NSE: QPOWER · BSE: 544367
QUALITY POWER ELEC EQUP L
Manufactures electrical equipment for the power transmission and distribution chain through three operating entities: a standalone India business (high-voltage instrument transformers, coils, magnet wire, and an HVDC test lab), Mehru Electrical and Mechanical Engineers (acquired — makes 400 KV instrument transformers and is expanding into GIS), and Endoks Enerji in Turkey (FACTS systems, BESS converters, and power-quality equipment). The group order book entering FY27 stood at roughly 1.4x the FY26 revenue base, split across QP at ₹520 crore, Mehru at ₹430 crore, and Endoks at ₹450 crore. Active wins include a ₹49 crore eco-reactor order from a top-3 US hyperscaler for data centers, a ₹40.9 crore FACTS supply order for Japan won by Endoks, and a ₹152 crore BESS order (expandable to ₹292 crore) at Endoks. Geographic reach spans India, Turkey (the European manufacturing hub), the US, Australia, the Middle East, and Europe. Materials are the dominant cost — insulators are currently on 18–24 month lead times and winding conductors, semiconductors, and copper are the key inputs. Capacity additions underway include the Sangli coil and magnet-wire factory (trial production July-August 2026), a ~45% capacity expansion at Mehru's Bhiwadi plant, and a new BESS converter facility in Nigde, Turkey (December 2026). A Term Sheet has also been signed to acquire Winwin Speciality Insulators to internalise insulator supply. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. High-voltage instrument transformers and coils, FACTS / power-quality equipment, BESS and Power Conversion Systems, Data-center power-quality equipment. Order-book driven electrical equipment manufacturer serving power transmission, renewable integration, and data-center infrastructure across India, Turkey, the US, Australia, the Middle East, and Europe
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 337 | 947 |
| EBITDA (ex other income) | 64 | 176 |
| margin % | 18.9 | 18.6 |
| Owners' profit | 66 | 121 |
| EPS, as reported (₹) | 9.10 | 15.67 |
| ROE % · ROCE % | 16.9 · 18.3 | 24.0 · 27.3 |
| Debt / equity (x) | 0.01 | 0.05 |
| Cash from operations | 62 | 80 |
| Capex | (16) | (129) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 73 | 108 | 177 | 206 | 284 | 281 | 233 |
| Profit before tax | 22 | 36 | 44 | 44 | 74 | 53 | 59 |
| Net profit | 20 | 31 | 37 | 35 | 63 | 51 | 47 |
| EPS (₹) | 1.92 | 2.67 | 3.12 | 3.14 | 5.03 | 4.38 | 4.66 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Valuation addendum for proposed preferential share swap | fund raising | high | — | — |
| 21 Oct 2026 · EGM approves share swap, capital raising and promoter transactions | board shareholder meetings | low | — | — |
| 20 Oct 2026 · New Global Coil Factory starts manufacturing in Sangli | capex operations | high | — | — |
| 19 Oct 2026 · EGM clears 700 cr QIP, Winwin Insulators acquisition and 175 cr promoter loan | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Subsidiary starts PCS manufacturing in Turkey | capex operations | high | — | — |
| 16 Oct 2026 · Newspaper ad filed about corrigendum to EGM notice for 19 Oct 2026 | compliance | minimal | — | — |
| 15 Oct 2026 · Corrigendum to EGM notice - additional disclosures on preferential issue pricing | board shareholder meetings | low | — | — |
| 10 Oct 2026 · Newspaper ad filing for EGM corrigendum dispatch on Oct 19 | compliance | minimal | — | — |
| 10 Oct 2026 · RTA Compliance Certificate Filed Under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 9 Oct 2026 · Corrigendum to EGM Notice: share issue details revised | 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.