Quality Power Electrical Equipments Ltd(QPOWER)

NSE: QPOWERBSE: 544367

₹ 1,305.25-6.35%refreshed 23 Oct, 03:54 pm ISTMarket cap: ₹ 10,108 crWebsite: www.qualitypower.comUpdated: 24 Oct 2026

About

Quality Power Electrical Equipments Ltd designs and manufactures high-voltage power equipment - reactors, instrument transformers, FACTS and HVDC components, and battery energy storage power conversion systems - sold to utilities, grid operators and industrial customers globally. The consolidated order book stood at INR 1,945 crores as of 30 June 2026, approximately 1.9x FY26 revenue, with execution guided over roughly 15 months.^[1][2]

Business segments

QP standalone contributed ~₹227 Cr in FY26 revenue, focused on high-voltage dry-type reactors, HVDC converter reactors, FACTS components and shunt reactors.^[1]
Mehru Electrical (51% acquired March 2025) contributed ~₹318 Cr in FY26; manufactures instrument transformers up to 400 kV and is co-developing GIS instrument transformers with Hyosung T&D India.^[1][3]
Endoks (Turkey) contributed ~₹468 Cr in FY26; manufactures power quality systems, STATCOM, BESS power conversion systems (PCS) and serves international utility customers.^[1]
In Q1 FY27 QP standalone grew from ~₹37 Cr to ~₹69 Cr YoY; Mehru from ~₹60 Cr to ~₹83 Cr; Endoks contributed ~₹107 Cr (slight dip due to Eid holiday impact).^[2]

Products and capabilities

QP standalone type-tested the world's largest three-phase MSR at 200 MVR and passed all HVDC converter reactor type-tests for a global customer in the first attempt, positioning it among a select few globally capable manufacturers.^[3]
Endoks developed BESS power conversion systems fully in-house; order book reached US$31 Mn as of Q4 FY26 with ~USD 60 Mn pipeline as of Q1 FY27.^[1][2]
Mehru signed a co-development agreement with Hyosung T&D India to jointly develop GIS instrument transformers - targeting a ₹200 - 300 Cr domestic import-substitution opportunity and a ₹2,000 - 3,000 Cr global market.^[4]
FY25 standalone revenue split: Power Products ₹175.62 Cr (52.17% of mix) and Power Quality Equipment ₹155.12 Cr (46.08%), with Others ₹5.91 Cr.^[3]
26% stake held in Nebeskie Labs for IoT, AI analytics and Industry 4.0 capabilities aimed at unmanned substation solutions.^[4][3]

Manufacturing operations

Sangli Kupwad MIDC Global Coil Factory spans ~320,000 sq ft; machinery installation underway as of Q1 FY27 with trial production targeted August 2026 subject to regulatory clearances.^[2][3]
Cochin (S&S Transformers) facility expansion completed in Q3 FY26, doubling dry-type coil capacity.^[5]
Mehru Bhiwadi plant capacity expansion of ~45% (four new autoclaves) expected post-September 2026; current plant can deliver another 30 - 35% above FY26 levels before that.^[1]
Endoks Nigde PCS/BESS factory: civil construction complete as of Q1 FY27; operations expected Q3 FY27 (October - December 2026); peak revenue potential USD 70 - 80 Mn.^[2]
All manufacturing facilities ran at 100% utilisation in Q2 FY26; capacity constraint was the primary limiter on order intake at that time.^[4]
HVDC magnet wire manufacturing line under implementation; full production expected Q4 FY27 after 3 - 5 months stabilisation.^[2]

Key operating numbers

Consolidated order book: INR 19,455 Mn (INR 1,945 Cr) as of Q1 FY27 - Endoks INR 801 Cr, Mehru INR 585 Cr, QP standalone INR 553 Cr; execution guided over ~15 months.^[2]
Q1 FY27 gross margin: 47.2% vs 44.6% in Q1 FY26 (+260 bps YoY), driven by mix shift toward high voltage and power quality systems.^[2]
Q1 FY27 EBITDA margin (excluding Ind AS 29): 28.3% (+340 bps YoY); reported EBITDA margin (including Ind AS 29): 25.2% (+30 bps YoY).^[2]
FY26 consolidated EBITDA margin: 23.5%; QP standalone EBIT margin: 33%; Endoks underlying EBITDA margin (stable currency, ex-Ind AS 29): ~32%.^[1]
Q4 FY26 order inflow: ~₹870 Cr; group order book exiting FY26: ~₹1,406 Cr (~1.4x FY26 revenue).^[1]
Endoks Q4 FY26 Ind AS 29 hyperinflation restatement: ₹25.7 Cr non-cash charge recognised under other expenses, reflecting Turkey's hyperinflationary economy treatment.^[1]

Customers and distribution

QP secured a ₹49 Cr data center reactor order in the US from a major customer (one of the 'big three'); management estimates the US data center reactor market at ~₹1,500 Cr per year.^[1]
QP executed HVDC projects in Korea, Abu Dhabi and Australia, and secured 500 kV smoothing reactors for India's Rihand - Dadri PGCIL link in collaboration with Hitachi Energy India.^[5][4]
International demand described as 'particularly robust' from Middle East, Europe, US and Australia in Q3 FY26; increasing customer audit frequency for HVDC and STATCOM projects.^[5]
Mehru's established presence in Southeast Asia and Africa is expected to facilitate QP group's entry into those markets.^[3]
FY25 standalone India revenue: ₹823.59 Mn; export revenue: ₹666.53 Mn; consolidated India revenue: ₹1,057.57 Mn.^[3]

Expansion and capex

Sangli Global Coil Factory: peak revenue potential INR 1,500 Cr; asset turns to support INR 1,500 - 1,800 Cr; meaningful revenue contribution guided from Q4 FY27.^[2]
Winwin Speciality Insulators (WSIL) acquisition: enterprise value ~INR 315 Cr; 18,000 MTPA ceramic insulator capacity to 1,200 kV across 47.7 acres in Atchutapuram SEZ, Vizag; consolidation expected Q4 FY27.^[2]
INR 50 Cr capex planned at WSIL Vizag facility to expand porcelain and composite insulator capability; peak revenue potential INR 450 - 500 Cr with that capex.^[2]
Capital raise of less than INR 500 Cr planned; roadshows starting 20 August 2026 to fund WSIL acquisition, capex and US market entry.^[2]
US market entry planned with dedicated sales team and office funded from the capital raise; US orders can be manufactured in India.^[2]
European manufacturing facility needed to serve the EU market; Turkey or greenfield under evaluation; decision expected within 6 - 7 months of Q1 FY27.^[2]
GIS instrument transformer manufacturing plant targeted ready Q2 FY27; first 220 kV product type-test then scale to 400/765 kV.^[2]
Board approved ₹25 Cr additional capex for a Global Engineering and Technology Centre at the Sangli facility.^[5]

Recent developments

Winwin Speciality Insulators term sheet executed June 2026; confirmatory due diligence completed without adverse findings; SEZ regulatory approvals are the gating item for Q4 FY27 consolidation.^[2]
Group Chief Technology Officer appointed: Shylendra Kumar, 30+ years at Hitachi Energy (formerly ABB India) in HVDC, FACTS, power quality and grid technologies.^[2]
Chief Procurement Officer appointed to consolidate group purchasing; ~INR 3 Cr of volume discounts benefited Q1 FY27 as procurement shifted to group-level sourcing.^[2]
Sukrut Electric (50:50 JV with Yash Highvoltage) acquired for ₹5.24 Cr in Q3 FY26; turned operationally positive in its first month under new management - first time in five years.^[5]
Scheme of Arrangement filed with NCLT for demerger of Mehru's Fabrication Business Undertaking into Mehru Fabricators Pvt Ltd; NCLT order awaited as of FY25 annual report.^[3]
All three promoter-family executive directors (CMD, JMD, WTD) being re-appointed for five-year terms from 1 March 2027.^[6]
Dividend of ₹1 per share declared for FY26, payable only to non-promoter shareholders (2,02,04,640 shares); promoters waived their right to the dividend.^[6]

Market Cap

₹10,108 Cr

High / Low

₹1,680 / 582

Stock P/E

75.8

Price / Book

18.6

Book Value

₹70

EPS

₹15.7

No. of Shares

7.74 Cr

ROCE

32.0%

ROE

25.1%

OPM

22.2%

Debt / Equity

0.07

Sales

₹947 Cr

Net Profit

₹186 Cr

Promoter holding

73.9%

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