TDPOWERSYS Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹443 Cr
verified against source
Revenue YoY
36%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
TD Power Systems delivered a strong Q3 FY26 with consolidated 9-month revenue of 1,280 crore (+36% YoY) and PAT of 166 crore (+37% YoY). The order book stands at 1,845 crore, with Q3 order inflow hitting an all-time high of 656 crore (+61% QoQ). Management raised full-year guidance to cross 1,800 crore for FY26 and gave upward guidance of 2,200+ crore for FY27, signaling high confidence based on 575-600 crore quarterly run-rate visibility. The gas turbine and gas engine segments are experiencing unprecedented demand driven by data center power requirements, with forecast visibility extending to 2030. The new third plant became operational in December 2025, enabling production ramp-up to 600 crore per quarter. FX tailwinds from rupee depreciation against dollar and euro are providing incremental margin benefits. Key risk: copper price inflation is being passed through via price renegotiations, with existing low-priced copper inventory providing near-term insulation.
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Guidance to track
- Management stated confidence to cross 1,800 crore for full year FY26 based on current quarterly run-rate of approximately 600 crore.
- Upward guidance of 2,200+ crore for FY27, based on quarterly inflow of 575-600 crore with high probability of further upward revision.
- Q4 production and sales targeted at 550-575 crore per quarter, with ramping to 600 crore per quarter from Q1 FY27 onwards.
- No bulk capacity additions planned till FY28; maximum revenue potential of 2,600-2,800 crore with existing assets before new investment decision next year.
Risks flagged
- Copper prices have risen drastically and management acknowledged renegotiating prices with customers. While existing copper inventory provides insulation, new orders will need to absorb higher commodity costs.
- Indian railway contract (1.87 billion of 2.85 billion railway order book) expires by FY28 with no replacement domestic orders in pipeline. Management flagged steady state rather than growth post-FY28.
- Management explicitly stated motor business is not a priority given focus on generator segment. The 150 crore motor revenue target may slip as capacity and attention are diverted to higher-growth generator business.
- Management stopped hedging 6 months ago to capture rupee depreciation benefits. While currently advantageous, this leaves the company exposed to adverse currency movements if rupee strengthens.
Key quotes
- We will cross 1,800 crores this financial year and we give an upward guidance for FY27 at 2,200 plus crores. This is the conservative guidance based on the ramp up of the order booking that we're seeing.
- There's an increasing trend for all data centers to use only captive power and not be grid dependent. The forecast given to us by our prime mover customers shows up a huge increase year on year until 2030.
- We have absolutely no problem in getting the price increases that we need. In the meanwhile whatever copper that we have in the pipeline will insulate us for some time and after that the costing the price increases will kick in.
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