TD Power Systems, a Bengaluru-based maker of industrial generators for gas turbines, steam turbines, hydro, railway and data centre applications, reports Q2 FY 2026-2027 into a record order book and a demand cycle management calls 'extremely buoyant'. The print will speak to whether the upgraded FY27 revenue guidance of Rs. 2,600 crores stays on track, and whether EBITDA margins can push toward the 20%+ FY27 target from Q1's 19.0% as copper stays near record levels.
| Results date | November 12, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 640.05 Cr (consolidated, Q1 FY27) |
| Previous quarter PAT | Rs. 86.29 Cr (consolidated, Q1 FY27) |
| Previous quarter EBITDA margin | 19.0% (consolidated, Q1 FY27) |
| Market cap | Rs. 18,531.52 Cr |
| CMP | Rs. 576.5 |
Per the November 4, 2026 intimation, the board meets on November 12, 2026 to consider un-audited Q2/H1 FY27 results for the quarter and half-year ended September 30, 2026, and a proposal to declare an interim dividend for FY 2026-27. The trading window has been closed since October 1, 2026 until 48 hours after the results.
The earnings call is scheduled for November 13, 2026 at 11:30 AM IST. Participants include MD Nikhil Kumar, CEO Deepak Kumar Sinha and CFO M N Varalakshmi.
FY27 guidance tracking: Management has raised FY27 revenue guidance three times in nine months, most recently to Rs. 2,600 crores at the Q1 FY27 call.
Large generator (100 MW+/200 MW) agreements: An announcement on above-100 MW generator agreements was planned for August 2026.
US tariffs, Turkey routing and copper pass-through: Management promised a Turkey contingency update on the November earnings call.
Deployment of Rs. 675 Cr equity and working capital: The QIP proceeds are earmarked for capacity expansion including the 2-Pole Generator Segment.
Interim dividend, railway review and FY28 framing: Several corporate and portfolio updates are due around this call.
The order book reached a record Rs. 22,073 Mn (Rs. 2,207.3 Cr) at June 30, 2026, with Q1 FY27 order inflow of Rs. 7,341 Mn, up 87% YoY and 93% from exports. Management attributes demand to AI data centres, grid stabilization and the renewables push, with exports and deemed exports at 57% of the business.
EBITDA-to-CFO conversion was 21% in FY26 and below 10% at Q2 FY26, which the CFO attributed to inventory build to support roughly 30% growth. Management said retained earnings will keep being reinvested into working capital for as long as high growth persists, and it will not tighten payment terms for fear of losing business.
The FY27 guidance of Rs. 2,600 crores includes both volume and price growth, though management declined to disclose the price percentage. Management has stated, 'whatever guidance's that I have provided to the market are guidance's that we will be able to achieve,' with upside announced only when it materializes.
Management declined to quantify the data-centre share of the roughly Rs. 650 crores of quarterly order inflow, noting that generator cost as a percentage of data-centre project cost varies widely and has declined. It confirmed demand from data centres moving to captive power as grid prices rise.
Agreements for above-100 MW generators were expected to be signed 'soon' with an announcement planned for August 2026, targeting the 200 MW range that aligns with Small Modular Reactor requirements. Machinery lead times of 15-16 months push the significant ramp to CY2028 (FY2029), and management acknowledged a late start versus peers like Siemens, Baker Hughes, Mitsubishi, Fuji Electric and Toshiba.
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