TD Power Systems Limited (TDPOWERSYS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-90.8%

₹65.96

vs ₹718.05 price

Levered DCF

₹85.91

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	56.38×	35.49×	40.49×	25.49×	15.05×	9.98×	8.71×	118.2×
P/B	12.57×	7.21×	6.8×	4.08×	2.01×	0.96×	0.61×	0.93×
P/S	7.26×	4.94×	4.91×	2.9×	1.35×	0.77×	0.51×	0.85×
EV / EBITDA	38.2×	24.13×	25.68×	16.07×	9.32×	5.63×	4.2×	11.24×
Gross margin	33.1%	33.7%	32.3%	30.2%	27.0%	32.0%	31.8%	29.9%
Operating margin	16.5%	17.2%	15.4%	13.3%	9.5%	8.7%	3.1%	1.0%
Net margin	12.9%	13.9%	12.1%	11.4%	9.0%	7.7%	5.9%	0.7%
Current ratio	1.95×	2.26×	2.52×	2.41×	1.91×	1.88×	1.67×	1.64×
Debt / equity	0.02×	0.01×	0×	0×	0.13×	0.11×	0.16×	0.15×
Interest coverage	161.16×	27.96×	38.2×	25.13×	10.58×	5.46×	1.95×	0.8×
Dividend yield	0.2%	0.3%	0.3%	0.8%	0.7%	0.5%	5.0%	1.9%
Payout ratio	10.8%	10.7%	13.2%	19.3%	11.0%	5.1%	43.6%	225.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	22.3%	20.3%	16.8%	16.0%	13.4%	9.6%	7.0%	0.8%
Return on invested capital	20.4%	18.4%	15.4%	13.8%	10.3%	7.7%	3.2%	0.4%
Return on assets	12.7%	12.8%	11.4%	10.7%	7.8%	5.8%	4.0%	0.4%
Free cash flow yield	0.1%	-0.2%	0.8%	2.8%	-0.4%	-4.0%	16.3%	9.2%
Earnings yield	1.8%	2.8%	2.5%	3.9%	6.6%	10.0%	11.5%	0.8%
Enterprise value	₹134.1B	₹61.4B	₹47.2B	₹24.2B	₹10.8B	₹4.6B	₹2.5B	₹4B
Net debt / EBITDA	-0.17×	-0.25×	-0.41×	-0.28×	0.13×	0.06×	-0.23×	0.53×
Cash conversion cycle (days)	173	191	176	160	150	189	128	123