Q2 FY27 results analysis · November 12, 2026
TD Power Systems Q2 FY27 Results Analysis: PAT Surges 106%, Margin Tops 20% Target (TDPOWERSYS)
+105.6%PAT year on year, Rs. 123.75 Cr
Source: Quarterly results filing (NSE)
Quick summary
TD Power Systems Ltd reported Q2 FY27 numbers with revenue of Rs. 841.32 Cr (+85.94% YoY) and PAT growth of +105.58% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 12, 2026 |
|---|---|
| Revenue (Q2) | Rs. 841.32 Cr (+85.94% YoY) |
| PAT (Q2) | Rs. 123.75 Cr (+105.58% YoY) |
| EBITDA margin | 20.90% (+152 bps YoY) |
| EPS (Q2) | Rs. 3.96 (+105.18% YoY) |
Quarter Snapshot
Q2 FY27 revenue nearly doubled YoY to Rs.841.32 Cr with PAT up 105.58% to Rs.123.75 Cr, and EBITDA margin of 20.9% crossed management's 20%+ FY27 target ahead of schedule. Cash conversion normalized (CFO/PAT 1.008x), working capital days compressed, debt was repaid to nil, and a Rs.600 Cr QIP funds capacity expansion including the 2-pole generator segment. The main caveat is that the margin gain is partly flattered by a Rs.68.79 Cr inventory build, with underlying contribution margin roughly stable at 33.47%.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue / demand | "likely ahead… whether Q2 sustains it" | Consol revenue +85.94% YoY, +31.44% QoQ (Rs.841.32 Cr) | Played out |
| Margins | "compressing pressure vs the 19.0% Q1 print… the squeeze, not the gain, dominates" | EBITDA margin 20.90% vs 19.41% in Q1 on the same computed basis | Contradicted |
| Copper squeeze on material cost | "the pressure point" | Contribution margin 33.47% vs 32.94% YoY — buffered by the 8.18%-of-revenue inventory build | Partially |
| Sep-30 cash reflects Rs.75 Cr preferential, not the QIP | "should… reflect the Rs.75 Cr preferential allotment… but not the Rs.600 Cr QIP" | Equity proceeds Rs.75.00 Cr in H1 financing; QIP post-quarter | Played out |
| Receivables watch | "receivables vs the Rs.785 Cr Q1 level, inventory days" | Rs.952.93 Cr absolute; days 117.7 vs 145.9 at Mar-26 | Partially |
| Tariff/Turkey November update | "promised November-call update" | Not addressed in the filing — remains open for the call | Not observable |
| Interim dividend | "on the Nov 12 board agenda" | Declared Rs.0.65/share | Played out |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 revenue Rs.2,600 Cr, "possibility of exceeding" | Q1 FY27 earnings call (Aug 12, 2026) | H1 FY27 Rs.1,481.37 Cr = 57.0% of target; Q2 Rs.841.32 Cr vs Rs.559.31 Cr/qtr now needed | On Track |
| EBITDA margin 20%+ by FY27 | Q2 FY26 earnings call (Oct 31, 2025) | Q2 FY27 P&L-derived margin 20.9% (20.6% ex other income); company's own ex-treasury basis not exactly computable from the filing | On Track |
| FY27 margins consistent with FY26 ex one-off events | Q4 FY26 earnings call (May 15, 2026) | Q2 margin 20.9% vs 18.9% FY26 on the same computed basis; no exceptional items booked | Ahead |
| Debottlenecking capex Rs.50 Cr in FY27 | Q1 FY27 earnings call (Aug 12, 2026) | H1 capex Rs.46.10 Cr (consolidated) | On Track |
| Large-generator (>100 MW) agreements by ~August 2026 | Q4 FY26 earnings call (May 15, 2026) | 10-year Build-to-Print agreement with Siemens Energy, Inc. effective Aug 13, 2026 | Met |
| FY26 revenue cross Rs.1,800 Cr | Q3 FY26 earnings call (Jan 30, 2026) | FY26 Rs.1,856.23 Cr | Met |
| Q4 FY26 sales Rs.550–575 Cr/qtr | Q3 FY26 earnings call (Jan 30, 2026) | Q4 FY26 Rs.589.19 Cr — above range | Met |
| Interim dividend proposal | Board-meeting intimation (Nov 4, 2026) | Declared Rs.0.65/share on Nov 12, 2026 | Met |
| "Current rate of order inflow has exceeded Rs.700 crores per quarter and this puts pressure squarely on execution" | Not testable this quarter (no order data in filing); the execution ramp shows in revenue +31.4% QoQ and a Rs.68.79 Cr inventory build | Too Early | |
| Margin path to 20%+ with costs absorbed | 20.9% computed margin, employee costs down to 7.33% of revenue | Confirmed |
Key Investment Insights
Key Positives
- Consolidated revenue grew 85.94% YoY to Rs.841.32 Cr and 31.44% QoQ; standalone revenue grew 108.08% YoY
- Consolidated PAT grew 105.58% YoY to Rs.123.75 Cr; standalone PAT grew 138.89% YoY to Rs.121.31 Cr
- EBITDA margin reached 20.90% (incl other income), crossing management's 20%+ FY27 target, up ~150 bps QoQ
- H1 FY27 revenue of Rs.1,481.37 Cr is already 79.7% of full-FY26 revenue; FY27 guidance of Rs.2,600 Cr needs only Rs.559.31 Cr/quarter in H2 vs Rs.841.32 Cr delivered in Q2
- H1 CFO of Rs.211.74 Cr covered PAT 1.008x vs 0.114x a year ago; FCF of Rs.165.64 Cr vs −Rs.28.73 Cr in H1 FY26
- Working capital days compressed from 244.8 to 191.7; receivable days fell from 145.9 to 117.7
- Short-term borrowings repaid to nil; cash and equivalents of Rs.288.89 Cr at Sep 30 plus Rs.599.99 Cr QIP post-quarter
- 10-year Build-to-Print agreement with Siemens Energy, Inc. effective Aug 13, 2026, meeting the ~August 2026 target
Risk Factors
- Rs.68.79 Cr inventory build (8.18% of revenue vs 2.49% YoY ago) flatters EBITDA margin; underlying contribution margin was 33.47% vs 32.94% YoY — roughly stable
- Materials cost grew faster than revenue (+103.69% vs +85.94% YoY), consistent with copper input pressure buffered by inventory lag
- Going-concern material uncertainty flagged for D F Power Systems subsidiary (cumulative Rs.20.41 Cr impairment provision), though stated not material to the Group
- Other income fell 56.67% YoY to Rs.2.21 Cr
- Japan branch reported a Q2 loss of Rs.0.95 Cr
Ask about this
Ask Cofacto a question about this result. Answers cite filings and company data.
Companies on this page
Related
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.