Transcript of Earning Call
TDPOWERSYS · price
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TD Power Systems reported strong FY26 results with stand-alone revenue of INR17.37 billion (up 35% YoY) and PAT of INR2.18 billion (up 42%). Order inflow surged 51% to INR22.38 billion, with exports comprising 79% of total orders. The company raised FY27 revenue guidance to INR2,400+ crores with capacity to reach INR30-32 billion by FY28. Management cited buoyant market conditions driven by AI data centers, grid stabilization, and power generation demand. A one-off Q4 margin contraction occurred due to a Turkey shipping penalty, but gross margins are expected to return to historical 33-34% levels. Capex of INR50 crores is planned for this year and next for debottlenecking, with separate investment for large generators (up to 200 MW) coming online by calendar 2028. A new CEO was announced from L&T Mitsubishi to professionalize management as the company scales.
Strong order book of INR19.73 billion and raised guidance support continued growth, though near-term margins may remain under pressure from commodity costs. The large generator expansion and new CEO appointment signal strategic intent to scale into higher-margin segments.