- **TD Power Systems is a manufacturer that turns spinning force into electricity - it builds the AC generators and large electric motors that sit behind power plants, data centres, oil rigs and railway locomotives across 113 countries. Born in 1999 with technology from Japan’s Toyo Denki, the company spent its first decade as a domestic steam-turbine generator maker, then broke out after its original joint venture ended by building its own technology, its own brand and an export-first order book that now sends roughly three-fourths of new orders overseas. The recurring pattern is a company that licenses world-class designs, engineers every order to customer specifications in its own Bengaluru factories, and then competes globally not on price alone but on shorter lead times, benchmark efficiency and a service network that promises a local-language technician within 48 hours anywhere on earth.** # Business segments Three engines built on one manufacturing backbone - a generator business that is the global export cash cow, a motor business being separated out to chase niche industrial drives, and a railway traction business that rides long-term OEM partnerships. ## 1. AC generators: the export engine that powers everything else **The company designs and builds custom generators from 1 to 250 MVA for every major prime mover - steam, gas, hydro, wind and diesel - and sells them to about 45 global OEMs who put them inside power plants, data centres and oil fields.** - **Engineered to order, never off the shelf** - every generator is designed to a specific customer’s specification and industry standard, which means the company can supply a 67.5 MVA unit for a German hydro plant, a 29.7 MVA geothermal generator for Turkey, or nine diesel-generator units on a desalination barge in the UAE, all from the same factory floors. - **Licensed technology plus in-house R&D** - a 2012 licence from Siemens gives it the right to build 2-pole generators up to 250 MVA, while its own government-approved R&D centre develops coolers, lube-oil systems and vertical thrust bearings in-house, so it keeps improving the design without waiting for the licensor. - **Raw-material risk passed through** - contracts are structured so that swings in copper, electrical steel and forgings prices flow straight to the customer, and the company also buys critical materials in advance to lock in margins, insulating the factory from commodity cycles. - **Aftermarket that grows with the installed base** - with 8,055 generators already in the field, every year more machines age into the replacement cycle, creating a recurring stream of spare-parts and refurbishment work that the company expects to run for another five to ten years. - **Global service as the closing argument** - 57 service centres on every continent aim to put a local-language technician on site within 24 to 48 hours, which is how a mid-sized Indian manufacturer wins repeat orders against Siemens, ABB and WEG. ## 2. Electric motors: the niche industrial drive being carved out **The company makes induction and synchronous motors above 4 MW for oil and gas, water utilities and nuclear plants - a business it is now separating onto its own production lines to give it the focus that the booming generator business has been stealing.** - **Big motors, small competitive field** - by targeting motors above 4-5 MW, the company avoids the crowded market for smaller machines and competes instead where fewer players can deliver, such as a 40 MW synchronous motor refurbished for a lift-irrigation pump house in six months flat. - **Make-in-India nuclear orders** - it won a contract from NPCIL to replace an imported motor with a 3.2 MW, 20-pole vertical motor of its own design, proving it can meet the exacting standards of nuclear power plants. - **Traction-motor supply as a bridge** - a five-year contract to supply traction motors and alternators for mining dumpers, with an initial ₹18 crore order and a projected ₹300 crore total volume, shows the motor business can win long-term OEM programmes the same way the generator business does. - **Separation is the growth plan** - during FY26, strong export generator demand pulled resources away from motors, so the company is now splitting motor manufacturing lines from generator lines at its Bengaluru plants and dedicating part of the new Tumkur factory to motor sub-assemblies, aiming for stabilisation and better execution. ## 3. Railways: the OEM-partnered traction bet **The company builds traction motors and generators for locomotives under a long-term agreement with Alstom and sells into Indian Railways, the US, Europe and Russia - a lumpy but certified business with an order book of ₹2.47 billion.** - **Alstom agreement as the anchor** - a 2017 long-term deal to supply stators and rotors for traction motors gives the railway business a programme-based revenue stream that mirrors the generator division’s OEM model. - **Certified where it counts** - products carry AAR M-1003 certification for American railways and the company is an approved Indian Railways vendor, so it can bid on regular domestic tenders while also shipping to Germany and the US. - **Lumpy but large** - the business was described as having “almost no action” in FY24, yet by FY26 orders were flowing from four continents, illustrating a segment that moves in fits and starts but can contribute meaningfully when locomotive programmes ramp up. # Group structure and partners **A single Indian listed parent with four wholly owned subsidiaries - one each in the US, Europe and Turkey, plus a dormant Indian entity - and technology partnerships that supply the licences the factory floor depends on.** - **US subsidiary rides the data-centre wave** - TD Power Systems (USA) Inc. covers North, Central and South America, where new data centres are driving large demand for gas-turbine-driven generators and the company’s products have gained full acceptance among major packagers and OEMs. - **Turkey as a tariff workaround** - the Izmir factory, originally set up for local Turkish content, is now being tooled to produce complete generators for US-bound orders, shifting production out of India to mitigate tariff exposure while keeping the company as the market leader for made-in-Turkey generators with over 190 units installed. - **Technology partners are the design foundation** - Toyo Denki provided the original technology at founding, VOITH co-developed vertical hydro generators in 2009, Siemens licensed 2-pole technology in 2012, and a 2023 relationship with Baker Hughes opened the oil-and-gas gas-turbine market, so the company’s product range is built on a stack of licensed and co-developed IP. - **European GmbH serves the gas-engine boom** - the German subsidiary covers a region where gas-engine generators are seeing remarkable growth and where the company previously supplied generators for a novel CO2-based battery storage application in Italy.