TD Power Systems
TD Power Systems Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
The company projects minimum revenue of INR 2,000 crores (INR 20 billion) for FY '27, up from INR 1,800 crores in FY '26, with upside potential as order inflow rate is around INR 550 crores per quarter currently. Revenue guidance for FY '26 is INR 1,800 crores with initial FY '27 guidance over INR 2,000 crores, indicating strong top-line growth.
From TD Power Systems's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- The company projects minimum revenue of INR 2,000 crores (INR 20 billion) for FY '27, up from INR 1,800 crores in FY '26, with upside potential as order inflow rate is around INR 550 crores per quarter currently.
- Long-term view expects substantial growth in the motors business to INR 500 crores over 5-6 years, though currently in initial ramp-up phase.
- Order inflows show strong demand, with export orders constituting 74% and domestic 26% in H1.
- Full ramp-up and commissioning of the third plant expected by early 2026 will enable reaching targeted EBITDA margin of 20%+ by FY '27.
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Profitability & Margins
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Capital Expenditure Plans
- The third plant is being commissioned in phases: 33% operational by October 2025, fully commissioned by end of December 2025, and fully operational by mid-January 2026 (Pages 15-16).
- Investment in the third plant includes large sheds and production capacity expansion with space reserved for 25% extra machines to scale up capacity without new buildings (Page 13 and 16).
- No major new capital investments are planned up to FY '28; incremental investments could push capacity to INR 2,500-2,600 crores (Page 13).
- There are preparations to shift some US-bound production to Turkey to mitigate tariff impacts; details to be updated in the November earnings call (Page 14).
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Fundraising & Capital Structure
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Order Book & Pipeline
- As of the 6-month period ended September 30, 2025, the order book for the manufacturing segment stands at INR 15.87 billion:
- INR 12.35 billion in the generator business
- INR 3.16 billion in the motor business
- INR 0.07 billion in the railway business
- INR 0.29 billion in the Turkey business
- Order inflow during Q2 2025 was INR 5.24 billion, a 45% increase quarter-on-quarter.
- For H1 FY '26, order inflow was INR 9.16 billion, up 39% from INR 6.58 billion in H1 FY '25.
- Exports and deemed exports contribute 76% of H1 order inflow, domestic orders are 24%.
- Current order inflow runs at about INR 550 crores per quarter.
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TD Power Systems — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹589 Cr, net profit ₹72 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
Full financials →Continue your research
What TD Power Systems Ltd's management said in earlier quarters
- Q4 FY25 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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Frequently Asked Questions
What were TD Power Systems Q2 FY26 results?
The company projects minimum revenue of INR 2,000 crores (INR 20 billion) for FY '27, up from INR 1,800 crores in FY '26, with upside potential as order inflow rate is around INR 550 crores per quarter currently. Revenue guidance for FY '26 is INR 1,800 crores with initial FY '27 guidance over INR 2,000 crores, indicating strong top-line growth.
What is TD Power Systems share price analysis?
TD Power Systems currently shows a neutral. The stock trades at a P/E of 83.9 with a market cap of ₹23,062 Cr. Investors should review the full earnings analysis for detailed insights.
Is TD Power Systems planning capital expenditure?
The third plant is being commissioned in phases: 33% operational by October 2025, fully commissioned by end of December 2025, and fully operational by mid-January 2026 (Pages 15-16).
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.