We recently interacted with TD Power Systems’ (TDPS) senior management in Mumbai. Key takeaways: 1) guided for revenue CAGR of 17-18% over the next 2-3 years and margins to sustain at the current level of 17%; 2) order pipeline in hydro is strong and the company targets to double the order inflow in the current year; indicated healthy growth ahead; 3) the recent railways’ motor order worth INR 7.5bn is likely to see execution over the next 4-5 years.