TD Power Systems Limited (533553) Q3 25/26 earnings summary

Executive summary

• Standalone total income for nine months ended Dec 2025 rose 32% year-over-year to INR 11.94 billion.

• Achieved highest revenue and PAT for the second consecutive year in FY25, with continued global expansion and product diversification.

• Order inflow in Q3 FY26 grew 61% YoY to ₹6,561 million; 9MFY26 order inflow up 48% YoY to ₹15,720 million, with exports comprising 79% of total inflow.

• Consolidated revenue for the quarter ended December 31, 2025, was ₹44,267.57 lakhs, up from ₹35,032.71 lakhs year-over-year.

• Standalone EBITDA margin for nine months was 18.60%, up from 17.45% year-over-year, excluding exceptional treasury income.

Financial highlights

• 9MFY26 revenue increased 36% YoY to ₹12,743 million; EBITDA up 41% YoY to ₹2,392 million; PAT up 37% YoY to ₹1,666 million.

• Standalone profit after tax for nine months was INR 1.45 billion, up 41% year-over-year.

• Order book as of December 31, 2025, stands at ₹18,452 million, reflecting strong demand across segments and geographies.

• Earnings per share (consolidated, basic) for the quarter was ₹3.61, up from ₹2.88 year-over-year.

• Gross profit margin in Q3 FY26 improved by 200 bps YoY to 35.4%; EBITDA margin at 18.6%.

Outlook and guidance

• Maintains FY26 revenue guidance at ₹18 billion; FY27 guidance revised upward to ₹22 billion.

• Production and sales expected to ramp up to INR 600 crore per quarter from Q1 FY 2027.

• No bulk capacity additions planned until FY 2028; further investments possible post-2028 based on demand.

• The Indian subsidiary is positioned to evaluate new opportunities as market conditions improve, with ongoing support from the parent.

• Management expects no material impact from new labour codes, with ongoing review as rules are notified.