TD Power Systems Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Manufacturing: 100.0%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good profit growth of 39.5% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 29.9%
- Company has a good return on equity (ROE) track record: 3 Years ROE 21.7%
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 72.3% YoY, showing strong momentum
CONS
- Receivables are growing faster than sales - a possible quality concern
- Promoter holding has decreased over last 2 years: -7.4pp
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.48x)
- Valuation is stretched - P/E of 91.4 is well above its own 5-year median (36.7)
- Total debt has risen sharply - up 48.2% year on year
- Stock is trading at 12.4x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ABB | 7269.10 | 51.56 | 154038.32 | 0.54 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| CGPOWER | 910.00 | 114.69 | 143365.96 | 0.14 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| SIEMENS | 3960.90 | 43.07 | 141055.77 | 0.45 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| POWERINDIA | 31415.40 | 121.72 | 140025.86 | 0.03 | 2941.50 | 2135.18 | 24936.90 | 1586.18 | 28.73 | 14.58 |
| GVT&D | 4545.00 | 623.18 | 116373.15 | 0.22 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| ENRIN | 3178.75 | 76.08 | 113201.81 | 0.13 | 440.90 | 67.83 | 2485.60 | 39.28 | 40.19 | 23.56 |
| WAAREEENER | 2627.50 | 19.80 | 75580.39 | 0.15 | 891.87 | 15.39 | 7931.79 | 79.22 | 37.92 | 18.15 |
| APARINDS | 17496.15 | 62.01 | 73260.47 | 0.34 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 31.84 | 11.50 |
| HAVELLS | 1114.80 | 42.84 | 69960.57 | 0.90 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| SUZLON | 44.16 | 19.31 | 60700.73 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1227.70 | 159.75 | 29354.80 | 0.00 | 12.44 | -69.84 | 651.36 | 4.78 | 31.01 | 5.23 |
| TDPOWERSYS | 804.85 | 91.45 | 25148.09 | 0.13 | 862.93 | 72.33 | 6400.54 | 72.10 | 34.01 | 19.00 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,203 | 2,737 | 2,426 | 2,639 | 2,738 | 3,064 | 3,503 | 3,482 | 3,719 | 4,525 | 4,427 | 5,892 | 6,401 | |
| 1,867 | 2,319 | 2,082 | 2,277 | 2,311 | 2,566 | 2,944 | 2,886 | 3,085 | 3,757 | 3,686 | 4,986 | 5,258 | |
| Operating Profit | 335 | 418 | 344 | 362 | 427 | 498 | 559 | 596 | 634 | 767 | 741 | 906 | 1,143 |
| OPM % | 15.23% | 15.28% | 14.17% | 13.73% | 15.58% | 16.26% | 15.96% | 17.12% | 17.05% | 16.96% | 16.73% | 15.38% | 17.85% |
| 36 | 28 | 53 | 45 | 31 | 62 | 36 | 107 | 40 | 51 | 42 | 81 | 26 | |
| Interest | 0 | 1 | 0 | 2 | 12 | 10 | 4 | 5 | 4 | 7 | 5 | 3 | 2 |
| Depreciation | 51 | 53 | 53 | 54 | 46 | 48 | 50 | 54 | 50 | 52 | 58 | 70 | 72 |
| Profit before Tax | 371 | 446 | 397 | 408 | 458 | 560 | 596 | 703 | 674 | 818 | 782 | 987 | 1,169 |
| Tax % | 28.18% | 26.54% | 24.69% | 28.82% | 22.79% | 26.27% | 24.55% | 24.63% | 25.70% | 26.44% | 27.99% | 26.86% | 26.18% |
| Net Profit | 267 | 328 | 299 | 290 | 354 | 413 | 449 | 530 | 501 | 602 | 563 | 722 | 863 |
| 1.71 | 2.10 | 1.91 | 1.86 | 2.26 | 2.64 | 2.88 | 3.40 | 3.21 | 3.85 | 3.61 | 4.62 | 5.52 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 380 | 435 | 459 | 515 | 594 | 797 | 872 | 1,001 | 1,279 | 1,856 | 21,244 | |
| 369 | 424 | 429 | 477 | 523 | 701 | 739 | 830 | 1,043 | 1,521 | 17,687 | |
| Operating Profit | 11 | 10 | 30 | 38 | 71 | 97 | 134 | 171 | 235 | 335 | 3,557 |
| OPM % | 2.77% | 2.41% | 6.55% | 7.30% | 11.93% | 12.15% | 15.32% | 17.09% | 18.41% | 18.07% | 16.74% |
| 20 | 16 | 9 | 27 | 16 | 24 | 21 | 16 | 24 | 21 | 199 | |
| Interest | 6 | 9 | 6 | 10 | 9 | 7 | 4 | 4 | 8 | 8 | 17 |
| Depreciation | 28 | 27 | 26 | 22 | 21 | 22 | 21 | 21 | 20 | 23 | 252 |
| Profit before Tax | -4 | -10 | 7 | 33 | 56 | 92 | 130 | 162 | 232 | 326 | 3,756 |
| Tax % | -23.63% | -51.45% | 57.29% | 8.64% | 19.97% | 23.44% | 25.27% | 27.04% | 24.64% | 26.78% | 26.79% |
| Net Profit | -4 | -14 | 3 | 30 | 45 | 70 | 97 | 118 | 175 | 239 | 2,750 |
| EPS | -1.33 | -4.34 | 1.03 | 9.68 | 14.61 | 22.66 | 6.20 | 7.58 | 11.18 | 15.29 | — |
| Dividend Payout % | -135.16% | -41.48% | 193.89% | 23.25% | 17.11% | 15.44% | 16.12% | 14.52% | 11.18% | 13.74% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 14%
- 5 Years:
- 26%
- 3 Years:
- 29%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 39%
- 3 Years:
- 35%
STOCK PRICE CAGR
- 10 Years:
- 46%
- 5 Years:
- 89%
- 3 Years:
- 83%
- 1 Year:
- 191%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 19%
- 3 Years:
- 22%
- Last Year:
- 25%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 33 | 33 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 |
| 437 | 416 | 385 | 399 | 441 | 496 | 573 | 674 | 828 | 1,039 | |
| 45 | 69 | 61 | 68 | 52 | 71 | 0 | 0 | 12 | 18 | |
| Trade Payables | 130 | 119 | 168 | 144 | 108 | 151 | 131 | 140 | 231 | 412 |
| 103 | 71 | 103 | 116 | 153 | 157 | 168 | 193 | 261 | 376 | |
| Total Liabilities | 749 | 708 | 748 | 757 | 785 | 907 | 903 | 1,038 | 1,364 | 1,877 |
| 233 | 213 | 198 | 180 | 174 | 166 | 163 | 186 | 207 | 294 | |
| Capital Work in Progress | 0 | 0 | 1 | 1 | 0 | 1 | 0 | 1 | 17 | 17 |
| 0 | 0 | 10 | 20 | 20 | 20 | 20 | 10 | 0 | 0 | |
| 80 | 82 | 113 | 144 | 189 | 209 | 199 | 250 | 377 | 503 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 307 | 437 | 742 | |
| Cash & Bank | 108 | 95 | 128 | 158 | 164 | 161 | 169 | 211 | 199 | 199 |
| 327 | 318 | 299 | 254 | 238 | 349 | 352 | 73 | 127 | 122 | |
| Total Assets | 749 | 708 | 748 | 757 | 785 | 907 | 903 | 1,038 | 1,364 | 1,877 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -14 | 3 | 50 | 64 | 7 | 28 | 124 | 84 | 40 | 129 | |
| Cash from Investing | 9 | 1 | -14 | 0 | -8 | -5 | -10 | -33 | -34 | -102 |
| Cash from Financing | 1 | 7 | -45 | -17 | -20 | 11 | -89 | -16 | -7 | -21 |
| -10 | 5 | -10 | 39 | -31 | 17 | -11 | 36 | -1 | 7 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-12 - TD Power Systems Limited has informed the Exchange about receipt of In-principle approval for the issue of 12,50,000 equity shares to Promoters on a preferential basis
2026-09-10 - TD Power Systems Limited has submitted the Exchange a copy Srutinizers report of Extraordinary General Meeting held on September 10, 2026. Further, the company has informed the Exchange regarding voting results.
2026-09-10 - TD Power Systems Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on September 10, 2026
2026-08-18 - TD Power Systems Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-18 - TD Power Systems Limited has informed the Exchange about Transcript for the quarter ended June 30, 2026.
2026-08-17 - TD Power Systems Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on September 10, 2026
2026-08-16 - TD Power Systems Limited has informed the Exchange about Copy of Newspaper Publication - Pre EGM Notice
2026-08-14 - TD Power Systems Limited has informed the Exchange about Build-to-Print Manufacturing Framework Agreement with Siemens Energy, Inc.
2026-08-14 - TD Power Systems Limited has informed the Exchange about - Fund Raising
News
Recent coverage and analyst commentary for TDPOWERSYS
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