BSE: 544091
Qualitek Labs Limited
Operates a network of testing laboratories and inspection services across India, comprising 10 owned labs and 6 public-private partnership (PPP) labs. Service lines include pharmaceutical testing (including a USFDA-approved facility in Bengaluru), food testing (with a Mumbai laboratory), water and wastewater analysis, ethanol and process chemical testing, and inspection of mining, metals, machinery, electrical equipment, transport and water-supply infrastructure. NABCB accreditation under ISO/IEC 17020:2012 as a Type A Inspection Body enables inspection work in coal, railways, defense, automotive, electronics and government projects. The footprint has been built partly through acquisitions: Interstellar Testing Centre is now a wholly-owned subsidiary, Quality & Testing Infosolution was bought at 100%, LabOps Global at 74%, and a Mumbai food testing laboratory was acquired for Rs 882 Lakh. FY26 consolidated revenue was Rs 124.5 Cr, up 77% from FY25. Employee cost is the largest operating expense at 35.9% of revenue, followed by other opex at 27.1% and materials at 13.4%. A Rs 63 Cr capex plan is in place for FY27 to fund new labs in Gandhidham, Panipat and Bengaluru and new capabilities including EMI/EMC and analytical testing. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Laboratory testing services, Inspection services, Inspection assignments (post-NABCB accreditation), Lab operation and management contracts. Asset-light testing, inspection and certification (TIC) services, scaled through acquisitions.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 70 | 125 |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | 7.08 | 13.38 |
| ROE % · ROCE % | — · 10.0 | — · 10.8 |
| Debt / equity (x) | — | — |
| Cash from operations | 10 | 15 |
| Capex | (23) | (12) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 0 | 54 | 70 |
| Profit before tax | 0 | 6 | 12 |
| Net profit | — | — | — |
| EPS (₹) | 0.00 | 4.69 | 8.69 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CENTRAL MINE P N D INST L | 13,202 | 43.4 | 5.78 | — | 26.9 | 34.6 | — | 34.9 |
| IIRM HOLDINGS INDIA LTD | 720 | 29.4 | 4.57 | 12.2 | 15.5 | 14.4 | — | 24.9 |
| Qualitek Labs Limited ◆ | 576 | 36.9 | — | — | — | 8.5 | — | — |
| Monarch Surveyors and Engineer | 359 | 7.3 | — | — | — | 20.9 | — | — |
| LIKHAMI CONSULTING LIMITED | 307 | 965.6 | 8.75 | — | 0.7 | 0.9 | — | 67.2 |
| Ekansh Concepts Limited | 247 | 78.6 | 5.44 | 149.2 | (6.7) | (6.8) | (12.2) | 48.8 |
| EKI ENERGY SERVICES LTD | 216 | — | 0.56 | 21.9 | (4.3) | (3.0) | — | (6.1) |
| AAA TECHNOLOGIES LIMITED | 148 | 69.4 | 4.77 | — | 6.7 | 8.9 | — | 31.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.9 | 8.1 | 19 of 23 | 18% |
| ROCE | 8.5 | 8.2 | 13 of 26 | 52% |
| Market cap | 576 | 35 | 3 of 26 | 92% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Qualitek Labs subsidiary wins work order from Govt of Meghalaya | business updates | medium | — | — |
| 19 Oct 2026 · Subsidiary wins work order from Meghalaya govt for lab setup | business updates | medium | — | — |
| 18 Oct 2026 · Qualitek Labs EGM approves preferential share and warrant issuance | board shareholder meetings | low | — | — |
| 16 Oct 2026 · EGM held on Oct 16; preferential share and warrant issuance resolutions considered | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Qualitek Labs EGM clears 3.86L shares and 5.20L convertible warrants | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Qualitek Labs issues corrigendum to EGM notice on preferential allotment | board shareholder meetings | low | — | — |
| 9 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Sept 2026 quarter | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed for Q2 FY27 results period | compliance | minimal | — | — |
| 26 Sept 2026 · Qualitek Labs 8th AGM: 3 Resolutions Passed, Including Related Party Deals | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Qualitek Labs 8th AGM Concludes; All 3 Resolutions Passed | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.