TD Power Systems Ltd is a prominent Indian manufacturer specializing in alternating current (AC) generators and electric motors. The company designs and customizes its products to precisely meet diverse customer requirements and specifications. Incorporated in 1999, TD Power Systems has solidified its position as a leading global manufacturer of AC Generators. Their product range spans an output capacity from 1 MW to 200 MW, catering to various prime movers including steam turbines, gas turbines, hydro turbines, diesel engines, gas engines, and wind turbines.
The company operates through two core business segments: Manufacturing Business and Project Business. Within its manufacturing operations, TD Power Systems produces AC generators for a wide array of power generation applications, including specialized generators for geothermal and solar thermal applications. They also offer a comprehensive portfolio of electric motors, such as Induction Motors, Traction Motors, and Synchronous Motors.
TD Power Systems manufactures generators for both conventional and renewable fuel-based power plants. Their generator output capacities are versatile: 1 MW to 200 MW for steam and gas turbines; up to 35 MW for hydro turbines; up to 20 MW for diesel and gas engines; and customized ratings for wind turbines. The company possesses its proprietary technology for generators up to 60 MW for four-pole configurations. For two-pole generators ranging from 60 MW up to 200 MW, they operate under a license from Siemens AG.
Beyond standard power generation, TD Power Systems is adept at producing specialized application generators for Geo Thermal and Solar thermal applications. Their product offerings extend to steam turbines, hydro turbines, diesel engines, gas engines, gas turbines, and wind turbine generators. They also provide generators for marine, testing, and geothermal applications, a variety of electric motors (induction, traction, and synchronous), and offer replacement and refurbishment services for both generators and motors, along with spare parts.
TD Power Systems serves both domestic and international markets, with its operations extending to key regions including Japan, the United States, Europe, and Turkey. The company holds a dominant global position within its product segment, indicating a robust competitive moat. TD Power Systems is recognized as one of the foremost manufacturers of AC Generators, with output capacities ranging from 1 MW to 52 MW, suitable for prime movers like steam turbines, gas turbines, hydro turbines, wind turbines, diesel, and gas engines. Furthermore, they provide Engineering, Procurement, and Construction (EPC) services for boiler-turbine generator island projects for steam turbine power plants with an output capacity of up to 150 MW.
The company boasts a market capitalization of ₹7,497 crores based on the latest available data. For the full fiscal year ended March 2025, TD Power Systems reported a significant increase in net profit, which rose by 47.51% to ₹174.58 crore, up from ₹118.35 crore in the previous fiscal year ended March 2024. Revenue also saw a healthy growth of 27.81%, reaching ₹1,278.76 crore in FY25, compared to ₹1,000.52 crore in FY24.
The company demonstrated strong quarterly performance in Q4 FY25, with net profit surging by 82.64% to ₹53.02 crore for the quarter ended March 2025, a notable increase from ₹29.03 crore in the corresponding quarter of the previous year. Sales for Q4 FY25 also grew by 31.95% to ₹348.21 crore, up from ₹263.89 crore in Q4 FY24.
- Revenue: ₹1,278.76 crores (up 27.81% Year-on-Year)
- Net Profit: ₹174.58 crores (up 47.51% Year-on-Year)
- Q4 FY25 Net Profit: ₹53.02 crores (up 82.64% Year-on-Year)
- Q4 FY25 Revenue: ₹348.21 crores (up 31.95% Year-on-Year)
EBITDA saw a substantial climb of 69% to ₹73.69 crore in Q4 FY25, compared to ₹43.49 crore in Q4 FY24. The EBITDA margin also improved significantly by 430 basis points, reaching 20.7% in Q4 FY25 from 16.4% in Q4 FY24, indicating enhanced operational efficiency.
Order inflows demonstrated robust growth, jumping by 42.7% to ₹413.4 crore in Q4 FY25 from ₹289.7 crore in Q4 FY24. In Q4 FY25, export order inflows contributed ₹258.7 crore, marking a 44.77% year-on-year increase, while domestic order inflows reached ₹154.7 crore, up by 39.24% year-on-year.
The company has provided an initial top-line guidance of ₹1,500 crore for FY26. The current order inflow rate strongly suggests a high likelihood of an upward revision to this guidance by the end of the next quarter.
A recent significant order includes a contract worth ₹57 crore from Nuclear Power Corporation of India (NPCIL) for the supply of specialized induction motors. These unique low-speed motors are designed to replace existing high-speed imported motors coupled with reduction gearboxes. The motors are engineered to meet specific weight constraints, seismic requirements, feature titanium tube heat exchangers, and will be customized for compatibility with existing base frames and coupling requirements. These motors are slated for supply to NPCIL's Kudankulam plant, with delivery, erection, and commissioning scheduled during FY 2025-26 and 2026-27.
TD Power Systems has initiated operational expansion plans, including the establishment of a new plant and a dedicated design center in the U.K. These initiatives are aimed at enhancing production capabilities and addressing the increasing demand, particularly from the data center sector. With a third plant set to commence operations in FY'26, the company is well-positioned to meet any surge in orders across all sectors it serves.
Strong demand from the export market, especially for gas turbines and larger generators, is anticipated to be a key driver of future growth. While the domestic market presents modest conditions, the company's strategic focus on international opportunities is expected to capitalize on its global strengths.
The company maintains a strong financial position, being almost debt-free. TD Power Systems has consistently delivered commendable profit growth, with a Compound Annual Growth Rate (CAGR) of 55.6% over the last five years. The Board of Directors has recommended a final dividend of ₹0.65 per equity share (representing 32.5%), subject to shareholder approval at the Annual General Meeting (AGM).
The company's leadership includes Chairman Mohib N Khericha and Managing Director Nikhil Kumar. The Board of Directors has approved the re-appointment of Nikhil Kumar as Managing Director for an extended term of five years, commencing January 17, 2026, to January 16, 2031. This re-appointment is contingent upon the approval of the shareholders at the ensuing AGM.
TD Power Systems demonstrates a steadfast commitment to quality and innovation. Its credit rating has been reaffirmed at CRISIL A+/ CRISIL A1, with the outlook revised from Stable to Positive. This positive outlook underscores the company's robust financial management practices and its promising growth prospects within the power generation equipment sector.
