TD Power Systems Ltd - Powering ahead on AI and export momentum | Q1FY27 Company update
26 Aug 2026
Companies Updates
TD Power delivered a strong Q1FY27 performance, reinforcing our constructive view on the company’s structural growth opportunity and strengthening confidence in its medium-term earnings trajectory. Robust execution, healthy export-led order momentum and resilient demand across gas engines and gas turbine applications provide strong revenue visibility, while sustained customer traction in the US data-center ecosystem remains a key growth catalyst. Ongoing debottlenecking and planned capacity expansion should enable TD Power to capitalize on the strong order pipeline, while potential entry into large generators could materially widen its addressable market and extend the growth runway beyond FY28E. We believe TD Power is well positioned to participate in the global AI/data-center power cycle, with exports likely to remain the key growth engine over the medium term. Retain HOLD but increase TP from Rs 1,246 to Rs 1,512.
TD Power System Ltd. Stock Price Chart
Strong Q1FY27 performance; margins expand:
TD Power reported robust Q1FY27 sales growth of 72.1% YoY to Rs 6,401mn, driven by strong execution and sustained demand. EBITDA increased 76.7% YoY to Rs 1,216mn, with EBITDA margin expanding 50bps YoY to 19.0%, achieved through higher operating leverage. Consequently, PAT rose 72.3% YoY to Rs 863mn. The performance was ahead of our estimates, supporting our confidence in the upgraded earnings trajectory.
AI-led Demand Fuels Strong Order Momentum:
TD Power continues to witness exceptionally strong demand across gas engines and gas turbines, driven by AI/data-center power requirements and broader captive power-generation needs. Q1FY27 order inflow surged 87.4% YoY to Rs 7.3bn, with exports/deemed exports accounting for 93.1% of inflows, while the order backlog stood at Rs 22.1bn (book-to-bill 1.0x). The management expects quarterly order inflows of ~Rs 7bn, reinforcing strong revenue visibility.
Capacity Expansion Sets Up Next Growth Leg:
The management raised FY27E revenue guidance to Rs 26bn, with ongoing ~Rs 500mn debottlenecking capex expected to support ~Rs 32bn revenue capacity in FY28E. Further capacity additions and fund raise are being evaluated to take capacity to Rs 40bn+ in FY29-30. The company is close to announcing its entry into large generators (>100MW), which could materially expand its addressable market and support incremental growth from FY29E
Valuation and Rating:
We forecast revenue/EBITDA/PAT CAGR of 32.3%/36.8%/34.9% over FY26-28E and 29.8%/32.7%/32.6% over FY26-29E. We value TD Power at 50x June’28E EPS and 36x June’28E EBITDA, arriving at a revised TP of Rs 1,512. The increase in TP is primarily driven by upward revision to our estimates and valuation rollover. While FY28E valuation appears largely priced in, FY29E better captures the upside from large generators. Retain HOLD. Key risks: Sharp copper-price inflation and slowdown in global AI/industrial capex.
Company website: https://www.tdps.co.in/
| Rating | HOLD |
|---|---|
| CMP | INR 1478 |
| Target Price | INR 1512 |
| Upside | 2% |
Click to download the full TD Power Systems Q1FY27 Report Analysis
Explore more high-growth engineering and capital goods research.
Analyst:
- Mohit Surana - Senior Research Analyst, Institutional Equities (NISM-202300189881)
- Akhil Khanvilkar - Research Associate, Institutional Equities (NISM-202500193256)
FAQs on TD Power System Ltd. Q1FY27 Analysis
How did TD Power Systems perform in Q1FY27?
TD Power Systems reported 72.1% YoY revenue growth to ₹6.40 billion. EBITDA increased 76.7% to ₹1.22 billion, while PAT rose 72.3% to ₹863 million.
What is driving TD Power Systems' growth?
Key drivers include strong export demand, gas-engine and gas-turbine applications, AI and data-center power requirements, captive power demand and robust order execution.
How strong is TD Power Systems' order book?
Q1FY27 order inflows increased 87.4% YoY to ₹7.3 billion, with exports and deemed exports accounting for 93.1% of inflows. The order backlog stood at ₹22.1 billion.
Why are AI and data centers important for TD Power Systems?
AI and data-center infrastructure requires reliable power generation. TD Power is seeing customer traction in this ecosystem, creating a potential medium-term demand opportunity.
What are TD Power Systems' capacity expansion plans?
The company is undertaking debottlenecking investments and expects capacity to support approximately ₹32 billion of revenue in FY28E. Further expansion toward ₹40 billion or more is being evaluated.
What is the TD Power Systems target price?
The supplied research assigns a HOLD rating with a target price of ₹1,512 versus the reported CMP of ₹1,478. This is an analyst estimate and does not guarantee future returns.
What are the key risks for TD Power Systems?
Key risks include sharp copper-price inflation and a slowdown in global AI, data-center or industrial capital expenditure.
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ASK Automotive Ltd – Meets Expectations; ALPS & Aftermarket to Drive Growth | MNCL Research Company Update
We retain ACCUMULATE on ASK Automotive while lowering our target price to Rs 525. The lowering of TP follows downward revision in our revenue and margin estimates, partially offset by valuation rollover. ASK delivered a strong Q2, broadly in line wit...
Sundram Fasteners Ltd. - Steady Domestic Momentum Offsets Export Weakness; upgrade to Accumulate - Company Update
We increase target price to Rs 1085 (previously Rs1030) and upgrade our rating to Accumulate for Sundram Fasteners Ltd. (SFL) due to steep correction in share price. Increase in TP is mainly due to valuation roll forward. SFL’s performance in 2QFY2...
Ratnamani Metals and Tubes Ltd. - Subsidiaries outperform | Company Update
We increase target price to Rs 2710 (previously 2690) and upgrade to Accumulate rating. Increase in target price is due to valuation roll forward. In 2QFY26, the core pipes business saw modest growth as strong offtake was offset by weak realizations....
