TD Power Systems (TDPS IN) – Visit Update – Strong export demand driving growth – Not Rated
Published on 15 Sep 2025
We visited TD Power Systems’ (TDPS) manufacturing facility and engaged with the management team to discuss its financial and operational performance, capacity expansion plans, and growth outlook. TDPS is strategically positioned for growth, supported by strong data center–driven export demand from the U.S. and Europe for gas turbine and engine generators. Domestically, despite a muted market environment, the company’s commanding ~95% market share underpins stable growth, further complemented by its role as the exclusive supplier to leading turbine manufacturers and refurbishment opportunities in the hydro segment. Rising demand for motors, particularly from the Middle East, is expected to drive segmental revenues to ~Rs2.5bn by FY27. In addition, TDPS’s ongoing capacity expansion of ~Rs1.4bn is anticipated to propel revenues to ~Rs20bn by FY27 with moderate margin improvement and target working capital of ~110-115 days.
