TDPOWERSYS Q4 FY26 earnings call.
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Revenue
₹589 Cr
verified against source
Revenue YoY
44%
reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
Where this quarter sits.
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What the record says.
TD Power Systems delivered a strong Q4 FY26 with consolidated total income of ₹1,878 crore, up 44% YoY, driven by robust order inflow growth of 51% to ₹2,238 crore for the full year. PAT grew 36% to ₹236 crore. The company operates in a "very buoyant" market environment with AI data centers, gas turbine capacity doubling by 2030, and power stabilization needs driving sustained demand. FY27 guidance of ₹2,400+ crore reflects management confidence, with capacity expansion planned to reach ₹3,000-3,200 crore by FY28. Export order inflow grew 76% YoY to ₹1,733 crore, representing 79% of total inflow. The Turkey contract one-off hit was acknowledged (~3% margin impact), but gross margins are expected to revert to historical 33-34% levels. Key risk is execution pressure at high factory utilization, while large generator capacity (200 MW range) won't ramp until calendar 2028 given 15-16 month lead times for equipment. Professional management transition is underway with new CEO appointment from L&T Mitsubishi.
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Guidance to track
- Management revised FY27 guidance upward with "extremely high probability" to increase further, driven by Q4 order inflow momentum and strong execution pipeline.
- With ₹100 crore total debottlenecking capex over FY27-28, current facilities can address up to ₹3,200 crore revenue, covering sales projections through FY28.
- Capacity for 200 MW range large generators will be operational by late calendar 2027 (15-16 month equipment lead times), with big ramp-up expected in calendar 2028.
- Gross contribution margins expected to revert to historical 33-34% average, excluding the one-off Turkey contract impact (~3% hit in Q4).
Risks flagged
- Factory is running at "very full" capacity with customers monitoring deliveries twice weekly; any equipment breakdown could cause production delays given lack of buffer.
- Equipment lead times extended to 15-16 months due to machine tool manufacturers being fully booked globally; management deflected detailed capex and revenue questions, deferring to next quarter.
- INO (one large gas turbine customer) planning to triple capacity by 2030 with a signed capacity commitment agreement; management declined to share specific numbers despite analyst persistence.
- Copper at $14,000/tonne with hedges expiring; price increases to customers are "approaching double digit levels" but management expects neutral impact due to FX tailwinds—risk if prices rise another 20-30%.
Key quotes
- We revised our guidance for FY27 at 2400 plus crores with an extremely high probability to increase our guidance further to match the rate of order and flow that we saw in Q4.
- Our custom turbine customers engine customers are on an average planning to double capacity by 2030. Some little bit more, some little bit less, but you can say everyone's doubling capacity by 2030.
- It's difficult for us to get better pricing than what we currently have. We have decent pricing. We have currency tailwinds. We have price variation clauses. So we're not going to make the same kind of money that the turbine guys make.
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