BSE: 543982
QUEST FLOW CONTROLS LIMITED
Manufactures industrial valves — including hull valves, submarine valves, triple offset butterfly valves, and cryogenic valves — for shipbuilding, defence, oil & gas, power, and chemical applications. Production runs out of a 35,000 sq ft facility in Chakan, Pune, with annual capacity scaled to 30,000 valves, supported by certifications from DNV, ABS, and Lloyd's Register. Customers include Mazagon Dock Shipbuilders, the Ministry of Defence, GRSE, CSL, BHEL, Adani Dhamra LNG, US refineries, and a Russian gas agency (via an Indian EPC), with the order book crossing ₹100 crore in FY26 and a ₹125+ crore pipeline. The company divested its water solutions subsidiary H2O Dynamics India and a non-operating casting subsidiary (TAMR Alloys) to refocus on its core flow-control business, and is pursuing API Monogram certification to access global oil and gas projects. FY26 consolidated revenue stood at ₹62.36 crore against total assets of ₹124.21 crore. Materials account for 67.3% of revenue and employees 15.8%, making raw materials the dominant cost driver. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Industrial valves and flow control systems. Small-cap, order-driven industrial valve manufacturer focused on defence and energy sectors
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 67 | 62 |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | 6.69 | 4.21 |
| ROE % · ROCE % | — · 11.2 | — · 0.4 |
| Debt / equity (x) | — | — |
| Cash from operations | 4 | (8) |
| Capex | (5) | 0 |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 30 | 38 | 26 | 36 |
| Profit before tax | 5 | 4 | 2 | (2) |
| Net profit | — | — | — | — |
| EPS (₹) | 3.91 | 2.78 | 1.10 | 5.31 |
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. % |
|---|---|---|---|---|---|---|---|---|
| HBL ENGINEERING LTD | 21,784 | 23.6 | 9.84 | 18.7 | 36.8 | 45.3 | 29.4 | 26.2 |
| INOX INDIA LIMITED | 17,363 | 68.1 | 15.54 | 45.3 | 23.1 | 30.0 | — | 23.4 |
| ESAB INDIA LTD | 8,087 | 36.5 | 18.83 | — | 48.1 | 60.4 | — | 19.2 |
| SUBROS LIMITED | 4,039 | 24.3 | 3.25 | 11.4 | 13.3 | 16.0 | 15.9 | 8.4 |
| W P I L LTD. | 3,819 | 24.1 | 1.94 | 10.9 | 10.2 | 13.1 | 13.3 | 17.7 |
| HARSHA ENGINEERS INT LTD | 3,780 | 24.4 | 2.70 | 14.8 | 11.1 | 13.2 | — | 15.9 |
| ADOR WELDING LTD | 2,389 | 21.1 | 4.31 | 17.2 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,512 | 27.5 | 3.73 | 20.2 | 12.4 | 15.2 | — | 16.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.1 | 18.4 | 12 of 27 | 58% |
| ROCE | (0.4) | 12.3 | 28 of 31 | 10% |
| Market cap | 203 | 102 | 12 of 31 | 63% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Postal ballot opens for Quest Flow Controls shareholders | compliance | minimal | — | — |
| 27 Oct 2026 · Half-year revenue falls as losses and cash burn deepen | results | high | — | — |
| 27 Oct 2026 · Half-year revenue declines as standalone loss reaches Rs 1,369.56 lakh | results | high | — | — |
| 26 Oct 2026 · Postal ballot seeks approval for CEO pay rise and new director | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Board meeting on 26 Oct 2026 to consider H1 FY27 financial results | results | low | — | — |
| 14 Oct 2026 · Routine compliance certificate for dematerialisation filed with BSE | compliance | minimal | — | — |
| 13 Oct 2026 · Quest Flow Controls wins SIDM Champion Award 2026 for Navy valves | business updates | medium | — | — |
| 10 Oct 2026 · Board approves director exit, new appointment, and pay hike | management changes | medium | — | — |
| 5 Oct 2026 · Promoter IFMPL sells 2.39% stake via off-market deal | ownership changes | high | — | — |
| 29 Sept 2026 · Trading window closed ahead of half-yearly results | compliance | minimal | — | — |
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.