QPOWER
Quality Power Electrical Equipments share price & financials
- Price
- ₹1,320.6
- Market cap
- ₹9.7k Cr
- Sector
- Capital Goods
- Calls analysed
- 6
Quality Power Electrical Equipments Limited Q1 FY27
What went well
- Revenue of INR256.4 crores reported for Q1 FY27.
- Gross margin improved to 47.2% from 44.6%.
- Adjusted EBITDA margin at 28.3% (excluding hyperinflation impact).
What to watch
- Temporary moderation in standalone margins expected in Q3 FY27 due to new Sangli capacity fixed costs and raw material price movements.
- Cash balances reduced due to funding expansion largely through internal resources.
What Quality Power Electrical Equipments Limited does
Quality Power designs, manufactures and services high-voltage electrical equipment for grid connectivity and energy-transition applications, spanning coil products, dry/oil-filled transformers, instrument transformers, line traps, FACTS/STATCOM systems and battery energy storage system (BESS) integration. It earns revenue by supplying this equipment to power utilities, renewables, cement, chemicals, automobile, steel & metal, oil & gas and traction/locomotive customers, including grid operators and OEMs such as PGCIL, GE T&D India, Hitachi Energy and Siemens. The group operates through its own India manufacturing base plus subsidiaries acquired in Turkey (Endoks - FACTS/BESS/power quality), Rajasthan (Mehru - instrument transformers), Chennai (Nebeskie - IoT/edge computing for substations) and Pune (Sukrut - transformer components).
Segments
- QP Equipments (standalone)
- Endoks (Turkey)
- Mehru Electrical and Mechanical Engineers
- QP Projects
- Manufacturing facilities
- 7 operating facilities across India (Sangli, Pune/Sukrut, Bhiwadi, Kochi, Chennai) and Turkey (Ankara, Nigde)
- Global customer base
- 200+ customers
- Countries served
- 100+ countries across 5 continents
- Group companies (acquired/JV entities)
- 6 acquired/JV businesses — Endoks (Turkey), S&S Transformers, EPEC, Nebeskie, Sukrut, Mehru
- Voltage class capability
- Equipment engineered up to 800kV AC/HVDC and GIS class; instrument transformers up to 500kV
- Test & R&D lab accreditation
- NABL-accredited (ISO 17025:2017) test laboratories at Sangli & Bhiwadi, certified for testing systems up to 765kV
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 3 delivered 3 missed 11 open- FY26 Revenue delivered said Q4 FY25 Promised: ₹700-850 crores Q1 FY27: Promise previously achieved. No new updates.
- GIS Product Commercialization went quiet said Q2 FY26 Promised: Commercial product on the market 'by a year' (by Nov 2026) Q1 FY27: No update provided on the GIS product prototypes, which were expected by July-August 2026. The deadline has arrived with no mention.
- Sangli Factory Commissioning on track said Q4 FY25 Promised: Capacity increase within 18 months (by Nov 2026) Q1 FY27: Machinery installation is on, and trial production is targeted for August 2026, pending final approvals. On track for the revised July-August timeline.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 31.6%, net profit up 27.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 94 | 73 | 108 | 177 | 206 +119% | 284 +289% | 281 +160% | 233 +32% |
| EBITDA | 8 | 17 | 16 | 31 | 36 +350% | 79 +365% | 30 +88% | 41 +32% |
| Net profit | 13 | 20 | 30 | 37 | 35 +169% | 63 +215% | 51 +70% | 47 +27% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +50.1% 1Y
1Y: ₹950.3 on 10 Sept 2025 → ₹1,426.5. High ₹1,519.7 (8 Sept 2026), low ₹595.1 (27 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- +5.0%
- 10 Aug
- Q4 FY26
- −9.4%
- 14 May
- Q3 FY26
- +6.8%
- 5 Feb
- Q2 FY26
- −7.3%
- 13 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 182.1% a year over 1 year, FY25 to FY26. Operating margin narrowed to 18.6%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹336 Cr | ₹948 Cr |
| Operating profit | ₹65 Cr | ₹176 Cr |
| Operating margin | 19.3% | 18.6% |
| Interest | ₹3 Cr | ₹6 Cr |
| Depreciation | ₹5 Cr | ₹13 Cr |
| Net profit | ₹96 Cr | ₹186 Cr |
| Net margin | 28.6% | 19.6% |
| Cash from operations | ₹62 Cr | ₹80 Cr |
| Free cash flow | ₹39 Cr | ₹-31 Cr |
| ROCE | 27.0% | 32.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹72 Cr | ₹77 Cr | ₹77 Cr |
| Reserves | ₹92 Cr | ₹112 Cr | ₹81 Cr | ₹392 Cr | ₹465 Cr |
| Borrowings | ₹12 Cr | ₹11 Cr | ₹38 Cr | ₹36 Cr | ₹40 Cr |
| Other liabilities | ₹149 Cr | ₹189 Cr | ₹167 Cr | ₹472 Cr | ₹530 Cr |
| Total liabilities | ₹253 Cr | ₹312 Cr | ₹359 Cr | ₹978 Cr | ₹1.1k Cr |
| Fixed assets | ₹34 Cr | ₹40 Cr | ₹66 Cr | ₹251 Cr | ₹267 Cr |
| Capital work in progress | ₹0 Cr | ₹1 Cr | ₹2 Cr | ₹10 Cr | ₹73 Cr |
| Investments | ₹0 Cr | ₹31 Cr | ₹48 Cr | ₹42 Cr | ₹19 Cr |
| Other assets | ₹219 Cr | ₹241 Cr | ₹243 Cr | ₹675 Cr | ₹754 Cr |
| Total assets | ₹253 Cr | ₹312 Cr | ₹359 Cr | ₹978 Cr | ₹1.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −1.86 pp while FIIs added +1.40 pp. The shareholder count grew 47% to 85,706.
- Promoters
- 73.9%
- FIIs
- 3.4%
- DIIs
- 6.5%
- Public
- 16.3%
Since Jun 2025
- Public −1.86 pp
- FIIs +1.40 pp
- DIIs +0.45 pp
How it drifted, 6 quarters
Over this window the public went from 13.3% to 16.3% — +2.9 pp.
Ownership split by quarter, oldest first. Mar '25: Promoters 73.9%, FIIs 4.0%, DIIs 8.8%, Public 13.3%.Jun '25: Promoters 73.9%, FIIs 2.0%, DIIs 6.0%, Public 18.1%.Sep '25: Promoters 73.9%, FIIs 2.1%, DIIs 5.9%, Public 18.1%.Dec '25: Promoters 73.9%, FIIs 2.0%, DIIs 6.0%, Public 18.1%.Mar '26: Promoters 73.9%, FIIs 2.3%, DIIs 6.0%, Public 17.9%.Jun '26: Promoters 73.9%, FIIs 3.4%, DIIs 6.5%, Public 16.3%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Quality Power Electrical Equipments Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Bharanidharan Pandyan | 36.96% | unchanged |
| Pandyan Family Trust | 24.22% | unchanged |
| Thalavaidurai Pandyan | 12.73% | unchanged |
| Bank Of India Flexi Cap Fund Mutual fund | 3.35% | unchanged |
| Chitra Pandyan | 0.00% | unchanged |
| Ishaan Bharanidharan | 0.00% | unchanged |
| S Lakshmishree | 0.00% | unchanged |
| Manorama Srinivasan | 0.00% | unchanged |
| Nivetha Bharanidharan | 0.00% | unchanged |
| Prema Venugopal | 0.00% | unchanged |
| N S Shunmugaraman | 0.00% | unchanged |
| Poomari Perumal | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
AttractiveTo justify its price of ₹1426, this stock must grow earnings at 36% every year for 7 years. Our analysis caps realistic growth at ~94%. At that growth it is worth ₹15035 — upside of 954%.
- Growth the price implies
- 36.1% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 93.8% a year
- net profit, FY25–FY26
- The gap
- -0.6 pp
- 954% downside if it only repeats history
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Quality Power Electrical Equipments Limited
Guides on how to read this kind of business and the numbers that matter.