Future growth expectations in earnings/operating earnings/profits/EPS?

FY '27 guidance is INR 2,200 crores revenue, considered conservative, with potential upside in the second half. Order inflow expected around INR 575-600 crores per quarter in FY '27, matching production ramp-up. EBITDA margin around 18.3% for nine months FY '26; gross margin expected to sustain near 35%. Profit after tax is growing (41% increase over previous year nine months). Strong demand outlook up to 2030 from global OEMs, especially in gas turbines and engines. Export-driven growth continues; 79% of order inflows are exports. Copper price hikes will be passed on to customers,

Any current/future new fundraising through debt or equity?

The management indicated that they will not make any bulk capacity investments until FY '28. They mentioned that between FY '28 and FY '30, they will evaluate the need for further capacity expansion based on market growth. No explicit mention was made about new fundraising through debt or equity in the current call. Investments planned before FY '28 are focused on automation, lean manufacturing, and specific areas like 2-pole generator production and motors. Any major investment decisions or capacity expansions likely to be assessed around next year (i.e., around early 2027). No clear indicati

Current/ Expected Orderbook/ Pending Orders?

The order book for the Manufacturing segment stands at INR 18.45 billion. - INR 15.6 billion pertains to manufacturing business. - INR 2.85 billion is the railway business (split as INR 1.87 billion Indian locomotive and INR 0.98 billion new orders). Exports and deemed exports make up 75% of pending orders, excluding railway orders. Order inflow during the quarter reached a record INR 6.56 billion, up 61% YoY. Nine-month order inflow from direct and deemed exports is INR 12.05 billion, up 62% YoY. 79% of nine-month order inflow is exports; 21% domestic. Growth in pending orders for Generat

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TD Power Systems LtdQ4 FY27Electrical Equipment

TD Power Systems Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,255P/E: 85.8Market Cap: ₹20.5K CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Order

Yes

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

- FY '27 guidance is set at INR 2,200+ crores, considered conservative, with quarterly inflows around INR 575-600 crores expected. - Management anticipates further upside potential in order inflows in the second half of FY '27. - Capacity utilization is increasing; ramp-up to INR 550-575 crores per quarter in Q4 FY '26 and around INR 600 crores per quarter from Q1 FY '27 onward. - No bulk capacity investments planned till FY '28; focus is on making current production more efficient. - Post FY '28, potential new investments expected in 2-pole generator production and motor business. - Sustained growth expected in both domestic and export markets, including gas turbines, gas engines, steam turbines, hydro turbines, and motors. - Long-term visibility and demand from global OEMs are strong up to 2030. - Motor business expected to grow moderately at 10-15% per year. Overall, steady volume and revenue growth with capacity ramp-up and conservative guidance aiming for expansion beyond FY '28.

Margin guidance

Category 3

→FY '27 guidance is INR 2,200 crores revenue, considered conservative, with potential upside in the second half.
→Order inflow expected around INR 575-600 crores per quarter in FY '27, matching production ramp-up.
→EBITDA margin around 18.3% for nine months FY '26; gross margin expected to sustain near 35%.
→Profit after tax is growing (41% increase over previous year nine months).
→Strong demand outlook up to 2030 from global OEMs, especially in gas turbines and engines.
→Export-driven growth continues; 79% of order inflows are exports.
→Copper price hikes will be passed on to customers, thus protecting margin.
→No bulk capacity additions planned until FY '28, focusing on efficiency and automation.
→Motor and new generator business expected to ramp up in calendar year 2027.
→Strong cash position maintained, supporting steady profit growth.

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Fundraise plans

→The management indicated that they will not make any bulk capacity investments until FY '28.
→They mentioned that between FY '28 and FY '30, they will evaluate the need for further capacity expansion based on market growth.
→No explicit mention was made about new fundraising through debt or equity in the current call.
→Investments planned before FY '28 are focused on automation, lean manufacturing, and specific areas like 2-pole generator production and motors.
→Any major investment decisions or capacity expansions likely to be assessed around next year (i.e., around early 2027).
→No clear indication of timing or nature (debt/equity) of future fundraising was provided.

Order book

Yes

→The order book for the Manufacturing segment stands at INR 18.45 billion.
→ - INR 15.6 billion pertains to manufacturing business.
→ - INR 2.85 billion is the railway business (split as INR 1.87 billion Indian locomotive and INR 0.98 billion new orders).
→Exports and deemed exports make up 75% of pending orders, excluding railway orders.
→Order inflow during the quarter reached a record INR 6.56 billion, up 61% YoY.
→Nine-month order inflow from direct and deemed exports is INR 12.05 billion, up 62% YoY.
→79% of nine-month order inflow is exports; 21% domestic.
→Growth in pending orders for Generators and Motors (ex-railways) is 54% compared to FY '25 and 120% compared to FY '24, indicating more than doubling in 24 months.
→Guidance for FY '27 order booking is around INR 2,200+ crores, with expected quarterly inflows of INR 575-600 crores.

Capex plans

Yes

- No bulk capacity investments planned until FY '28; focus will be on utilizing existing assets fully until then. - Investment will be made in 2-pole generator production and motors business starting FY '28 onwards. - Continuing investments in automation and lean manufacturing to improve production efficiency. - Land available at the first plant allows for potential capacity duplication in the future; a decision on further bulk investments expected around early next year (2027) based on market growth. - No immediate large-scale capex planned but readiness for capacity expansion if market demand sustains post-FY '28. This strategy balances steady growth with cautious capital deployment, maintaining flexibility to scale as needed.

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