimated fair value — significant premium
Earnings Acceleration Triggers
1. Order Book Or Contract Wins
Current QuarterHIGH
2. Operating Leverage Inflection
Q1 FY27HIGH
3. Geographical Expansion
Current QuarterMEDIUM
Key Risks
1. Copper prices have increased drastically, impacting raw material costs
MEDIUM2. Lack of an India-U
LOW3. Decision to stop hedging FX exposure about six months ago
LOWSector-Specific Signals
Total Order BookINR 1,845 Cr
Quarterly Order InflowINR 656 Cr+61%
Export & Deemed Export % of Order Inflow84%
Annualized Revenue Run RateINR 1,800 Cr
Key Numbers
PAT Growth YoY
+24%
Stable
Revenue YoY
+27%
Stable
Operating Margin
18.0%
+100 bps YoY
PE Ratio
86.8
Current Price
₹1,220
Dividend Yield
0.10%
Fundamental Score
39/100
Weak
3Y PAT CAGR
+36%
Market Cap
19.1K Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are TD Power Systems Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 18, 2026
Operating Leverage Inflection
Expected: Q1 FY27HIGH confidence
What: Production Run Rate: INR 600 crores/quarter
“In Q4, we'll ramp up to INR 550 crores to INR 575 crores per quarter production and sales and then move to around INR 600 crores per quarter in Q1 onwards.”
Geographical Expansion
Expected: Current QuarterMEDIUM confidence
What: Export Order Inflow: 84%
“Export order inflow, including deemed export during the quarter is 84% at INR 5.1 billion.”
Tam Expansion Changing Consumption
Expected: Ongoing to 2030MEDIUM confidence
What: Data Center Demand: Not Given
“There's an increasing trend for all data centres to use only captive power and not be grid dependent... This increases the opportunity size for TDPS.”
New Product Or Brand Launch
Expected: FY28MEDIUM confidence
What: 2-pole generators: Not Given
Impact: Multi-hundred crores
“investments will take place for 2-pole generator production and for motors, which will be a major thrust area for the company in FY '28 onwards.”
Order Inflow of INR 6.56 billion
HIGH confidence
What: Order Inflow of INR 6.56 billion
“Order inflow during the quarter is INR 6.56 billion, an all-time record, an increase of 61% on a Y-on-Y basis.”
FY27 Revenue guidance raised
HIGH confidence
What: INR 2,000 crores → INR 2,200-plus crores
“we give an upward guidance for FY '27 at INR 2,200-plus crores. This is a conservative guidance based on the ramp-up of the order booking”
What Are the Key Risks for TD Power Systems Ltd?
Earnings deceleration risks from management commentary
Copper prices have increased drastically, impacting raw material costs
MEDIUMTrigger: Global commodity price volatility.
Management view: Renegotiating prices with customers and using lower-priced inventory pipeline to insulate margins temporarily.
Monitor: commodity
Lack of an India-U
LOWTrigger: Trade policy tensions and tariff structures.
Management view: Customers are currently paying the tariff due to high demand; company has a 'Plan B' to use the Turkey facility if needed.
Monitor: geopolitical
Decision to stop hedging FX exposure about six months ago
LOWTrigger: Anticipation of rapid rupee depreciation.
Management view: Management believes this was a correct decision as spot rates have moved favorably for exporters.
Monitor: fx
What Is TD Power Systems Ltd's Management Saying?
Key quotes from recent conference calls
“General guidance, as mentioned earlier, our revised guidance for the current year is INR 1,800 crores [Previous Annual Revenue FY26 guidance]”
“We declared our third plant as operational on 18th December... move to around INR 600 crores per quarter in Q1 onwards. [Initiative: Third Plant Operationalization]”
“commodity prices, yes, copper prices have gone up drastically. We are renegotiating all our prices with all our customers [Risk (commodity): MEDIUM]”
“People have more or less resigned themselves to the fact that there's probably not going to be a trade deal. [Risk (geopolitical): LOW]”
What Did TD Power Systems Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
INR 11.94 billion
YoY +32%
Why: Revenue growth was driven by pushing capacity utilization beyond expectations and achieving sales of around INR 450 crores per quarter.
The company has maintained a consistent run rate of INR 450 crores per quarter over the last two quarters.
EBITDA
INR 2.19 billion
YoY +38%Margin 18.33%
Why: Margin expansion was supported by higher capacity utilization and a favorable product mix, despite one-off shifting charges for the new plant.
EBITDA margins improved by 88 bps year-on-year on a nine-month basis.
PAT
INR 1.54 billion
YoY +41%
Why: Profit growth outpaced revenue due to operational efficiencies and the scaling of the manufacturing business.
PAT growth reflects strong operational leverage as the company scales its output.
Other Highlights
• Order inflow during the quarter reached an all-time record of INR 6.56 billion, up 61% year-on-year.
• Exports and deemed exports constitute 79% of the nine-month order inflow.
• Cash balance remains strong at INR 1.93 billion as of December 31, 2025.
What Sector Metrics Matter for TD Power Systems Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Total Order Book
INR 1,845 Cr
QoQ +16%
Why: Driven by record quarterly order inflows of INR 656 Cr.
Quarterly Order Inflow
INR 656 Cr
YoY +61%QoQ +25%
Why: All-time record inflow driven by global demand for gas engine generators.
Export & Deemed Export % of Order Inflow
84%
Why: Strong international demand, particularly from the U.S. market.
Annualized Revenue Run Rate
INR 1,800 Cr
QoQ 0%
Why: Maintained steady production at INR 450 Cr per quarter.
Railway Business Order Book
INR 285 Cr
Why: Includes INR 187 Cr from Indian locomotive business and INR 98 Cr in new orders.
Turkey Business Order Book
INR 72 Cr
QoQ +148%
Why: Scaling up operations to mitigate potential U.S. tariff risks.
Cash and Bank Balance
INR 193 Cr
QoQ 0%
Why: Maintained strong liquidity despite ongoing capex and working capital needs.
Domestic Market Growth Guidance
10-12%
Why: Steady demand from captive power plants, biomass, and waste heat recovery.
What Is TD Power Systems Ltd's Management Guidance?
Forward-looking targets from management for FY27
Revenue Outlook
INR 2,200-plus crores
Volume
RAISED
Management Tone: BULLISH
Guidance Changes
RAISED
FY27 Revenue: INR 2,000 crores → INR 2,200-plus crores
How Fast Is TD Power Systems Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +27% | +17% | Stable |
| PAT (Net Profit) | +24% | +36% | Stable |
| OPM | 18.0% | +100 bps | Expanding |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
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Frequently Asked Questions: TD Power Systems Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were TD Power Systems Ltd's latest quarterly results?
TD Power Systems Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: +24.4% (stable)
- Revenue Growth YoY: +26.6%
- Operating Margin: 18.0% (expanding)
Is TD Power Systems Ltd's profit growing or declining?
TD Power Systems Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +24.4% (latest quarter)
- PAT Growth QoQ: -6.7% (sequential)
- 3-Year PAT CAGR: +35.7%
- Trend: Stable — consistent growth pattern
What is TD Power Systems Ltd's revenue growth trend?
TD Power Systems Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +26.6%
- Revenue Growth QoQ: -2.0% (sequential)
- 3-Year Revenue CAGR: +17.1%
How is TD Power Systems Ltd's operating margin trending?
TD Power Systems Ltd's operating margin is expanding.
- Current OPM: 18.0%
- OPM Change YoY: +1.0% basis points
- OPM Change QoQ: 0.0% basis points
What is TD Power Systems Ltd's 3-year profit and revenue CAGR?
TD Power Systems Ltd's long-term compounding rates
- 3-Year Profit CAGR: +35.7%
- 3-Year Revenue CAGR: +17.1%
Is TD Power Systems Ltd's growth accelerating or decelerating?
TD Power Systems Ltd's earnings growth is stable with mixed signals on a sequential basis.
- YoY Acceleration: -21.9% bps
- Sequential Acceleration: -26.7% bps
What is TD Power Systems Ltd's trailing twelve month (TTM) performance?
TD Power Systems Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹219 Cr
- TTM PAT Growth: +46.0% YoY
- TTM Revenue: ₹2,000 Cr
- TTM Revenue Growth: +35.3% YoY
- TTM Operating Margin: 18.4%
Is TD Power Systems Ltd overvalued or undervalued?
TD Power Systems Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 86.8x
- Price-to-Book: 19.8x
What is TD Power Systems Ltd's current PE ratio?
TD Power Systems Ltd's current PE ratio is 86.8x.
- Current PE: 86.8x
- Market Cap: 19.1K Cr
- Dividend Yield: 0.10%
How does TD Power Systems Ltd's valuation compare to its history?
TD Power Systems Ltd's current PE is 86.8x.
- Current PE: 86.8x
- Valuation Assessment: Significantly Overvalued
What is TD Power Systems Ltd's price-to-book ratio?
TD Power Systems Ltd's price-to-book ratio is 19.8x.
- Price-to-Book (P/B): 19.8x
- Book Value per Share: ₹62
- Current Price: ₹1220
Is TD Power Systems Ltd a fundamentally strong company?
TD Power Systems Ltd is rated Weak with a fundamental score of 39.07/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +26.6% (10% weight)
- PAT Growth YoY: +24.4% (10% weight)
- PAT Growth QoQ: -6.7% (10% weight)
- Margins expanding (10% weight)
Is TD Power Systems Ltd debt free?
TD Power Systems Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹36 Cr
What is TD Power Systems Ltd's return on equity (ROE) and ROCE?
TD Power Systems Ltd's return ratios over recent years
- FY2023: ROCE 22.0%
- FY2024: ROCE 25.0%
- FY2025: ROCE 30.0%
Is TD Power Systems Ltd's cash flow positive?
TD Power Systems Ltd's operating cash flow is positive (FY2025).
- Cash from Operations (CFO): ₹40 Cr
- Free Cash Flow (FCF): ₹6 Cr
- CFO/PAT Ratio: 23% (weak cash conversion)
What is TD Power Systems Ltd's dividend yield?
TD Power Systems Ltd's current dividend yield is 0.10%.
- Dividend Yield: 0.10%
- Current Price: ₹1220
Who holds TD Power Systems Ltd shares — promoters, FII, DII?
TD Power Systems Ltd's shareholding pattern (Mar 2026)
- Promoters: 26.9%
- FII (Foreign): 26.7%
- DII (Domestic): 22.2%
- Public: 24.2%
Is promoter holding increasing or decreasing in TD Power Systems Ltd?
TD Power Systems Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 26.9% (Mar 2026)
- Previous Quarter: 26.9% (Dec 2025)
- Change: 0.00% (stable)
How long has TD Power Systems Ltd been outperforming Nifty 500?
TD Power Systems Ltd has been outperforming Nifty 500 for 12 consecutive weeks, indicating strong sustained outperformance.
Is TD Power Systems Ltd a new momentum entry or an established outperformer?
TD Power Systems Ltd is an established outperformer with 12 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for TD Power Systems Ltd?
TD Power Systems Ltd has 7 key growth catalysts identified from recent earnings analysis
- Order Book Or Contract Wins — Record order inflows provide high revenue visibility for the next several quarters.
- Operating Leverage Inflection — The third plant is now operational, and fixed cost absorption will improve as production ramps to INR 600 crores.
- Geographical Expansion — Strong demand from U.S. and Europe for gas engine generators, particularly for data centers.
- Tam Expansion Changing Consumption — Data centers are moving towards captive power to avoid grid dependency and high grid prices.
What are the key risks in TD Power Systems Ltd?
TD Power Systems Ltd has 3 key risks worth monitoring
- [MEDIUM] Copper prices have increased drastically, impacting raw material costs — Global commodity price volatility.
- [LOW] Lack of an India-U — Trade policy tensions and tariff structures.
- [LOW] Decision to stop hedging FX exposure about six months ago — Anticipation of rapid rupee depreciation.
What did TD Power Systems Ltd's management say in the latest earnings call?
In Q3 FY26, TD Power Systems Ltd's management highlighted
- "General guidance, as mentioned earlier, our revised guidance for the current year is INR 1,800 crores [Previous Annual Revenue FY26 guidance]"
- "We declared our third plant as operational on 18th December... move to around INR 600 crores per quarter in Q1 onwards. [Initiative: Third Plant Oper..."
- "commodity prices, yes, copper prices have gone up drastically. We are renegotiating all our prices with all our customers [Risk (commodity): MEDIUM]"
What is TD Power Systems Ltd's management guidance for growth?
TD Power Systems Ltd's management has provided the following forward guidance for FY27
- Revenue outlook: INR 2,200-plus crores
- Margin outlook: Not Given
- Capex plan: Not Given for Automation and lean manufacturing; 2-pole generator production
- Management tone: bullish
- Milestone: [RAISED] FY27 Revenue: INR 2,000 crores → INR 2,200-plus crores
What sector-specific metrics matter most for TD Power Systems Ltd?
TD Power Systems Ltd's most important sub-sector-specific KPIs from the latest concall
- Total Order Book: INR 1,845 Cr (QoQ +16%) — Driven by record quarterly order inflows of INR 656 Cr.
- Quarterly Order Inflow: INR 656 Cr (YoY +61%) (QoQ +25%) — All-time record inflow driven by global demand for gas engine generators.
- Export & Deemed Export % of Order Inflow: 84% — Strong international demand, particularly from the U.S. market.
- Annualized Revenue Run Rate: INR 1,800 Cr (QoQ 0%) — Maintained steady production at INR 450 Cr per quarter.
- Railway Business Order Book: INR 285 Cr — Includes INR 187 Cr from Indian locomotive business and INR 98 Cr in new orders.
- Turkey Business Order Book: INR 72 Cr (QoQ +148%) — Scaling up operations to mitigate potential U.S. tariff risks.
Is TD Power Systems Ltd worth studying for long term investment?
Based on quantitative research signals, here is why TD Power Systems Ltd may be worth studying
- Earnings growing at +24.4% YoY
- Operating margins are expanding — OPM at 18.0%
- Cash flow is positive — CFO ₹40 Cr
What is the investment thesis for TD Power Systems Ltd?
TD Power Systems Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +26.6% YoY
- Margins expanding
- Growth catalyst: Order Book Or Contract Wins
Risk Factors (Bear Case)
- Appears significantly overvalued
- Key risk: Copper prices have increased drastically, impacting raw material costs
What is the future outlook for TD Power Systems Ltd?
TD Power Systems Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: expanding
- Valuation: Significantly Overvalued
- Key Catalyst: Order Book Or Contract Wins
- Key Risk: Copper prices have increased drastically, impacting raw material costs
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.