TD Power Systems profit rises 139% as revenue gains 108%

TD Power Systems Limited reported standalone profit after tax of Rs 121.31 crore for the quarter ended September 30, 2026, a 139% increase from Rs 50.78 crore a year earlier, as revenue from operations rose 108% to Rs 823.13 crore. The unaudited results also recorded higher six-month operating cash flow despite increased investment in receivables and inventory.

How did TD Power Systems perform in the September 2026 quarter?

TD Power Systems more than doubled standalone quarterly profit as revenue expanded sharply from the year-earlier period. Profit before tax was Rs 163.27 crore for the quarter ended September 30, 2026, compared with Rs 68.71 crore in the quarter ended September 30, 2025, while total income increased to Rs 825.28 crore from Rs 400.97 crore.

The September quarter was also ahead of the preceding June 2026 quarter. Revenue from operations rose from Rs 627.84 crore in June to Rs 823.13 crore in September, while profit after tax increased from Rs 86.46 crore to Rs 121.31 crore. Basic earnings per share were Rs 3.89, compared with Rs 2.77 in the June quarter and Rs 1.63 a year earlier.

What changed in TD Power Systems’ costs and profitability?

TD Power Systems reported higher expenses alongside revenue growth, although profit before tax increased faster than total expenses in the September 2026 quarter. Total expenses were Rs 662.01 crore, compared with Rs 332.26 crore in September 2025, while profit before tax rose by Rs 94.56 crore. Cost of materials consumed increased to Rs 622.72 crore from Rs 300.83 crore.

Employee benefits expense rose to Rs 53.32 crore from Rs 35.46 crore, depreciation and amortisation reached Rs 7.52 crore from Rs 4.99 crore, and other expenses increased to Rs 42.78 crore from Rs 22.93 crore. Finance cost declined to Rs 28.85 lakh from Rs 68.21 lakh, while current tax expense increased to Rs 42.97 crore from Rs 18.52 crore.

For the six months ended September 30, 2026, TD Power Systems reported revenue from operations of Rs 1,450.97 crore, compared with Rs 753.54 crore in the corresponding previous period. Standalone profit after tax was Rs 207.78 crore versus Rs 98.66 crore, while profit before tax rose to Rs 279.93 crore from Rs 132.93 crore. Other income fell to Rs 4.52 crore from Rs 10.01 crore, so the increase in total income principally reflected revenue from operations.

Did TD Power Systems convert earnings into operating cash?

TD Power Systems generated standalone net cash flow from operating activities of Rs 172.73 crore in the six months ended September 30, 2026, compared with Rs 27.66 crore in the corresponding 2025 period. Cash generated from operations before direct taxes was Rs 220.48 crore, against Rs 51.80 crore, while direct taxes paid increased to Rs 47.76 crore from Rs 24.14 crore.

The cash-flow statement shows larger working-capital investment during the six-month period. Trade receivables used Rs 246.47 crore of cash, compared with Rs 23.90 crore a year earlier, and inventories used Rs 75.55 crore, against Rs 34.72 crore. Movements in other payables, provisions and liabilities contributed Rs 250.95 crore, compared with an outflow of Rs 6.24 crore in the prior-year period.

Investing activities used Rs 40.58 crore, including Rs 45.75 crore spent on property, plant, equipment and capital work in progress. Financing activities generated Rs 39.68 crore, including Rs 75 crore from issue of shares, while working-capital borrowings were repaid by Rs 18.10 crore and dividends paid totalled Rs 17.19 crore. Cash and cash equivalents rose to Rs 187.78 crore at September 30, 2026, from Rs 16.18 crore at March 31, 2026.

What does TD Power Systems’ balance sheet show at September 2026?

TD Power Systems reported standalone assets of Rs 2,366.60 crore at September 30, 2026, compared with Rs 1,771.82 crore at March 31, 2026. Trade receivables rose to Rs 956.31 crore from Rs 708.65 crore, while inventories increased to Rs 572.36 crore from Rs 496.81 crore. These balance-sheet movements correspond with the receivable and inventory cash outflows in the six-month cash-flow statement.

Property, plant and equipment increased to Rs 290.29 crore from Rs 260.04 crore at the March year-end, while capital work in progress was Rs 20.10 crore against Rs 17.32 crore. Bank balances other than cash and cash equivalents were Rs 128.89 crore, compared with Rs 119.50 crore six months earlier, and other current assets rose to Rs 85.71 crore from Rs 51.94 crore.

TD Power Systems had no short-term borrowings at September 30, 2026, compared with Rs 18.10 crore at March 31, 2026. Share capital was Rs 31.37 crore and other equity was Rs 1,263.09 crore, compared with Rs 31.24 crore and Rs 997.58 crore, respectively, at the March year-end. Trade payables to creditors other than micro and small enterprises increased to Rs 387.48 crore from Rs 337.75 crore.

Varma & Varma, Chartered Accountants reviewed the standalone results under Regulation 33 of the Securities and Exchange Board of India listing regulations. In its report dated November 12, 2026, the reviewer said nothing had come to its attention indicating that the statement failed to disclose required information or contained a material misstatement. The report states that a review has a narrower scope than an audit and does not provide an audit opinion.

Conclusion

TD Power Systems combined 108% growth in September-quarter revenue from operations with a 139% increase in standalone profit after tax, lifting quarterly profit to Rs 121.31 crore. Six-month net operating cash flow reached Rs 172.73 crore, compared with Rs 27.66 crore a year earlier, while receivables and inventories rose to Rs 956.31 crore and Rs 572.36 crore, respectively, at September 30, 2026.

The next disclosed event is an interim dividend of Rs 0.65 per equity share, declared by the board on November 12, 2026. TD Power Systems said the dividend will be paid to eligible shareholders whose names appear in the register of members at the close of the November 18, 2026 record date, while future results will show how the higher receivable and inventory balances are managed.