TD Power Systems Limited (533553) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 standalone revenue rose 36% year-over-year to ₹35,796.37 lakhs, with consolidated revenue at ₹37,189.85 lakhs and consolidated profit after tax at ₹5,007.37 lakhs.

• Standalone profit after tax increased 51% to ₹4,788.15 lakhs; consolidated profit after tax up 40% year-over-year.

• Order inflow for Q1 FY26 was ₹3,918 million, up 32% year-over-year, with 66% from exports and a robust order book of ₹14,679 million.

• Major orders secured in steam, gas, and hydro generator segments, including entry into long-duration energy storage and traction motors for US railways.

• Strong cash position maintained at ₹2,300 million.

Financial highlights

• Standalone EBITDA margin for Q1 FY26 was 18.7%-18.9%, up from 17.17% year-over-year.

• Standalone profit before tax for Q1 FY26 was ₹6,421.81 lakhs, up from ₹4,251.36 lakhs year-over-year.

• Basic EPS (standalone) for Q1 FY26 was ₹3.07, compared to ₹2.05 in Q1 FY25.

• Trade receivables at quarter-end were ₹4,250 million, roughly equivalent to quarterly sales.

• Working capital cycle is around 120 days.

Outlook and guidance

• FY26 consolidated revenue guidance is ₹15 billion, with potential upside due to strong export order inflow.

• Margins expected to be maintained at current levels, ±0.5%.

• Third manufacturing plant coming online in FY26 to support increased capacity.

• Aftermarket business expected to contribute 6%-7% of sales.

• Indian subsidiary’s net worth remains positive due to reduction in accumulated losses and ongoing support from the parent.