Quality Power Electrical Equipments Limited (QPOWER)
₹1,454.30 +1.43% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Quality Power's revenue was ₹233 Cr (+31.7% year on year, -17.1% on the previous quarter), and net profit ₹46.7 Cr (+26.1% year on year); the operating margin was 17.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹233 | +31.7% | -17.1% |
| Operating profit | ₹41.0 | +32.2% | +35.3% |
| Net profit | ₹46.7 | +26.1% | -7.6% |
| EPS (₹) | 4.66 | +49.4% | +6.4% |
| Operating margin | 17.6% | — | — |
QPOWER delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 43.6% of the QPOWER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.67%. That is lower than usual for this stock. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 56.9% · 44.7% · 47.5% · 49.8% · 43.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Quality Power Electrical Equipments has issued a corrigendum to its October 19, 2026 EGM notice following observations from the NSE regarding its proposed preferential issue. The disclosure confirms that the independent registered valuer determined a share price of ₹1,456.40, aligning with the SEBI ICDR floor price. Consequently, the proposed preferential issue price of ₹1,460.00 per share complies with both SEBI regulations and the company's Articles of Association. Shareholder resolutions remain unchanged, and previously cast e-votes remain valid.
- Preferential issue price set at ₹1,460.00 per equity share
- Floor price determined under SEBI ICDR regulations is ₹1,456.40 per share
- Independent valuation by CA Aman Bansal confirmed equity share value at ₹1,456.40 as of September 23, 2026
- EGM scheduled to take place on October 19, 2026 via video conferencing
Quality Power Electrical Equipments Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the Registrar and Share Transfer Agent, MUFG Intime India Private Limited. The RTA confirmed that securities received for dematerialisation during the quarter were processed and verified within prescribed regulatory timelines. This is a standard quarterly administrative filing with no operational or financial impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter ended September 30, 2026
- Confirmation issued by RTA MUFG Intime India Private Limited dated October 3, 2026
- Processed within prescribed regulatory timelines as confirmed by the RTA
Quality Power Electrical Equipments has issued a corrigendum to its October 19, 2026 EGM notice following observations from the NSE. The correction specifies the maximum preferential allotment as 10,17,123 equity shares (revised from 10,19,635 shares) at an issue price of Rs 1,460 per share, representing an aggregate deal size of approximately Rs 148.5 crore (under 1% dilution against its Rs 17,552 crore market cap). The shares are being issued to the selling shareholders of Winwin Speciality Insulators Limited under a Share Purchase Agreement dated September 23, 2026. The 90-day VWAP calculation was also corrected to Rs 1,238.49 from Rs 1,456.40, while the floor price remained unchanged at Rs 1,456.40.
- Preferential allotment share count corrected to 10,17,123 equity shares from 10,19,635 equity shares
- Issue price confirmed at Rs 1,460 per share with floor price held at Rs 1,456.40
- 90 trading days VWAP preceding relevant date corrected to Rs 1,238.49 from Rs 1,456.40
- Shares to be allotted to selling shareholders of Winwin Speciality Insulators within 15 days of approval
- EGM scheduled for Monday, October 19, 2026 at 04:00 PM via Video Conferencing
Quality Power Electrical Equipments Limited announced the voting results of its 25th Annual General Meeting held on September 29, 2026. All 10 resolutions were approved by shareholders with the requisite majority, with overall turnout reaching approximately 81.87% of outstanding shares. Notably, shareholders approved an ordinary dividend of ₹1 per share (face value ₹10) for non-promoter shareholders, as promoters waived their dividend rights. Key re-appointments of promoter directors, including CMD Thalavaidurai Pandyan and Joint MD Bharanidharan Pandyan, were also ratified.
- All 10 ordinary and special resolutions approved by shareholders at the 25th AGM held on September 29, 2026
- Approval of ₹1 per share dividend to non-promoter shareholders following dividend waiver by promoters
- Overall voter turnout of 81.87% across 63,404,554 total votes polled out of 77,444,100 shares
- Re-appointment of Mr. Thalavaidurai Pandyan as CMD approved with 95.73% votes cast in favor
- Re-appointment of Joint MD Bharanidharan Pandyan passed with 88.99% votes in favor despite 11.01% institutional dissent
Quality Power Electrical Equipments has issued an EGM notice to approve the acquisition of up to 100% of Winwin Speciality Insulators for up to ₹272.34 crore. The deal consideration comprises a share swap of 10,17,123 equity shares at ₹1,460 per share (~₹148.50 crore) and up to ₹123.84 crore in cash. The acquisition value represents ~27.2% of QPOWER's TTM revenue (₹1,003 crore). Additionally, the company is seeking approval for an unsecured loan of up to ₹175 crore from promoter Bharanidharan Pandyan at 9% interest to fund corporate needs, which will raise its D/E ratio from 0.03 to 0.48.
- Acquiring up to 100% (1,91,95,007 shares) of Winwin Speciality Insulators for up to ₹272.34 crore at ₹141.88 per share
- Share swap covers ₹148.50 crore via preferential issue of 10,17,123 shares at ₹1,460 each, diluting 1.30% post-issue
- Cash component of up to ₹123.84 crore subject to customary adjustments under the SPA dated September 23, 2026
- Proposed promoter unsecured loan of up to ₹175 crore at 9% p.a. for 11 years, shifting D/E from 0.03 to 0.48
- E-voting is scheduled from October 16 to October 18, 2026, ahead of the EGM on October 19, 2026
Quality Power Electrical Equipments has entered into a Share Purchase Agreement to acquire up to 100% of Winwin Speciality Insulators Limited for up to ₹272.34 crore. The consideration comprises a share swap of up to 10,17,123 equity shares at ₹1,460 per share (₹148.50 crore) and a cash payout of up to ₹123.84 crore. In addition, the Board approved raising up to ₹700 crore via Qualified Institutions Placement (QIP) (~4% of current market cap), both subject to shareholder approval at an EGM scheduled for October 19, 2026.
- Acquisition of up to 100% stake in Winwin Speciality Insulators for up to ₹272.34 crore
- Consideration split into ₹148.50 crore via swap of 10,17,123 shares at ₹1,460 each and ₹123.84 crore cash
- Winwin reported FY26 revenue of approximately ₹17.07 crore, up from ₹12.72 crore in FY25
- Board approved fundraising of up to ₹700 crore via Qualified Institutions Placement (QIP)
- Target completion date for the acquisition is on or before March 31, 2027
Quality Power Electrical Equipments Limited has announced an institutional investor and analyst plant visit scheduled for Friday, September 11, 2026, at 10:30 AM IST. The visit will take place on a physical group basis at the facility of Winwin Speciality Insulators Limited, which QPOWER proposes to acquire. The company confirmed that no unpublished price-sensitive information (UPSI) will be shared and discussions will be limited to publicly available information.
- Group physical plant visit scheduled for Friday, September 11, 2026, at 10:30 AM IST.
- Interaction to take place at the facility of proposed acquisition target Winwin Speciality Insulators Limited.
- Company reiterated that only publicly available information will be discussed with attendees.
Quality Power Electrical Equipments Limited has issued intimations under Regulation 36(1)(b) of SEBI LODR to shareholders whose email addresses are not registered with the Company, RTA, or Depository Participants as of August 28, 2026. The communication provides access details and the web-link for the FY2025-26 Annual Report. The company's 25th Annual General Meeting is scheduled to be held on September 29, 2026, at 04:00 PM IST via video conferencing.
- 25th Annual General Meeting scheduled for Tuesday, September 29, 2026, at 04:00 PM IST via VC/OAVM
- Letters dispatched to shareholders without registered emails as of the cut-off date of August 28, 2026
- Provides direct web link and path to access the Annual Report for FY 2025-26
- Compliance intimation under Regulation 30 and Regulation 36(1)(b) of SEBI LODR Regulations
Quality Power Electrical Equipments Limited has fixed Tuesday, September 22, 2026, as the record date for determining shareholder eligibility for its final dividend for FY 2025-26. The 25th Annual General Meeting (AGM) is scheduled for Tuesday, September 29, 2026. The book closure period will run from September 23 to September 29, 2026. If approved by shareholders, the dividend will be disbursed within 30 days, on or before October 28, 2026.
- Record date fixed as Tuesday, September 22, 2026 for FY26 final dividend eligibility
- 25th Annual General Meeting to be conducted on Tuesday, September 29, 2026
- Book closure scheduled from September 23, 2026 to September 29, 2026
- Final dividend payment to be completed on or before October 28, 2026 upon approval
Quality Power Electrical Equipments Limited has issued the notice for its 25th Annual General Meeting (AGM) scheduled for September 29, 2026, via video conferencing. Key ordinary and special business items include the declaration of a ₹1 per share dividend on 2,02,04,640 shares exclusively for non-promoter shareholders, as promoters waived their dividend rights. The AGM will also vote on 5-year term extensions starting March 1, 2027, for Chairman & MD Thalavaidurai Pandyan and Joint MD Bharanidharan Pandyan, who drew annual remunerations of ₹2.07 crore and ₹2.12 crore in FY26, respectively.
- 25th Annual General Meeting convened for September 29, 2026, via Video Conferencing.
- Proposed dividend of ₹1 per equity share (FV ₹10) on 2,02,04,640 shares for non-promoter shareholders (~₹2.02 crore payout).
- Promoters have formally waived their right to receive dividend for FY26.
- 5-year re-appointment of CMD Thalavaidurai Pandyan and JMD Bharanidharan Pandyan effective March 1, 2027.
Quality Power Electrical Equipments Limited announced that its Board has deferred the proposal to issue preferential shares/warrants to shareholders of Winwin Speciality Insulators Limited pending due diligence and evaluation of optimal fundraising routes (such as QIP or preferential issue). Additionally, the Board recommended the re-appointment of Chairman & MD Thalavaidurai Pandyan, Joint MD Bharanidharan Pandyan, Whole-Time Directors Chitra Pandyan and Mahesh Saralaya, and Independent Director Sadayandi Ramesh for 5-year terms starting March 2027, subject to shareholder approval.
- Deferred preferential issue of shares/warrants to Winwin Speciality Insulators shareholders pending due diligence completion
- Re-appointed CMD Thalavaidurai Pandyan for a 5-year term from March 1, 2027 to February 29, 2032
- Re-appointed Joint MD Bharanidharan Pandyan for a 5-year term from March 1, 2027 to February 29, 2032
- Re-appointed Whole-Time Director Mahesh Saralaya and Independent Director Sadayandi Ramesh for 5-year terms
Quality Power Electrical Equipments Limited announced that its CEO and CFO will participate in the 'Ashwamedh – Elara India Dialogue 2026' investor conference in Mumbai on September 3, 2026. The executive team has scheduled 1-on-1 and group interaction slots with multiple institutional investors including HSBC Mutual Fund, Bandhan AMC, and Trust MF. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during these meetings.
- Conference scheduled for Thursday, 03rd September 2026 from 10:00 a.m. to 05:00 p.m. IST
- In-person meetings to be held at Grand Hyatt, Santacruz, Mumbai
- Company represented by CEO Sanjog Mhatre and CFO Rajesh Jayaraman
- Includes 6 one-to-one slots and 1 large group interaction slot with domestic and global institutions
Quality Power Electrical Equipments released its Q1 FY27 earnings call transcript, highlighting a strong closing order book of ₹1,945 crore (~1.9x FY26 revenue / ~194% of TTM revenue). Trial production at the new Sangli manufacturing facility is scheduled to commence in August 2026, alongside machinery installation for High Voltage CTC magnet wire. At Endoks in Turkey, construction of the Power Conversion System facility is complete with operations targeted for Q3 FY27. Confirmatory due diligence for the acquisition of Winwin Speciality Insulators has concluded smoothly with definitive agreements underway.
- Closing order book stood at ₹1,945 crore, representing approximately 1.9x of last year's revenue (~194% of TTM revenue).
- Trial production at the new Sangli facility is targeted for August 2026, resolving minor last-mile utility and site sequencing dependencies.
- Operations at the Endoks Power Conversion System facility in Turkey are slated to begin in Q3 FY27.
- Targeting at least ₹500 crore in aluminium CTC HVDC wire over the next 2-3 years (equivalent to ₹1,500-1,800 crore in copper wires) to support internal consumption and scaling.
- Confirmatory due diligence completed for Winwin Speciality Insulators Limited without adverse findings.
Quality Power Electrical Equipments Limited has confirmed zero deviation in the utilization of its IPO proceeds for the quarter ended June 30, 2026. The company raised ₹858.696 Crore in February 2025. Key deployments include the full utilization of ₹117 Crore for the acquisition of Mehru Electrical and Mechanical Engineers, and ₹15.36 Crore spent towards capital expenditure out of a ₹27.22 Crore allocation. The report has been reviewed by the Audit Committee and monitoring agency Brickwork Ratings.
- Total funds raised through IPO on February 20, 2025, amounted to ₹858.696 Crore.
- ₹117 Crore allocated for the acquisition of Mehru Electrical has been 100% utilized.
- ₹15.36 Crore has been utilized for Capital Expenditure against an original allocation of ₹27.22 Crore.
- Zero deviation or variation reported in fund utilization for the quarter ended June 30, 2026.
Quality Power Electrical Equipments Limited (QPOWER) has released the audio recording of its earnings conference call held on August 10, 2026. The call discussed the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026 (Q1 FY27). This filing is a procedural requirement under SEBI Regulation 30. Investors can access the recording via the company's website to gain insights into management's commentary on their 9x capacity expansion strategy and TTM revenue of ₹947 Cr.
- Earnings conference call held on August 10, 2026, at 03:30 p.m. IST
- Covers financial results for the quarter ended June 30, 2026
- Audio recording link provided as per SEBI Listing Obligations and Disclosure Requirements
- Management previously indicated a 126% expected growth rate and 9x capacity expansion
Financial Performance
Revenue Growth by Segment
Consolidated revenue for Q2 FY26 grew 112.4% YoY to INR 218.9 Cr. Growth was broad-based across FACTS, HVDC, and high-voltage power quality segments. Mehru revenue was INR 78 Cr for the quarter, while Endoks revenue was INR 73 Cr. Standalone parent revenue for H1 FY26 was INR 92 Cr.
Geographic Revenue Split
Not explicitly disclosed as a percentage, but management highlighted strong international demand, particularly in Europe, as a key driver for the 112% YoY revenue growth in Q2 FY26.
Profitability Margins
Gross Profit Margin for Q2 FY26 was 40.1%, down from 44.3% YoY. PAT Margin stood at 16.1% for Q2 FY26 compared to 13.0% in Q2 FY25. H1 FY26 PAT Margin was 17.5%, down from 27.4% YoY due to higher tax and operational costs.
EBITDA Margin
Consolidated EBITDA Margin for Q2 FY26 was 24.0% (including other income), up from 17.8% in Q2 FY25. Core operational EBITDA margin was reported at 22.5%. Mehru's operational margins improved significantly to 12% in Q2 FY26 from 8.2% in previous periods.
Capital Expenditure
Standalone Property, Plant and Equipment (PPE) increased from INR 20.58 Cr in FY24 to INR 34.85 Cr in FY25. The company is currently building new facilities that will provide more than 9x the current capacity to support aggressive growth guidance.
Credit Rating & Borrowing
Finance costs for Q2 FY26 were INR 2.2 Cr, a 120% increase from INR 1.0 Cr in Q2 FY25, reflecting increased borrowing to fund capacity expansion. Specific credit ratings and interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
Key raw materials include HVDC magnet wires, insulators, and bushings. COGS for Q2 FY26 was INR 131.1 Cr, representing approximately 60% of total revenue.
Import Sources
HVDC magnet wires are sourced from India, but domestic capacity is fully booked for the next year. Insulators and bushings are sourced from global markets where supply remains tight.
Capacity Expansion
The company is expanding capacity by more than 9x current levels through new facilities. This expansion is supported by the addition of 140-150 people in the last quarter for training and ramp-up.
Raw Material Costs
COGS increased 128% YoY to INR 131.1 Cr in Q2 FY26, outpacing revenue growth. Procurement strategies include backward integration to reduce reliance on external supply chains and mitigate global shortages.
Manufacturing Efficiency
Mehru's margin improvement to 12% was driven by higher capacity utilization and improved product mix. The company is training 150 new staff to ensure efficiency at the new 9x capacity facilities.
Strategic Growth
Expected Growth Rate
126%
Growth Strategy
Growth will be achieved through a 9x capacity expansion, backward integration to stabilize margins, and expansion into new product lines like GIS instrument transformers and surge capacitors. The company is targeting the global energy transition wave and grid modernization investments.
Products & Services
Manufacturing and supply of high-voltage electrical equipment including transformers, rectifiers, HVDC components, FACTS, GIS (Gas Insulated Switchgear), and surge capacitors.
Brand Portfolio
Quality Power, Mehru, Endoks, and Sukrut (consolidation in progress).
New Products/Services
New product launches include surge capacitors for GIS and GIS instrument transformers, with the latter expected to commercialize by Q2 FY27 after testing and qualification.
Market Expansion
Targeting larger international markets like Europe through dedicated business development personnel to interact directly with utilities.
Strategic Alliances
The company has signed a collaboration for GIS product development and is in the process of consolidating Sukrut into its financial results.
External Factors
Industry Trends
The industry is seeing a multi-year opportunity cycle driven by renewable energy integration and grid modernization. Demand is shifting toward HVDC and FACTS technologies to support the global energy transition.
Competitive Landscape
The company competes in the high-voltage electrical equipment market against global players, focusing on FACTS, HVDC, and GIS segments.
Competitive Moat
Moat is built on technology depth in high-voltage equipment, a massive 9x capacity expansion that provides scale, and backward integration that protects margins from supply chain volatility.
Macro Economic Sensitivity
The company's outlook is tied to India's projected GDP growth of 6.3% to 6.8% for FY 2025-26 and the global energy transition wave.
Consumer Behavior
Global utilities are shifting demand toward equipment that supports renewable energy integration and grid stability.
Geopolitical Risks
Trade barriers such as the BIS license requirement for magnet wire imports act as a bottleneck for the HVDC segment.
Regulatory & Governance
Industry Regulations
Operations are heavily affected by BIS (Bureau of Indian Standards) licensing requirements for HVDC magnet wires and compliance with Ind AS 115 for revenue recognition on long-term contracts.
Environmental Compliance
The company spent INR 0.35 Cr on Corporate Social Responsibility (CSR) in FY25.
Taxation Policy Impact
Tax expenses for Q2 FY26 were INR 9.1 Cr on a PBT of INR 44.3 Cr, representing an effective tax rate of approximately 20.5%.
Risk Analysis
Key Uncertainties
The primary uncertainty is the supply of critical inputs (magnet wires, insulators) which could impact the ability to meet the INR 700-800 Cr revenue guidance.
Geographic Concentration Risk
Not disclosed, though management mentioned a 'broad-based' growth across segments and strong international demand.
Third Party Dependencies
High dependency on external suppliers for insulators and bushings, which are currently in tight global supply.
Technology Obsolescence Risk
The company is mitigating technology risk by investing in GIS and HVDC technologies, which are the current industry standards for grid modernization.
Credit & Counterparty Risk
The company noted that most high-voltage substations are owned by large utilities, which generally carry lower credit risk but impose strict penalties for late delivery.
