Disclaimer: the content provided is purely for the purpose of education, I do not have any holding in this company and nor am I a SEBI registered analyst.
In severe market conditions like the one we are in, what investors demand the most is predictable consistent growth. TDPS or, TD power systems ltd is just that! We will deeply analyse this company which has been and is guiding to deliver consistent growth and is backed by a very strong order backlog and management history. Lets begin!
Company history
TD Power Systems Ltd (TDPS) was founded in April 1999 in Bangalore, India, originally as a private limited company. The company started by acquiring generator technology from Japanese firm Toyo Denki, enabling TDPS to begin manufacturing AC generators for small and mid-sized power projects . In its early years, TDPS established key technical partnerships with Toyo Denki in 2001 which allowed it to produce generators up to 30 MW capacity . The company dispatched its first large 34 MW generator export to Thailand in 2002 , marking the beginning of its global ambitions. In 2008, the company executed its first overseas turnkey project, a 16.5 MW steam turbine power plant in Uganda. By 2010, TDPS had forged a purchase and license agreement with Siemens AG and a manufacturing agreement with Toshiba-Mitsubishi (Japan), expanding its access to advanced generator designs . These strategic shifts built a foundation for larger-scale production and diversified applications. The company transitioned to the public domain in 2011, changing its name to TD Power Systems Limited and launching an IPO to fund growth. In 2012, TDPS signed a notable license deal with Siemens to manufacture two-pole (high-speed) generators up to 250 MVA, greatly extending its product range in large turbine generators.
Currently, the company has transformed itself in a formidable company by diversifying into multiple product sections and geographies. By 2024, it had installed over 6,300 generators in 105 countries worldwide and currently has sales and service offices in key markets (Germany, Turkey, Japan, USA) and now derives a majority of its new orders from overseas clients.
Management
Mr. Nikhil Kumar – Managing Director (MD): A founding member of TDPS, Nikhil Kumar has served as MD since 2012 and oversees overall operations, strategy, and technology alliances. An engineer by training (graduate of Karnataka Regional Engineering College) with executive education from Harvard, he has 20+ years of experience in electrical rotating machinery . Under his leadership, TDPS has become one of the world’s leading manufacturers of AC generators, supplying products for steam, gas, hydro, wind, and diesel applications.
Mr. Ramakrishna Varna – Chief Operating Officer (COO): As COO, Ramakrishna Varna heads TDPS’s manufacturing, supply chain, and project execution. He is responsible for the day-to-day operations across the company’s factories in Bangalore and Turkey, ensuring efficient production and quality control. Varna has overseen the implementation of advanced manufacturing practices (like automation and robotics) to improve productivity and save costs.
Ms. M. N. Varalakshmi – Chief Financial Officer (CFO): Varalakshmi manages TDPS’s financial planning, accounting, and compliance functions. With a background in corporate finance, she has been key in maintaining the company’s strong balance sheet (TDPS has had zero debt in recent years) and great liquidity .
Industry overview
TD Power is a global player and derives a lot of its revenue from North America, Europe and Asia. Hence, we will focus on this geogrpahies.
Power demand in India has been on a strong growth trajectory, driven by economic development and urbanization. The country’s electricity generation for 2023-24 was targeted at 1,750 billion units, a ~7.2% annual increase , reflecting robust demand growth. India remains heavily reliant on coal for power – about 72–76% of India’s electricity generation still comes from thermalsources (primarily coal) . However, India is rapidly expanding renewables; as of late 2024, over 46% of installed capacity was from renewable sources (solar, wind, hydro, etc.), even though actual generation from clean sources is ~22%. This indicates that while coal-fired steam turbines and generators are currently dominant, the fastest growth is in renewable energy installations. The government’s push for 500 GW of non-fossil capacity by 2030 and initiatives in solar, wind, and hydroelectric projects suggest high future demand for wind turbine generators and hydro generators, alongside equipment for new-age thermal plants (e.g. supercritical coal units and gas-based peaker plants).
In North America (USA) and Europe, power industry trends are characterized by a transition to cleaner energy and modernization of aging infrastructure. In the US, for example, roughly 60% of electricity generation still comes from fossil fuels (with natural gas being the largest share), about 19% from nuclear, and ~21% from renewables. This fuel mix drives demand for a range of generation equipment:gas turbine generatorsare in high demand (as gas-fired plants often supply base and intermediate load), and wind power has grown significantly – wind turbines (each integrating a generator) are a major source of new capacity. Europe has aggressively increased renewables (many EU countries have 30–50% of power from wind, solar, or hydro) and is phasing down coal; thus, European demand leans towards wind generators, hydro turbines, and gas engines/turbines for backup and grid stability. Both North America and Europe also continue to invest in grid-stabilizing generators(for example, gas engine generators for quick ramp-up, or synchronous condensers) to complement intermittent renewables.
Emerging markets in Asia (beyond India) and Africa present a dual scenario: on one hand, countries like China, Vietnam, or Indonesia are still adding coal and gas power plants to meet growing demand (implying continued need for steam and gas turbine generators); on the other hand, there is significant investment in hydroelectric projects (Southeast Asia) and an increasing interest in solar and wind. In many African nations and remote areas, diesel generators and small hydro units remain important for reliable supply, though utility-scale projects (often financed by international agencies) are introducing solar farms and wind parks. Overall, across TDPS’s markets, energy sources are shifting – there is a broad trend towards renewables (wind, solar, hydro) and gas-based generation, while coal-fired capacity addition is slowing except in a few regions. This suggests that turbine-generator types likely in highest demand globally are wind turbine generators (thanks to wind energy growth), gas turbine and gas engine generators (as cleaner alternatives to coal and for peaking power), and hydro generators (especially for countries exploiting hydro potential). Steam turbine generators for coal and industrial cogeneration still see demand in developing economies and for retrofits or efficiency upgrades in developed ones, but their relative share is declining as green energy takes priority.
For TDPS, these industry dynamics mean the company must cater to a diverse set of needs. Notably, TDPS’s focus on mid-sized generators positions it well for segments like biomass and waste-heat recovery power plants (which use steam turbines in industries), small hydro projects, and backup or distributed generation units. In India and similar markets, industries such as cement, steel, paper, and sugar are investing in captive power plants and waste heat recovery systems – fueling demand for steam turbine generators (for example, TDPS reports strong orders from cement and steel for waste-heat recovery steam generators). Meanwhile, global investments in data centers and oil & gas sector are driving demand for gas engine generators and gas turbine units (due to their quick start and reliability), a trend TDPS notes in its international order pipeline
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Product overview
How are we supposed to understand the business if we dont understand the produts? lets take our sweet time and understand all the products, the science behind them and their place in value chain.
What exactly are turbines and motors?
A turbine (whether moved by steam, water, wind, or gas expansion) is a mechanical device converting fluid energy to rotational kinetic energy. The generator attached to it then converts that mechanical rotation into electricity through electromagnetic induction . Conversely, an electric motor does the opposite: it converts electrical energy to mechanical work, using electromagnetic force on the rotor. TDPS’s engineering strength lies in mastering this conversion process – designing machines that optimize magnetic flux, minimize losses (heat, noise), and withstand mechanical stresses. The company’s R&D and decades of experience have allowed it to refine the design of custom generators (e.g., tailoring a generator to match a 6 MW diesel engine’s pulse or a 20 MW Kaplan turbine’s slow speed) and to now apply similar principles in building motors. This is where their products stand for various areas of power generation:
For a thermal plant, the chain is: Fuel (coal, gas, biomass) → Boiler/Combustion → Turbine (steam or gas) → Generator → Transformer → Transmission Grid.
For a hydro plant: Water flow → Hydro Turbine → Generator → Transformer → Grid.
For a wind turbine: Wind → Wind Rotor (blades + hub) → (Gearbox) → Generator → Converter → Grid.
If you are still confused: i would ask you to check out this video: https://youtu.be/zcWkEKNvqCA?si=VhdFQetV1-5kW9ex
It explains how turbine generators work in a very efficient way.
Now lets look at all their key products:
Steam Turbine Generators: TDPS builds generators for steam turbines used in thermal power plants (coal, gas, biomass, etc.) up to 250 MVA capacity . These machines are designed for continuous duty with high efficiency and reliability to withstand the harsh conditions of turbine halls (high temperatures, vibrations). Steam turbine generators form a significant part of the portfolio, serving applications from industrial captive power (e.g. 10–50 MW units in factories) to small utility boilers (~100 MW). It has been their key selling product, along with gas and hydro turbine generators.
Gas Turbine Generators: For gas-fired power stations, TDPS produces generators engineered to handle high rotational speeds and forces of gas turbines. TDPS’s gas turbine generators have rotors specifically designed to balance centrifugal forces. They are used in combined cycle plants, peaking power stations, and oil & gas facilities. The design emphasis is on a compact footprint, low vibration, and the ability to maintain performance in both urban environments and remote areas. Take a look at this AI generated video of one:
Hydro Turbine Generators: TDPS offers generators for hydroelectric plants up to ~35 MW per unit (covering small to medium hydro). Hydro generators can be vertical or horizontal configuration depending on the turbine (Kaplan, Francis, Pelton types). TDPS’s designs are customized to each project’s head and flow conditions . These generators run at lower speeds (since water turbines often rotate slower) and may have many poles. TDPS provides engineering support to match the generator design to turbine specifics and grid requirements, ensuring stable output even with the load variability of hydro plants. The company’s competence in hydro generators has been proven by partnerships with major hydro OEMs and a growing global install base.
Wind Turbine Generators: In the renewable segment, TDPS supplies wind turbine generators (WTGs) for windmill manufacturers. It offers three solutions: permanent magnet generators (PMG), synchronous generators, and doubly-fed induction generators (DFIG) . PMGs use strong magnets on the rotor to induce current, eliminating the need for external excitation; TDPS’s entry into PMGs aligns with the industry trend for direct-drive wind turbines. The synchronous and DFIG options cater to geared turbines – DFIGs are widely used in modern wind turbines for their variable-speed, constant-frequency capability. By having multiple technologies, TDPS can serve different wind OEM preferences. These generators are designed for high torque at relatively low RPM and must withstand environmental stresses (temperature, offshore or desert conditions). TDPS’s focus here ties into the global push for sustainable power.
Diesel and Gas Engine Generators: TDPS also makes generators coupled to reciprocating engines (diesel gensets and gas engines) up to 20 MW size . These generators are often used in backup power systems, small power plants, or micro-grids. Engineering these involves addressing the intense vibrations and cyclic loading from the piston engines. TDPS uses special rotor and stator designs to ensure structural integrity under engine-induced stresses. For instance, its diesel engine generators have reinforcements to handle the “pulsating” torque of an engine’s power strokes . These generators are used in hospitals, manufacturing plants, remote mines, and even marine vessels – anywhere a self-contained power source is needed . The gas engine versions, similarly, are tuned for efficiency and often used in cogeneration (where engine waste heat is also utilized).
In addition to generators, since around 2021–22, TDPS has ventured into manufacturing electric motors to leverage its expertise in rotating machines . Its motor portfolio includes:
High Voltage Induction Motors: Rated up to 20 MW output, in both squirrel-cage and slip-ring rotor designs. These are large motors for industrial drives : e.g. pumps, compressors, blowers, mill drives; often running at high voltages (3.3 kV, 6.6 kV, or 11 kV). TDPS builds them in horizontal or vertical configurations and designs for high starting torque (especially in slip-ring motors) to drive heavy loads . The motors are engineered to operate in hazardous or demanding conditions (mining, petrochemical plants), with features like robust enclosures and cooling systems. By offering up to 20 MW motors, TDPS is targeting industries like steel or water pumping stations where large, reliable motors are needed.
Synchronous Motors: These are motors that operate at a fixed speed synchronized to the supply frequency. TDPS is making synchronous motors up to 50 MW , extremely large machines typically used to drive compressors in LNG terminals, refineries, or large pumps. Synchronous motors provide benefits like power factor correction. TDPS’s designs focus on handling load fluctuations and ensuring the motor can withstand stress without losing synchronism . Manufacturing such motors requires precision in assembly of rotor poles and field systems, an area where TDPS’s generator experience is directly applicable.
Traction Motors: TDPS produces traction motors up to 1,250 kW (1.25 MW) for locomotive and electric train applications . These are specialized DC or AC motors (depending on locomotive design) that must be very robust and compact to fit in bogies. TDPS custom-builds these motors as per the requirements of rail OEMs or railway operators . Each traction motor is tailor-made for the locomotive’s voltage, cooling method, and duty cycle to ensure high reliability under frequent acceleration/deceleration and varying track conditions . Winning a five-year export order for locomotive motors in Europe has been one of TDPS’s recent achievements, indicating its growing credibility in this new product line. it is a high growth product line at the moment.
Competition? Not much.
Scale and Product Range: Global conglomerates like Siemens, GE, ABB, Mitsubishi (and their affiliates) offer end-to-end power generation equipment – from turbines to generators – often covering very large unit sizes beyond 200 MW. TDPS, by contrast, has carved out a strong position in the 1–50 MW generator segment , especially in India . For example, TDPS is a leading manufacturer of AC generators in the 1–50 MW range domestically, a size bracket sometimes overlooked by bigger players focusing on utility-scale projects. In India, Bharat Heavy Electricals Ltd (BHEL) is a key competitor for turbines and generators; BHEL traditionally dominates large thermal power generators but also competes in smaller ratings. Notably, TDPS holds an estimated ~80% share in certain small steam turbine generator markets (up to 52 MW), whereas BHEL holds around 15% and others like WEG (Brazil) about 5% .(these market share numbers are very old though, I found them in a 10 year old report and hence could have changed significantly) This indicates TDPS’s strength in its niche. However, for larger utility projects (>100 MW), TDPS historically did not compete head-on with giants; its move to license 250 MVA generator technology suggests an attempt to enter higher segments, but it remains to be seen if TDPS can gain significant share in the large-turbine generator market dominated by GE, Siemens, Mitsubishi, etc.
Technical Capabilities: Many competitors are OEMs that design entire turbines and generators (e.g., Andritz and GE/Alstom in hydro, Siemens and Mitsubishi in gas/steam). TDPS differentiates itself by offering engineered-to-order generators that can be paired with various prime movers from different OEMs . This flexibility has made TDPS a preferred supplier to turbine manufacturers and EPC contractors who need custom generator solutions. For instance, in the hydro segment globally, TDPS competes with specialists like Andritz, GE (Alstom), Jeumont Electric, and Chinese firms (Harbin, Dongfang) . While those firms are larger, TDPS’s partnership approach (such as co-developing hydro generators with Voith without royalty ) allowed it to access technology and win contracts as an outsourced manufacturer. A strength for TDPS is its focus on generators and motors as core products, enabling deep engineering know-how in electrical machine design and manufacture. Its in-house design capabilities and quality certifications build credibility and trust. However, a relative weakness is that TDPS does not supply the prime mover itself i.e., it doesn’t make turbines, so it must continually maintain strong relationships with turbine OEMs to sustain business. Competitors that provide turnkey solutions might edge out TDPS if a customer prefers one-stop sourcing.
Cost and Manufacturing Base: TDPS benefits from an India-based manufacturing cost advantage. Labor and fabrication costs in India are generally lower than in Europe or North America, allowing TDPS to offer competitive pricing for comparable quality. The company’s facilities in Bangalore (and a plant in Turkey for European proximity) leverage automation (robotic coil winders, advanced CNC machines, etc.) to improve efficiency. This has helped TDPS steadily improve its operating margins (now 17%) and remain price-competitive . In contrast, major western competitors may have higher cost structures but often compensate with broader service networks or financing capabilities. Local Indian competitors (e.g., Kirloskar Electric, Cummins India for smaller gensets) typically operate in lower range generators (below 1 MW or standard gensets), whereas TDPS focuses on higher-output, engineered units – giving it a unique positioning above the genset pack but below the heavy turbine-alternator makers. TDPS’s cost-effective manufacturing and quality has earned it repeat global customers. As evidence, over 57 service centers worldwide support TDPS installations and the company’s generators have proven they can meet stringent international standards, helping break the myth that only established western/Japanese firms can deliver reliable generators.
Market Presence and Focus: Competitors like Caterpillar, Cummins, and Kohler (in diesel/gas gensets) have strong global dealer networks for standard generator sets, but they typically do not make large custom generators. On the other end, giants like GE and Siemens Energy focus on big power projects and also have diverse businesses (turbines, transformers, etc.). TDPS’s strength lies in its agility and focus – it serves a diverse mix of end-use sectors (power utilities, industrial captive plants, marine, rail, etc.) with tailored solutions. This has allowed it to capture opportunities such as railway traction motors and geothermal generators where some big competitors might not venture deeply. However, a noted weakness is customer concentration – TDPS has derived a significant portion of revenue from a few OEM partners (like Voith in hydro, or certain engine makers). TDPS’s performance can be susceptible to cyclicality in end-user industries and to the order flow from key customers . However, large competitors are often more diversified geographically and product-wise, which protects them against downturns in any single segment and thats where TDPS holds a significant disadvantage.
In summary, TD Power Systems holds a strong niche position in the global generator market, with competitive advantages in custom engineering, cost-efficient manufacturing, and a broad mid-range portfolio. It stands out as a trusted specialist supplier, evidenced by its supply of over 6,000 generators worldwide and long-term ties with international OEMs.
A few Operational aspects
Manufacturing Infrastructure & Capacity
TDPS operates state-of-the-art manufacturing facilities in India and overseas. Its primary production hub is near Bangalore, with two major plants (Unit I: ~157,600 sq ft; Unit II: ~219,800 sq ft) and a dedicated large-generator factory (~78,500 sq ft) . These plants are equipped for the entire generator manufacturing process – from core building, coil winding and machining to impregnation, assembly, and testing . TDPS has also established an overseas assembly plant in Turkey (“TDPS Turkey”) to cater to the local/EU market . The combined capacity allows production of about 500+ generators per year (531 units were supplied in FY2023) , with ratings up to 250 MVA each. The company continually expands capacity as needed; for instance, it invested in a new leasehold land in FY2024 for future growth. Management notes that current facilities are running with operating leverage benefits and can support higher volumes with incremental efficiencies. Currently, the company is aiming to increase their capacity by investing 120 crores in a new plant. With this, they can increase their revenue potential to 1800 crores and with internal efficiencies 2300 crores.
Research & Development
R&D is a core of TDPS’s strategy, focused on developing new products and enhancing design. The R&D team (spending ~₹5.8 Cr in FY2024 on R&D, mostly in employee costs) works on innovation in generator design to improve power density, efficiency, and cost-effectiveness. For example, TDPS has introduced specialized offerings like vertical hydro-generators (in partnership with Voith) and high-voltage 2-pole generators (under Siemens license), expanding its product spectrum. In recent years, the company forayed into large motors and traction drives developing 5 MW-class induction and synchronous motors and securing a contract to supply locomotive traction motor parts to Alstom in 2017. In October 2024, TDPS signed a five-year contract to supply traction motors to a major European client, marking a big leap in its motor business (the total deal value of ₹300 Cr, with an initial ₹18 Cr order for 2025) .
Thesis
Earnings growth: TDPS has provided a strong revenue growth guidance of ₹1,275 Cr for FY2025, up from ₹1,016 Cr in FY2024, reflecting an 25-27% YoY growth. This is backed by a strong order book with continious record order inflows across multiple segments, including industrial generators, hydro, gas turbines, and traction motors. Order inflows have been strong in international markets, and the company has secured key contracts, including a multi-year traction motor supply deal in Europe (₹300 Cr) and a nuclear plant generator order (₹57 Cr). Given the continued capex across data centers, renewable energy, and oil & gas, TDPS anticipates continuous higher demand for its generators.
Financial strength: TDPS is a debt free company with decent cash flow generation. It also has a great ROE and ROCE which hover around 18-25%. Due to this, TDPS does not need to take debt to continue to expand. Moreover, internal effiecency like TDPS mentioned will be very helpful in further strengthening the financial health of the company.
Tailwinds in the Market: TDPS benefits from multiple sectoral tailwinds, which are driving demand for industrial generators, motors, and traction systems. The revival of private capex in India, particularly in infrastructure, manufacturing, and industrial expansion, has led to higher demand for decentralized power solutions. With India’s ambitious renewable energy push (500 GW target by 2030), demand for hydro, wind, and biomass-based generators is surging, directly benefiting TDPS, which is one of the leading suppliers for these segments. Globally, energy transition trends are creating a shift towards distributed and backup power systems, fueling demand for gas engines and captive power plants key markets for TDPS’s generators. The data center boom has further increased the need for backup power solutions, an area where TDPS has strong market penetration in developed regions like Europe and North America. The ongoing replacement cycle of aging industrial generators also presents a sustained demand pipeline, as industries upgrade to more efficient power generation systems.
The company is well-placed to benefit from global supply chain shifts, as many OEMs prefer sourcing from non-Chinese suppliers. TDPS has positioned itself as a reliable, cost-competitive alternative, particularly in Europe and the Middle East, where its export orders have significantly increased.
Diversified Product & Geographic Portfolio: Unlike many industrial manufacturers that rely on a single product line or region, TDPS has built a well-diversified business across both product categories and geographies. The company manufactures AC generators, electric motors, hydro-turbine generators, and traction motors, with a growing presence in gas engines and nuclear plant generators. This diversification ensures that it is not overly dependent on any single industry or customer segment. Geographically, TDPS operates in over 100 countries and derives a significant revenue from it which reduces its dependence on the Indian market. The company has strategically entered Europe, the Middle East, and Africa, where demand for captive and industrial power solutions is rising. Its Turkey plant serves as a regional hub for European customers, allowing it to compete more effectively against local players.
Anti thesis
Cyclical Nature of Industry: The capital goods business is inherently cyclical and dependent on investment climate. A slowdown in global or domestic economic growth can dry up new orders for generators, as seen in previous downturns. For example, TDPS’s Turkey subsidiary is facing a significant downturn in orders due to local economic slowdown, forcing the company to halt production there temporarily . If a broader recession or energy sector slump occurs, TDPS’s revenue could be adversely impacted.
Concentration & Dependency Risks: A large portion of TDPS’s sales are via OEM relationships (turbine and engine manufacturers). This means TDPS’s fortunes are tied to a few major customers. Any loss of a key OEM client (due to that client switching to a competitor or in-sourcing generator production) could hit TDPS’s order book hard. Likewise, sectors like oil & gas and power form the bulk of demand – a capex pullback in these sectors (e.g. sustained low oil prices reducing investments, or a delay in power plant projects) would directly affect new orders.
Competition & Pricing Pressure:While TDPS occupies a niche, it still faces competition from much larger players with deep pockets. Global OEMs (Siemens, GE, etc.) could lower prices to win generator orders bundled with their turbines, squeezing TDPS. Chinese and other low-cost manufacturers are also eyeing international markets, which could pressure pricing in price-sensitive markets. The risk of technology irrelevance is also present where competitors are investing in newer technologies (e.g. high-efficiency PMG generators, digital monitoring features). TDPS must continuously invest in R&D to keep up . If it lags in adopting emerging trends (like smarter generators or higher power densities), it may lose its competitive edge.
Raw Material Volatility: Copper and steel are commodities subject to price swings. Sudden spikes in copper prices can erode margins, as raw materials account for ~65% of TDPS’s revenue. Although the company tries to pass on or hedge such costs, there’s often a lag. Similarly, supply chain disruptions (as seen globally in recent years) could delay production or raise input costs
Currency and Geopolitical Risk: With over 100 countries served, TDPS is exposed to foreign exchange fluctuations. A strong rupee could make its exports less competitive, while sharp currency moves can impact reported earnings (though naturally hedged to some extent by imports). Geopolitical issues (trade tariffs, sanctions, or political instability in some African/Asian markets it serves) also pose a risk to securing and executing orders abroad.
Valuations and technicals
On Technicals, we can see that it has been on a continious rally for the past few years until signs of a top started to emerge. The stock price topped out around July and was consolidating under a range until now, where it has broken down strongly. It remains to be seen if a bottom has been made or the downturn will continue.
Coming to valuations, the PE is at its 3 year median, which is good to see. We can expect a steady revenue growth of 20%+ for the coming years with margin expansion. Assuming the company keeps growing at 20% sales CAGR and the operating margins expand to 19%, with a 30% increase or so in depreciation while all else remains equal, the FY27 PAT comes to about 250 crores. Hence, the company is trading at 20 times forward earnings.
Anyways, that wraps up my blog! Hope you all had a good read.
Citations
Company earnings calls, presentation, Annual report
CRISIL updates
TD Power Systems. "Generators." TD Power System, https://www.tdps.co.in/generators. Accessed 28 Feb. 2025.
India Infoline. "TD Power Systems Ltd - Management Discussions." India Infoline, https://www.indiainfoline.com/company/td-power-systems-ltd/management discussions. Accessed 28 Feb. 2025.
U.S. Energy Information Administration (EIA). "What Is U.S. Electricity Generation by Energy Source?" *U.S. Energy Information Administration*, https://www.eia.gov/tools/faqs/faq.php?id=427. Accessed March 4. 2025.
India Infoline. "TD Power Systems Ltd - Peer Comparison." *India Infoline*, https://www.indiainfoline.com/company/td-power-systems-ltd/peer-comparison. Accessed 27 Feb. 2025.
GoodReturns. "TD Power Systems - Company History." *GoodReturns*, https://www.goodreturns.in/company/td-power-systems/history.html. Accessed 27 Feb. 2025.
MOI Global. "Interview with Nikhil Kumar, MD of TD Power Systems." *MOI Global*, https://moiglobal.com/nikhil-kumar-interview-202301/. Accessed 27 Feb. 2025.
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