Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep
Source: Bse
TD Power Systems Limited (TDPOWERSYS)
Micro CapIndustrials stocks · Micro cap · NSE
TD Power Systems manufactures generators for turbines (steam, gas, wind, hydro), engines (gas, diesel), and special applications, alongside induction, synchronous, and traction motors. The company operates globally, with manufacturing in India and Turkey, and installations across 113 countries.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:51 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
57NeutralSMA20 +3.5% / mo · MACD −
Stock trend: 61
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TDPOWERSYSD candles · FIT view+32.5%Latest close ₹737.00 on 2026-10-19
Bar
+0.3%
RSI
45
MACD hist
-9.51
52W pos
79%
2026-10-19O ₹735.15H ₹744.15L ₹722.35C ₹737.00Vol 17.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TDPOWERSYSNifty India ManufacturingNifty 500
- TDPOWERSYS
- +29.2%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +34.7 pp
Chart stats
19 Oct 2026- From 52W high
- -13.9%
- 52W range position
- 79%
- ATR (14)
- 5.5%
- Volume vs 20D
- 0.50x
- Avg traded value
- ₹266 Cr
- 20D price channel
- ₹711.2 - ₹856.1
₹856.1
₹291.4 - ₹856.1
₹40.2
Latest completed session
20-session average
49.1% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE55
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good72
Revenue +72.0% · PAT +72.0% YoY
Technical
Neutral57
Price trend and sector-relative-strength timing.
Valuation
Legacy model-113.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence88
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 72/100Rev +72% YoY · PAT +72% YoY · +9% QoQ · margin compression
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹640 Cr | +72.0% | +8.7% |
| EBITDA | ₹122 Cr | +76.8% | +24.5% |
| Operating margin | 19.0% | +0 bps | +200 bps |
| PAT | ₹86 Cr | +72.0% | +19.4% |
| PAT margin | 13.4% | +0 bps | +122 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 89.40
- P/B
- 22.86
- EV/EBITDA
- 60.34
- Market Cap
- 24599.00Cr
Profitability
- ROE
- 24.70%
- ROCE
- 34.00%
- ROA
- 14.65%
- Dividend Y
- 0.13%
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 43.00%
- Revenue 3Y
- 29.00%
- EPS 3Y
- 36.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 191.50×
- Altman Z
- 8.79
- Book Value
- 34.30
Cash Flow
- FCF Yield
- 0.10%
- FCF Positive Y
- 7/5
- OCF
- 129.00 Cr
- EPS TTM
- 8.80
Shareholding
- Promoter Hold
- 27.15%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 87%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 640+8.7% vs prev
Net Profit
₹ CrLatest: 86.0+19.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 45. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~3.4% over last month) — short-term momentum positive.
- RSI(14) at 45 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 14% off 52W high · 145% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
95
RS percentile
Stage 2 UptrendEstablished S2
1M return
-3.5%
3M return
+29.2%
6M return
+38.7%
1Y return
+127.3%
RS 1D
0
RS 20D
-1
Sector rank
#2
Industry rank
#5
Stage evidence
- Price is 17.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +8.0%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
28 Jan 2026
S2 age
187 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 263.79+1.29%
RS vs Nifty 500264
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth17/25
Quality20/20
Balance Sheet8/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
55
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
55/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Growth contributes 17/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -113.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
89.4
PB
22.9
EV/EBITDA
60.3
ROE
24.7%
ROCE
34.0%
FCF Yield
0.1%
Debt/Equity
0.0
MoS
-113.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
55
Previous: 55
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-113.1%
Previous: -113.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
55
55
55
55
55
55
55
55
55
55
55
55
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹82.41
-794.3% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹345.84
-113.1% MoS
PEG
2.22
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
UTLSOLAR
Micro
Fujiyama Power Systems Limited
IT Services / Digital
match 141
32
27.2
—
+5%
WATCHLIST
ZENTEC
Large
Zen Technologies Limited
IT Services / Digital
match 125
43
80.9
10.7%
-107%
WATCHLIST
OSWALPUMPS
Micro
Oswal Pumps Limited
IT Services / Digital
match 125
86
8.8
35.2%
+79%
DEEP VALUE
KPITTECH
Mid
KPIT Technologies Limited
IT Services / Digital
match 116
56
23.6
20.9%
+21%
FAIR VALUE
RATEGAIN
Micro
Rategain Travel Technologies Limited
IT Services / Digital
match 115
40
39.2
11.9%
-22%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-12T08:17:29.507Z
Management commentary snapshot
Q1 FY27 saw robust performance with 71% YoY revenue growth to Rs 6,401 Mn, 72% YoY EBITDA and PAT growth, and an 87% YoY surge in order inflow to Rs 7,341 Mn. The order book reached Rs 22,073 Mn, with 93% of Q1 inflow from exports.
The company delivered strong Q1 FY27 results, driven by significant export order inflow and efficient execution. The substantial order book provides clear revenue visibility, and management's upgraded FY27 guidance indicates confidence in sustained momentum. Monitoring working capital will be crucial.
Current business mix
Order Book by Segment (as on June 30, 2026)
Latest issuer-disclosed distribution across 6 reported categories.
Exports including Deemed Export69.5%
Domestic17.9%
Spares and Aftermarket7.6%
Turkey2.1%
Railways (Exports)1.9%
Domestic Railways (E-Locomotive)1.0%
Growth engines
Steam Turbine Generators
Secured multiple orders from leading turbine OEMs, including international projects in Africa and the Middle East, and a 60 MW, 2-pole generator.
Gas Engine Generators
Won large-volume repeat orders from global OEMs for US data-center applications and an order for India's largest LNG terminal.
Gas Turbine Generators
Secured significant volume orders from a major global OEM, reinforcing long-term program visibility, supported by data-center expansion.
Hydro Generators
Secured the segment's largest order from a Domestic Hydro OEM for 4x16 MW vertical hydro generators for a major hydropower project in Africa.
Tailwinds
Strong Demand Across Verticals
Management sees very strong demand across all generator verticals with an extremely buoyant pipeline.
Data Center Expansion
Demand for Gas Turbine and Gas Engine generators is supported by data-center expansion in the USA.
EPC-led Developments
Sustained traction in South Asia, including Nepal, driven by EPC-led developments and regional investments for hydro generators.
Competitor Replacement Orders
Expected competitor-replacement order for an African mining customer in the Gas Engine segment.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The presentation provides both YoY and QoQ comparisons for Q1 FY27 financials. YoY is essential for assessing overall growth trends in a potentially seasonal business, while QoQ highlights sequential momentum in order inflow, execution, and profitability.
Sector KPIs management disclosed
Order Inflow
Q1 FY27 order inflow grew 87% YoY to Rs 7,341 Million.
Order Book
Order Book stood at Rs 22,073 Million as on June 30, 2026.
Total Revenue
Q1 FY27 Total Revenue increased 71% YoY to Rs 6,401 Million.
EBITDA
Q1 FY27 EBITDA grew 72% YoY to Rs 1,217 Million, with a 19.0% margin.
Management forward view
Strong Demand and Pipeline
TDPS continues to see very strong demand across all verticals of the generator business, with order inflow very strong and pipeline extremely buoyant.
Execution Focus
The current rate of order inflow has exceeded Rs 700 crores per quarter, putting pressure on execution, but the company is well positioned to deliver close to the inflow rate.
Upgraded FY27 Guidance
The company has upgraded its FY27 guidance to Rs 2,600 crores, indicating a strong outlook for FY27 and FY28.
Strategic Global Partner
Positions TDPS as a strategic global manufacturing partner in high-volume, export-driven programs.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow Growth | Q1 FY27: 87% YoY growth (Rs 7,341 Mn). | Sustained high growth rates and conversion into revenue. |
| Execution Rate | Management expects to deliver close to the inflow rate (exceeding Rs 700 crores/quarter). | Revenue growth aligning with order inflow and efficient project execution. |
| EBITDA Margin | Q1 FY27: 19.0%. | Stability or improvement, indicating pricing power and operational efficiency. |
| Working Capital Management | Trade receivables at Rs 7,853.25 Mn, Inventories at Rs 5,685.92 Mn. | Efficient management of receivables and inventory as the order book and revenue grow. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
88Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 100th percentile of the scored universe and 100th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
142 docs text-extracted · 52 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
100th percentile
overall median 67 · Industrials: 100th pctile, median 68 · Micro: 100th pctile, median 73
Evidence depth
Financial-only
142 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.1%.
- ▸7 years of positive FCF.
- ▸Debt/equity is 0.02.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching TD Power Systems Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment 21 Sep - TD Power Systems allotted 12.5 lakh shares at ₹600 on preferential basis, raising ₹75 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Aug
Source: Bse
Announcement
Announcement Under Regulation 30 - SEBI LODR - Build-To-Print Manufacturing Framework Agreement With Siemens Energy, Inc. 14 Aug - TD Power Systems signed a 10-year framework agreement with Siemens Energy to supply 2-pole generators.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.