TD Power Systems shares have delivered a staggering 2,160% return over the past five years, with the rally backed by a sharp improvement in the company's underlying business.
Between FY21 and FY26, TD Power Systems more than tripled its revenue, while Ebitda and profit after tax grew more than fivefold. Profitability improved alongside the growth, with operating margins expanding significantly over the same period.
That combination has helped turn TD Power Systems into a 23x-bagger over five years.
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Revenue Tripled, Profitability Scaled Faster
The company's consolidated revenue increased from Rs 594.8 crore in FY21 to Rs 1,869.5 crore in FY26, translating into a CAGR of 25.7%.
The bigger change came below the revenue line. Ebitda rose from Rs 67.2 crore to Rs 342.9 crore, a CAGR of 38.6%. Ebitda margin expanded from 11.3% to 18.3%, a gain of 700 basis points.
PAT climbed from Rs 45.2 crore in FY21 to Rs 238.8 crore in FY26, growing at a CAGR of 40%. PAT margin also improved from 7.6% to 12.6%.
Consolidated Financials | FY21 | FY26 |
Revenue | Rs 594.8 Cr | Rs 1,869.5 Cr |
Ebitda | Rs 67.2 Cr | Rs 342.9 Cr |
Ebitda Margin | 11.3% | 18.3% |
PAT | Rs 45.2 Cr | Rs 238.8 Cr |
PAT Margin | 7.6% | 12.8% |
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From 95 Countries To 113
The business has also widened geographically and across applications.
TD Power Systems had supplied 4,882 generators across more than 95 countries by March 2021. By June 2026, the installed base had reached 8,375 units across 113 countries.
The order pipeline has expanded sharply as well. The company ended the June quarter with an order book of Rs 2,207 crore, while quarterly order inflow jumped 87% year-on-year to Rs 734 crore. Exports and deemed exports accounted for 93% of quarterly order inflows.
Q1 FY27 Keeps The Growth Story Alive
The latest quarter provides another reason the market has continued to re-rate the stock.
Consolidated revenue rose 71% year-on-year to Rs 640.1 crore in the first quarter of FY27. Ebitda increased 72% to Rs 121.7 crore, while PAT climbed 72% to Rs 86.3 crore.
Q1 FY27 Financials | Q1 FY26 | Q1 FY27 | YoY |
Revenue | Rs 373.9 Cr | Rs 640.1 Cr | 71% |
Ebitda | Rs 70.8 Cr | Rs 121.7 Cr | 72% |
Ebitda Margin | 18.9% | 19.0% | — |
PAT | Rs 50 Cr | Rs 86.3 Cr | 72% |
Order Inflow | Rs 391.8 Cr | Rs 734.1 Cr | 87% |
Management has raised FY27 revenue guidance to Rs 2,600 crore and said demand remains strong across generator businesses. The company is also working on debottlenecking to support around Rs 3,200 crore of capacity for FY28, with further expansion being evaluated for FY29-30.
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