• Raw material pass-through: Surging copper costs, which rose by 35%, have been passed on to new contracts starting in Q1, while the existing ₹1,845 crore order book remains protected through hedged inventory.
• Global demand drivers: Export orders are experiencing extraordinary strength across gas, steam, and hydro sectors due to massive power requirements from AI data centers and grid stabilization, prompting an upcoming upward revision of current guidance on May 14.
• Capacity expansion roadmap: Existing expansions will take revenue capacity to around ₹2,600–2,700 crore, and the board will evaluate an additional expansion round up to approximately ₹3,200 crore on May 14 to capture demand into FY28.
• Competitive landscape: The company faces limited immediate competition because Chinese manufacturers are booked domestically and face Western geopolitical hesitation, while large Western peers primarily target the above-100 MW market rather than TD Power's sub-100 MW niche.