{"id":174890,"date":"2026-01-22T12:10:45","date_gmt":"2026-01-22T17:10:45","guid":{"rendered":"https:\/\/alphastreet.com\/india\/td-power-systems-limited-tdpowersys-q1-2026-earnings-call-transcript\/"},"modified":"2026-01-22T12:10:45","modified_gmt":"2026-01-22T17:10:45","slug":"td-power-systems-limited-tdpowersys-q1-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/td-power-systems-limited-tdpowersys-q1-2026-earnings-call-transcript\/","title":{"rendered":"TD Power Systems Limited (TDPOWERSYS) Q1 2026 Earnings Call Transcript"},"content":{"rendered":"

TD Power Systems Limited (NSE: TDPOWERSYS) Q1 2026 Earnings Call dated Aug. 07, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Unidentified Speaker<\/strong><\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Analysts:<\/h2>\n

Unidentified Participant<\/strong><\/p>\n

Mohit Kumar<\/strong> \u2014 Analyst<\/em><\/p>\n

Amit Anwani<\/strong> \u2014 Analyst<\/em><\/p>\n

Ganeshram<\/strong> \u2014 Analyst<\/em><\/p>\n

CA Garvit Goyal<\/strong> \u2014 Analyst<\/em><\/p>\n

Vinit Thakur<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Unidentified Speaker<\/strong><\/p>\n

Sam Ram.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

It.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Feeling like.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

It.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Sam.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

It.<\/p>\n

operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Q1 FY26 earnings conference call of TD Power Systems Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. Before we begin, I would like to remind participants that this conference call may contain forward looking statements about the company which are based on beliefs, opinions and expectations of the company as on date of this call.<\/p>\n

These statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. With this, I now hand the conference over to Mr. Nikhil Kumar, Managing Director of TD Power Systems Ltd. Thank you. And over to you, sir.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Thank you.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Good morning everybody. Thank you once again for joining us on today’s earnings call. I trust all of you would have received our results in investor presentation. Let me start now with the financial performance for the quarter ended 30th June 2025.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Standalone first our total income for Q1.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

On a standalone basis was Rupees 3.63 billion versus Rupees 2.66 billion over the same period previously. An increase of 36%. EBITDA for the quarter is 18.7% including other income excluding exceptional and treasury income versus 17.17% over the same period previous year. Profit after tax and comprehensive income for the quarter was Rupees 471 million versus profit of 312 million over the same quarter last year. Increase of 51%. Order book for the manufacturing segment is 14.68 billion out of which 10.8 billion is identity drive, motor business 3.84 billion, railways, spares and aftermarket business 0.11 billion. 0.29 billion is the Turkey business.<\/p>\n

Auto Inflow statistics. Order inflow during the quarter is 3.92 billion INR and increase of 32% in a quarter on quarter basis. Order inflow from exports and deemed exports is 2.57 billion compared to 2.14 billion previous year. 66% of our quarterly order inflow is.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

From exports.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

24% is domestic consolidated. Our total income on Consolidated basis for Q1 is 3.76 billion versus 2.77 billion to 36%. Profit after tax and comprehensive income for the quarter is 500 million versus 35.6 million increase of 40%. We continue to maintain a strong cash.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Position of 2.3 billion.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Order book Market.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Situation and guidance.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Let me now go through this.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

The market conditions are fairly similar to the commentary given during the last earnings call.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Of course, geopolitical situations have changed quite.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Dramatically over the past one week, but.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

I will be happy to discuss with you everything in the level of detail possible to the extent possible given the.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Information available at this point of time. Let me now go through each segment and market in some level of detail. India Steam Turbine Market India and Steam Turbine Market Export the market continues to grow at the rate we predicted with no surprises.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

With no surprises both on the upside or the downside.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

The market is steady with around 10 to 12% growth taking place in the capital, power plant business, biomass and waste heat recovery. We have received a good number of orders for larger size 4 pole machines in Q1. There is a strong pipeline of similar orders in Q2. These orders are mainly domestic. In the export market the pipeline is also strong and overall we expect the steam turbine business for our domestic plus.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Export to grow around 10 to 12%.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

We’re getting steam turbine orders from all over the world and demand is strong and steady. Now coming to the international markets Gas Turbine and Gas Engineering at first I’d like to talk about the tariffs and the impact of tariffs on our business. I’ve been saying all along for quite a while that TDPS will have to move its production to Turkey in the event that the tariffs from India to.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

The US becomes uncomfortably high.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

I think we have reset the situation yesterday after the announcement of the additional 25% tariffs and we will have to move part of our production to Turkey to avoid or to do valuation over.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

There to have the made in Turkey.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Nameplate which will then attract 15% duty.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Which is what Turkey has.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Last earnings call I had mentioned that around 50 to 20% of our sales will be to us. This should be further divided into two parts. Around 3\/4 of that, around 75% of this goes to European OEMs who in turn package the generator along with their engine or the gas turbine and do a lot of further value addition on the generator like adding protection panels, control systems and these will then be re exported as a turbine generator set or engine gas engine set to the US market and these will then attract 15%.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Duty which is the duty which the European Union has now negotiated with the US.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

The remaining 25% direct exports that will 25% off the exports that will have to be diverted to Turkey. That’s about 4 or 5% of our overall business and we have Already been discussing with our customers over a period of time about this possibility that in the event that we have high tariffs we will have to move to the situation. So they are well aware of our Plan B. Now that we have a situation where Plan B might become the reality, we.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Will still wait and see what happens.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Till the end of August. Whether this situation will actually continue or.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Whether India will be able to come.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

To a compromise deal with the U.S. we don’t know. But at the moment we are going full steam ahead with Plan B and.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Our customers are fully aware of that.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Some negotiations and lot of extra work.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Is necessary for us to make this a reality, but no choice to protect our market and our business, we will.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Have to do what is required.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Now coming to the market itself, the demand forecast from the US and Europe are extremely high for both gas engine and gas turbine generators and we are expecting a big uptake of orders. Currently, even if the forecast is 180% correct, we expect to exceed the guidance.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Made for this year and next year.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Currently they’re given a guidance of 15 billion iron arconsol for this year and 18 billion INR consol for next year. Looking at the way that the orders are flowing in and the forecast given by our OEMs, we will exceed these guidances. Order booking in Q2 continues to be very strong and we will end the quarter with extremely good order booking numbers. During the next earnings call we will provide a detailed upgrade on the guidance for FY26 which is this financial year and give a tentative guidance for FY27. By that time we expect all tariff related questions to be answered and we also expect to know where exactly we stand, where the market stands with respect to tariffs.<\/p>\n

Hydro we have achieved excellent order inflow in this segment and next year will be one of the highest in the history of the company. In Hydro, we have also received a big refurbishment job in the last quarter. We are also bidding for further refurbishment projects in India. Even if we are successful in one or two, the order values and margins are very attractive, very large and that will significantly give a big uptick to our domestic order inflow as well as our overall order booking numbers. We are very optimistic about this particular segment. There are a number of jobs in the market and TDPS is well placed.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

To maybe get one or two large jobs.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Our motor business is growing at the rate that we mentioned earlier this year. We’ll be still on track to achieve the targets. What we have mentioned should be something like 1.5 billion rupees and next year.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

We’Re going to do 2 plus billion INR for the motor business.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

There are a number of orders in the pipeline mainly for synchronous motors, induction motors for export and in particular there are a large number of orders in the synchronous motor segment which will be finalized very shortly. Railways. We have orders now for the US market, for the European market and the Russian market. We’ll be supplying to all these three markets next year. And of course the al storm order for India still continues. So next year we’ll be supplying to all the four markets and we’ll see a significant uptick in our railway business in the next financial year.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

General guidance.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

As mentioned earlier I still stick to 1500 crore for this financial year with a certain upside potential and which will be confirmed in the next quarter and margins will be maintained.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

The current level plus minus 0.5%.<\/p>\n

Nikhil Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

This brings me to the end of my initial remarks. I’d be now happy to address questions that you may have. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

operator<\/strong><\/p>\n

Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone phone. If you wish to remove yourself from the question queue you may press Star and two participants are requested to use answers while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mohit Kumar from ICICI Securities. Please go ahead.<\/p>\n

Mohit Kumar<\/strong><\/p>\n

Yeah, good morning sir and thanks for the opportunity.<\/p>\n

Mohit Kumar<\/strong><\/p>\n

You must have.<\/p>\n

Mohit Kumar<\/strong><\/p>\n

Congratulations on a very good quarter order inflow and profitability. My question is given of course the tariff, 25% tariff is imposed on July going up to 50%. My question is do you see the risk of delay of postponement on the existing order and how do you mitigate?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

As I said there are two segments. So one is that 75% of our.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Exports to the US is actually routed through the OEMs which, which will go to Europe and then there’s evaluation done over there and then from there it is re exported.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

The second part is the 25% makes.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Direct exports which if all the pending.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Orders also we will start now trying.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

To convert as much as possible to redirecting that through our Turkish operation. And customers are you know, committed to.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Still continuing with the order inflow for.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Months because it’s not easy for them or for us right now to backtrack from the commitments which have already been made. Most of these orders are already signed with the end users and our name.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Is there on those contracts. So we have to find a way.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

To ensure that the cost that we deliver highly to the end users is within the range of what we discussed earlier, which we had all expected to have a 25% tariff range. So we have to make sure that even if we deliver through a third country, because we manufacture in the third country, then the overall costs, additional costs, are not going to exceed that 25%, which is what we are planning to achieve.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So our turbine customers are fully aware.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Of these calculations and fully aware of this because we’ve been talking about this for quite a while, ever since the first round of tariffs took place, say about two or three weeks ago. When the first 25% hit.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

I expected reverse. And we told our customers, let’s expect the worst.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

If things get better, it’s great. But now the worst case situation has happened and people are fully aware and people are fully aligned with our plans.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So yes, to answer your question, very.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Long way, we don’t expect any order delays or cancellations.<\/p>\n

Mohit Kumar<\/strong><\/p>\n

Understood, sir.<\/p>\n

Mohit Kumar<\/strong><\/p>\n

The second question is how much time.<\/p>\n

Mohit Kumar<\/strong><\/p>\n

People are fully awareness of what we are doing.<\/p>\n

Mohit Kumar<\/strong><\/p>\n

My second question is how much time it will take to ramp up the Turkey production.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

We are already producing in Turkey. It’s not that the plant is idle.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

We have production in Q2 and Q3 both put together. We’ll be doing something like 5 million euros, 4 million to 5 million euros in Turkey in Q2 and Q3. So the plant is running right now.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Now we have to beef up a.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Little bit on the manpower and we’ll.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Be doing mainly assembly and testing operations over there.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So it’s not a lot of manufacturing and we’ll be able to meet the requirements. So as I said, it’s only something.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Like 4 to 5% of our overall.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Sales is going to go through Turkey and that kind of capacity is already available for the, for the US market. And as I said, you know, highly likely that hopefully, hopefully highly likely that.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

We don’t have to do all these.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Things by the end of the month. But in the worst case, if you have to expand the operations over there, we will.<\/p>\n

Mohit Kumar<\/strong><\/p>\n

Understood, sir. Thank you. And all the visa. Thank you.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Yeah, thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Amit Anwani from PL Capital. Please go ahead.<\/p>\n

Amit Anwani<\/strong><\/p>\n

Hi sir.<\/p>\n

Amit Anwani<\/strong><\/p>\n

Thanks for taking my question. So first question on the very strong commentary for exports and you have delivered good orders in export market also this quarter as well. Just wanted to understand a couple of things. What will, which key markets will drive the exports? Is it the same markets getting better response or the demand Scenario has changed and what has led to the demand scenario changing or is it the tariff where. Which is kind of favorable to US versus other competitions? Some sense on why the export market is growing for us? Is it product competitiveness or the market itself, if you could give some highlight.<\/p>\n

And the key markets also?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Yeah.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Markets are basically the same. You know, I mean we have been working to develop these markets, Europe and.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Us for I would say a decade. So this is not something that switches overnight. We have been working on developing these markets and penetrating these markets for a long period of time.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

And as I have been saying for.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Many quarters right now, the environment or the macro situation for power generation in both the US market and the European market in general is very favorable for us. One is because of the move towards renewables, then the move towards grid stabilization in the European market. Also data center market and AI is starting to pick up in the European market too. US is driven mainly by data center and AI, which is a big boom which is going to continue for some more time.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

And there is an overall shortage of power equipment in the world.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So you know, as a part of this overall landscape in our DDPS is, is very much a large participant in this market and we have a big capacity which is coming on stream. Our customers are fully aware of it and are banking on this capacity to meet the demand.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

We have to find a way to.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Deliver the machines to them at a reasonable cost and we have the flexibility of operating in manufacturing in another country.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So we will make sure that we.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Protect our markets and deliver the numbers that we have committed.<\/p>\n

Amit Anwani<\/strong><\/p>\n

Sure. Second question on the domestic market, where we have given a marginal growth guidance for FY26, barring that if we get a large order from hydro refurbishment, this would be kind of lumpy order.<\/p>\n

Amit Anwani<\/strong><\/p>\n

But having said that X of that.<\/p>\n

Amit Anwani<\/strong><\/p>\n

What are the underlying reasons for marginal growth for domestic and is the market is kind of tepid in India or particular sectors not growing? Particular sectors growing. So if you could give some sense why we are featuring the marginal growth for domestic market.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

I think I’ve been saying this for, again, I’ve been saying this for a few quarters. This is not something new.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

I’ve been saying, I’ve been saying that the domestic market on the captive steam turbine side is growing steadily and I don’t see that, you know, I mean I said if we have 10 to.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

12% growth, steady growth year on year.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

It is a much better way for the market to grow and steady growth on a long term basis rather than having a boom cycle of 25, 30% growth for one or two years and then crashing to zero after that.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So I’m happy with this that it’s growing steadily.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

It can depend on this growth. It’s a steady growth and it’s a broad grid growth. So I would say this is a.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Very positive situation for the domestic market.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

You can expect a steady growth taking place this year and next year and I’m happy with it. But whether it satisfies the overall demand or growth for the company as a whole, it does not. That’s why we have multiple products, multiple geographies and you can see that we.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Have a very, very broad based line of products which overall delivers a much.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Higher growth for the company in the region of 20% plus.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

That’s been our strategy also for I.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Would say we have been talking about this for years right now and now we’re delivering on that strategy.<\/p>\n

Amit Anwani<\/strong><\/p>\n

Right. So lastly on the data center we have been supplying to us directly and directly to data centers and you have been highlighting a strong growth there. Any sense on Indian market? Have we worked on the data center side or is there any pipeline for data centers, especially in the domestic market?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Data center market in India is also quite there.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

I mean it’s quite a big market at the moment. But.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

The data center market is.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

You have to look at it from different segments. It’s a data center market where you.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Have storage of data.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

That’s what the Indian market is right.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Now, where you have. It’s a big business.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

It’s a huge business actually.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

But those are limited to smaller size.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Backup power where you have 10 megawatt or 5 megawatt, maybe larger, one 15 megawatt which is mainly met through diesel engines which are supplied by Cummins or Caterpillar, those kind of machines. The TDPS is not in this market.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

The US market, but India. If India gets into high inputting in large AI server farms and things like that, then the power demand will go.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

To 50, 60 megawatt, even 100 megawatts per server farm.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

That’s when we, our business will then.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

You know, our business will then kick in for the Indian market.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

It’s going to happen.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

You know, at some point in time India also is going to make investments in AI having these servers located in our country.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So at that point of time, of.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Course the demand will go up. Those kind of 50, 60 megawatts, 100.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Megawatts cannot be met by diesel engines.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

People will have to go for larger size gas engines or gas turbines and that’s where we will then come in but at the moment the hottest market is the US market, I would say followed by Europe. And India is right now still in the talking stage.<\/p>\n

Amit Anwani<\/strong><\/p>\n

Yes sir. Thank you. Thank you so much for answering.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Ganesh Ram from Unified Capital. Please go ahead.<\/p>\n

Ganeshram<\/strong><\/p>\n

Thank you. Are you able to hear me clearly?<\/p>\n

operator<\/strong><\/p>\n

Yes sir.<\/p>\n

Ganeshram<\/strong><\/p>\n

Doing well. Nikhil, congratulations to the results and I must say you keep your introductory part as a mark concise and to the point, which is very helpful. So I would just like to follow up on some of this. Right. The Paris situation is volatile and quite frankly a bit frustrating to watch because it keeps changing every now and then. I’m asking this question from a customer point of view. Are you seeing any fatigue from their end? Are they saying, okay, let’s wait and watch what happens? Are you seeing any scaling back in demand? And compared to other geographies where the tires also keep changing, are we still maintaining that arbitrage versus the other geographies?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So I see that I was recently in the us I spent the whole, I was there the whole last week.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

My feeling is that the customers are.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Prepared to pay between, let’s say 15 to 25% more for power generation products.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

I think they already break into the number.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So I think the threshold is something.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Like 25 to 30% additional cost on tariffs.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

European products are basically so that for power generation equipment, very little is manufactured.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

In the US Most of it is manufactured in Europe and to a smaller extent manufactured in Japan. We are I would say an outlier supplying generators from India. We are probably the only non European or non Japanese company which is supplying to the US market in a big way.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So you already have 15% on European.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Imports to the US and I think.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

The customers have reconciled themselves to that number. These investments are going to go on.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Regardless because the power plant as a.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Percentage, the overall investment in an AI.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Server farm is something like 3 to 4%.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So even if up at 25% it’s.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Going to be something like 1 to 1 to 1 and a half percent over an increase in cost, which is not significant from a point of view of someone like a large tech company putting up these kind of investments, someone like Microsoft or Meta or Google or whatever it is.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So we don’t see any let up of demand. But we have to make sure that from PDP has pointed you, we have.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

To make sure that we are in that range where our products can deliver to the customers cross that threshold of paying. And that’s why I’m saying again and Again, that for a direct exports to the US if this 50% tariff continues beyond August, we will have to manufacture our generators in another country to avail of the lower tariffs from that third country.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

And for us, we have an existing.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Plant in Turkey, so the fastest way.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

For us to do this is to.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Go to our existing plant in Turkey.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So that’s what probably we will do as a first step. And then if this thing continues, it continues to get dragged on for a.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Longer time, we may look at another, more efficient option in some other place. All those things are right now very fluid. But at the moment what we can respond to immediately is that we’ve always been talking about in this event, we will go to Turkey. And that’s what we have on hand right now. And this situation has now come to.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

The point where we have to take.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

That call provided by end of August.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

We don’t see any change in the current situation.<\/p>\n

Ganeshram<\/strong><\/p>\n

Understood, that’s really helpful. And in Turkey, this geography tends to be a bit difficult to navigate for businesses. Last I saw in some other call, there were about 500 companies going bankrupt every month or so. Right. What’s going to be the challenges in scaling this up? I know you have staff and already manufacturing some of it, but are there any of the operational risks? Because this is a geography we once considered exiting. Right. And what would be the financial impact on us? Because we have to read out production through Turkey now compared to the shipping out directly from India.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So we have been there for seven.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Years already in Turkey and we have good experience in managing and operating our plant in that, in that region. So you know, if you’re doing dollar or Euro based sales, which you know, the situation is quite stable, but this moment you start doing Celtic lira kind of business, then it becomes from a currency point of view, unstable.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

I don’t expect any problems in doing in manufacturing the smaller number of machines.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Which are now required, which are right there to the us.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

And as I said, the threshold is that we have to make sure that.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

The cost, the additional cost to our customers doesn’t cross that threshold of pain. What I earlier mentioned, it is going to cost something more to move the products to Turkey and to do ship them there, ship the components over there, do the further manufacturing over there, reassemble them there again, ship it from there to the us it’s going to cost something more.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

But with this negotiation, what we have.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Done, we can manage the cost to be within that threshold of pain so that our customers are not going to get turned off by those numbers.<\/p>\n

Ganeshram<\/strong><\/p>\n

That Makes a lot of sense, especially from.<\/p>\n

Ganeshram<\/strong><\/p>\n

The currency point of view.<\/p>\n

Ganeshram<\/strong><\/p>\n

If I could just ask for one clarification. I’m sure you mentioned this before, but just to remind us or clarify, status quo, what is the cost advantage of Europe and Japan and with the tariffs and rerouting to Turkey, what will be the situation? If you could just give us a sense.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So the, you know, let’s say that, let’s say our product is, let’s say.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

100 European or other products would be something like 125 or something like that. 25% more on a baseline before tariffs, you know, and then you have a 15% tariff on European products. It goes to something like 150.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Our 100 should be somewhere in the.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Region of 125 or 130 at the maximum. So we still maintain a arbitrage of around 20.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

And then we see an absolute number.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

The gas gets reduced to some extent.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

But not to an extent where it.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Jeopardizes our cost advantage. There’s still a significant gap.<\/p>\n

Ganeshram<\/strong><\/p>\n

Got it. So you’re saying after rerouting you’ll still be at125,130, which is. Although the gap is smaller. The gap exists.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Because they have the 15% duty. So we still have still that 20.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Gap is still there.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

This is a rough number, the plus, plus, minus. But in general, this is.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

The arbitrage still remains.<\/p>\n

Ganeshram<\/strong><\/p>\n

Okay, that makes perfect sense. And last question, and I’ll give some SC after that, is the increase in employee cost this quarter, I assume is coming with the new shed being commissioned. So are we on track with that?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

We are on track with that. There are some small delays, but we will start commissioning the third plan progressively.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

From Q2 and it will go on in Q3.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

There are some small delays.<\/p>\n

Ganeshram<\/strong><\/p>\n

Okay, understood. Thank you. Thank you, Mrs. And good luck.<\/p>\n

operator<\/strong><\/p>\n

Thank you. A request to all participants. Please restrict your questions to two questions per participant. Our next question is from the line of Ca Garved Goel from Envest Analytics Advisory llp. Please go ahead.<\/p>\n

CA Garvit Goyal<\/strong><\/p>\n

Hi, good afternoon.<\/p>\n

CA Garvit Goyal<\/strong><\/p>\n

And most of my questions are answered. Just one clarification, like we are going to scale up our production in Turkey.<\/p>\n

CA Garvit Goyal<\/strong><\/p>\n

That we spoke about.<\/p>\n

CA Garvit Goyal<\/strong><\/p>\n

Do you think, like, looking at the recent things happened between India and Turkey.<\/p>\n

CA Garvit Goyal<\/strong><\/p>\n

During the war season, do you believe.<\/p>\n

CA Garvit Goyal<\/strong><\/p>\n

Like, is it going to be a permanent solution for TD Power in longer term?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

As I said, I just mentioned a.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Little bit earlier that for the moment.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

This is our fastest way to do.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

This and that’s what we’re going to do because we have the plant running and it’s 100% subsidiary of TDPI.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So this is the fastest way for.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Us to do we do it once we. You know we need to breathe a little bit right now. Right.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So we need to have something and start breathing.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Once we have the flow of products going in through our Turkish operation.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

And the situation stabilizes, of course we’re.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Going to look at a more efficient.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Solution and look at whether more efficient and more stable solution somewhere else. We will look at it, we’ll examine it and then we will take a call.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

But right now I’m keeping this option open.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

I’m not committing myself that I’m going to go somewhere else.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

But like you are just saying, you know, one has to evaluate the risks.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

And we have to take a call and do what’s best.<\/p>\n

CA Garvit Goyal<\/strong><\/p>\n

Got it.<\/p>\n

CA Garvit Goyal<\/strong><\/p>\n

Thank you very much.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

But I don’t think in general, I don’t think that political differences between two.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Governments really trickles down to business. I don’t think that happens. At least it’s not happening between India and Turkey.<\/p>\n

CA Garvit Goyal<\/strong><\/p>\n

Got it.<\/p>\n

CA Garvit Goyal<\/strong><\/p>\n

Thank you, sir.<\/p>\n

CA Garvit Goyal<\/strong><\/p>\n

Thank you very much.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Jainam Jain from ICICI Security. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you for the opportunity. Congratulations on a great set of numbers. So my question is on the pricing side for motors and generators. Sir, what is the average relation of motors and generators? We have maybe some broad range.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

I can’t give that number. Every motor is different. Every generator is different. Sorry, I can’t really give a number to you.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, sir. Thank you. Okay.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Vinit Thakur from Plus 91AMC. Please go ahead.<\/p>\n

Vinit Thakur<\/strong><\/p>\n

Thank you for the opportunity. Congratulations. Amazing results.<\/p>\n

Vinit Thakur<\/strong><\/p>\n

I had just one quick question regarding promoter holding. Decline has been fixed.<\/p>\n

operator<\/strong><\/p>\n

Sorry to interrupt. So your voice is breaking a lot.<\/p>\n

Vinit Thakur<\/strong><\/p>\n

Oh.<\/p>\n

operator<\/strong><\/p>\n

Hello. No, sir, your voice is still breaking. I request you to read.<\/p>\n

Vinit Thakur<\/strong><\/p>\n

Is it better now?<\/p>\n

operator<\/strong><\/p>\n

Could you speak something long sentence?<\/p>\n

Vinit Thakur<\/strong><\/p>\n

Yeah, I saw basic.<\/p>\n

operator<\/strong><\/p>\n

Your voice is still breaking the. Thank you. Our next question is from the line of Himanshu from Bugle Rock Asia. Please go ahead.<\/p>\n

Vinit Thakur<\/strong><\/p>\n

Yeah, Hi Nikhil. Good setup. But I. I had a some confusion. Okay. On the statement what you gave. Okay. About U.S. business. Okay. So if I look at your. Our annual report of this year now. 145 crore of sales was through US subsidiary and 216 crore is through German subsidiary. Okay. So you are saying that out of this 216crore 3 4th goes to us when we repackage. And that is what we like to build in or bring it back to Turkey for manufacturing. Is that the way or how should we understand it?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Because somehow it’s far more complicated than that. Himanshu, I can’t give you an explanation on the way that the European sales and US sales takes place.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

In relation.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

To whatever I have been talking to you.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

It can’t be tied up one to one like that. So because there are so many other products that are sold through our US.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Customers, so many other products go through our European subsidiary. We do hydro, we do steam turbine, we do other products, we do geothermal. We do so many products through our other subsidies. So it’s not possible to say that only data center business has been done and therefore you can do a one to one to one to one explanation in just a few sentences. I can’t answer this question to you in a very simplified way.<\/p>\n

Vinit Thakur<\/strong><\/p>\n

I’m sorry, but would it be right to say that 150 type crore of sale is to us and a portion of that goes through Europe?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

I said to you that about 15 to 20% of our overall sales is.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

To the US market.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So if we are going to do.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

1,500 crores, 20% of that will be 300 crores.<\/p>\n

Vinit Thakur<\/strong><\/p>\n

And so nearly what the question comes that 3 4th can be. So can the Turkey subsidiary scale up so quickly in next one year?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

We have done. The capacity of our Turkish unit is, you know, we have done in the.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Past 120 crores of sales in one year complete manufacturing in the Turkish unit.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So here we’re not doing complete manufacturing.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

We’re going to be doing a partial manufacturing. So yes, it can take.<\/p>\n

Vinit Thakur<\/strong><\/p>\n

Okay. And one last question. Bookkeeping. What was the trade receivable at the end of the quarter? If burial action can give that number.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Yes, it is 425 crores.<\/p>\n

Vinit Thakur<\/strong><\/p>\n

Okay. The whole quarter sales number nearly is in there.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Okay.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Aditya Trivedi from Nipian Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Hi. So given TD Power’s entry into long duration energy storage and this is as I’ve seen on the investor presentation through the commissioning of a generator for Energy Dome in Italy, what is the potential market size of a CO2 battery storage plant globally and what growth outlook do you foresee for similar projects for td?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

I don’t have an answer for that.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

In terms of what is the growth potential in terms of numbers.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

One of our major customers in India.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Has also tied up with this company.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

And they’re also going in a big way into the CO2 market with the same company and.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

This Italian company is.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Also licensing this technology to other companies all over the world. I don’t know, it could be, it.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Could enter into hundreds of megawatts after some time.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

But it’s very, very hard for us to say today just the pilot plants being commissioned whether you know, how quickly this technology is going to be absorbed and rolled out across the world. Normally these things take a little bit of time but it’s really a very exciting technology and it takes CO2 from the air, from the atmosphere. So it’s very, very environmentally friendly. I can expect this to be very large business in the future. And as I said, one of our major Indian customers also getting into this in a big way. We’re working with them very closely on.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

This and I think that they will.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Do very well in this segment.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you so much. That’s it from mine.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Amit Agicha from Edgy Hawa. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, thank you for the opportunity. Sir, what is the current size of the order book and how much of it exhibitable in FY26?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

I think that we have 1400 crore order book.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So many?<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Yeah, we have executable order for this year 1450. And you know as Nikhil said there is a upward, you know, revenue possible but we have given an indication of 1500 so book and bill looks to be only 50 crores. So already we are in a very, very comfortable situation for 1500.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And the second question out of the 4045 crore capex plan for FY23, how much is growth versus maintenance versus automation?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Madhalaspi, you can take this question please.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Yeah, see replacement is around 20 crores which is equal to the depreciation amount.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And the other is for the growth. Thank you for the reply and all the best for the future.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Akshay Ji from Exponent tribe. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you for the opportunity.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

In the earlier questions you spoke about the fact that when data centers become larger the legal genset backups are not useful and one needs to sort of put gas in these device. Two questions here. One is that why is it that diesel gensets are not sort of usable? Is it that they cannot give high power requirement? And B are genset are gas engines and gas turbines interchangeable or are they part of the same product that we would give.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Diesel engines? Largest diesel engines go up to Maybe.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

I think 2, 3 megawatts. The large manufacturers That I mentioned. Who Nims I mentioned a little bit earlier. 2 megawatt to 2.5 megawatts.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

If you have 100 megawatts requirement, you.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Can’T have 50 engines running in parallel. It’s very, very complicated and no one invests like that. You would prefer to have three or four machines of 25 megawatt size. So that’s how power plants are built. Nobody puts 50 engines or 100 engines running in parallel to meet a requirement of 100 megawatt. Gas engines go up to 10 to 12 megawatts. So depending on the overall size you have flexibility of which type of engine to use. And in general, diesel is not preferred as a.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

It’s not possible to burn diesel to.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Meet environmental requirements in the western countries. You have to use gas. So gas is the only solution for this kind of power generation in the western countries.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

But when we, when you’re speaking about that in terms of India Capex built out. So we would. Our expectation is that when we have much larger data centers sort of running in India that they would run on gas backup and not on diesel. That’s a fair assumption.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

India is at a talking stage right now. So I think let’s see how it evolves. It’s still, you know, it’s going to, I don’t know, it’s going to take.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

India needs to first figure out how.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

To get power for, you know, basic infrastructure and then you can talk about power for AI, but it’s for India.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

I mean it’s just, it’s just a little, it’s just a conversation that you.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Can have not done reality right now. So I think I’m not certainly it’s not on my data screen right now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

The second is the center that we.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Are developing in the UK for larger size products that you spoke about last call and in the annual report.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Just can you help us understand maybe.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

A little bit more detail what kind of products that we are not picking right now that we will end up sort of developing there? What is the opportunity we are seeing there and when does it sort of start rectifying in terms of orders?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So we are developing our own range.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Of products from larger machines, say 50 megawatt to 150 megawatt, our own design. And we need the design talent required to develop these products. The talent we have located in the UK and UK nationals would like to work out of the UK and that’s the reason why we have selected these people and creating infrastructure for them to work for us all over the UK.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

The product I already mentioned, and this.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Business above 50 megawatt is a very large business worldwide.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So far we have worked with another.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Licensed partner to a large company which has a lot of restrictions. And now we have come to an end to that contract and developing our own products which can address a much, much larger market.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So this is something for our growth.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Which we’ve been looking at 28 onwards. But we’re building the foundation right now. You have to build in the design capability, manufacturing capability, and then go out in the market in a big way with our own products. But all these things take time. And so we are looking at this to be a big area of our business 28 onwards.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So if you look at your history.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And how you kind of went from being the domestic focused company to a global, you know, much larger global business, it took us a while to build credibility and be able to sell different markets. Right. I mean, if I can take a few steps back and look at a 10 year kind of a now for the newer, larger products, would the journey be as long? Because you’re saying 28, which seems really short compared to at least what it may have taken in the past. So is this something that we think.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Because of the credibility you’ve generated so.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Far, that the speed to market for larger product will be changing?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Yeah, yeah.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Of course.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

We’re not an unknown entity in the market right now as we were 10 years ago. So we are a known entity and therefore you take less time.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure, certainly. Okay, that’s helpful. Thank you for that.<\/p>\n

operator<\/strong><\/p>\n

Thank you. I request to all participants, please restrict your questions to two question per participant. Our next question is from the line of Soham Dingra from Philip Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello, sir. So my question was with respect to the recent talks at the government that there have been rumors about private sector participation in the nuclear sector in India. So what kind of tailwinds do you see specifically for the company in case this actually happens and private sector is allowed to participate in the nuclear sector?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Yeah. We will certainly see a lot of increasing motor business.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sorry, sir Lauder.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

We see a lot of increase in the motor business.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, okay. And on the generator side?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

No, those will be way beyond our size still.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So we’re not going to be participating in the generative cycle. We’re not going to be making 300, 400 megawatt machines. So that’s not going to be our target even for the smaller nuclear power plant which will be in the private sector.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

But there will be a lot of.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Motors required in each and every plant. And that’s what we’re targeting.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you so much sir.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Karthik from Suyash Advisors. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, hi, good afternoon. I just wanted to clarify the example you gave earlier of the cost difference between India and European manufacturers. So you said 100 going to say 125 to 130. I’m assuming that the 100 already embeds the 10% tariff being imposed by the US so would be, you know so can you split the remaining 30 into say 15% of incremental duty and 15%, how much of that would be? What I’m trying to really understand is how different would be the cost structure for doing stuff in Turkey versus India.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Yeah, so I, you know these are, these are numbers. So 100 cost goes to 100 and.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

115 will then have a duty on top of that. So we go to 130 somewhere. 130 that’s approximately where it’s going to be.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So I, I, what I wanted to understand is the cost of mansfac doing things. How is it different in Turkey versus India? So like to like would Turkey be.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

More expensive earlier cost of hundred from India would become 115ex Turkey.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. How much of that would be great? You know, I know you answered it but thanks, thanks.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Naman Parmar from Navisha Investments. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Good afternoon sir. Thank you so much for the opportunity. Firstly I wanted to understand with the current 2 facility how much revenue potential can you do? And the third plant will be commissioning.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

By.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

The third plant we progressively commissioned as I said in Q2 and Q3 we initially we will have an additional.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Capacity of around to take us to around 2000 crores. But we are already working on optimization and better manufacturing, lean manufacturing and other things like that. So we easily see a potential to take this to 2,300 2400 crores.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So we will not be making an.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Further investment, large investment at least for the next two years and we want to utilize our assets in a much better way.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, understood. And secondly on the order book side can you just give the breakup how much is from the generator and the motors?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Yeah, I don’t have the number with.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Me but you can give it to your fine.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Yeah, thank you. And lastly on the labor sourcing side as you mentioned only that the manufacturing, major manufacturing is not happening in the Turkey but don’t you think the sorting of the labor is a Very key challenge in the Turkey region. So how you will manage that risk?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

We need some five or 10 people. It’s not a big deal. It’s not. We don’t need 500 people.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. And lastly on the tariff side, so current situation, what is perceiving in the US like you are getting a major order and all the impact of the tariff has been won by the customer only.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

You are not bearing any impact on the tariffs. And as you mentioned that the other competitors in the Europe and Japanese are mostly cost, mostly costly above around 20 rupees if you’re. If your product costs around 100.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Yeah, I have already given the numbers on all this. You know, I don’t want to. Please, please excuse me.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

I don’t want to repeat it the third time.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. Thank you so much.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Bala Subramanian from Aryan Capital Markets Ltd. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Good afternoon sir. That UK design center is majorly focused on develop larger generators like 4200 megawatt. What is the CAPEX for this initiative and what is the expected timeline for commissioning this 100 megawatt generators? Is there any requirement JP with OEM for this initiative?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

We have already made the manufacturing investment.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

A long time ago and we don’t have to make major investments to do.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

This.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

When we can expect a commercialization. Sir.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

We have just started the design center.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

We will update you on progress in the upcoming quarters.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, sir, thank you.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

It will take time.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

We will get back.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Our next follow up question is from the line of Ganesh Ram from Unifi Capital. Please go ahead.<\/p>\n

Ganeshram<\/strong><\/p>\n

Thank you. Just some bookkeeping questions. If you could just clarify the situation on working capital such as receivables, payables and inventory and on other income. What’s the extent of forwards we’ve booked and how should we see this pan out? What’s the sensitivity to forex here?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

One last thing.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Can you take this question?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Working capital actually it is running around 120 days and this is what it would be because revenues are also, you know, towards the end of the quarter there is very high billing and also it comes into the details. So 120 days is what you can estimate. And the forward booking of euros we have done for this year and we are quite well placed on those numbers.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I’m just trying to get a sense of where this other income number is going to land up and if there’s anything that you should know from the forex point of view because it was Quite elevated last year. That’s.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That’s have to be taken on a quarter, on quarter basis depending on the moment of euros because of what time what we have booked it will. It will have to be reviewed on a quarter, on quarter basis only. It’s difficult to make any commitment on for the full year right now. Okay.<\/p>\n

Ganeshram<\/strong><\/p>\n

And currently how many people do we have employed in Turkey? Who manufacturing staff?<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Currently about five to six.<\/p>\n

Ganeshram<\/strong><\/p>\n

Okay. Ten more people from here. Understood? Okay. Understood. Understood. Understood. Okay. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Kiran from Table Tree Capital. Please go. Go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi. Thanks for the question.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Tough times. I hope we all come out of this together. So my question is more on the promoter selling that’s happened. So in terms of further selling or is it, I mean because we’ve been promote shareholding is lower as it is. So there’s been further selling that has happened over the past three months back or two months back. So in terms of any, is there any assurances that there’s no not going.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

To be any more promoter selling or.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

There’s nothing of that sort. If you can get some clarity on.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

There is nothing of that sort planned for at least for the next.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Two to three years.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

At this point of time. I can say that we are not.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

At all, not at all looking at that for the next 24 months at least.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Amit Anwani from PL Capital. Please go ahead.<\/p>\n

Amit Anwani<\/strong><\/p>\n

Yeah, this one follows around the aftermarkets and stairs. If you could give some sense for aftermarket since there’s business growth from here for us, will it be at company rate? And second, are we doing this? Is there any possibility of market expansion? Are we doing aftermarkets? And there also, are we seeing the opportunity in export market, some color on the aftermarkets and spares business for next.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Two years here.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Can you answer?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Aftermarket business as it as we told in the last quarter also we are focusing more on that and as a result of that we have got very big orders in the last quarter for the refurbishment job, mainly in the hydro. So this aftermarket business is mainly coming from the hydro market also we are looking for aftermarket business outside India and we also participated in one big exhibition in the US to last week. And yeah, it is going to grow and there are good number of orders. We are participating in the tenders and if they get converted into orders, those are big numbers.<\/p>\n

Amit Anwani<\/strong><\/p>\n

What is the current contribution and will it grow faster than the products business.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

It will not grow faster than the product business. New product is the main growing business for us because in generators, you know, our own generator fleets are quite young and we are not targeting our own fleet of generators. We are targeting all our competitors machines as well. One is the replacement business and other one is the refurbishment business.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

So we said that our aftermarket business will be something like 6, 7% of sales and we stick to that.<\/p>\n

Amit Anwani<\/strong><\/p>\n

So thank you so much and all the best.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen. As there are no further questions, I now hand the conference over to Mr. Nikhil Kumar, Managing Director of TD Power Systems Ltd. For closing comments. Thank you. And over to you sir.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Thank you everybody for joining our call. If you have any further questions, please feel free to get in touch with us. We look forward to interacting with you.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Or seeing you personally at some upcoming investor conference in office in September.<\/p>\n

Nikhil Kumar<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you on behalf of TD Power System limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

TD Power Systems Limited (NSE: TDPOWERSYS) Q1 2026 Earnings Call dated Aug. 07, 2025 Corporate Participants: Unidentified Speaker Nikhil Kumar \u2014 Managing Director Analysts: Unidentified Participant Mohit Kumar \u2014 Analyst Amit Anwani \u2014 Analyst Ganeshram \u2014 Analyst CA Garvit Goyal \u2014 Analyst Vinit Thakur \u2014 Analyst Presentation: Unidentified Speaker Sam Ram. Unidentified Speaker It. Unidentified […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,13842,10089],"class_list":["post-174890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-motherson","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":137784,"url":"https:\/\/alphastreet.com\/india\/mahanagar-gas-ltd-mgl-q2-fy23-earnings-concall-transcript\/","url_meta":{"origin":174890,"position":0},"title":"Mahanagar Gas Ltd (MGL) Q2 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"November 14, 2022","format":false,"excerpt":"Mahanagar Gas Ltd (NSE: MGL) Q2 FY23 Earnings Concall dated Nov. 14, 2022 Corporate Participants: Diwakar Pingle\u00a0-- Unidentified Speaker\u00a0-- Analysts: Ankur Agarwal\u00a0--\u00a0PhillipCapital India Private -- Analyst S. 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