{"id":183082,"date":"2026-05-15T02:59:14","date_gmt":"2026-05-15T06:59:14","guid":{"rendered":"https:\/\/alphastreet.com\/india\/td-power-systems-limited-tdpowersys-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-15T03:02:27","modified_gmt":"2026-05-15T07:02:27","slug":"td-power-systems-limited-tdpowersys-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/td-power-systems-limited-tdpowersys-q4-2026-earnings-call-transcript\/","title":{"rendered":"TD Power Systems Limited (TDPOWERSYS) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

TD Power Systems Limited (NSE: TDPOWERSYS) Q4 2026 Earnings Call dated May. 15, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

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

M. N. Varalakshmi<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Garvit Goel<\/strong> \u2014 Analyst<\/em><\/p>\n

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

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

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

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Q4 and FY26 earnings conference call of TD Power Systems Ltd. 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 the 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 point out that this conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectation of the company as on date of this call.<\/p>\n

These statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to predict. 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. Good morning everybody. Thank you once again for joining us on today’s call. I trust all of you would have received our results in investor presentation. Now let’s move on to discuss the financial performance of TDPS for the year ended 31st March 2026. Standalone our full year total income on a standalone basis was Rupees 17.37 billion versus Rupees 12.88 billion over the same period in the previous year an increase of 35%. EBITDA on an annual basis is 18.14% including other income excluding exceptional and Treasury Inc.<\/p>\n

Versus 17.46% over the same period in the previous year. Profit after tax and comprehensive income is rupees 2.18 billion versus profit of 1.53 billion in the same period the previous year. An increase of 42%. During the year the company has provided for the investment for the value of 30 million from the subsidiary DFPS and with this the company has provided 100% of the investment value in its subsidiary. Order book for the manufacturing segment is 19.73 billion out of which 16.77 billion is a generator business, 2.47 billion is railway business and spares and Aftermarket business is 0.2 billion.<\/p>\n

Turkey is 0.29 billion. Export and deemed exports excluding railway order continues to be around 76%. Order Inflow Statistics Order inflow during the quarter is 6.66 billion INR and increases 61% on a Q1Q basis on the previous year. Current year the order inflow is 22.38 billion versus the previous year 14.78 billion which is an increase of 51%. Export order inflow including deemed exports during the quarter is 80% of our total which is 5.28 billion. Full year order inflow from direct and deemed exports is 17.33 billion compared to $9.85 billion the previous year growth of 76%.<\/p>\n

79% of our total order inflow for the year Is exports while 21% is domestic. An important point to note is the growth in the pending order for the year FY26 for generators and motors is 66% compared to FY25 consolidated basis Our total income on a Consolidated basis is 18.78 billion versus 13.02 billion. Increase of 44% profit after tax and comprehensive income for the year is 2.36 billion versus profit of 1.73 billion increase of 36%. We continue to maintain a strong cash position of 1.99 billion.<\/p>\n

Now they come to the market Order book, Market situation and guidance Market conditions and guidance. In general we see a very buoyant market for TDPS in all segments of the business. The basic factors that are driving growth continue to play out. AI data centers, risk stabilization, basic power generation, push towards renewables which drive demand for geothermal, hydro and waste to energy etc. With all sectors in full force, we see a very strong order inflow situation continuing and the focus right now is on execution.<\/p>\n

While our manufacturing plants in India are not affected by the war, since we do not import from the Middle east and most of our contracts for our completed products are ex works. Unfortunately one of our contracts in Turkey got affected by severe shipping delays of one lot of components on one ship from India to Turkey and we had to take a high LD penalty on one of our contracts. This has reduced the margin for our console. This is a one off event, but the customer also was exceptionally brutal with us.<\/p>\n

However, we put that behind us and now we are heavily focused on Q1 execution where based on the progress so far, we see that we will do better than Q4 of last financial year. Now let me come to the segment one by one. Steam turbine the market continues to grow at the rate that we predicted with no surprises both on the upside or the downside. The market is steady with around 10 12% growth taking place in capital, power plant business, biomass and waste heat recovery, gas turbine and gas engine business.<\/p>\n

The massive growth in this segment continues to roll on without pause. As mentioned in the investor presentation, we’re getting large volume orders and the forecast for next year continue to stroke strong upward growth. And I say next year, I mean not just this year but also for next financial year which is fy growth is expected since our engine and turbine customers are also adding capacity and these incremental numbers are resulting in demand for more generators. Notable orders are delivery to projects such as SpaceX amongst others.<\/p>\n

Hydro. We have a busy year ahead of us. This year will be one of the Highest years for TDPs and hydro. TDPs is very active in the refurbishment business in India and abroad. This segment will result in some high value order wins for TDPS in this quarter and Next Motors. The motor business remains a key focus area for us. However during the year last year we prioritized high volume generator opportunities. Given strong export demand, we are now separating manufacturing lines which will improve focus and execution.<\/p>\n

We expect the motor segment to stabilize and we see improved traction going forward. Railway we have nothing new to report. We have orders from the US market, Europe market and Russian market in addition to the Indian market. We’ll be supplying to all the free markets next year and if one includes India its four markets. Finally I’ll come to the guidance. We revised our guidance for FY27 at 2,400 plus crores with an extremely high probability to increase our guidance further to match the rate of order inflow that we saw in Q4 and that what we expect in this financial year from Q1 to Q4.<\/p>\n

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

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on the touchdown telephone. If you wish to remove yourself from the question queue you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We’ll take our first question from the line of Mihir Manohar from Trust Mutual Fund. Go ahead.<\/p>\n

Questions and Answers:<\/h2>\n

Garvit Goel<\/strong><\/p>\n

Yeah, hi. Thanks for giving the opportunity and congratulations on great set of members. Quite fantastic members. Many wanted to understand on the generator five large competitors. We are talking over here. We have talked about expansion over here. If you can provide some details as to which will be the end user application areas and what sort of customers would be there. Would this business be having higher margins? Because typically large generators would end up having more people on the competition side.<\/p>\n

So some color around that will be helpful. And when we say Capex, how large would be this Capex and what kind of potential revenue can one expect from large generator<\/p>\n

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

Business?<\/p>\n

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

These are very good questions and I’m afraid I’m not going to be able to give you detailed answers for all these questions. But all the questions are very valid questions and I think in about two or three months from now I will be happy to answer all these questions in full detail. In general, what I can say right now, and that also alludes to the comments that are made in the investor presentation, is that we are now putting a lot of focus on the large generator business where we see our projections and our demand situation and our positioning in this market improving to the point where we need to take decisions to add capacity.<\/p>\n

And when I say this, you know, when we put up the large generator capability in 2012 13, we had put up the complete capacity for manufacturing the stator line but we had limited the investments in the rotor side because of the drop in the market demand 15 years ago. Now we need to make up that gap. So we are now ready to. We need to invest heavily in manufacturing the rotors completely. We need big machining capabilities, especially for larger machines, maybe all the way up to 200 megawatt size.<\/p>\n

And this total amount of investment, we will discuss it in about two or three months. We’re putting together the business plan, the numbers, but we just wanted to give an advance intimation to the market that this is going to happen on TDPS side. It’s the initial intimation that’s going to happen. Details will be given later. End user markets, I can just generally talk about it. It’s going to be mainly export and this would range. Once again, you know, the basic end markets will be the same as what it is for our larger generators, let’s say 40, 50 megawatt size.<\/p>\n

So once again we’d be focusing on power generation. We’re focusing on larger AI data centers where we see a lot of demand now will be, you know, in the future it will shift to the larger sizes because it’s definitely more efficient. We’re also looking at combined cycle applications where large gas turbines would need steam turbine for the combined cycle for higher efficiency. So we are in a position now, we are in a fairly strong position in terms of taking those decisions that yes, we need to put the money on the table to put up the capacity and the market is large.<\/p>\n

What we can do, exactly what we can do and what we expect in terms of our ramp up on the business plan. All these questions will be answered in the next quarter. But yes, as I said all the questions are good ones and I’m sorry today I’m not going to be able to address these with specific answers but the situation is looking good for the company.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Sure. No fair point. Just last question on the gross margin side. Gross margins contracted. Pop yoy. I mean you mentioned there was a one off. If you can clarify it. And we will see reverting back margins, gross margins once we get to 35, 36% kind of levels.<\/p>\n

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

See our gross, our gross contribution margin on a consolidated basis has been hovering between 33 and 34% on an average. 34% on an average. So we are about 3% down from that. In this last quarter we had a one off event where we had a big contract from Turkey where we delayed generators because of component deliveries from India which got stuck midway and could not get delivered for almost one and a half months. So we took a big hit. We put that behind us. The customer also was pretty brutal with us.<\/p>\n

But it’s a one off event. We don’t expect, we don’t have this kind of shipping in our scope in the future so we don’t expect this to happen. Once again. Yeah. And you can expect gross contribution levels to move back to the average historical levels.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Sure. Thanks. That’s it so much and thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Mohit Surana from Monarch Network Capital. Please go ahead.<\/p>\n

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

Just one follow up question to the previous one. So which are the large players already in the global market who are manufacturing these larger capacity generators?<\/p>\n

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

There is Siemens is the global leader by far. Then you have Baker Hughes after the acquisition of Brush. They are very big in this business. Then these are the two big players on the, on the western side. And then you have the Japanese side of course you have Mitsubishi, Fuji Electric, Toshiba. So it’s all, all these players are big players, the big big energy companies. Yes,<\/p>\n

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

Got it. Our move to enter into this larger capacity generators. Will this also serve the nuclear power segment in the smr, small modular reactor where the generators will also be required. Will this cater to that segment as well?<\/p>\n

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

It will definitely. The sizes would be appropriate to that segment. I mean it depends what you, what you classify as being small. Right now people are talking about 250 megawatt to be small. We are focusing our business around say we’re capping it around 200 megawatt range. So if SMR comes in 200 megawatt range. Yes,<\/p>\n

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

Understood sir. That’s from my side. Thank you so much and congratulations on the good Set of numbers.<\/p>\n

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

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

Operator<\/strong><\/p>\n

Thank you. We’ll take our next question from the line of Saif Sohrab Gojar from ICIC Prudential amc. Please go ahead.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Yeah, thank you for the opportunity. There’s just one question on the capacity front. Considering our order book has been growing more towards the export piece of it and focusing on gas. Right. Considering that from the current capacity how much of sic peak revenue would the current facilities spend it?<\/p>\n

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

So this year we have a plan to invest around another 50 crores in capex in addition to whatever we did previously. And this 50 crore once again will go towards adding incremental capacity in certain areas which we consider to be bottlenecks and we’ll be investing approximately the same amount next year also in a little bit more automation and again debottlenecking certain capacities and adding it, adding small capacities in certain areas. So 50 plus 50 you said this year and next financial year this is not including the investment that we will have to make for the larger generators that will be taken as a separate piece.<\/p>\n

But now coming to your question we believe that we can go up to about 30 to 32 billion INR with our current capacities and with these investment incremental investments made this year and next year. So we are basically covering what we believe we can do as sales for up to FY28.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Sure. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Nitin Arora from Axis Mutual Fund. Please go ahead.<\/p>\n

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

Hi Nikhil, thanks for giving the opportunity. Just on the supply chain part like for example you gave you know one of your plant example on this data center opportunity where are you seeing the execution delays, let’s say from a turbine makers. I’m just trying to understand that given the demand is so high and you have given the guidance for this year but generally where is that? Do you see any supply chain challenges, any issues from the turbine makers is taking more time. So eventually 1, 2\/4 there might be some delays in the revenue side or the supply chain challenges side if you can throw some light on that.<\/p>\n

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

No, actually it’s just the opposite of what you’re saying. Completely the opposite of what you’re saying. It’s been 180 degrees reverse. We have our turbine customers and our engine customers monitoring on a weekly basis, twice a week basis our deliveries and are taking the machines as soon as they’re ready. So we are being very, very stringently monitored on execution and even like a three day delay, four day delay is being severely questioned by us, by our customers.<\/p>\n

Garvit Goel<\/strong><\/p>\n

So it’s<\/p>\n

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

A totally reverse situation. There’s a lot of execution pressure from our side and we are not having a single machine sitting in our shop waiting for, waiting for it to move to the customer on this, on the gas side.<\/p>\n

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

Got it. Great to hear that. And just last, last question from my side on the client edition part. You know, barring let’s say the Baker Huges or ge, how do you see the pipeline here? I mean do you see more outsourcing going forward given global guys are getting Choco blocked completely? Do you see that case of upsizing only over the next two years or do you think now whatever the orders have been come, have come, you know, they will also see how the ramp up happens and the next cycle of ordering starts happening after one year just on the direction side for the next two, three years.<\/p>\n

How you seeing it?<\/p>\n

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

First of all, there are limited number of prime mover manufacturers in this business. Right. And it’s not and there’s no possibility for new entrants in this business.<\/p>\n

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

So<\/p>\n

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

It is. This market is now completely determined by the capacity on the prime mover side. When I say prime over, I mean engine and turbine side. So if let’s say there are X number of engines, then you need X number of generators. It becomes X plus something. Then you need X plus something on generators. So this is what’s happening now. Our turbine customers, engine customers are on an average planning to double capacity by 2030. Some a little bit more, some a little bit less. But you can see everyone’s doubling capacity by 2030 and bringing it in, doing it in steps.<\/p>\n

So we’ll be seeing this incremental from this point of time we’ll be seeing incremental improvements in our output source. So to match with the larger number of turbines and generators which are coming, sorry, turbines and engines are coming into the market. So this is in general as what I can say is a trend. Of course on a year by year basis there could be a little bit ups and downs. But in terms of the investment decisions and the momentum of the, you know, this whole capacity addition from our prime mover side, that’s something which is already in play.<\/p>\n

And I don’t think that that’s going to come to an end because or that’s not going to stop because it’s such huge companies, large, very large organizations and once they start doing something, they don’t stop, they just, they just go through it,<\/p>\n

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

Getting it. That’s helpful. Thank you Nikhil.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Ganesh Ram from Unified Capital. Please Go ahead.<\/p>\n

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

Thank you for taking my question, Nikhil, and congratulations to the team on the performance. Yeah. So Nikhil, just to be clear, because of the escalating commodity prices and we, because of in certain order ancillaries, for example, there have been some disruptions because of gas availability, etc. Just to be sure we have. Are we facing any impacts from this and do we have to do anything to mitigate it?<\/p>\n

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

So one is increasing commodity prices. It’s been pretty drastic on copper. So you know, our hedges are now running out. So there, there is this, we are in this phase over period where new prices with some of our customers are kicking in, some of the prices are not kicking in. But overall I think our margins are going to be generally stable because we are also, with, you know, the high export exposure that we have, there’s a certain amount of benefit that we also get from the devaluation of the rupee to the extent of maybe the value addition that takes place in India because we also import a lot of materials.<\/p>\n

So those are kind of currency neutral from our, from our point of view because they import in dollars and euros and then we have export in dollars and euros. So overall I would say neutral, Ganesh, but there is no doubt that there is. Commodity prices are like, I’d say copper at $14,000 is high and the increases in prices that we have now talking to some of our customers are also now approaching double digit levels. So let’s see how it plays out. But I see for the next two, three quarters, I don’t see any major disruption to our margin guidance.<\/p>\n

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

Okay, Nikhil, that’s very helpful. And we’ve already ramped up production to about 590 crores this quarter. But when I look at the employee expenses, they’ve been largely stable, quarter on quarter. So I just wanted to get an understanding on how we should expect this to move next year as you ramp up.<\/p>\n

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

It’s been largely, we have largely employed everyone that we want to. There could be incremental increases, but no major increases taking place from this point onwards.<\/p>\n

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

Okay, that’s clear. And just my last question is, I think the last time we discussed that we were in conversations with a larger OEM and there was also a prototype submitted on the higher megawatt. I know we’re not expecting revenues anytime soon, but any updates on how the prototypes are performing and how the conversations are evolving?<\/p>\n

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

No, I, I’m not going to answer that specific question, but I think you have to refer to the overall remarks that I’ve made about the larger generator business in the earlier part of this call, Manish.<\/p>\n

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

So I<\/p>\n

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

Think if you look at it from that perspective instead of a specific customer perspective, we are taking those. We are going to be making the investments to get into this market in a big way and start supplying into this market in a big way. The only thing I can say, which I did not say a little bit earlier, which I have to give a little bit of caution is that the investments that we have to put in for these large, for large machining capabilities, let’s say large lathes or large machining centers and so on and so forth, those take 15 months right now under the current environment to buy and to install between 15 to 16 months.<\/p>\n

Because as I mentioned a little bit earlier, everyone’s expanding, right? Everyone on the prime over side is expanding. So all the machine tool manufacturers worldwide are full with orders. So we are basically coming into this capacity expansion thing on our larger generator a little bit late compared to others. We have to wait. So the earliest that we can put in a complete capacity would be something like N20 N calendar 27. And so we’ll be looking at the big ramp up taking place in our large energy business only in calendar 28.<\/p>\n

Meanwhile, we’ll continue to supply with whatever existing capacity that we have. But we have started making commitments to the market on our larger numbers from calendar 28 onwards which would basically be FY29.<\/p>\n

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

Got it Nikhil. Thank you. And good luck for the rest of the.<\/p>\n

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

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, in order to ensure management is able to answer queries from all participants, kindly restrict your questions to two at a time. You may join back the queue for follow up questions. Next question is from the line of Mayank Chaturvedi from hsvc. Please go ahead.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Yeah, thanks for the opportunity Nikhil and congratulations on update circuit numbers on these larger generative piece. Is the technology and the capability being driven by the UK R&D centers that we had set up. Started set up years back? Yeah, yeah, very<\/p>\n

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

Much.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Okay. Okay. So will there be any royalty or any sort of payments to that entity? Just think<\/p>\n

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

It’s our subsidiary company. 100% subsidiary company.<\/p>\n

Garvit Goel<\/strong><\/p>\n

All right. All right. And does the customer profile change this larger generators?<\/p>\n

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

Yes, yes and no. I mean it’s the same set of customers buying larger machines. Everyone prefers to buy larger. Basically end users prefer larger machines because they are more efficient. Today there’s a limited number of larger machines available so that’s why they are forced to buy the smaller machines. But in general larger machines are More efficient, far more efficient than smaller machines. So that’s the preference on the customer side. Always.<\/p>\n

Garvit Goel<\/strong><\/p>\n

That’s it from my end. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll move on to the next question from the line of Karan from Jeta. Please go ahead.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Yeah, hi, can you hear me?<\/p>\n

Operator<\/strong><\/p>\n

Yes. Can you use your handset mode please? Okay.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Okay, thanks. So one of the large customers we generate is Neo that works with World to Grid. Recently filed prospectus. Number of prospectus. They said they want to triple capacity.<\/p>\n

Operator<\/strong><\/p>\n

I’m sorry to interrupt. Can you a handset mode please? I can hear<\/p>\n

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

Him. It’s fine. He can continue.<\/p>\n

Operator<\/strong><\/p>\n

All right, Please go ahead.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Yeah, so we said we want triple capacity. I just wanted to understand how that dovetails with, you know, your plans. I think you said double capacity by 2030. But. Yeah, so I said, what I said exactly was<\/p>\n

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

I said that, you know, on an average it is double, some more and some less is what I said. Okay. So I knew, I knew about INEOS plans to triple but I didn’t mention any specific customers. I said on average is double and I said some are more and some are less.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Okay. And your share of wallet on average across the doubling of capacity that is happening can be assumed to be going up.<\/p>\n

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

We have a very specific forecast and a capacity agreement signed with EMEA where it goes up to 2030. I’m not going to disclose those numbers with you but it’s extremely exciting for us and we are very deeply plugged in with this customer.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Yeah, I guess my broader question is are you gaining share across the group and if so, why? What would be the reason?<\/p>\n

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

Not going to answer this question. We are deeply plugged in with IMEO in their capacity expansion. We have a capacity capacity commitment agreement signed with them and the numbers are extremely good for us.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Got it. Congratulations. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Aditya Trivedi from Nithian Capital. Please go ahead.<\/p>\n

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

Yeah, so the question I had was that with Global Gas Turbine, you know, all the gas turbine OEMs taking price hikes given the kind of demand that they have in order backlogs. Are you seeing that kind of pricing power emerge in the specialized generators and could that lead to sustainable gross margin expansion for TD Power.<\/p>\n

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

We have, it’s difficult to. It’s difficult for us to get better pricing than what we currently have. Aditya, we have decent pricing. We have currency tailwinds, we have price variation clauses for raw material variations. So we’re not going to make the same kind of money that the turbine guys make. That’s clear.<\/p>\n

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

Okay. And another question I had was on the nuclear side, you all have got orders from NPC IR for induction motors. India first has 100 gigawatt nuclear target by 2047. So what is the competitive landscape in terms of OEMs that are qualified to supply induction motors to NPCIL? And you know, do you see this as a big revenue growth vector for TE power going forward?<\/p>\n

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

NPCIL ordering is, while there’s a huge number of number, you know, in terms of gigawatts which is planned, the actual ordering and implementation is slow and it tends to be choppy. So I can’t put a number on it because the process for nuclear power power plant construction is very slow. So new capacities will come online. You know, it’s not going to happen in a big bang approach. The market is large. There are also domestic, but there are also domestic domestic competition. There’s bhl, there’s Crompton and there are also imports.<\/p>\n

So it’s not like we are that we have a monopoly in this sector. It’s competitive.<\/p>\n

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

Thank you. That’s it from mine.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Akshay Jogani from Exponent Tribe. Please go ahead.<\/p>\n

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

Thank you for the opportunity. Congratulations on a great set of numbers. So what I wanted to better understand when you spoke about aero derivative engines or you wrote about it in the last presentation on a prototype version with one of the customers, could you give some update on what’s happening there in terms of what is the progress we’ve made?<\/p>\n

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

Yeah, so I think Danish asked the same question a few minutes ago. Oh,<\/p>\n

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

My apologies. It was apologies. I, I, I. Okay, sure. No, thank you so much. Yeah,<\/p>\n

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

Thanks. I just answered the same, exact same question. So<\/p>\n

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

Yeah,<\/p>\n

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

I, yeah, so I stick to whatever I told Dinesh a little earlier.<\/p>\n

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

Sure.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Thank<\/p>\n

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

You.<\/p>\n

Operator<\/strong><\/p>\n

Next question is from the line of CA Garvit Goel from Serene Alpha. Please go ahead.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Hi, am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, please go ahead.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Hi, good afternoon and congratulations for a good set of numbers. Thank you. First question is on the trade receivables part. So we are seeing the growth in the trade receivables is outpacing the top line growth. Is there any specific reason for that? And how much of the outstanding Trade receivables on 31st March are recovered till now? Sir,<\/p>\n

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

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

Garvit Goel<\/strong><\/p>\n

Yeah, the outstanding<\/p>\n

M. N. Varalakshmi<\/strong><\/p>\n

Credentials have been completely covered.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Completely covered.<\/p>\n

M. N. Varalakshmi<\/strong><\/p>\n

Yeah. Yes.<\/p>\n

Garvit Goel<\/strong><\/p>\n

And secondly on the, on the, in the how is going to be going ahead like most part of the billing will Be the end of, the end of the financial year itself or we can.<\/p>\n

M. N. Varalakshmi<\/strong><\/p>\n

No, actually can you clarify your question? Because your question<\/p>\n

Garvit Goel<\/strong><\/p>\n

Is I don’t understand. Conversion of EBITA into CFO 21%. So how we are looking to improve the thing. That’s what I’m.<\/p>\n

M. N. Varalakshmi<\/strong><\/p>\n

Improve the<\/p>\n

Garvit Goel<\/strong><\/p>\n

Conversion of EBITDA into CFO cash flow from operating activities.<\/p>\n

M. N. Varalakshmi<\/strong><\/p>\n

Yeah, that will happen. See we are growing so we need to build in inventories and all and those inventories will get built during the quarter and these are short term orders. So we need to have lot of inventories, they get converted into cash flows in the next quarter.<\/p>\n

Garvit Goel<\/strong><\/p>\n

I<\/p>\n

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

Mean I, I think you just have to look from the perspective that we did 18 billion. 18 billion last year. Now we’re projecting 2,400, sorry, 24 billion plus. So you know, at least 33. So it’s taking all our retained earnings are basically going into working capital.<\/p>\n

Garvit Goel<\/strong><\/p>\n

I think that is from my side. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Ayush D from Shrews Capital. Please go ahead.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Yeah, hi. Congrats on the good set of numbers. I just had one question on the domestic steam turbine segment. If you could just give us some color on what would be the growth for this year in terms of the commentary you’ve had as a customer.<\/p>\n

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

Vinay, can you please. Question please.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Yes, hi, Ayesh. Vinay. So domestic steam turbine market is growing steadily and you know, as we are told in the presentation, we are expecting 10 to 12% growth. The sizes of the machines are, you know, shifting to the largest from 30 megawatt up to 60 megawatt range. So we are seeing a steady growth 12 plus 4 year.<\/p>\n

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

Hello,<\/p>\n

Garvit Goel<\/strong><\/p>\n

Aish, are<\/p>\n

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

You. Yeah,<\/p>\n

Garvit Goel<\/strong><\/p>\n

Yeah, yeah. And also if you could just help us with how what percentage of revenue comes from this segment?<\/p>\n

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

This segment on the Overall turnover of TDPs.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Yes,<\/p>\n

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

Steam turbine is around 25%.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Understood. All right, thank you so much. All the best. Yeah, welcome.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Sawmill Jain from Lucky Investments. Please go ahead.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Thanks for the opportunity. Just a clarification, did you mention that 25% of revenues come from steam turbines? Sorry to be repeating on this. Yes, you’re right. Okay. And could you give similar numbers for gas turbines and gas engines? Each of them?<\/p>\n

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

I don’t<\/p>\n

Garvit Goel<\/strong><\/p>\n

Know.<\/p>\n

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

Generally we don’t get the split up because it changes year to year, quarter to quarter, you know, from the customers. You could have it skewed. So we don’t want to give explanations every quarter as to why Something we did more. Something we did less. You know, it’s generally we don’t prefer to give these numbers.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Absolutely. And on the large generator side, is there a particular anchor customer that you know, you have very high confidence on all questions<\/p>\n

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

Or questions after three months? Please. We. I’m not going to be able to give more details than what I gave, except that we are going ahead with this plan.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Sure. In the presentation you mentioned that you received volume orders for gas turbines. This will be small generator. This<\/p>\n

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

Would be below 50 megawatt range. Yes.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Okay. And finally, can you give us a broad sense of what your typical RN basket looks like? Just a broad sense.<\/p>\n

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

RM copper forging, electrical steel, mild steel, insulating materials.<\/p>\n

Garvit Goel<\/strong><\/p>\n

What will be the share of copper in our.<\/p>\n

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

Sorry, can’t.<\/p>\n

Garvit Goel<\/strong><\/p>\n

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

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

Thank<\/p>\n

Garvit Goel<\/strong><\/p>\n

You.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Vivek Gautam from GS Investment. Please go ahead.<\/p>\n

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

Yeah, the congratulations for excellent numbers and there are many investors who have just started tracking the company. So don’t mind the question sir. Just wanted to understand the opportunity size and for our sector, especially in AI and data center play and how long can it go up and how sustainable are the numbers and our differentiators especially Jeff Bees collaboration we started out and how is it differentiating. Thank you.<\/p>\n

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

So the AI data center market power requirement, AI data center market for us alone is projected to be somewhere around 100, around 100 gigawatts in size. And the expected time frame to address this installation of this capacity is going to take five to seven years. And this is on the US market and there’s other parts of the world which are also going to be adding data center capacity. So this number could well go up to at least double the size. So there’s going to be a fairly long cycle in terms of capacity or the power requirements.<\/p>\n

From the AI side, this is only AI. Of course there is the traditional power generation, there’s oil and gas, there’s renewables used to heat energy. So there’s hydro, there’s geothermal. So there are a lot of opportunities right now for the company in different segments of the business. Today, of course AI is the most exciting part of the market, but not ignoring other parts of the market.<\/p>\n

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

And so our differentiator, sir, and<\/p>\n

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

Well, we have been working with these engine and turbine OEMs for a long time. This is not something. So when this boom started and our turbine and engine customers were in the middle of it, getting large amount of orders since we had established long relationships with them, we also were in a position to get benefited from this move. Let me put it that way. So what is our differentiators? We have had long relationships with these customers. And our differentiators is high quality, extremely on time deliveries, extremely good service network.<\/p>\n

And of course we offer very competitive pricing. So we build these relationships over a decade or more. And we continue to grow and deepen our relationships with these customers.<\/p>\n

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

And our Turkey plant is helping us out in any way due to the demand, big demand. So are you planning to mount Wall Street? Turkey<\/p>\n

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

Is only for Turkey and we have small orders over there. And we continue to use that plant primarily to make these small machines only for the Turkish market. And as a backup, it also serves as a service shop for us in case we need to use that facility to address our larger population of machines in the European market.<\/p>\n

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

I remember there was an incident in Islam. I request you to join<\/p>\n

Operator<\/strong><\/p>\n

Back the queue please. Thank you. Next question is from the line of Nishita Shanglisha from Sapphire Capital. Please go ahead.<\/p>\n

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

Yes, so I had a question on the order book. So currently we have around 19.7 billion worth of order book. What would be the execution timeline for this? And how do we see order book Growth in FY27?<\/p>\n

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

Vinay, take this question please.<\/p>\n

Operator<\/strong><\/p>\n

One moment, sir. His line is disconnected. One moment.<\/p>\n

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

Okay then I will. All the. All the 2000 crores or whatever is there in the pending order will be executed this year and order book growth. You know, we have not given the guidance for next financial year which is FY28 as yet. But I will give the. We’re seeing a growth in our quarter on quarter inflow numbers. And it will grow maybe. You know, I think on an average we can say conservatively we’ll definitely be able to grow 25% even next year over this year.<\/p>\n

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

Okay. Okay. And the next. I just wanted a clarification. The revenue guidance. I don’t know whether I heard it correctly. So you mentioned that in FY27 we can do around 24 billion of revenue. And by FY28 we can reach 32 million. Is that correct?<\/p>\n

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

I said that we have a capacity to address 32 billion for FY28. Yes. But that is where management is also expecting numbers to be on a conservative basis. Yeah.<\/p>\n

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

Okay. And 24 billion for FY27, right?<\/p>\n

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

Yes, that’s the number for 27. 2400 plus.<\/p>\n

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

Perfect. And our margins would be in line with what we’ve done in FY26. Just better. Excluding the one off event in Turkey.<\/p>\n

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

Yes.<\/p>\n

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

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

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Nakul Gupta from Shikarji Advisors. Please go ahead.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Thank you so much for the opportunity. Really. Congratulations for great set of numbers. My only question will be like, what are the major challenges you face in the business? Like what are the major risks you see going forward that would be detrimental to that has achieved the numbers?<\/p>\n

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

Well, we are under tremendous execution pressure at the moment. So the factory is running very full. And you know, this kind of very high capacity utilization always presents the risk that if there are breakdowns in any of the production equipment, then you would have production delays. Of course, we have a lot of total preventive maintenance and we have a lot of things that we do in our factory to avoid those kinds of things. But if you ask me about the risks, high factory utilization is always a high pressure event for everybody.<\/p>\n

And that’s where we are and that’s where we will continue to be. We don’t see the situation changing for us at all. So this is a new normal for us and we have to deliver and we will deliver.<\/p>\n

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

Okay. Okay, Nice. So another question will be like, that’s all, that’s all for now. Thank you so much.<\/p>\n

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

Thank<\/p>\n

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

You.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Mohit Surana from Monarch Network Capital. Please go ahead.<\/p>\n

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

Sir, one basic question. With respect to how many generators are required per turbine, is it always a one, one ratio or turbine can have say more than two, three generators. And what’s the general industry trend?<\/p>\n

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

One turbine, one generator. One engine, one generator.<\/p>\n

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

Understood. So next question is with respect to your hiring of a new CEO for the first time in KDPower. So what capabilities he brings to the table and what kind of vision we have. I think it’s mainly with respect to the larger capacity generators. Right? If I’m not wrong, sir,<\/p>\n

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

No. Deepak is here on this call. So maybe it’s a good time to introduce Deepak. Deepak has joined us the. He’s on this call. He’s joined as the CEO of the company. He’s not been brought in just to look after the large generators. Of course he’s come from L and T Mitsubishi which makes the large generators in Gujarat.<\/p>\n

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

So<\/p>\n

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

He has a strong background with the large rotating machines. But previously he’s worked in GE and he’s got extensive experience also with the smaller machines. So Deepak has. Deepak has come in at number two in the company and his role is to be in charge of all the activities of the organization and to Assist me with the growth of the organization and I’m really happy to have him on board. And Deepak, if you would like to say a few words, right now is a good time since people have asked about you.<\/p>\n

Hello.<\/p>\n

Operator<\/strong><\/p>\n

So I cannot see anyone with the name of Deepak Connected. Okay.<\/p>\n

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

Deepak is not on the call. Right. Okay. So maybe he logged out. So yeah, that’s the, that’s the background about Deepak. And as I’ve been saying this in various investor meetings, one on one basis, DDPS is definitely moving towards professionalizing its management. As we grow, as we scale up, as we get into different kinds of businesses, we need to have top professionals in our organization to manage the business in the future. And increasingly we will see more professionals coming in, high quality, highly capable people coming in as a senior management level to take on larger roles in the organization, to build the systems to make the company more efficient and to organize ourselves better for the growth that’s taking place.<\/p>\n

This is a process which is going to accelerate as far as we are concerned. And you will see in the future that we’ll be doing this more. That’s the direction in which the management is going to go. It’s going to become a professionally management, professionally managed organization in the future.<\/p>\n

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

Perfect, sir, thank you so much. That’s a great strategic move and very happy to hear this. Wishing you all the best.<\/p>\n

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

Thank<\/p>\n

Garvit Goel<\/strong><\/p>\n

You.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of CA Garvit Goel from Serene Alpha. Please go ahead.<\/p>\n

Garvit Goel<\/strong><\/p>\n

Hi, thanks for the follow up sir. Although you answered it before but maybe I would end it back on the margin front considering the post impact we are seeing right now on the commodity side, although you mentioned 2 to 3\/4, we will not be seeing any impact. But firstly, how is it going to impact our margins? Have you any view on that, Sir?<\/p>\n

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

We have built in protections into our margin as much as we can. That means one is through hedges, raw material hedges, through price variation clauses with our customers. But everything you know. But when there’s a sudden spurt in commodity prices like say in a week or 10 days it goes up by let’s say 10% or 15%. Whatever you do is not going to be enough to protect yourselves against those spurts. So customers are not going to react by changing prices like in a week or 10 days. But you have to start your, but you have to buy materials.<\/p>\n

But the hedges will give you some kind of buffer for some time. But then at some point of time if the prices persist in the market, then once the hedges run out, then you need the higher prices from the customers. As I said that there could be some small lag, but I also said that we have some tailwinds from the foreign exchange side. So overall, I expect us to be fairly neutral and I don’t expect a big impact on the margins. But if commodity prices again go up in a big way, another 20, 30%, then we have to see what we have to do.<\/p>\n

Garvit Goel<\/strong><\/p>\n

So the current situation is manageable.<\/p>\n

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

The current situation is manageable.<\/p>\n

Garvit Goel<\/strong><\/p>\n

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

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen. We’ll take that as the last question for today. I now hand the conference over to management for closing comments. Over to you, sir.<\/p>\n

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

Yeah. Thank you everyone for joining us on this call. If you have any further questions, please feel free to get in touch with our management team. And I look forward to interacting with you and meeting many of you face to face in some investor conference. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. On behalf of TD Power Systems limited that concludes this conference. Thank you for joining us. And you may now disconnect your line.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. TD Power Systems Limited (NSE: TDPOWERSYS) Q4 2026 Earnings Call dated May. 15, 2026 Corporate Participants: Nikhil Kumar \u2014 Managing Director M. N. Varalakshmi \u2014 Chief Financial Officer Analysts: Garvit Goel \u2014 Analyst Unidentified Participant […]<\/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":[10169,9175,9104,9092,14492,10089],"class_list":["post-183082","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-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":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":183082,"position":0},"title":"Infosys 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The company secured breakthrough international orders for 11MW and 25MW generators. Management has raised its FY27 revenue guidance to \u20b922 billion following a 61% year-over-year surge in quarterly order inflows.\u2026","rel":"","context":"In "Analysis"","block_context":{"text":"Analysis","link":"https:\/\/alphastreet.com\/india\/category\/stock-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":130756,"url":"https:\/\/alphastreet.com\/india\/united-spirits-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":183082,"position":4},"title":"United Spirits Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 23, 2022","format":false,"excerpt":"https:\/\/youtu.be\/Vvcm7ol3-Ew Key highlights from United Spirits Limited (MCDOWELL-N) Q4 FY22 Earnings Concall \u00a0 Management Update: MCDOWELL-N expects volatility, temporary import supply constraint and inflationary headwinds to remain in short term, putting pressure on its growth and margins. \u00a0 Q&A Highlights: Avi Mehta - Macquarie Group - Analyst EBITDA and working\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":130763,"url":"https:\/\/alphastreet.com\/india\/heg-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":183082,"position":5},"title":"HEG Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 23, 2022","format":false,"excerpt":"https:\/\/youtu.be\/Zn0qJUSwtSo Key highlights from HEG Limited (HEG) Q4 FY22 Earnings Concall \u00a0 Q&A Highlights: Sonali Salgaonkar \u2013 Jefferies - Analyst Quantum of price hikes between 3Q and 4Q and any price hike from April 1 until now? Ravi Jhunjhunwala - Managing Director Between 3Q and 4Q it\u2019s 12% and expecting\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=183082"}],"version-history":[{"count":1,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183082\/revisions"}],"predecessor-version":[{"id":183083,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183082\/revisions\/183083"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=183082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=183082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=183082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}