Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹24850 Cr.
Stock P/E
104.1
P/B
20.2
Current Price
₹792.2
Book Value
₹ 39.3
Face Value
1
52W High
₹818.9
52W Low
₹ 291.6
Dividend Yield
0.13%

TD Power Systems Overview

Business

TD Power Systems Ltd. (TDPS) is an India-based company primarily engaged in the design, manufacture, and servicing of custom-built Alternating Current (AC) generators and electric motors. Its core business revolves around providing rotating electrical machines used in various power generation applications (thermal, hydro, gas, diesel, steam turbine-based) and industrial uses. The company manufactures generators ranging from 1 MW to 250 MW, serving both domestic and international markets. It makes money by selling these specialized generators and motors, as well as providing associated after-sales service, spare parts, and retrofitting solutions.

Revenue Mix

While TDPS does not typically report explicit segments like "Generator Division" or "Motor Division" with separate financials, its revenue mix can be broadly categorized by product type and geographical presence:

Generators: This is the primary revenue driver, encompassing custom-built generators for diverse power generation applications.

Motors: Manufacture of specialized industrial motors.

After-market Services: Includes servicing, repairs, spare parts, and retrofitting of generators and motors.

Geographical Split: The company generates revenue from both domestic sales within India and exports to various international markets, with exports often forming a significant portion of its total revenue.

Industry

TDPS operates in the electric equipment manufacturing industry, specifically within the niche of specialized rotating electrical machines (generators and motors). The industry is characterized by high capital intensity, technological complexity, and strict quality standards. TDPS competes with both domestic and international players. Its positioning is as a specialist in custom-built generators, often for smaller to medium-sized power projects, where customization and efficiency are critical. It differentiates itself through its engineering capabilities, flexible manufacturing, and ability to cater to specific client requirements, rather than competing solely on mass production.

MOAT

TDPS possesses several competitive advantages:

Specialization & Engineering Expertise: Focus on custom-built generators requires deep engineering know-how, design flexibility, and specialized manufacturing capabilities, creating a barrier to entry for generalist players.

Niche Market Leadership: Strong presence in certain segments of the custom-built generator market, particularly for captive power plants, biomass, and small hydro projects.

Established Brand and Reputation: A track record of performance and reliability builds trust with original equipment manufacturers (OEMs) and end-users, especially in critical power infrastructure.

Global Footprint: Significant export presence diversifying revenue streams and reducing reliance on a single market.

Growth Drivers

Infrastructure Development: Continued investment in industrial infrastructure, smart cities, and power projects in India and emerging economies.

Energy Transition: Demand for generators in renewable energy hybrid projects (e.g., biomass, waste-to-energy, small hydro, solar-thermal), and as backup solutions.

Industrial Electrification: Growth in manufacturing and industrial sectors drives demand for efficient and reliable industrial motors and captive power solutions.

After-market Opportunities: An expanding installed base of generators globally creates a growing demand for servicing, spare parts, and retrofitting, offering stable recurring revenue.

Global Demand: Opportunities in export markets due to industrialization and power infrastructure upgrades in various countries.

Risks

Cyclical Nature of Capital Goods: Demand for generators and motors is sensitive to industrial growth, capital expenditure cycles, and economic downturns.

Raw Material Price Volatility: Fluctuations in prices of key raw materials like copper, steel, and aluminum can impact profit margins.

Intense Competition: Competition from larger domestic and international players, particularly for standard products, can exert pressure on pricing.

Technological Obsolescence: Rapid advancements in power generation and motor technology could necessitate continuous R&D investments to remain competitive.

Foreign Exchange Fluctuations: Significant export revenue exposes the company to foreign exchange rate volatility.

Project Delays & Cancellations: Large power projects can face delays or cancellations, affecting order books and revenue recognition.

Management & Ownership

TD Power Systems was founded by the Shriram Group and Mr. N. Srinivasan. The company is professionally managed with a blend of promoters and independent directors on its board. Mr. N. Srinivasan, with extensive experience in the power and engineering sectors, serves as the Chairman & Managing Director, providing continuity and strategic direction. The ownership structure typically includes a significant promoter holding, along with institutional investors (domestic and foreign) and public shareholders. The management team's long tenure and industry experience are generally viewed positively.

Outlook

TDPS is well-positioned in a specialized segment of the electric equipment industry, benefiting from its strong engineering capabilities and custom-built product offerings. The long-term outlook is supported by global infrastructure development, industrial growth, and the ongoing energy transition towards diversified power sources. The company's focus on both domestic and export markets provides geographical diversification. However, the business remains susceptible to macroeconomic cycles, raw material price volatility, and intense competition. Its ability to navigate these challenges, maintain technological relevance, and expand its service offerings will be crucial for sustained growth. While its niche specialization provides some resilience, consistent order inflow and efficient project execution are key for stable financial performance.

TD Power Systems Share Price

Live · BSE / NSE · Inception: 1999
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

TD Power Systems Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 264 274 306 350 348 372 452 443 589 640
Other Income 5 3 6 4 11 4 5 4 8 3
Total Income 268 277 313 354 359 376 458 447 597 643
Total Expenditure 222 225 251 289 283 303 370 362 491 518
Operating Profit 46 52 62 65 76 73 88 85 106 124
Interest 0 1 1 0 1 0 1 1 0 0
Depreciation 5 5 5 5 5 5 5 6 7 7
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 41 46 56 60 70 67 82 78 99 117
Provision for Tax 12 10 15 15 17 17 22 22 27 31
Profit After Tax 29 35 41 45 53 50 60 56 72 86
Adjustments 0 0 0 -0 0 -0 0 0 0 0
Profit After Adjustments 29 35 41 45 53 50 60 56 72 86
Adjusted Earnings Per Share 0.9 1.1 1.3 1.4 1.7 1.6 1.9 1.8 2.3 2.8

TD Power Systems Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 507 380 435 459 515 594 797 872 1001 1279 1856 2124
Other Income 20 20 16 9 13 9 17 20 16 24 21 20
Total Income 527 400 451 468 528 603 814 892 1017 1302 1878 2145
Total Expenditure 498 369 424 429 477 523 701 739 830 1043 1521 1741
Operating Profit 29 31 26 39 51 80 114 153 187 259 357 403
Interest 7 6 9 6 10 9 7 4 4 8 8 2
Depreciation 29 28 27 26 22 21 22 21 21 20 23 25
Exceptional Income / Expenses 0 0 0 0 14 7 8 1 0 0 0 0
Profit Before Tax -7 -4 -10 7 33 56 92 130 162 232 326 376
Provision for Tax 2 1 5 4 3 11 22 33 44 57 87 102
Profit After Tax -9 -4 -14 3 30 45 70 97 118 175 239 274
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -9 -4 -14 3 30 45 70 97 118 175 239 274
Adjusted Earnings Per Share -0.3 -0.1 -0.4 0.1 1 1.5 2.3 3.1 3.8 5.6 7.6 8.8

TD Power Systems Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 473 471 449 416 425 471 527 605 705 860 1072
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 19 16 13 13 11 11 13 9 7 12 12
Total Current Liabilities 300 263 246 320 321 303 367 290 325 492 793
Total Liabilities 793 749 708 748 757 785 907 903 1038 1364 1877
Fixed Assets 258 233 213 198 180 174 166 163 186 207 294
Other Non-Current Assets 20 133 95 27 41 39 42 42 31 44 35
Total Current Assets 515 383 400 523 536 572 698 698 821 1112 1548
Total Assets 793 749 708 748 757 785 907 903 1038 1364 1877

TD Power Systems Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 272 55 45 52 42 81 47 55 42 76 75
Cash Flow from Operating Activities -13 -20 -3 48 56 -3 11 89 84 40 129
Cash Flow from Investing Activities 2 9 1 -14 0 -8 -5 -10 -33 -34 -102
Cash Flow from Financing Activities -35 1 7 -45 -17 -20 11 -89 -16 -7 -21
Net Cash Inflow / Outflow -46 -10 5 -10 39 -31 17 -11 36 -1 7
Closing Cash & Cash Equivalent 226 45 52 42 81 47 55 42 76 75 78

TD Power Systems Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) -0.28 -0.13 -0.43 0.1 0.97 1.46 2.27 3.1 3.79 5.59 7.64
CEPS(Rs) 0.59 0.7 0.38 0.94 1.69 2.16 2.98 3.77 4.46 6.22 8.38
DPS(Rs) 0.31 0.18 0.18 0.2 0.23 0.25 0.35 0.5 0.55 0.63 1.05
Book NAV/Share(Rs) 14.24 14.16 13.52 13.4 13.91 15.25 16.95 19.36 22.56 27.51 34.26
Core EBITDA Margin(%) 1.54 2.35 2.14 5.61 6.3 9.91 10.71 13.15 14.8 14.21 14.61
EBIT Margin(%) 0.02 0.64 -0.16 2.47 7.14 9.21 10.95 13.18 14.38 14.45 14.54
Pre Tax Margin(%) -1.22 -0.8 -1.95 1.4 5.49 7.9 10.17 12.74 14.04 13.99 14.21
PAT Margin (%) -1.62 -0.99 -2.95 0.6 5.02 6.32 7.79 9.52 10.24 10.54 10.4
Cash Profit Margin (%) 3.46 5.24 2.59 5.45 8.75 9.33 10.22 11.56 12.07 11.73 11.4
ROA(%) -1.09 -0.57 -1.98 0.44 3.98 5.86 8.34 10.7 12.19 14.54 14.74
ROE(%) -1.9 -0.94 -3.14 0.74 7.08 10.02 14.11 17.11 18.08 22.32 24.75
ROCE(%) 0.03 0.57 -0.15 2.66 8.79 12.97 17.69 22.29 25.37 30.34 34.01
Receivable days 99.92 129 128.93 140.99 122.87 85.47 81.25 91.58 91.05 82.07 93.76
Inventory Days 52.84 68.67 60.29 66.2 78.66 85.08 80.23 73.19 70.8 69.01 69.93
Payable days 155.88 197.14 147.96 165.7 160.07 116.98 83.65 87.66 76.41 82.51 95.81
PER(x) 0 0 0 118.86 8.76 10.12 15.21 25.52 39.09 36.74 55.67
Price/Book(x) 1.46 1.63 1.4 0.91 0.61 0.97 2.03 4.09 6.56 7.46 12.42
Dividend Yield(%) 1.46 0.78 0.95 1.63 2.65 1.69 1.02 0.63 0.37 0.3 0.25
EV/Net Sales(x) 0.98 1.86 1.39 0.68 0.33 0.58 1.23 2.64 4.41 4.87 7.06
EV/Core EBITDA(x) 17.08 22.96 22.92 8 3.38 4.31 8.64 15 23.58 24.04 36.76
Net Sales Growth(%) -15.18 -25.03 14.46 5.55 12.17 15.28 34.34 9.39 14.7 27.81 45.16
EBIT Growth(%) -98.87 1991.25 -126.49 1838.78 222 54.49 50.64 35.18 23.94 44.08 39.42
PAT Growth(%) -1008.84 51.81 -225.86 122.17 835.99 51 55.95 37.33 22.25 47.51 36.77
EPS Growth(%) -1008.99 51.81 -225.86 123.77 838.26 51 55.1 36.87 22.15 47.5 36.75
Debt/Equity(x) 0.06 0.1 0.15 0.15 0.16 0.11 0.13 0 0 0.01 0.02
Current Ratio(x) 1.71 1.46 1.63 1.64 1.67 1.88 1.9 2.41 2.52 2.26 1.95
Quick Ratio(x) 1.42 1.15 1.3 1.28 1.22 1.26 1.33 1.73 1.76 1.5 1.32
Interest Cover(x) 0.02 0.45 -0.09 2.3 4.33 7.05 14.01 29.83 42.31 31.05 43.91
Total Debt/Mcap(x) 0.04 0.06 0.11 0.16 0.26 0.11 0.07 0 0 0 0

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +45% +29% +26% +14%
Operating Profit CAGR +38% +33% +35% +29%
PAT CAGR +37% +35% +40% —
Share Price CAGR +165% +82% +89% +45%
ROE Average +25% +22% +19% +10%
ROCE Average +34% +30% +26% +14%

TD Power Systems Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 26.87 %
FII 26.18 %
DII (MF + Insurance) 23.88 %
Public (retail) 23.07 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 34.2734.2734.2734.2733.2226.8826.8826.8726.8726.87
FII 12.8514.8516.2417.819.1223.723.5524.3626.6826.18
DII 32.3531.5329.6426.924.9125.2925.3923.1922.2423.88
Public 20.5319.3619.8621.0322.7524.1324.1925.5724.223.07
Others 0000000000
Total 100100100100100100100100100100

TD Power Systems Peer Comparison

Electric Equipment Edit Columns

TD Power Systems Quarterly Price

10-year quarterly close · BSE
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News & Updates

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TD Power Systems Pros & Cons

Pros

  • Company has delivered good profit growth of 39% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 22%
  • Company is almost debt free.

Cons

  • Promoter holding is low: 26.87%.
  • Debtor days have increased from 82.51 to 95.81days.
  • Stock is trading at 20.2 times its book value.
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