TD Power Systems H1 Orders Rise 70% on Export-Led Demand

TD Power Systems reported H1 FY27 order inflow of Rs 1,558.5 crore, up 70% year on year, with Rs 1,405.7 crore of exports including deemed exports accounting for 90% of new business. Its order book stood at Rs 2,318.7 crore on 30 September 2026, spanning steam, hydro, gas-engine and gas-turbine generator programmes.

How fast did TDPS order inflow grow in H1 FY27?

TDPS increased H1 FY27 order inflow by 70% to Rs 1,558.5 crore from Rs 915.9 crore in H1 FY26. The increase of Rs 642.6 crore was driven by export and deemed-export awards, while domestic order inflow declined over the same comparison period.

Exports including deemed exports rose by Rs 710.6 crore in H1FY27, while domestic inflow fell by Rs 68 crore. Export business therefore moved from about 76% of H1FY26 orders to the 90% share stated by TDPS for H1FY27, with domestic work representing the balance.

What drove TDPS's export-led order inflow?

TDPS reported orders from European original equipment manufacturers, or OEMs, global energy companies, Americas programmes, Nepal hydropower projects, African mining and Central Asian industrial markets. The disclosed intake covers equipment for steam-turbine, hydro, gas-engine and gas-turbine applications rather than a single product line or geography.

Exports including deemed exports accounted for 88% of Q2FY27 order inflow, compared with 90% in H1FY27. The detailed table records Q2FY27 export inflow of Rs 722.1 crore and domestic inflow of Rs 102.3 crore; the presentation's headline page separately shows total Q2FY27 inflow of Rs 822.4 crore, while the detailed table shows Rs 824.4 crore.

Which generator programmes added new TDPS orders?

TDPS secured steam-turbine generator intake for domestic steel-industry installations in the 45 megawatt, or MW, to 60 MW range at 11 kilovolts, or kV. It also won a 1 x 60 MW, 11 kV four-pole order for an iron and steel project and a 4 x 16 MW, 15 kV, 60 hertz barge-mounted power-plant order through a turbine OEM.

In hydro, TDPS reported the segment's largest vertical-generator order for a Nepal hydropower project and a horizontal-generator order for a Nepal run-of-river project. Management said large orders were expected for vertical and horizontal machines across multiple projects, with enquiries across South Asia, Europe and India and a recovery expected in coming quarters.

TDPS also reported serial-production gas-engine generator orders from global OEMs for data-centre and distributed-power applications at 13.8 kV. Repeat orders for Americas installations were at 13.8 kV and 60 Hz, while a competitor-replacement order for an African mining customer was at 11 kV.

For gas-turbine generators, TDPS secured volume orders from a major US-based OEM for Americas programmes at 13.8 kV and multi-project orders from a second global OEM. The company also cited Central Asian orders at 6.6 kV for oil-and-gas and industrial power generation, while describing its pipeline as covering data-centre, oil-and-gas and industrial applications.

How was the TDPS order book distributed in September 2026?

TDPS had an order book of Rs 2,318.7 crore on 30 September 2026, with exports including deemed exports contributing Rs 1,720.8 crore, or 74.2%. That share was lower than the 90% export contribution to H1FY27 inflow, indicating that the order book had a larger domestic and other-category component than new orders during the half year.

Domestic business accounted for Rs 367.3 crore, or 15.8%, of the order book. Domestic railway e-locomotive work contributed Rs 137.8 crore and export railways Rs 31.8 crore, while Turkey represented Rs 44.9 crore and spares and aftermarket work represented Rs 16.1 crore.

Did TDPS financial results rise alongside order inflow?

TDPS reported H1FY27 total revenue of Rs 1,481.5 crore, up 79% from Rs 829.5 crore in H1FY26. Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 89% to Rs 295.4 crore, while the EBITDA margin increased to 19.9% from 18.9%.

The presentation's H1FY27 financial summary reported profit after tax of Rs 209.6 crore, up 89%, and a profit-after-tax margin of 14.7%. In Q2FY27, revenue rose 85% to Rs 841.4 crore, EBITDA increased 102% to Rs 173.7 crore and profit after tax increased 104% to Rs 123.6 crore.

Conclusion

TDPS's H1FY27 order growth was led by exports, which contributed Rs 1,405.7 crore of the Rs 1,558.5 crore total inflow. The order base spans multiple generator types and regions, while the Rs 2,318.7 crore order book retains a 74.2% share for exports including deemed exports.

The next disclosed development to watch is management's expectation of hydro-generator recovery in coming quarters and its reference to large potential vertical and horizontal hydro orders. Conversion of gas-engine and gas-turbine OEM programmes, as well as the direction of domestic intake after its H1FY27 decline to Rs 152.8 crore, will also determine the mix of subsequent order inflow.