TD Power Systems Limited

“TD Power Systems is a structurally sound, export-oriented AC generator manufacturer with genuine OEM lock-in, expanding margins, and a clear multi-year reinvestment runway — but the current 87.5x trailing earnings multiple already embeds near-perfect execution, leaving no margin of safety; the promoter stake declining from 58.5% to 27% is a governance flag that compounds the valuation concern, making this a business to own at the right price rather than a business to own at any price.”