TD Power Systems Ltd(TDPOWERSYS)

NSE: TDPOWERSYSBSE: 533553

₹ 643-4.43%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 20,171 crWebsite: www.tdps.comUpdated: 24 Oct 2026

About

TD Power Systems Ltd is a Bengaluru-based manufacturer of AC generators and motors, supplying steam turbine, gas turbine, hydro turbine, gas engine, and diesel engine generator sets up to 250 MVA, along with synchronous and induction motors. Nearly 80% of annual order inflows in FY26 came from export and deemed export markets, making it one of India's most export-oriented heavy electrical equipment manufacturers. Reported FY26 revenue was 1856.23 crore.^[1]

Products

AC generators manufactured for five prime-mover types: steam turbine (up to 250 MVA), gas turbine (up to 250 MVA), hydro turbine (up to 75 MVA), gas engine (up to 25 MVA), and diesel engine (up to 25 MVA).^[2]
Motors portfolio covers synchronous motors up to 60 MW, induction motors up to 20 MW, and application-specific motors including traction up to 1,250 kW.^[2]
R&D centre in the United Kingdom is developing a larger generator range from 40 MW to 200 MW, extending beyond the current product ceiling.^[2]
2-pole generator line added for large gas turbine applications; first unit delivered in Q3 FY26, with volume ramp targeted for calendar year 2027.^[3]

Order book and inflow

Order book at end of Q1 FY27 stood at ₹22,073 million.^[4]
Q1 FY27 order inflow of ₹7,341 million grew 87% quarter-on-quarter; export and deemed export orders were 93% of quarterly inflows in Q1 FY27.^[4]
FY26 full-year order inflow was ₹22.38 billion, up 51% year-on-year from ₹14.78 billion in FY25; 79% of FY26 inflows were from exports.^[5]
Exports and deemed exports represented 76% of the order book excluding traction business as of April 2026, up from 62% the prior year.^[2]
Pending order book stood at ₹1,97,288.60 lakhs as of 1 April 2026, of which ₹1,94,399.60 lakhs is for India and ₹2,889.00 lakhs for Turkey.^[2]

Key operating metrics

Cumulative installations reached 8,375 units as of Q1 FY27.^[4]
Q1 FY27 consolidated revenue of ₹6,401 million was the highest-ever quarterly sales for the company, up 71% year-on-year.^[4]
Aftermarket and spares revenue is approximately 5 - 6% of overall sales in Q1 FY27, growing in absolute terms but stable as a share of the mix.^[4]
The company reports a single segment, Manufacturing, with segment revenue of ₹1656.31 crore in FY25.^[6]

Customers and distribution

TDPS products operate in 113 countries; the company has supplied 8,055 generators and motors worldwide as of FY26.^[2]
Key demand driver in FY26 - FY27 is large-volume repeat orders from leading global gas turbine and gas engine OEMs for US data-centre and energy-infrastructure programmes.^[4]
First API-certified generator supplied to ADNOC for oil-and-gas applications in Q2 FY26; a follow-on order was received in the same quarter.^[7]
Hydro turbine generator orders received from customers in Vietnam (including 2 × 7.7 MW, 6.3 kV, 600 rpm horizontal units) and from OEMs in Spain and Italy in FY26.^[2]
Exports represented 66% of H1 FY26 revenue; primary export markets for hydro are Nepal and Vietnam, with India contributing less than 10% of hydro turnover.^[7]

Operations and capacity

A Turkey subsidiary serves as a service and insurance facility for the European installed base; expected to execute EUR 3 - 3.5 million of orders in FY27 with no significant pipeline beyond that.^[4]
Manufacturing lines for motors and generators are being separated to improve execution efficiency and operational focus.^[2]
Certifications held include ISO 9001:2015, ATEX/IECEx, DNV, Lloyd's Register/Class NK (marine), AAR M-1003 (rail), UL/CSA (North America), and GOST-R/TRCU (Russia & CIS).^[2]

Expansion and capex

A new facility to make generators and motors is planned on 15 acres of KIADB land allotted at the Japanese Industrial Township, Tumkur (FY26 annual report).^[2]
PPE additions were 10,302.84 (₹ lakh) in FY26, with capital commitments of 4,008.73 outstanding.^[2]
FY27 debottlenecking capex of approximately ₹50 crores is planned; this is expected to lift capacity to approximately ₹3,200 crores by FY28.^[4]
A further capacity expansion to ₹40 billion+ is targeted for FY29 - 30; investment quantum to be disclosed at a future earnings call.^[4]

Recent developments

On 1 October 2026, TDPS secured a ₹192 crore export order for 2-pole generators for gas turbine applications from a leading multinational corporation in the US, with deliveries scheduled between August 2027 and January 2028.^[8]
On 14 August 2026, TDPS signed a 10-year Build-to-Print Manufacturing Framework Agreement with Siemens Energy, Inc. for manufacture and supply of 2-pole generators, extendable by 24 months.^[9]
Railway segment placed under strategic review in Q1 FY27; no fresh railway orders are being accepted, and capacity will be reallocated to generators and motors once the current Indian railway contract is completed.^[4]
FY27 consolidated revenue guidance raised to ₹2,600 crores; full-year order inflow guided at approximately ₹2,800 crores (~₹700 crores per quarter).^[4]
Deepak Kumar Sinha (ex-L&T-MHI, GE Power) joined as CEO in FY26 as part of a management professionalisation initiative.^[5]

Market Cap

₹20,171 Cr

High / Low

₹856 / 301

Stock P/E

73.1

Price / Book

18.8

Book Value

₹34

EPS

₹7.6

No. of Shares

31.24 Cr

ROCE

33.4%

ROE

24.7%

OPM

17.5%

Debt / Equity

0.02

Sales

₹1,856 Cr

Net Profit

₹239 Cr

Promoter holding

27.2%

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TD Power Systems Ltd(TDPOWERSYS)

About

Products

Order book and inflow

Key operating metrics

Customers and distribution

Operations and capacity

Expansion and capex

Recent developments

Signal history

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