TD Power Systems
TD Power Systems
IndustrialsKey Fundamentals
SmallcapElectrical EquipmentCapital GoodsTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 43.4% CAGR over last 5 years
Weaknesses
2- Stock is trading at 23.5 times its book value
- Promoter holding has decreased over last 3 years: -31.6%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoTD Power Systems Ltd is a nearly debt-free industrial company with a market cap of ₹23,622 Cr, trading at a PE of 86.7x and 22.2x book value. The company has delivered strong profit growth of 43% CAGR over 5 years and TTM sales growth of 54%, while promoter holding has declined by 31.6% over the last 3 years.
- Company is almost debt-free, providing financial flexibility and low interest burden in a capital-intensive industrials sector
- Compounded profit growth of 43% CAGR over 5 years significantly outpaces broader industrial sector averages
- TTM sales growth of 54% indicates strong demand momentum and order book execution
- ROE of 25% in the last year reflects efficient capital deployment and improving profitability
- 3-year ROE average of 22% and 5-year average of 20% demonstrate consistent return generation well above cost of equity
- Compounded sales CAGR of 29% over 3 years shows sustained revenue acceleration beyond the single-year spike
- TTM profit growth of 45% is broadly in line with sales growth of 54%, indicating operating leverage is intact
- 10-year compounded profit CAGR of 40% shows the company has a long runway of earnings compounding, not just a recent trend
- PE ratio of 86.7x is extremely elevated, pricing in significant future growth and leaving little margin of safety
- Stock trades at 22.2x book value, far above typical industrial company valuations, suggesting stretched pricing
- Promoter holding has decreased by 31.6% over the last 3 years, raising concerns about insider confidence or potential dilution
- Stock price CAGR of 176% over 1 year has far outpaced the 45% TTM profit growth, indicating valuation expansion rather than pure earnings-driven gains
- Dividend yield of just 0.28% offers negligible income return relative to the valuation premium investors are paying
- 10-year sales CAGR of only 14% contrasts sharply with recent 54% TTM growth, raising questions about sustainability of the current growth rate
- Gap between 5-year stock CAGR of 87% and 5-year sales CAGR of 26% suggests a significant portion of returns are driven by multiple expansion rather than fundamentals
- At 86.7x PE, even a modest earnings miss or growth slowdown could trigger a sharp de-rating given the premium baked into the stock
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Explosive 5-year multibagger returns Sep 9
TD Power Systems delivered 2,160% returns over 5 years, with revenue growing at 25.7% CAGR from ₹594.8 crore (FY21) to ₹1,869.5 crore (FY26) and PAT growing at 40% CAGR from ₹45.2 crore to ₹238.8 crore.
- Q1 FY27 revenue surges 71% Sep 9
Consolidated revenue rose 71% YoY to ₹640.1 crore in Q1 FY27, EBITDA up 72% to ₹121.7 crore, and PAT up 72% to ₹86.3 crore. Management raised FY27 revenue guidance to ₹2,600 crore.
- Order book and global expansion Sep 9
Order book stands at ₹2,207 crore with quarterly inflow jumping 87% YoY to ₹734 crore. Installed base grew to 8,375 units across 113 countries, with exports at 93% of order inflows.
- Margin expansion of 700 bps Sep 9
EBITDA margin expanded from 11.3% to 18.3% over five years, a 700 bps improvement. Q1 FY27 EBITDA margin reached 19.0%, showing continued profitability gains.
- Shareholders approve ₹75 crore issue Sep 10
Over 99% of votes polled supported the ₹75 crore preferential equity issuance to promoters and the QIP enabling resolution at the September 10 EGM.
- Stock hits record highs Aug 17
TD Power Systems reached fresh record highs in August 2026, with the stock at ₹1,569.80 high, well above its 50 DMA (₹1,198) and 200 DMA (₹951), confirming a strong uptrend.
- ₹7.5 crore preferential issue approved Sep 12
BSE and NSE granted in-principle approval on September 11 for a preferential issue of 12,50,000 equity shares to promoters at not less than ₹600 per share.
- 1:2 stock split record date Aug 17
Record date for the 1:2 stock split was fixed at August 24, reducing face value from ₹10 to ₹5 to improve retail accessibility and liquidity.
- EGM scheduled for fundraising Aug 17
EGM was scheduled for September 10 to approve ₹75 crore preferential allotment to promoters and an enabling resolution for a ₹600 crore QIP.
- Promoter indirect acquisition disclosed Aug 25
Promoter group disclosed an indirect acquisition under SEBI SAST Regulations with no change in overall promoter holding or control of the company.
TL;DR: TD Power Systems is firing on all cylinders with 71% YoY revenue growth in Q1 FY27, a robust ₹2,207 crore order book, and significant margin expansion to 19% EBITDA margin. The company's international diversification (93% export orders across 113 countries) and capacity expansion plans toward ₹3,200 crore for FY28 provide strong visibility. No material headwinds are visible currently, though the fundraising activity (₹675 crore via preferential issue and QIP) bears monitoring for dilution impact. The trend remains firmly positive with management guiding higher and the stock trading well above key moving averages.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 220 | 274 | 243 | 264 | 274 | 306 | 350 | 348 | 372 | 452 | 443 | 589 | 640 |
| Expenses | 182 | 227 | 203 | 222 | 225 | 251 | 289 | 283 | 303 | 370 | 362 | 491 | 518 |
| Operating Profit | 39 | 47 | 40 | 42 | 48 | 56 | 61 | 65 | 69 | 83 | 80 | 98 | 122 |
| OPM % | 18% | 17% | 16% | 16% | 18% | 18% | 17% | 19% | 19% | 18% | 18% | 17% | 19% |
| Other Income | 4 | 3 | 5 | 5 | 3 | 6 | 4 | 11 | 4 | 5 | 4 | 8 | 3 |
| Interest | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 0 | 0 |
| Depreciation | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 7 | 7 |
| PBT | 37 | 45 | 40 | 41 | 46 | 56 | 60 | 70 | 67 | 82 | 78 | 99 | 117 |
| Tax % | 28% | 27% | 25% | 29% | 23% | 26% | 25% | 25% | 26% | 26% | 28% | 27% | 26% |
| Net Profit | 27 | 33 | 30 | 29 | 35 | 41 | 45 | 53 | 50 | 60 | 56 | 72 | 86 |
| EPS in Rs | 0.85 | 1.05 | 0.96 | 0.93 | 1.13 | 1.32 | 1.44 | 1.7 | 1.6 | 1.93 | 1.8 | 2.31 | 2.76 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 597 | 507 | 380 | 435 | 459 | 515 | 594 | 797 | 872 | 1,001 | 1,279 | 1,856 | 2,124 |
| Expenses | 581 | 498 | 369 | 424 | 429 | 477 | 523 | 701 | 739 | 829 | 1,043 | 1,521 | 1,742 |
| Operating Profit | 16 | 9 | 11 | 10 | 30 | 38 | 71 | 97 | 134 | 171 | 235 | 335 | 383 |
| OPM % | 2.8% | 1.8% | 2.8% | 2.4% | 7% | 7% | 12% | 12% | 15% | 17% | 18% | 18% | 18% |
| Other Income | 24 | 20 | 20 | 16 | 9 | 27 | 16 | 24 | 21 | 16 | 24 | 21 | 20 |
| Interest | 6 | 7 | 6 | 9 | 6 | 10 | 9 | 7 | 4 | 4 | 8 | 8 | 2 |
| Depreciation | 29 | 29 | 28 | 27 | 26 | 22 | 22 | 22 | 21 | 21 | 20 | 23 | 25 |
| PBT | 6 | -7 | -4 | -10 | 7 | 33 | 56 | 92 | 130 | 162 | 232 | 326 | 376 |
| Tax % | 114% | 33% | 24% | 51% | 57% | 9% | 20% | 23% | 25% | 27% | 25% | 27% | — |
| Net Profit | -1 | -9 | -4 | -14 | 3 | 30 | 45 | 70 | 97 | 118 | 175 | 239 | 275 |
| EPS in Rs | -0.02 | -0.28 | -0.13 | -0.43 | 0.1 | 0.97 | 1.46 | 2.27 | 3.1 | 3.79 | 5.59 | 7.64 | 8.8 |
| Div. Payout % | -1059% | -110% | -135% | -41% | 194% | 23% | 17% | 15% | 16% | 15% | 11% | 11% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 33 | 33 | 33 | 33 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 |
| Reserves | 461 | 440 | 437 | 416 | 385 | 394 | 440 | 496 | 573 | 674 | 829 | 1,041 |
| Borrowings | 57 | 28 | 45 | 69 | 61 | 68 | 52 | 71 | 0 | 0 | 12 | 18 |
| Other Liabilities | 345 | 292 | 233 | 190 | 271 | 265 | 262 | 309 | 299 | 333 | 491 | 787 |
| Total Liabilities | 896 | 793 | 749 | 708 | 748 | 757 | 785 | 907 | 903 | 1,038 | 1,364 | 1,877 |
| Fixed Assets | 272 | 258 | 233 | 213 | 198 | 180 | 174 | 166 | 163 | 186 | 207 | 294 |
| CWIP | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 17 | 17 |
| Investments | 0 | 0 | 0 | 0 | 10 | 20 | 20 | 20 | 20 | 10 | 0 | 0 |
| Other Assets | 624 | 534 | 515 | 495 | 539 | 557 | 590 | 720 | 720 | 842 | 1,140 | 1,566 |
| Total Assets | 896 | 793 | 749 | 708 | 748 | 757 | 785 | 907 | 903 | 1,038 | 1,364 | 1,877 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 47 | -13 | -20 | -3 | 48 | 56 | -3 | 11 | 89 | 84 | 40 | 129 |
| Investing | -3 | 2 | 9 | 3 | -13 | 0 | -11 | -14 | -13 | -34 | -34 | -105 |
| Financing | -12 | -35 | 1 | 7 | -45 | -17 | -20 | 11 | -89 | -16 | -7 | -21 |
| Net Cash Flow | 32 | -46 | -9 | 7 | -10 | 39 | -34 | 8 | -13 | 34 | -1 | 3 |
| Free Cash Flow | 25 | -27 | -24 | -10 | 37 | 58 | -18 | -4 | 72 | 40 | -16 | 19 |
| CFO/OP | 308 | -113 | -132 | 28 | 164 | 170 | 10 | 29 | 93 | 72 | 39 | 59 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 95 | 112 | 154 | 155 | 182 | 123 | 100 | 110 | 113 | 112 | 125 | 146 |
| Inventory Days | 62 | 88 | 113 | 96 | 129 | 147 | 174 | 134 | 123 | 139 | 165 | 148 |
| Days Payable | 136 | 145 | 184 | 140 | 192 | 146 | 100 | 97 | 81 | 78 | 101 | 121 |
| Cash Conversion Cycle | 21 | 55 | 83 | 111 | 118 | 123 | 174 | 147 | 154 | 173 | 189 | 173 |
| Working Capital Days | -38 | -8 | 11 | 50 | 60 | 40 | 64 | 78 | 100 | 104 | 120 | 109 |
| ROCE % | 2% | 0% | 1% | 0% | 3% | 6% | 12% | 16% | 22% | 25% | 30% | 34% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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61 extracted metrics + investor summaries across FY14–FY26.
Documents
Frequently Asked Questions about TD Power Systems
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Company Information
TD Power Systems Ltd is engaged in manufacturing AC generators and Electric motors for various applications which are specifically designed to suit the needs of the customers based on their requirements and specifications.[1]
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