TDPOWERSYS

TD Power Systems share price & financials

Price
₹1,272.7
Market cap
₹24.8k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 12 Aug 2026

TD Power Systems Limited Q1 FY27

Standalone EBITDA Margin 19.34% Consolidated PAT 860 million +72%Standalone Total Income 6.3 billion +74%

What went well

  • Consolidated sales for Q1 FY27 grew 71% YoY to INR6.43 billion.
  • Consolidated Profit After Tax (PAT) increased 72% YoY to INR860 million.
  • Order inflow during the quarter was INR7.34 billion, an 87% increase QoQ.

What to watch

  • Management was evasive regarding the specific timeline for capacity expansion to INR40 billion-plus for FY29/30.
  • No immediate plans to take hydro refurbishment business global, limiting growth potential in that segment.
Read the full call →

What TD Power Systems Limited does

TD Power Systems designs and manufactures custom AC generators (steam turbine, gas turbine, hydro turbine, gas engine and diesel engine driven) and induction, synchronous and traction motors, earning revenue by supplying these to turbine/engine OEMs, EPC contractors and railway customers in India and abroad. It also offers after-sales commissioning, diagnostics, overhauls, spares and refurbishment services through a global service-centre network. The company sells under long-standing technology-license/supply relationships with global partners such as INNIO, Siemens and Alstom, and has expanded into e-locomotive traction motors and data-centre-linked gas engine/gas turbine generators.

Segments

  • Steam Turbine Generators
  • Gas Turbine Generators
  • Hydro Turbine Generators
  • Gas Engine Generators
  • Motors (Induction, Synchronous, Traction)
Total generators installed worldwide (as of Mar-2026)
8,055
Countries served
113
Manufacturing facilities
2 in Bengaluru, India + 1 in Istanbul, Turkey
After-sales service centres worldwide
57
Product power range
1 to 250 MVA
Sales offices
Frankfurt (Germany), Ohio (USA), Japan
Founded 1999Headquarters Bengaluru, Karnataka, India Company website

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 2 delivered 2 missed 10 open
  • FY27 Revenue revised up said Q4 FY25 Promised: INR 19 billion to INR 20 billion Q1 FY27: Revised guidance to INR 2,600 crores with a small chance to cross this number.
  • FY26 Revenue delivered said Q4 FY25 Promised: INR 15 billion Q4 FY26: Achieved INR 18.78 billion in consolidated total income for FY26.
  • Operating Cash Flow missed said Q4 FY25 Promised: Big improvement starting from Q1 onwards Q4 FY26: Full year EBITDA to CFO conversion was 21%. The promised 'big improvement starting from Q1' did not materialize as stated.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 72.0%, net profit up 72.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue306 350 348 372 452 +48%443 +27%589 +69%640 +72%
EBITDA56 61 65 69 83 +48%80 +31%98 +51%122 +77%
Net profit41 45 53 50 60 +46%56 +24%72 +36%86 +72%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +45.3% 1Y

₹0.6k₹0.8k₹1.0k₹1.2k₹1.4kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 31 Oct 2025Q3 FY26 — 30 Jan 2026Q4 FY26 — 15 May 2026Q1 FY27 — 12 Aug 2026

1Y: ₹553.85 on 10 Sept 2025 → ₹804.9. High ₹1,367.2 (26 May 2026), low ₹518 (29 Jul 2026).

How the price took the results

close before → close after

Q1 FY27
+16.0%
12 Aug
Q4 FY26
+10.8%
15 May
Q3 FY26
+7.8%
30 Jan
Q2 FY26
+13.3%
31 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 28.6% a year over 3 years, FY23 to FY26. Operating margin widened to 17.8%.

Year endingFY23FY24FY25FY26
Revenue₹873 Cr₹1.0k Cr₹1.3k Cr₹1.9k Cr
Operating profit₹130 Cr₹168 Cr₹230 Cr₹330 Cr
Operating margin14.9%16.8%18.0%17.8%
Interest₹1 Cr₹0 Cr₹2 Cr₹2 Cr
Depreciation₹20 Cr₹20 Cr₹20 Cr₹23 Cr
Net profit₹96 Cr₹119 Cr₹174 Cr₹238 Cr
Net margin11.0%11.9%13.6%12.8%
Cash from operations₹89 Cr₹84 Cr₹40 Cr₹129 Cr
Free cash flow₹72 Cr₹40 Cr₹-16 Cr₹19 Cr
ROCE22.0%25.0%30.0%34.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹31 Cr₹31 Cr₹31 Cr₹31 Cr₹31 Cr₹31 Cr
Reserves₹440 Cr₹496 Cr₹573 Cr₹674 Cr₹930 Cr₹1.0k Cr
Borrowings₹52 Cr₹71 Cr₹0 Cr₹0 Cr₹36 Cr₹18 Cr
Other liabilities₹262 Cr₹309 Cr₹299 Cr₹333 Cr₹487 Cr₹787 Cr
Total liabilities₹785 Cr₹907 Cr₹903 Cr₹1.0k Cr₹1.5k Cr₹1.9k Cr
Fixed assets₹174 Cr₹166 Cr₹163 Cr₹186 Cr₹209 Cr₹294 Cr
Capital work in progress₹1 Cr₹1 Cr₹0 Cr₹1 Cr₹48 Cr₹17 Cr
Investments₹20 Cr₹20 Cr₹20 Cr₹10 Cr₹0 Cr₹0 Cr
Other assets₹590 Cr₹720 Cr₹720 Cr₹842 Cr₹1.2k Cr₹1.6k Cr
Total assets₹785 Cr₹907 Cr₹903 Cr₹1.0k Cr₹1.5k Cr₹1.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs added +2.48 pp while DIIs trimmed −1.42 pp. The shareholder count grew 25% to 1,34,081.

Promoters
26.9%
FIIs
26.2%
DIIs
23.9%
Public
23.1%

Since Jun 2025

  • FIIs +2.48 pp
  • DIIs −1.42 pp
  • Public −1.06 pp

How it drifted, 12 quarters

Over this window FIIs went from 10.1% to 26.2% — +16.1 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 34.3%, FIIs 10.1%, DIIs 33.1%, Public 22.5%.Dec '23: Promoters 34.3%, FIIs 11.3%, DIIs 32.8%, Public 21.6%.Mar '24: Promoters 34.3%, FIIs 12.8%, DIIs 32.4%, Public 20.5%.Jun '24: Promoters 34.3%, FIIs 14.8%, DIIs 31.5%, Public 19.3%, Others 0.0%.Sep '24: Promoters 34.3%, FIIs 16.2%, DIIs 29.6%, Public 19.9%.Dec '24: Promoters 34.3%, FIIs 17.8%, DIIs 26.9%, Public 21.0%.Mar '25: Promoters 33.2%, FIIs 19.1%, DIIs 24.9%, Public 22.7%.Jun '25: Promoters 26.9%, FIIs 23.7%, DIIs 25.3%, Public 24.1%.Sep '25: Promoters 26.9%, FIIs 23.6%, DIIs 25.4%, Public 24.2%.Dec '25: Promoters 26.9%, FIIs 24.4%, DIIs 23.2%, Public 25.6%.Mar '26: Promoters 26.9%, FIIs 26.7%, DIIs 22.2%, Public 24.2%.Jun '26: Promoters 26.9%, FIIs 26.2%, DIIs 23.9%, Public 23.1%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 5 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of TD Power Systems Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Saphire Finman Services Llp 13.22%unchanged
Nikhil Kumar 8.30%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund6.50%+0.26 pp
Hitoshi Matsuo 5.08%unchanged
HSBC Mutual Fund - HSBC Midcap Fund Mutual fund3.72%−0.26 pp
Oxbow Master Fund Limited FPI fund2.95%−1.29 pp
Axis Focused Fund Account Mutual fund2.13%newly disclosed
Goldman Sachs Funds - Goldman Sachs India Equity Portfolio Global fund house2.01%−0.39 pp
The Master Trust Bank Of Japan, Ltd. As Trustee Of HSBC India Infrastructure Equity Mother Fund Sovereign1.65%−0.18 pp
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Small Cap Fund Mutual fund1.62%−0.16 pp
Sundaram Mutual Fund A/C Sundaram Large And Mid Cap Fund Mutual fund1.61%newly disclosed
ICICI Prudential Energy Opportunities Fund Mutual fund1.48%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in TDPOWERSYS

Filings to Aug 2026

0 new, 3 added, 2 trimmed, 0 sold out — net +105.56 L shares (+91.7%).

Held by funds
₹1.7k Cr
5 schemes
Biggest holder
Nippon India Small Cap Fund
₹1.5k Cr · 1.8% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹1.5k Cr+96.54 L
Nippon India Power & Infra Fund Nippon India Mutual Fund₹125 Cr+7.73 L
HDFC Infrastructure Fund HDFC Mutual Fund₹53 Cr−0.40 L
Nippon India Retirement Fund - Wealth Creation Scheme Nippon India Mutual Fund₹32 Cr+2.06 L
HDFC Dividend Yield Fund HDFC Mutual Fund₹31 Cr−0.37 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

3 added, 2 trimmed — net +1.06 cr shares (+91.7%)

Funds are sitting on
+168%
vs est. average cost
Held by funds
₹1.7k Cr
5 schemes · ≈ 11% of the company
Biggest holder
Nippon India Small Cap Fund
₹1.5k Cr · 1.8% of that fund

Shares held by these funds −33%

Aug '23 1.14 cr shares Jul '26

What the price assumes

Attractive

To justify its price of ₹805, this stock must grow earnings at 29% every year for 7 years. Our analysis caps realistic growth at ~35%. At that growth it is worth ₹1086 — upside of 35%.

Growth the price implies
28.8% a year
for 7 years, fading to 4%
It has actually compounded at
35.3% a year
net profit, FY23–FY26 · EPS 35.0%
The gap
-0.1 pp
35% downside if it only repeats history
Price today ₹804.9 Value at the reference growth ₹1,086.04

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse TD Power Systems Limited

Guides on how to read this kind of business and the numbers that matter.