The global economy in 2026 is projected to grow by
3.1%, reflecting a resilient but structurally moderate expansion amid renewed geopolitical uncertainties. Growth remains uneven, with stronger momentum in the United States and select Asian economies, while Europe continues to face relatively slower expansion due to fiscal constraints, elevated energy costs and transition challenges.
Global disinflation has moderated, with inflation expected to rise to 4.4%, driven by geopolitical disruptions in the Middle East impacting energy, freight and commodity prices. Core inflation and wage pressures remain persistent in developed economies, leading central banks to maintain cautious, data-driven monetary policies with relatively elevated interest rates.
Global trade growth is expected to moderate to 2.8%, with structural shifts reshaping trade dynamics. Supply chain diversification, near-shoring and geoeconomic fragmentation are influencing production networks, while industrial policies, tariffs and strategic priorities are redirecting capital flows towards advanced manufacturing, semiconductors and clean energy sectors.
In the power and infrastructure space, energy security and transition remain key priorities. Investments continue to focus on grid modernisation, renewable integration and gas infrastructure to address supply volatility. Infrastructure spending across
transport, logistics and power systems is supporting medium-term growth across major regions.
Digital infrastructure investment remains strong, driven by rising demand for data centres supported by artificial intelligence, cloud computing and high-performance computing. Increasing electricity consumption from these segments is expected to shape long-term energy demand. Overall, the global outlook reflects moderate growth, supported by sustained investment in physical and digital infrastructure.
Indias economy remains among the fastest growing globally in Fiscal 2026, with real Gross Domestic Product growth estimated at 7.4% and Gross Value Added growth at 7.3%, reflecting resilient consumption and investment trends. According to the Economic Survey 2025-26, India continues to be the fastest-growing major economy globally, supported by strong domestic demand, expanding private consumption and sustained public capital expenditure, despite ongoing global geopolitical and trade uncertainties.
| Year | Fiscal 2021 | Fiscal 2022 | Fiscal 2023 | Fiscal 2024 | Fiscal 2025 |
| GDP Growth Rate (%) | 8.7 | 7.0 | 7.6 | 6.4 | 7.4 |
| Sector | Coal | Crude Oil | Natural Gas | Refinery Products | Fertilisers | Steel | Cement | Electricity | Overall Index |
| Weight | 10.33 | 8.98 | 6.88 | 28.04 | 2.63 | 17.92 | 5.37 | 19.85 | 100.00 |
| Fiscal 2013 | 103.2 | 99.4 | 85.6 | 107.2 | 96.7 | 107.9 | 107.5 | 104.0 | 103.8 |
| Fiscal 2014 | 104.2 | 99.2 | 74.5 | 108.6 | 98.1 | 115.8 | 111.5 | 110.3 | 106.5 |
| Fiscal 2015 | 112.6 | 98.4 | 70.5 | 108.8 | 99.4 | 121.7 | 118.1 | 126.6 | 111.7 |
| Fiscal 2016 | 118.0 | 97.0 | 67.2 | 114.1 | 106.4 | 120.2 | 123.5 | 133.8 | 115.1 |
| Fiscal 2017 | 121.8 | 94.5 | 66.5 | 119.7 | 106.6 | 133.1 | 122.0 | 141.6 | 120.5 |
| Fiscal 2018 | 124.9 | 93.7 | 68.4 | 125.2 | 106.6 | 140.5 | 129.7 | 149.2 | 125.7 |
| Fiscal 2019 | 134.1 | 89.8 | 69.0 | 129.1 | 107.0 | 147.7 | 147.0 | 156.9 | 131.2 |
| Fiscal 2020 | 133.6 | 84.5 | 65.1 | 129.4 | 109.8 | 152.6 | 145.7 | 158.4 | 131.6 |
| Fiscal 2021 | 131.1 | 80.1 | 59.8 | 114.9 | 111.6 | 139.4 | 130.0 | 157.6 | 123.2 |
| Fiscal 2022 | 142.3 | 77.9 | 71.3 | 125.1 | 112.4 | 163.0 | 156.9 | 170.1 | 136.1 |
| Fiscal 2023 | 163.5 | 76.6 | 72.4 | 131.2 | 125.1 | 178.1 | 170.6 | 185.2 | 146.7 |
| Fiscal 2024 | 182.7 | 77.1 | 76.8 | 135.9 | 129.8 | 200.4 | 185.7 | 198.3 | 157.8 |
| Fiscal 2025 | 192.0 | 75.4 | 75.9 | 139.7 | 133.5 | 214.1 | 197.4 | 208.6 | 164.9 |
| Apr-Dec 2025- 26* | 176.3 | 74.1 | 74.6 | 138.8 | 136.9 | 229.2 | 204.2 | 210.5 | 166.3 |
*Provisional
Public investment continues to anchor growth, with Union Budget 2026-27 capital expenditure at approximately Rs. 12.22 lakhs Crore, supporting infrastructure across transport, logistics, power and strategic sectors. The Government has maintained a fiscal deficit target of 4.3%, while continuing counter-cyclical fiscal measures to strengthen manufacturing and long-term economic resilience.
Inflation remained largely under control during most of the fiscal year, supporting macroeconomic stability and consumption trends. Headline Consumer Price Index inflation stood at 3.4% in March 2026, reflecting a limited impact from global energy market volatility. In response to changing crude oil price dynamics, the Reserve Bank of India maintained the policy repo rate at 5.25% in April 2026, reflecting a neutral monetary stance.
Manufacturing activity strengthened alongside services, supported by demand, credit expansion and policy initiatives. Production Linked Incentive schemes continue to attract investments, includingapproximately
Rs. 11,887 Crores in speciality steel, reinforcing domestic manufacturing capabilities. Make in India, export diversification, foreign direct investment reforms and
regulatory streamlining continue to improve ease of doing business and support formal sector growth.
Structural reforms and tax rationalisation measures also supported consumption growth. The reduction in Goods and Services Tax on essential consumer durables from 28% to 18% in September 2025 helped stimulate household demand across urban and semi-urban markets.
Power sector expansion remains a key enabler, with installed capacity exceeding 520.51 gigawatts. Renewable energy additions, particularly in solar and wind, continue to accelerate, supported by higher budgetary allocations for clean energy. Overall, Indias growth trajectory continues to be supported by strong fiscal policy, infrastructure investment, resilient domestic consumption and manufacturing expansion, despite evolving global uncertainties.
Reliable and uninterrupted access to electricity remains critical across industrial, commercial and residential operations, driving the widespread adoption of generator systems for primary, standby and supplementary power requirements. Generators convert mechanical energy
into electrical energy and are commonly deployed to support operations in regions facing grid instability, transmission limitations or fluctuating power availability. A typical generator system comprises an engine, alternator, fuel system, cooling and exhaust mechanisms, along with integrated control systems that collectively enable efficient and regulated power generation.
sustained electricity demand and industrial energy requirements. Demand remains anchored in thermal and combined-cycle power generation, where reliable and continuous output is critical. In parallel, increasing adoption of captive and on-site power solutions across steam-intensive industries is supporting deployment. Key applications include sugar mills, refineries, pulp & paper, chemicals and waste heat recovery systems, where steam turbines enhance process efficiency and energy utilisation. Continued infrastructure development and expansion of power generation capacity in emerging economies are expected to provide structural support to the market.
The global generator market continues to expand, supported by industrialisation, infrastructure development and rising electricity demand across both developed and emerging economies. Rapid urbanisation and construction activity, particularly in Asia-Pacific, are contributing significantly to market growth. Increasing investments in commercial facilities, data centres and critical infrastructure are further strengthening demand for reliable backup and decentralised power solutions. In addition, recurring power disruptions, rising peak-load requirements and gaps in transmission and distribution infrastructure are accelerating the adoption of on-site generation systems. Environmental considerations and evolving emission standards are also influencing market dynamics, with growing preference for fuel-efficient and lower-emission technologies alongside conventional diesel-powered generators.
The global steam turbine market is expected to witness steady growth over the medium term, supported by
The global gas turbine market is witnessing strong growth, driven by rising electricity demand and increasing investments in gas-based power generation infrastructure. Gas turbines remain integral to modern power systems due to their relatively lower emissions and high operational efficiency. Growth is supported by the expansion of combined-cycle power plants and the increasing use of natural gas as a transition fuel across developed and emerging economies. Technological advancements in turbine design, materials and digital diagnostics are enhancing efficiency, reducing downtime and improving lifecycle performance. Additionally, improved operational flexibility, including faster ramp-up capabilities, is enabling better integration with renewable energy sources and supporting grid stability.
increasing electricity demand, alongside rising adoption of small and micro-hydro solutions for decentralised energy needs. In Europe, growth is supported by renewable transition mandates and the modernisation of ageing infrastructure, with increasing focus on refurbishment, efficiency upgrades
and integration of digital monitoring systems.
The global hydro generators market is expanding steadily, supported by sustained investments in renewable energy infrastructure and the critical role of hydropower in grid stabilisation. Hydropower continues to be prioritised as a reliable and scalable low-carbon energy source. Technological advancements in generator efficiency and digital control systems are enhancing operational performance and reliability.
The diesel generator market is expected to witness steady growth, supported by sustained demand for reliable backup and continuous power solutions across infrastructure and industrial applications. Demand is primarily driven by recurring power outages, natural disasters and ongoing grid stability concerns across regions. Adoption remains strong across sectors such as oil & gas, construction and manufacturing, where dependable power is critical, particularly in remote and high-intensity operating environments. Growth is further supported by rising industrial activity, expanding energy needs and increasing investments in energy management, reinforcing the role of diesel generators as a reliable and widely deployed power source.
Asia-Pacific remains the primary growth driver, led by large- scale hydropower projects and
The global gas generator market is witnessing steady growth, driven by rising energy demand and expanding industrial activity. Demand is supported by the need for reliable and continuous power across commercial and industrial sectors. Growth is further reinforced by increasing digitalisation, with data centres and communication infrastructure requiring uninterrupted power to ensure operational continuity. Gas generators are widely deployed to meet rising electricity consumption, offering a relatively cleaner and efficient alternative for dependable power supply across diverse applications.
The global gas turbine market is set for strong expansion, supported by rising electricity demand and the ongoing transition toward cleaner power generation. Growth is
driven by increasing deployment across emerging and industrialising economies, where reliable and scalable energy solutions are critical. Adoption is further supported by a shift away from coal-based generation toward lower-emission alternatives, with gas turbines, particularly in combined-cycle configurations, offering improved efficiency and reduced environmental impact. Their relatively lower emissions position them as a key transitional technology in decarbonising energy systems. In addition, their ability to support grid stability and complement renewable energy integration reinforces their strategic importance in evolving power infrastructure.
The global gas engine market is witnessing steady growth, supported by rising demand for efficient and reliable power systems across industrial and commercial applications. Growth is driven by increasing energy consumption, infrastructure development and the need for continuous power solutions across sectors. Gas engines are widely used across industrial machinery, power generation, oil & gas and construction equipment, reflecting their versatility across applications. Technological advancements are improving efficiency, durability and operational flexibility, enhancing overall performance and lifecycle value. In parallel, the shift toward cleaner and energy-efficient solutions, supported by policy incentives and decarbonisation efforts, is strengthening adoption across power generation and industrial segments.
The global induction motors market is witnessing strong growth, driven by expanding industrialisation, automation and increasing emphasis on energy-efficient solutions across manufacturing, utilities and infrastructure sectors. Induction motors continue to see widespread adoption due to their durability, reliability and cost-effectiveness, with applications spanning pumps, HVAC systems, material handling and compressed air systems. Growth is further supported by rising integration in renewable energy systems and electric mobility applications. Technological advancements in motor design and control systems, including IoT-enabled smart motors, are enhancing operational efficiency and enabling predictive maintenance. Regionally, demand remains strong in developed markets due to automation initiatives, while Asia-Pacific is emerging as a key growth driver supported by rapid urbanisation, infrastructure development and industrial capacity expansion.
investments in railway electrification. Demand is further supported by government incentives and regulatory focus on cleaner transportation solutions. Technological advancements in motor control systems and integration of smart technologies are enhancing performance and efficiency. Regionally, Asia-Pacific leads growth supported by industrialisation and policy push, while developed markets continue to see adoption driven by emissions regulations and EV demand.
Synchronous motors are high-performance systems designed to operate at constant speed in line with supply frequency, making them suitable for heavy-duty and precision industrial applications.
Traction motors are specialised electric motors that convert electrical energy into mechanical force to propel vehicles, playing a central role across electric vehicles, hybrid vehicles, electric buses and modern rail systems. They are designed to deliver high torque at low speeds, ensuring energy efficiency, smooth acceleration and reliable performance across mobility platforms. The global traction motor market is witnessing strong growth, driven by accelerating adoption of electrified mobility, expansion of EV manufacturing and increasing
They are widely used across oil & gas, power generation, mining, cement, water treatment and large manufacturing facilities, where operational stability, power factor correction and energy efficiency are critical. The global synchronous motor market is expanding steadily, supported by industrial automation, infrastructure investments and increasing focus on energy-efficient equipment. Demand is driven by the need for reliable high-power motors in energy-intensive industries, along with replacement of ageing systems and regulatory emphasis on energy optimisation. Regionally, Asia-Pacific leads growth on the back of industrialisation and capacity expansion, while developed markets are supported by modernisation initiatives and adoption of advanced motor control technologies.
Electrification Momentum:
Rising adoption across transportation, industrial processes and infrastructure driving demand for motors and generators in EVs, rail and energy-intensive sectors
Regulatory push for high-efficiency systems accelerating replacement demand for advanced motors and generators
Fluctuations in copper, electrical steel and rare earth materials impacting cost structures and margins
Presence of global and low-cost manufacturers exerting pricing and market share pressure
Expansion of wind, solar and hybrid systems increasing demand for grid-compatible and decentralised power solutions
Shifts in trade, localisation and environmental regulations influencing investment decisions
Industry 4.0 and robotics driving need for precision motors and digitally integrated systems
Growth in metro rail, smart cities, water and industrial infrastructure supporting sustained demand
Rapid advancements in propulsion and power electronics requiring continuous innovation and R&D
Geopolitical and logistics disruptions affecting component availability and execution timelines
TD Power Systems Ltd (TDPS or the Company) is a manufacturer of AC generators catering to steam, gas, hydro and diesel-based power plants. Its portfolio includes steam turbine generators up to 250 MW, gas turbine generators up to 250 MVA, hydro generators up to 45 MW and diesel/gas engine generators up to 25 MVA.
Beyond generators, the Company manufactures synchronous motors up to 50 MW, induction motors up to 20 MW and traction motors up to 1,250 kW, addressing diverse industrial and mobility applications. TDPS operates two manufacturing facilities in Bengaluru, including a dedicated large-generator unit and commissioned a third facility during the year to enhance capacity across generators, motors and components. The Company also maintains an international manufacturing presence in Turkey.
The Company has supplied 8,055 generators and motors to 113 countries worldwide, reaffirming continued global confidence in its design, reliability, and manufacturing capabilities. This international presence underscores the fact that an Indian generator manufacturer can deliver dependable products while meeting stringent testing standards and competing effectively on the global stage.
In Fiscal 2026, TDPS delivered its highest-ever revenue and profit after tax for the third consecutive year, reflecting strong execution across key product segments and sustained momentum in international markets. The manufacturing business continued to remain the core growth driver for the Company, with healthy order inflows across generators, motors and railway applications. Export and deemed export orders continued to dominate the order mix during the year, accounting for a significant share of total order inflow, supported by strong brand recognition and expanding customer engagement across global markets.
The gas turbine and gas engine business emerged as the strongest-performing segment during the year, recording substantial growth driven primarily by demand from AI and data centre applications in the United States, along with distributed power and industrial applications across international markets.
The Company secured significant volume orders from major global OEMs and also received breakthrough prototype orders, strengthening its position for long-term platform opportunities. The continued growth in this segment reflects increasing global demand for flexible and efficient power solutions.
The steam turbine segment maintained a strong and steady performance during Fiscal 2026, supported by healthy demand from captive power plants, biomass and waste heat recovery applications in both domestic and export markets. The Company also saw increasing opportunities from the steel industry in India. The market continued to witness a gradual shift towards larger units and combined-cycle applications, reinforcing the long-term growth potential of the segment. Gas Engine Generators emerged as a larger contributor to the Companys overall turnover during the year, followed by Steam Turbine Generators.
The hydro segment demonstrated encouraging momentum during Fiscal 2026, supported by growing refurbishment opportunities in India and overseas
markets. The Company remained active in small and mid-sized hydro projects while strengthening its presence in the refurbishment business, which is emerging as an important vertical within the segment. The hydro business is expected to achieve one of its highest revenue contributions in the coming year, supported by a healthy pipeline of opportunities.
The motors business continued to strengthen its position as a focused growth vertical for the Company. The induction and synchronous motors business recorded healthy progress across domestic and export markets, supported by a strong order pipeline and ongoing customer qualifications in the United States and Europe. To improve operational focus and execution efficiency, the Company has initiated the separation of manufacturing lines for motors and generators. The business continued to demonstrate strong potential for long-term growth.
The railway business also recorded steady progress during the year, supported by long-term supply arrangements for traction motor components and growing opportunities in domestic and export markets. The Company continued to expand its presence in locomotive applications and initiated qualification activities for international traction motor programmes.
Other product lines such as diesel generators, wind applications, spares and aftermarket services remained smaller contributors during the year. The spares and aftermarket business continued to witness gradual growth, supported by increasing refurbishment and service opportunities across installed equipment.
During Fiscal 2026, the Company also continued to invest in future-ready technologies and product capabilities. TDPS is building design and manufacturing capabilities for larger generators ranging from 40 MW to 200 MW through its R&D branch office in the United Kingdom. These developments are expected to strengthen the Companys participation in larger global opportunities in the years ahead.
Considering the strong order pipeline, increasing export opportunities and healthy momentum across core product segments, the Company expects to achieve a revenue of Rs.Rs. 2,400+ Crore for the Fiscal 2027.
Barring unforeseen events, the Company expects to maintain a higher level of operational and financial performance driven by strong order inflow, improved execution and a favourable product mix in Fiscal 2027.
Some of the important breakthrough orders, qualifications from OEMs/Customers and business developments during Fiscal 2026 are as follows:
The induction and synchronous motors business continued to witness healthy growth supported by strong domestic and export demand
Initiated customer qualification activities for motors in the United States and European markets, with volume production expected to commence following successful approvals
Continued supplies of stators and rotors for traction motors under long-term arrangements for railway applications
Offered qualification units for traction motor applications in international markets, including Russian locomotive programmes
Undertook operational initiatives to separate manufacturing lines for motors and generators to improve execution efficiency and strengthen focus on the growing motors business
The above breakthrough orders, qualifications and business developments reflect promising growth opportunities and are expected to contribute significantly to the Companys order book and future business prospects.
During the year, the Company initiated a structured Business Excellence programme to strengthen operational efficiency, process reliability and manufacturing consistency across its operations. Led by a dedicated Business Excellence team, the initiative reflects TDPS strategic focus on building simple, robust and scalable production systems capable of delivering world-class quality standards while supporting future growth requirements.
The initiative is aimed at reducing operational inefficiencies, improving process discipline and minimising manufacturing challenges through the adoption of globally recognised continuous improvement practices. The Company plans to progressively implement methodologies such as Total Quality Management (TQM), Kaizen, Quality Circles and 5S across functions, tailored to its operating environment and business requirements. These initiatives are expected to enhance productivity, strengthen quality consistency, improve shop-floor efficiency and create a more agile manufacturing ecosystem.
As part of this journey, the Business Excellence team will work closely with employees across departments to drive awareness, capability building and structured implementation of improvement practices. The programme is designed to foster a culture of continuous improvement and proactive problem-solving, enabling teams to transition from reactive firefighting approaches towards sustainable process optimisation and operational discipline.
The Companybelieves thatstrengtheningmanufacturing excellence and process standardisation will be critical to supporting future scale-up plans, improving execution capabilities and enhancing overall competitiveness. With increasing production requirements and expanding market opportunities across generators and motors, TDPS remains focused on creating a resilient operational framework capable of supporting long-term growth with improved efficiency, reliability and quality outcomes.
The opening order book for Fiscal 2026 was Rs. 1,36,801.40 lakhs (Rs. 1,33,912.44 lakhs for India and Rs. 2,888.98 lakhs for Turkey), including traction business of Rs. 31,636.77 lakhs. During Fiscal 2026 the total order inflows were
Rs. 2,23,848.20 lakhs including Rs. 4,889.04 lakhs at Turkey. Domestic order inflows stood at 21%, while exports, including deemed exports, orders stood at 79% of the order inflow. While top 10 customers contributed 84% of consolidated revenues in fiscal 2026 (84% in fiscal 2025).
The total sales on a standalone basis were Rs. 1,71,666.38 lakhs in fiscal 2026 as compared to Rs.Rs. 1,26,539.62 lakhs in fiscal 2025, an increase of 35.66%.
Exports and deemed exports contributed 66% (Fiscal 2026: 64%) of total sales and domestic revenues contributed 34% (Fiscal 2025: 36%) in Fiscal 2026.
The pending order book as on April 01, 2026 is
Rs. 1,97,288.60 lakhs (April 01, 2026: Rs. 1,36,801.40
lakhs) including traction business of Rs. 24,762.20 lakhs (Previous Year: Rs. 31,636.77 lakhs). Out of this,
Rs. 1,94,399.60 lakhs for India and Rs. 2,889.00 lakhs for Turkey (Previous Year: Rs. 1,33,912.44 lakhs for India and
Rs. 2,888.98 lakhs for Turkey). The share of exports and deemed exports is 76% (Previous Year: 62%) of order book excluding traction business.
Total income increased by Rs.Rs. 57,512.08 lakhs, or 44.16%, to Rs.Rs. 1,87,753.20 lakhs in Fiscal 2026 from Rs. 1,30,241.12 lakhs in Fiscal 2025, predominantly due to increase in sales volume. Sales increased by Rs.Rs. 57,747.21 lakhs, or 45.16%, to Rs.Rs. 1,85,623.38 lakhs in Fiscal 2026 from
Rs. 1,27,876.17 lakhs in Fiscal 2025, predominantly due to an increased sales volume. Expressed as a percentage of total income, net sales contributed 98.87% in Fiscal 2026 from 98.18% in Fiscal 2025.
Other income contributed 1.13% and 1.82% of the total income in Fiscal 2026 and 2025, respectively. Other income decreased by Rs.Rs. 235.13 lakhs, or 9.94%, to
Rs. 2,129.82 lakhs in Fiscal 2026 from Rs.Rs. 2,364.95 lakhs in Fiscal 2025. The profit after tax and other comprehensive income was Rs.Rs. 23,604.28 lakhs in Fiscal 2026 as compared to Rs.Rs. 17,335.82 lakhs in Fiscal 2025, an increase of 36.16%. The performance review of the overseas subsidiaries is covered in the Directors Report to the Members.
The results of operations for the year ended March 31, 2026, and 2025 on a consolidated basis are as follows:
| Particulars | Fiscal 2026 ( Rs. in lakhs) | % of Total Income | Fiscal 2025 ( Rs. in lakhs) | % of Total Income |
| Income: | ||||
| Sales | 1,85,623.38 | 98.87 | 1,27,876.17 | 98.18 |
| Other Income | 2,129.82 | 1.13 | 2,364.95 | 1.82 |
| Total Income | 1,87,753.20 | 100.00 | 1,30,241.12 | 100.00 |
| Expenditure: | ||||
| Consumption of Raw Material, Stores, Spare Parts and Components | 1,24,100.78 | 66.10 | 83,084.46 | 63.79 |
| Operating and Other Expenses | 28,551.04 | 15.21 | 21,715.62 | 16.67 |
| Interest and Finance Charges | 190.32 | 0.10 | 305.84 | 0.23 |
| Depreciation and Amortisation of Technical Know- How | 2,299.35 | 1.22 | 1,969.85 | 1.51 |
| Total Expenditure | 1,55,141.49 | 82.63 | 1,07,075.77 | 82.21 |
| Profit Before Tax | 32,611.71 | 23,165.35 | \u2013 |
| Particulars | Fiscal 2026 ( Rs. in lakhs) | % of Total Income | Fiscal 2025 ( Rs. in lakhs) | % of Total Income |
| Current Tax | 8,830.93 | 5,467.25 | \u2013 | |
| Deferred Tax | (96.71) | 240.59 | \u2013 | |
| Profit/(Loss) after Tax | 23,877.49 | 17,457.51 | \u2013 | |
| Other Comprehensive Income | ||||
| Exchange Difference on Translation of Foreign Operations | (312.17) | (28.95) | \u2013 | |
| Income Tax on the Above | (17.24) | (4.38) | \u2013 | |
| Re-measurement of Defined Benefit Plans | 75.10 | (118.08) | \u2013 | |
| Income Tax on the Above | (18.90) | 29.72 | \u2013 | |
| Total | (273.21) | (121.69) | \u2013 | |
| Total Comprehensive Income | 23,604.28 | 17,335.82 | \u2013 |
Income
Total income increased by Rs. 57,512.08 lakhs, or 44.16%, to Rs. 1,87,753.20 lakhs in Fiscal 2026 from Rs. 1,30,241.12 lakhs in Fiscal 2025, predominantly due to increased sales volume.
Sales
Sales increased by Rs. 57,747.21 lakhs, or 45.16%, to
Rs. 1,85,623.38 lakhs in Fiscal 2026 from Rs. 1,27,876.17 lakhs in Fiscal 2025, predominantly due to increased exports sales volume.
Expressed as a percentage of total income, net sales remain flat at 98.87% in Fiscal 2026 from 98.18% in Fiscal 2025.
Other income
Other income contributed 1.13% and 1.82% of our total income in Fiscal 2026 and 2025, respectively.
Other income decreased by Rs. 235.13 lakhs, or 9.94%, to
Rs. 2,129.82 lakhs in Fiscal 2026 from Rs. 2,364.95 lakhs in Fiscal 2025, mainly due to reduction in interest rates on term deposits.
Expenditure
Total expenditure increased by Rs. 48,065.72 lakhs, or 44.89%, to Rs. 1,55,141.49 lakhs in Fiscal 2026 from
Rs. 1,07,075.77 lakhs in Fiscal 2025, primarily due to increased sales volumes.
Consumption of raw material, stores, spare parts and components
Consumption of raw material, stores, spare parts and components expenses increased by Rs. 41,016.32 lakhs to Rs. 1,24,100.78 lakhs in Fiscal 2026 from Rs. 83,084.46
lakhs in Fiscal 2025, primarily due to increased sales volume.
Expressed as a percentage of total income, raw material consumption contributed 66.10% in Fiscal 2026
compared to 63.79% in Fiscal 2025.
Operating and other expenses
Our operating and other expenses increased by
Rs. 6,835.42 lakhs, or 31.48%, to Rs. 28,551.04 lakhs in Fiscal 2026 from Rs. 21,715.62 lakhs in Fiscal 2025.
Power and fuel expenses increased by Rs. 247.24 lakhs, or 22.01%, to Rs. 1,370.69 lakhs in Fiscal 2026 from Rs. 1,123.45 lakhs in Fiscal 2025 on account of increased production.
Personnel expenses through salaries, wages and bonuses increased by Rs. 3,085.90 lakhs, or 33.96%, to Rs. 12,174.09 lakhs in Fiscal 2026 from Rs. 9,088.19 lakhs in Fiscal 2025 on account of adding manpower to support capacity expansion along with salary revision to catch-up the inflationary increase.
Welfare expenses increased by Rs. 723.58 lakhs, or 32.95%, to Rs. 2,919.53 lakhs in Fiscal 2026 from
Rs. 2,195.95 lakhs in Fiscal 2025 on account of capacity expansion.
Rent charges increased by Rs. 99.53 lakhs, or 54.65%, to Rs. 281.65 lakhs in Fiscal 2026 from Rs. 182.12 lakhs in Fiscal 2025 primarily on account of inflationary increase from our Turkey subsidiary.
Repair expenses increased by Rs. 362.48 lakhs, or 40.96%, to Rs. 1,247.43 lakhs in Fiscal 2026 from
Rs. 884.95 lakhs in Fiscal 2025.
Carriage, freight and selling expenses increased by Rs. 348.06 lakhs, or 17.18%, to Rs. 2,373.56 lakhs in Fiscal 2026 from Rs. 2,025.50 lakhs in Fiscal 2025 on account of the increase in sales volume.
Vehicle maintenance expenses remain flat at
Rs. 94.18 lakhs in Fiscal 2026 from Rs. 82.73 lakhs in Fiscal 2025.
Insurance expenses increased by Rs. 43.25 lakhs, or 20.10%, to Rs. 258.46 lakhs in Fiscal 2026 from
Rs. 215.21 lakhs in Fiscal 2025.
Printing and stationery expenses remain flat at
Rs. 79.19 lakhs in Fiscal 2026 from Rs. 55.88 lakhs in Fiscal 2025.
Travelling expenses increased by Rs. 680.98 lakhs, or 44.88%, to Rs. 2,198.27 lakhs in Fiscal 2026 from
Rs. 1,517.29 lakhs in Fiscal 2025 due to the increase in travelling.
Postage and telephone charges remain flat at Rs. 68.16 lakhs in Fiscal 2026 from Rs. 55.31 lakhs in Fiscal 2025.
Audit Fee remain flat at Rs.Rs. 29.73 lakhs in Fiscal 2026 from Rs. 28.49 lakhs in Fiscal 2025.
Consultancy and professional charges increased by
Rs. 300.31 lakhs, or 32.76%, to Rs. 1,217.07 lakhs in Fiscal 2026 from Rs. 916.76 lakhs in Fiscal 2025 due to the increase in consultancy services & product related certifications.
Bank charges increased by Rs. 104.69 lakhs, or 22.52% to Rs. 569.62 lakhs in Fiscal 2026 from Rs. 464.93 lakhs in Fiscal 2025 due to the increased volume.
Royalty charges decreased by Rs. 6.72 lakhs, or 9.38%, to Rs. 64.89 lakhs in Fiscal 2025 from Rs. 71.61 lakhs in Fiscal 2025 due to lower sales of product under license agreement.
Direction charges, including other expenses increased by Rs. 334.43 lakhs, or 27.46%, to Rs. 1,552.26 lakhs in Fiscal 2026 from Rs. 1,217.83 lakhs in Fiscal 2025.
Manufacturing expenses increased by Rs. 192.56 lakhs, or 131.70%, to Rs. 338.77 lakhs in Fiscal 2026 from Rs. 146.21 lakhs in Fiscal 2025 on account of increased production.
Rates and taxes decreased by Rs. 36.18 lakhs, or 16.57% to Rs. 182.17 lakhs in Fiscal 2026 from Rs. 218.35 lakhs in Fiscal 2025.
Software expenses remain flat at Rs. 670.99 lakhs in Fiscal 2026 from Rs. 639.06 lakhs in Fiscal 2025.
Expressed as a percentage of total income, operating and other expenses is 15.21% in Fiscal 2026 when compared to 16.67% in Fiscal 2025.
Interest and finance charges
Our interest and finance charges decreased by Rs. 115.52 lakhs, or 37.77%, to Rs. 190.32 lakhs in Fiscal 2026 from
Rs. 305.84 lakhs in Fiscal 2025, due to change in payment terms to MSMED vendors.
Depreciation and amortisation of technical know- how
Our depreciation and amortisation of technical know-how expense increased by Rs. 329.50 lakhs, or 16.73% to Rs. 2,299.35 lakhs in Fiscal 2026 from Rs. 1,969.85 lakhs in Fiscal 2025 on account of capacity expansion resulting in increased capitalisation of assets.
Profit before tax
Profits before tax increased by Rs. 9,446.36 lakhs, or 40.78%, to Rs. 32,611.71 lakhs in Fiscal 2026 from Rs. 23,165.35 lakhs in Fiscal 2025.
Taxation
Our tax expense increased by Rs. 3,026.38 lakhs, or 53.02%, to Rs. 8,734.22 lakhs in Fiscal 2026 from Rs. 5,707.84 lakhs in Fiscal 2025 due to higher profit.
Profit after tax
Consequently, our profit after tax increased by Rs. 6,419.98 lakhs, to Rs. 23,877.49 lakhs in Fiscal 2026 from Rs. 17,457.51 lakhs in Fiscal 2025.
Net worth
The consolidated net worth stands at Rs. 1,07,176.43 lakhs an increase of Rs. 21,145.99 lakhs from Rs. 86,030.44 lakhs in Fiscal 2025.
Standalone basis
Total income increased by Rs.Rs. 44,818.23 lakhs, or 34.79%, to Rs.Rs. 1,73,667.29 lakhs in Fiscal 2026 from Rs.Rs. 1,28,849.06 lakhs in Fiscal 2025, predominantly due to an increase in sales volume. Total sales increased by Rs.Rs. 45,126.76 lakhs, or 35.67%, to Rs.Rs. 1,71,666.38 lakhs in Fiscal 2026 from
Rs. 1,26,539.62 lakhs in Fiscal 2025, predominantly due to an increase in sales volume. Expressed as a percentage of total income, net sales contributed 98.85% in Fiscal 2026 versus 98.21% in Fiscal 2025.
Other income contributed 1.15% and 1.79% of the total income in Fiscal 2026 and 2025, respectively. Other income decreased by Rs.Rs. 308.53 lakhs, or 13.36%, to Rs.
Rs. 2,000.91 lakhs in Fiscal 2026 from Rs.Rs.2,309.44 lakhs in Fiscal 2025.
Profit before tax (before exceptional items) increased by
Rs.Rs. 8,491.35 lakhs, or 40.56%, to Rs.Rs. 29,407.57 lakhs in Fiscal 2026 from Rs.Rs. 20,916.22 lakhs in Fiscal 2025. Profit after tax and other comprehensive income was Rs. 21,751.80 lakhs in Fiscal 2026 as compared to Rs. 1Rs.5,295.65 lakhs in Fiscal 2025, an increase of 42.21%.
The results of operations for the year ended March 31, 2026, and 2025 on a standalone basis are as follows:
| Particulars | Fiscal 2026 ( Rs. in lakhs) | % of Total Income | Fiscal 2025 ( Rs. in lakhs) | % of Total Income |
| Income: | ||||
| Sales | 1,71,666.38 | 98.85 | 1,26,539.62 | 98.21 |
| Other Income | 2,000.91 | 1.15 | 2,309.44 | 1.79 |
| Total Income | 1,73,667.29 | 100.00 | 1,28,849.06 | 100.00 |
| Expenditure: | ||||
| Consumption of Raw Material, Stores, Spare Parts and Components | 1,16,012.12 | 66.80 | 85,526.45 | 66.38 |
| Operating and Other Expenses | 25,543.70 | 14.71 | 19,915.48 | 15.46 |
| Interest and Finance Charges | 190.32 | 0.11 | 305.84 | 0.24 |
| Depreciation and Amortisation of Technical Know- How | 2,213.58 | 1.27 | 1,885.07 | 1.46 |
| Total Expenditure | 1,43,959.72 | 82.89 | 1,07,632.85 | 83.53 |
| Profit Before Tax and Exceptional Item | 29,707.57 | 21,216.22 | \u2013 | |
| Exceptional Items | (300.00) | (300.00) | \u2013 | |
| Profit Before Tax | 29,407.57 | 20,916.22 | \u2013 | |
| Current Tax | 7,913.86 | 5,250.70 | \u2013 | |
| Deferred Tax | (150.64) | 294.52 | \u2013 | |
| Profit After Tax | 21,644.35 | 15,370.99 | \u2013 | |
| Other Comprehensive Income | ||||
| Exchange Difference on Translation of Foreign Operations | 68.49 | 17.39 | \u2013 | |
| Income Tax on Exchange Difference | (17.24) | (4.38) | \u2013 | |
| Re-measurement of Defined Benefit Plan | 75.10 | (118.08) | \u2013 | |
| Income Tax on Re-measurement of Defined Benefit Plan | (18.90) | 29.27 | \u2013 | |
| Total | 107.45 | (75.35) | \u2013 | |
| Total Comprehensive Income | 21,751.80 | 15,295.65 | \u2013 |
Income
Total income increased by Rs. 44,818.23 lakhs, or 34.78%, to Rs. 1,73,667.29 lakhs in Fiscal 2026 from Rs. 1,28,849.06 lakhs in Fiscal 2025, predominantly due to an increase in sales volume.
Total sales
Total sales increased by Rs. 45,126.76 lakhs, or 35.66%, to Rs. 1,71,666.38 lakhs in Fiscal 2026 from Rs. 1,26,539.62 lakhs in Fiscal 2025, predominantly due to an increase in export sales volume.
Expressed as a percentage of total income, net sales contribute 98.85% in Fiscal 2026 versus 98.21% in Fiscal
2025.
Other income
Other income contributed 1.15% and 1.79% of our total income in Fiscal 2026 and 2025, respectively.
Other income decreased by Rs. 308.53 lakhs to Rs. 2,000.91 lakhs in Fiscal 2026 from Rs. 2,309.44 lakhs in Fiscal 2025 due to reduction in interest rates on term deposits.
Expenditure
Total expenditure increased by Rs. 36,326.88 lakhs, or 33.75%, to Rs. 1,43,959.72 lakhs in Fiscal 2026 from
Rs. 1,07,632.84 lakhs in Fiscal 2025.
Consumption of raw materials, stores, spare parts and components
Consumption of raw material, stores, spare parts and components expenses increased by Rs. 30,485.66 lakhs to
Rs. 1,16,012.12 lakhs in Fiscal 2026 from Rs. 85,526.45 lakhs in Fiscal 2025, primarily due o an increase in sales volume.
Expressed as a percentage of total income, raw material consumption contributed to 66.80% in Fiscal 2026 from 66.38% in Fiscal 2025.
Operating and other expenses
Our operating and other expenses increased by
Rs. 5,628.22 lakhs, or 28.26%, to Rs. 25,543.70 lakhs in Fiscal 2026 from Rs. 19,915.48 lakhs in Fiscal 2025.
Expressed as a percentage of total income, operating and other expenses is 14.71% in Fiscal 2026 when compared to 15.46% in Fiscal 2025.
Power and fuel expense has increased by Rs. 247.24 lakhs, or 22.01%, to Rs. 1,370.69 lakhs in Fiscal 2026 from Rs. 1,123.45 lakhs in Fiscal 2025 on account of increased production.
Personnel expenses through salaries, wages and bonuses increased by Rs. 2,723.16 lakhs, or 31.92%, to
Rs. 11,254.64 lakhs in Fiscal 2026 from Rs. 8,531.48 lakhs in Fiscal 2025 on account of adding manpower to support capacity expansion along with salary revision to catch up the inflationary increases.
Welfare expenses increased by Rs. 711.19 lakhs, or 34.22%, to Rs. 2,789.47 lakhs in Fiscal 2026 from
Rs. 2,078.28 lakhs in Fiscal 2025.
Rent charges remain flat at Rs. 49.73 akhs in Fiscal 2026 from Rs. 32.43 lakhs in Fiscal 2025.
Repair expenses increased by Rs. 333.03 lakhs, or
37.71 %, to Rs. 1,216.10 lakhs in Fiscal 2026 from
Rs. 883.07 lakhs in Fiscal 2025.
Carriage, freight and selling expenses increased by Rs. 348.06 lakhs, or 17.18%, to Rs. 2,373.56 lakhs in Fiscal 2026 from Rs. 2,025.50 lakhs in Fiscal 2025 on account of increase in sales volume.
Vehicle maintenance expenses increased by Rs. 13.30 lakhs, or 19.54%, to Rs. 81.36 lakhs in Fiscal 2026 from
Rs. 68.06 lakhs in Fiscal 2025.
Insurance expenses increased by Rs. 33.13 lakhs, or 18.94% to Rs. 208.05 lakhs in Fiscal 2026 from Rs. 174.92 lakhs in Fiscal 2025.
Printing and stationery expenses increased by
Rs. 22.93 lakhs or 43.22%, to Rs. 75.98 lakhs in Fiscal 2026 from Rs. 53.05 lakhs in Fiscal 2025.
Travelling expenses increased by Rs. 661.42 lakhs, or 44.30%, to Rs. 2,154.35 lakhs in Fiscal 2026 from
Rs. 1,492.93 lakhs in Fiscal 2025 due to increased travelling.
Postage and telephone charges increased by Rs. 9.95 lakhs, or 22.02%, to Rs. 55.13 lakhs in Fiscal 2026 from
Rs. 45.18 lakhs in Fiscal 2025.
Audit Fee remains flat at Rs. 28.92 lakhs in Fiscal 2026 from Rs. 27.68 lakhs in Fiscal 2025.
Consultancy and professiona charges increased by
Rs. 109.59 lakhs, or 15.32%, to Rs. 824.91 lakhs in Fiscal 2026 from Rs. 715.32 lakhs in Fiscal 2025 due to an increase in consultancy services and product related certifications.
Bank charges increased by Rs. 81.02 lakhs, or 18.67% to Rs. 514.97 lakhs in Fiscal 2026 from Rs. 433.95 lakhs in Fiscal 2025 due to the increased volume.
Royalty charges decreased by Rs. 6.72 lakhs, or 9.38%, to Rs. 64.89 lakhs in Fiscal 2026 from Rs. 71.61 lakhs in Fiscal 2025 due to decrease in sales of product under license agreement.
Direction charges including other expenses increased by Rs. 105.12 lakhs, or 16.04%, to Rs. 760.43 lakhs in Fiscal 2026 from Rs. 655.31 lakhs in Fiscal 2025.
Manufacturing expenses increased by Rs. 192.56 lakhs, or 131.70%, to Rs. 338.77 lakhs in Fiscal 2026 from Rs. 146.21 lakhs in Fiscal 2025.
Software expenses remain flat at Rs. 670.99 lakhs in Fiscal 2026 from Rs. 639.06 lakhs in Fiscal 2025.
Rates and taxes decreased by Rs. 24.15 lakhs, or 12.30%, to Rs. 172.13 lakhs in Fiscal 2026 from Rs. 196.28 lakhs in Fiscal 2025.
Interest and finance charges
Our interest and finance charges decreased by Rs. 115.52 lakhs, or 37.77 %, to Rs. 190.32 lakhs in Fiscal 2026 from
Rs. 305.84 lakhs in Fiscal 2025, due to change in payment terms to MSMED vendors.
Depreciation and amortisation of technical know- how
Our depreciation and amortisation of technical know-how expense increased by Rs. 328.51 lakhs, or 17.43% to Rs. 2,213.58 lakhs in Fiscal 2026 from Rs. 1,885.07 lakhs in Fiscal 2025 on account of capacity expansion resulting in increased capitalisation of assets.
Profits before tax and exceptional items
Profits before tax and exceptional items increased by
Rs. 8,491.35 lakhs, or 40.02%, to Rs. 29,707.57 lakhs in Fiscal 2026 from Rs. 21,216.22 lakhs in Fiscal 2025 .
Exceptional items
Exceptional items include a provision for the diminution in the value of investment in Indian subsidiary D F Power Systems Private Limited for Rs. 300.00 lakhs for the Fiscal 2026 as compared to Rs. 300.00 lakhs in Fiscal 2025.
Profit before tax
Profits before tax increased by Rs. 8,491.35 lakhs, or 40.60%, to Rs. 29,407.57 lakhs in Fiscal 2026 from Rs. 20,916.22 lakhs in Fiscal 2025.
Taxation
Our tax expense including deferred tax increased by
Rs. 2,218.00 lakhs, to Rs. 7,763.22 lakhs in Fiscal 2026 from
Rs. 5,545.22 lakhs in Fiscal 2025 due to higher profit.
Profit after tax:
Our profit after tax increased by Rs. 6,273.35 lakhs to Rs. 21,644.35 lakhs in Fiscal 2026 from Rs. 15,371.00 lakhs in Fiscal 2025 due to higher profit.
Key Financial Ratios:
The key financial ratios, such as debtor turnover (trade receivables turnover), inventory turnover, current ratio, debt-equity ratio and net profit margin (net profit ratio), have been disclosed in note no.54 of the Standalone financial statements with explanation provided. The additional ratios required under listing regulations are stated below on a standalone basis:
| Particulars | Fiscal 2026 | Fiscal 2025 |
| Operating Profit Margin (%) | 17.54 | 16.67 |
| Net Profit Margin (%) | 12.52 | 11.87 |
| Return on Net Worth (%) | 21.14 | 18.30 |
| Risk | Risk Description | Risk Mitigation Strategy |
| Economic Slowdown and Market Concentration | Demand for generators and motors linked to economic cycles; dependence on select markets may impact order inflow | Regional diversification, export expansion, broader customer base and product portfolio diversification |
| Product Concentration Risk | Revenue concentration in select segments, particularly steam turbine generators, increases exposure to demand cycles and substitution risks | Investment in R&D, expansion across hydro, gas, and motor segments, and application diversification |
| Technology Risk | Evolving efficiency standards and rapid technological changes may affect competitiveness | Continuous R&D, product upgrades, energy-efficient designs and adherence to global standards |
| Competition Risk | Presence of global OEMs with advanced capabilities leading to pricing and margin pressures | Competitive pricing, differentiated products, strong execution and global sales and service network |
| Risk from Transnational Sale of Products | Exposure to regulatory, legal, tax and geopolitical complexities across export markets | Strong contractual frameworks, compliance processes, quality controls and market diversification |
| Manufacturing Facilities and Workforce Risk | Operational disruptions, supply chain constraints and skilled manpower shortages may impact delivery timelines | Investment in automation, process optimisation, supplier diversification and structured talent development |
The Company has established an internal control framework aligned with the scale and complexity of its operations, ensuring operational efficiency, reliability of financial reporting, asset protection and regulatory compliance. The systems are periodically reviewed through structured management assessments and internal audits, with observations addressed through timely corrective actions under the oversight of the finance function and Audit Committee. The framework is continuously strengthened to align with evolving business requirements. A detailed review of internal financial controls is presented in the Directors Report.
TDPS maintains integrated management systems for environment, health, safety and operations, certified under ISO 9001:2015, ISO 14001:2015, ISO 45001:2018
and EN ISO 3834-2, aligned with international standards. The Company follows a zero-discharge policy and implements stringent environmental safeguards across operations.
TDPS continues to focus on workforce capability development, aligned with evolving technologies and industry requirements. During Fiscal 2026, the Company conducted structured training across manufacturing
excellence, quality systems, safety, leadership, technical skills and compliance. Key areas included statistical process control, equipment maintenance, generator design, communication and operational practices. Employee relations remained stable during the year, supported by a culture of collaboration, accountability and performance orientation. As at the end of Fiscal 2026, the Company had 991 permanent employees, excluding contract personnel and trainees.
The Company follows equal opportunity and merit-based recruitment, without discrimination across gender, caste, religion or social background, while actively promoting diversity and inclusion. Women employees are supported in leadership roles through structured training, mentoring and development initiatives. The Company maintains a zero-tolerance approach to workplace harassment, with policies aligned to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, supported by established preventive and redressal mechanisms. Leadership continues to focus on employee engagement, safety participation, corporate responsibility and structured communication to sustain an inclusive and performance-driven workplace culture.
Statements contained in the Management Discussion and Analysis describing the Companys plans, estimates and projections may constitute forward looking statements within the meaning of applicable securities laws and regulations. Actual results may materially differ from those expressed or implied in the report. The Company assumes no responsibility to publicly amend, modify or revise any such statements on the basis of subsequent developments, information or future events.
| For and on behalf of the Board of Directors | ||
| Mohib N. Khericha | Nikhil Kumar | |
| Chairman | Managing Director | |
| May 14, 2026 | Ahmedabad | Frankfurt |
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