TD Power Systems Q2FY26 Concall Decoded: “Turbocharged Temples & Trade Tensions”
1. Opening Hook
When AI data centers across the US started gulping megawatts faster than politicians guzzle promises, TD Power Systems quietly smiled — their turbines just found religion in demand. From Bengaluru to Boston, generators are the new gospel. As Managing Director Nikhil Kumar put it, “Big Tech’s hunger is our buffet.” 🍽️
In the Bhagavad Gita, Lord Krishna said, “You have the right to work, but not to the fruits thereof.” TDPS seems to have taken that literally — working overtime, cash flows be damned. Stick around; the sermon gets juicier when Turkey enters the trade temple.
2. At a Glance
Revenue up 33% – No Excel sorcery here, just turbines spinning faster than analysts’ calculators.
EBITDA margin 18.4% – Slightly better than last year, CFO insists it’s “not luck, just levers.”
PAT up 37% – Profits found turbo mode; shareholders finally exhaled.
Order inflow up 39% – Demand so hot, cooling towers are jealous.
Exports 76% of orders – Domestic market just clapped politely.
Cash ₹1.93 bn – War chest ready for gas-fueled world domination.
3. Management’s Key Commentary
“We ramped up to ₹550 crore order booking per quarter — and we’ll sustain it next year.” (Translation: The treadmill’s on level 12, and we threw away the off button. 🏃♂️)
“No capacity issues — that’s the last thing on my mind.” (That’s what every CEO says before building Plant No. 4.)
“Data centers in the US are booming; AI spending is still not enough.” (AI’s greed = our growth. Silicon Valley sins, Bengaluru wins. 😏)
“If no India-US trade deal, we’ll shift exports to Turkey.” (When in doubt, outsource diplomacy to geography.)
“Hydro segment next year will be one of our best ever.” (The water finally flows uphill when orders come from Vietnam.)
“We are not selective; we are here to grow.” (Selective abstinence is for monks, not manufacturers.)
“Competitors are full; we have capacity. We’re taking share.” (While rivals meditate, TDPS is doing push-ups.)
4. Numbers Decoded
Source table
Metric
Value (Q2FY26)
YoY Change
One-Line Analysis
Total Income (H1)
₹7.64 bn
+33%
Steam + gas = double-shot espresso.
Consolidated Income
₹8.33 bn
+42%
Global turbines > domestic drama.
EBITDA Margin
18.4%
+40 bps
CFO called it “steady combustion.”
PAT
₹989 mn
+37%
Profits finally generating current.
Order Book
₹15.87 bn
+—
Full throttle till FY27.
Exports Share
76%
+10 p.p.
India’s power, foreign appetite.
Cash Balance
₹1.93 bn
—
Financial inverter still humming.
One-line takeaway: TDPS turned a power company into a power play.
5. Analyst Questions (with Translation)
Q: “Will you expand capacity?” A: “We’ll never be short.” (Because denial is the
