Quality Power Electrical Equipments Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Quality Power Electrical Equipments Ltd filed with BSE on 14 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Quality Power reported Q1 FY27 revenue of Rs 256.4 crore with gross margin improving to 47.2% and reported EBITDA of Rs 64.7 crore at a 25.2% margin, while adjusted EBITDA excluding a hyperinflation accounting charge on Turkish operations was Rs 72.5 crore at 28.3%. Management described operational progress including machinery installation at the new Sangli facility, completion of confirmatory due diligence on Winwin Speciality Insulators, and a closing consolidated order book of Rs 1,945 crore. Management also flagged expected temporary moderation in standalone margins in Q3 as new capacity is commissioned ahead of full utilization.
Numbers mentioned
Revenue: INR256.4 crores (Q1 FY27)
p. 5
“Revenue for the quarter was INR256.4 crores.”
Management, page 5 of the filed PDF · View the filing
Gross profit: INR121 crores (Q1 FY27)
p. 5
“Gross profit was INR121 crores, with gross margin improving to 47.2% from 44.6%.”
Management, page 5 of the filed PDF · View the filing
Reported EBITDA: INR64.7 crores at 25.2% margin (Q1 FY27)
p. 5
“Reported EBITDA was INR64.7 crores at a margin of 25.2%.”
Management, page 5 of the filed PDF · View the filing
Profit before tax: INR59.4 crores (Q1 FY27)
p. 5
“Profit before tax was INR59.4 crores, and profit after tax was INR46.7 crores.”
Management, page 5 of the filed PDF · View the filing
EPS: INR4.66 (Q1 FY27)
p. 5
“EPS increased to INR4.66 from INR3.12.”
Management, page 5 of the filed PDF · View the filing
Adjusted EBITDA (excluding hyperinflation impact): INR72.5 crores at 28.3% (Q1 FY27)
p. 5
“Excluding this adjustment, EBITDA would have been INR72.5 crores at 28.3%.”
Management, page 5 of the filed PDF · View the filing
Consolidated order book: INR1,945 crores (as of June 2026)
p. 4
“We closed this quarter with an order book of INR1,945 crores, approximately 1.9x last year's revenue.”
Bharanidharan Pandyan, page 4 of the filed PDF · View the filing
Order book by entity - Endoks: INR801 crores (as of June 2026)
p. 6
“Endoks contributed INR801 crores, Mehru, INR585 crores and Quality Power standalone INR553 crores.”
Management, page 6 of the filed PDF · View the filing
Finance costs: INR1.4 crores (Q1 FY27)
p. 6
“Finance costs remain low at INR1.4 crores.”
Management, page 6 of the filed PDF · View the filing
Depreciation: INR3.9 crores (Q1 FY27)
p. 6
“Depreciation increased to INR3.9 crores and will rise as Sangli's CTC Magnet Wire facility and Endoks' Power Conversion Systems facility are capitalized.”
Management, page 6 of the filed PDF · View the filing
Interim dividend: INR0.25 per share (Q1 FY27)
p. 6
“The board had declared an interim dividend of INR0.25 per share.”
Management, page 6 of the filed PDF · View the filing
Volume discount benefit from group procurement: approximately INR3 crores (Q1 FY27)
p. 6
“Approximately INR3 crores of volume discounts benefited the quarter as we increasingly procured materials at a group level.”
Management, page 6 of the filed PDF · View the filing
Total group debt: about INR23 crores (as of last quarter)
p. 13
“the total debt as of last quarter is I think about INR23 crores, overall at a group level, that is also working capital at some subsidiary thing.”
Bharanidharan Pandyan, page 13 of the filed PDF · View the filing
Winwin Speciality Insulators enterprise value: approximately INR315 crores
p. 6
“At an enterprise value of approximately INR315 crores, the transaction remains comfortably within the group's balance sheet capacity.”
Management, page 6 of the filed PDF · View the filing
Quality Power revenue: INR69 crores (Q1 FY27)
p. 7
“Year-on-year, I think Quality Power went from INR37 crores to INR69 crores.”
Bharanidharan Pandyan, page 7 of the filed PDF · View the filing
Mehru revenue: INR83 crores (Q1 FY27)
p. 7
“Mehru went on from about INR60 odd crores to about INR83 crores.”
Bharanidharan Pandyan, page 7 of the filed PDF · View the filing
Endoks revenue: INR107 crores (Q1 FY27)
p. 7
“I don't remember exactly Endoks, but Endoks contributed about INR107 crores in this revenue.”
Bharanidharan Pandyan, page 7 of the filed PDF · View the filing
Mehru EBITDA margin: 18% (Q1 FY27)
p. 12
“Mehru this quarter delivered about 18%.”
Bharanidharan Pandyan, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth FY27 — 20% · FY27
stated firmly by Bharanidharan Pandyan
p. 11
“Darshil, I think we have guided to 20% at this moment. We'll stick our guns to it.”
Bharanidharan Pandyan, page 11 of the filed PDF · View the filing
EBITDA margin — 20% or high teens
stated conditionally by Bharanidharan Pandyan
p. 11
“Please model us at 20% or high teens EBITDA. We will always try to deliver better.”
Bharanidharan Pandyan, page 11 of the filed PDF · View the filing
Revenue growth FY28 — 50% · FY28
stated firmly by Bharanidharan Pandyan
p. 19
“INR1,800 crores. No, that is the peak potential. FY28, we have given a guidance of 50%.”
Bharanidharan Pandyan, page 19 of the filed PDF · View the filing
Coil products business margin (Quality Power standalone) — about 20%
stated firmly by Bannidharan Pandyan
p. 7
“The stable guidance for the coil products business is about 20%.”
Bannidharan Pandyan, page 7 of the filed PDF · View the filing
Mehru EBITDA margin guidance — around 18%
stated firmly by Bharanidharan Pandyan
p. 12
“I think our revised guidance for Mehru would be around 18%.”
Bharanidharan Pandyan, page 12 of the filed PDF · View the filing
Sangli facility trial production — current month
stated conditionally by Bharanidharan Pandyan
p. 3
“Trial production is targeted during the current month, subject to remaining approvals.”
Bharanidharan Pandyan, page 3 of the filed PDF · View the filing
Endoks power conversion systems facility operations start — Q3
stated firmly by Bharanidharan Pandyan
p. 3
“At Endoks in Turkey, civil construction of the power conversion system facility is complete, with operations expected to begin during Q3 this year.”
Bharanidharan Pandyan, page 3 of the filed PDF · View the filing
HVDC Magnet Wire facility full production — Q4 this year
stated conditionally by Bharanidharan Pandyan
p. 8
“We are anticipating by Q4 of this year is when we will be able to take up full production out of the facility.”
Bharanidharan Pandyan, page 8 of the filed PDF · View the filing
Order book execution timeline — next 15 months
stated firmly by Bharanidharan Pandyan
p. 9
“This order book what we have, Rahul, this order book is slated to completion in the next 15 months, give and take.”
Bharanidharan Pandyan, page 9 of the filed PDF · View the filing
Sangli facility customer audits/qualification — six months from facility opening
stated firmly by Bharanidharan Pandyan
p. 8
“and it will take us, I think, as we guided, about six months from the day we open up the facility for audits.”
Bharanidharan Pandyan, page 8 of the filed PDF · View the filing
Sangli plant peak revenue potential — INR1,500 crores to INR1,800 crores
stated as an aspiration by Bharanidharan Pandyan
p. 8
“The asset turnover of this factory, I think we have still not fully capitalized the, put the full capital in, but I would say INR1,500 crores to INR1,800 crores I think this facility is good enough to deliver.”
Bharanidharan Pandyan, page 8 of the filed PDF · View the filing
BESS/PCS order pipeline — USD80 million · next 12 months
stated as an aspiration by Bharanidharan Pandyan
p. 9
“we are anticipating another USD40 million more in the next 12 months at least, which is, which is in line with the guidance that we have given earlier that we see about at least USD80 million of business coming in.”
Bharanidharan Pandyan, page 9 of the filed PDF · View the filing
Insulators order target — INR200 crores · next nine months
stated as an aspiration by Bharanidharan Pandyan
p. 10
“Right now, for the insulators, we are at least targeting about INR200 crores of orders in the next nine months.”
Bharanidharan Pandyan, page 10 of the filed PDF · View the filing
Winwin consolidation timing — Q4
stated firmly by Bharanidharan Pandyan
p. 11
“I think consolidation will happen out of Q4, not before that, primarily because this being an SEZ property, it will require a lot of secretaries to sign off in Delhi.”
Bharanidharan Pandyan, page 11 of the filed PDF · View the filing
Winwin revenue without capex — INR250 crores to INR300 crores
stated as an aspiration by Bharanidharan Pandyan
p. 18
“Without a capex, I think it should be doing between INR250 crores and INR300 crores.”
Bharanidharan Pandyan, page 18 of the filed PDF · View the filing
Winwin revenue with capex — INR450 crores to INR500 crores
stated as an aspiration by Bharanidharan Pandyan
p. 18
“With the capex, I believe it will be about INR450 crores to INR500 crores.”
Bharanidharan Pandyan, page 18 of the filed PDF · View the filing
Endoks facility peak revenue potential — $70 million to $80 million
stated as an aspiration by Bharanidharan Pandyan
p. 18
“I think that factory is good enough for about at least $70 million, $80 million.”
Bharanidharan Pandyan, page 18 of the filed PDF · View the filing
Fundraise amount — less than INR500 crores
stated firmly by Bharanidharan Pandyan
p. 13
“We have not put numbers to it, but less than INR500 crores.”
Bharanidharan Pandyan, page 13 of the filed PDF · View the filing
Fundraise timing — this month, before AGM
stated firmly by Bharanidharan Pandyan
p. 17
“I think we may attempt raising them this month, before the AGM.”
Bharanidharan Pandyan, page 17 of the filed PDF · View the filing
CTC aluminium wire business revenue — at least INR500 crores · next two, three years
stated as an aspiration by Bharanidharan Pandyan
p. 23
“I believe over the next two, three years we should be doing at least INR500 crores in aluminium wire, which is equal to about INR1500 crores to INR1800 crores in copper wires for as a CTC business.”
Bharanidharan Pandyan, page 23 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management gave approximate revenue growth figures per entity and explained that raw material cost movements hit different businesses on different timescales, with a cautionary note on Q3 impact from an aluminium price spike.
Answered by Bannidharan Pandyan
Asked by Baidik Sarkar: Requested a breakup of Y-o-Y growth between Endoks, Mehru, and Quality Power, and clarification on the margin pressure expected in Q3.
p. 7
“So, the cautionary note was towards Q3 where any impacts of anything in this quarter, because aluminium did have a spike this quarter, would come in Q3.”
Bannidharan Pandyan, page 7 of the filed PDF · View the filing
Management said machinery installation is underway, trial production could begin soon subject to approvals, and gave a peak asset turnover estimate for Sangli.
Answered by Bharanidharan Pandyan
Asked by Rahul Maheshwari: Asked when the Sangli coil facility and HVDC magnet wire facility would commission and their peak asset turns.
p. 8
“The asset turnover of this factory, I think we have still not fully capitalized the, put the full capital in, but I would say INR1,500 crores to INR1,800 crores I think this facility is good enough to deliver.”
Bharanidharan Pandyan, page 8 of the filed PDF · View the filing
Management described the current pipeline size, anticipated additional orders, and plans to bring BESS/PCS production to India within about two years.
Answered by Bharanidharan Pandyan
Asked by Nemish Sundar: Asked about BESS/PCS capacity, pipeline, and expansion plans at Endoks.
p. 9
“My current guess is that we have about USD60 million give and take of BESS, that is PCS orders, in our pipeline.”
Bharanidharan Pandyan, page 9 of the filed PDF · View the filing
Management explained the internal demand figure, current margin range, and plans to scale composite insulator production.
Answered by Bharanidharan Pandyan
Asked by Nemish Sundar: Asked about Winwin Insulators' current revenue, margins, and internal versus external use.
p. 11
“What we see at this moment is anywhere between 15% and 25% margin.”
Bharanidharan Pandyan, page 11 of the filed PDF · View the filing
Management reaffirmed the 20% growth guidance cautiously and gave a margin guidance range, declining to be more specific this early in the year.
Answered by Bharanidharan Pandyan
Asked by Darshil Jhaveri: Asked about FY27 revenue guidance and whether Rs 1,400 crore is achievable, and about overall margin guidance.
p. 11
“I don't want to commit things I cannot honour. I would rather err in caution than be aggressive on this.”
Bharanidharan Pandyan, page 11 of the filed PDF · View the filing
Management clarified there was no forex gain or loss (distinct from the hyperinflation entry) and gave margin figures for Mehru while deferring detail on Endoks' blended margin.
Answered by Bharanidharan Pandyan
Asked by Naman Parmar: Asked about the forex gain/loss in other income and segment margins for Mehru and Endoks.
p. 12
“I think we had a loss of INR8 crores -- INR7.5 crores, not gain.”
Bharanidharan Pandyan, page 12 of the filed PDF · View the filing
Management said Mehru is already near full capacity and described options being evaluated for a facility in Turkey or expansion at the Vizag site.
Answered by Bharanidharan Pandyan
Asked by Ankit Jain: Asked about global reception of Mehru's products and whether further capacity expansion would be needed.
p. 13
“They have, I think, at this moment supplying 1 in 2 high voltage instrument transformer that is required in this country.”
Bharanidharan Pandyan, page 13 of the filed PDF · View the filing
Management explained commercial production depends on clearances from multiple authorities and that roughly 60 global customer audits are required over about six months.
Answered by Bharanidharan Pandyan
Asked by Lovish: Asked about the reason for delay in starting Sangli production and the approval timeline.
p. 15
“Technically, the commercial production can start the day we get the clearance from the utility - - from the authorities, that is your pollution completion board, your factory inspector, your building completion certificate, the MIDC, all the local authorities.”
Bharanidharan Pandyan, page 15 of the filed PDF · View the filing
Management described the strategic rationale around insulator scarcity globally, leveraging supply to grow other businesses, and the low effective cost of the acquisition given the land value.
Answered by Bharanidharan Pandyan
Asked by Lovish: Asked for the rationale behind the Winwin acquisition given it appeared to be a closed, underperforming plant.
p. 16
“So nobody is expanding, no new vendor is coming in, which means as the way we see the grids operate, the demand-supply mismatch of insulators are going to be even more extreme.”
Bharanidharan Pandyan, page 16 of the filed PDF · View the filing
Management explained the companies referenced were already operating in India using domestic sourcing, had de-rated capacity, and did not pose an immediate competitive threat.
Answered by Bharanidharan Pandyan
Asked by Bhavya Shah: Asked about the impact of the government allowing four Chinese companies to bid for HVDC contracts.
p. 19
“Most of these factories have been shut down for a very long time with no teams in.”
Bharanidharan Pandyan, page 19 of the filed PDF · View the filing
Management recounted the company's history including a cyclone-related loss, subsequent investor turnaround attempts, and a gas cost crisis that led the prior owners to seek a larger balance sheet partner.
Answered by Bharanidharan Pandyan
Asked by Viraj: Asked for background on Winwin Insulators' history, prior ownership issues, and rationale for the acquisition.
p. 20
“When they were shifting in and they had some labour problem in Chennai, and when they shifted, the cyclone Hudhud hit the plant and almost, almost INR240 crores of the investment had to be written off in the plant.”
Bharanidharan Pandyan, page 20 of the filed PDF · View the filing
Management said power electronics (BESS) would see the highest near-term growth due to faster global demand adoption compared to power products, which face supply chain constraints.
Answered by Bharanidharan Pandyan
Asked by Rahul Maheshwari: Asked about the growth trajectory split between power products, power electronics, and ancillary businesses.
p. 23
“So globally there is a shortage of a lot of components, so the global growth rate for a high voltage substation is still much lower compared to BESS, where there is much less of external influence on the products.”
Bharanidharan Pandyan, page 23 of the filed PDF · View the filing
Risks flagged
Minor last-mile execution issues at the new Sangli facility related to sequencing, utilities, and statutory interfaces
p. 3
“As expected in a new project of this scale, there are a few minor last-mile issues around sequencing, utilities and statutory interfaces.”
Bharanidharan Pandyan, page 3 of the filed PDF · View the filing
Temporary moderation in standalone margins expected due to new Sangli capacity fixed costs before utilization ramps up
p. 6
“We therefore expect some temporary moderation in standalone margins, particularly in Q3.”
Management, page 6 of the filed PDF · View the filing
Raw material price movements (copper, oil, aluminium) affecting margins with a lag
p. 7
“So, the cautionary note was towards Q3 where any impacts of anything in this quarter, because aluminium did have a spike this quarter, would come in Q3.”
Bannidharan Pandyan, page 7 of the filed PDF · View the filing
Global shortage of IGBTs constraining BESS/PCS delivery
p. 9
“The bottlenecks continue to be the IGBTs across the world.”
Bharanidharan Pandyan, page 9 of the filed PDF · View the filing
Component and supply chain shortages varying by product line, including CTC cables, aluminium castings, and springs
p. 23
“So at this... if you ask where I sit it is the CTC cables. But if you ask the guys in the BESS, they are talking about IGBTs. Mehru guys are worried about the aluminium casting. Sukrut’s are worried about springs.”
Bharanidharan Pandyan, page 23 of the filed PDF · View the filing
Global shortage of large power transformers and equipment delaying customer site deliveries
p. 23
“unless the large power transformer comes to the site or other equipment come to the site, the customer would not want to take a delivery.”
Bharanidharan Pandyan, page 23 of the filed PDF · View the filing
Bureaucratic delays in completing Winwin consolidation due to SEZ property approvals
p. 11
“I think consolidation will happen out of Q4, not before that, primarily because this being an SEZ property, it will require a lot of secretaries to sign off in Delhi.”
Bharanidharan Pandyan, page 11 of the filed PDF · View the filing
Cash balances reduced due to funding expansion internally rather than through debt
p. 6
“Cash balances have reduced because we are facing... funding this expansion largely through internal resources rather than debt.”
Management, page 6 of the filed PDF · View the filing
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