TD Power Systems Q1FY26 Concall Decoded: PAT up 40%, Tariffs up 50%, Turkey suddenly looks like home
1. Opening Hook
Remember when everyone thought Turkey was just about baklava and football? TD Power just made it their Plan B factory. US slapped a 50% tariff, India scrambled, and TDPS said: “Chalo, Turkey shift karte hain.” Revenues soared, profits jumped, and management insists margins are steady — but the real drama is in dodging geopolitics with a passport full of Plan Bs.
Stay tuned — because the best bit is how AI data centers are the new growth driver, and TDPS wants to be their power plug.
2. At a Glance
Revenue up 36% – No, it’s not the euro rate, it’s actual sales.
PAT up 40% – CFO smiling wider than the generator belts.
EBITDA margin 18.7% – Steam turbine of profitability humming steady.
Order book ₹14,680 Cr – Enough backlog to keep the factory busier than a chaiwala in exam season.
Exports = 66% of inflows – Clearly, desh se zyada videsh loves TDPS.
Cash ₹230 Cr – Sitting like buffer stock of Maggi packets in a hostel.
3. Management’s Key Commentary
Quote: “Standalone income up 36%, PAT up 51%.” (Translation: Growth faster than power bills in Bangalore 😏)
Quote: “Tariffs hit, Plan B is Turkey.” (Translation: When US sneezes, TDPS books a flight to Istanbul.)
Quote: “Hydro order inflow at historic highs.” (Translation: Old dams finally calling for spa treatment.)
Quote: “AI/data center demand driving US & Europe orders.” (Translation: ChatGPT users like you indirectly keeping TDPS busy 😉)
Quote: “India steady at 10-12% growth.” (Translation: No fireworks, just slow sarkari-style climbing.)
Quote: “UK design center to develop 50–150 MW machines for 2028.” (Translation: New Avengers assembling, but sequel only in 3 years.)
Quote: “Promoter won’t sell more shares for 2-3 years.” (Translation: At least till stock doubles, then who knows.)
