Sangli, Maharashtra : Quality Power Electrical Equipments Limited announced its consolidated financial results for the quarter ended 30 June 2026, following approval by the Board of Directors.
Q1 FY 2027 CONSOLIDATED FINANCIAL PERFORMANCE
The Company has presented its Q1 FY2027 performance on two bases. The reported basis reflects the consolidated financial results as prepared under Indian Accounting Standards, including the non cash net monetary loss of ₹78.21 million arising from the application of Ind AS 29 to the Company’s Turkish operations. The adjusted basis excludes that charge and reflects the underlying operating performance of the Group.
| PARTICULARS (₹ Mn) | Q1 FY27Reported | Q1 FY27Adjusted | Q1 FY26 | YoY % | Q4 FY26 | QoQ % |
| Ind AS 29included | Ind AS 29excluded | on adjusted | on adjusted | |||
| Total Revenue | 2,564 | 2,564 | 1,941 | 32.1% | 3,098 | (17.2)% |
| Cost of Goods Sold | 1,353 | 1,353 | 1,076 | – | 1,660 | – |
| Gross Profit | 1,210 | 1,210 | 865 | 39.9% | 1,438 | (15.9)% |
| Gross Profit Margin | 47.2% | 47.2% | 44.6% | – | 46.4% | – |
| EBITDA | 647 | 725 | 484 | 49.8% | 593 | 22.3% |
| EBITDA Margin | 25.2% | 28.3% | 24.9% | – | 19.1% | – |
| Finance Cost | 14 | 14 | 12 | – | 19 | – |
| Depreciation and Amortisation | 39 | 39 | 28 | – | 39 | – |
| Profit Before Tax | 594 | 672 | 443 | 51.7% | 535 | 25.7% |
| PBT Margin | 23.2% | 26.2% | 22.8% | – | 17.3% | – |
| Tax Expense | 138 | 138 | 72 | – | 69 | – |
| Profit After Tax | 467 | 545 | 371 | 46.9% | 506 | 7.7% |
| PAT Margin | 18.2% | 21.3% | 19.1% | – | 16.3% | – |
| Diluted EPS (₹ per share) | 4.66 | 5.44 | 3.12 | 74.4% | 4.38 | 24.2% |
All figures in ₹ million unless stated otherwise. Margins are calculated on Total Revenue. EBITDA includes Other Income. Year on year and quarter on quarter movements are computed on the adjusted basis. Comparative periods are not affected by the Ind AS 29 adjustment recognised in Q1 FY2027 and are therefore presented on a single basis.
RECONCILIATION OF REPORTED TO ADJUSTED MEASURES
| RECONCILIATION (₹ Mn) | As reported | Ind AS 29 add back | Adjusted |
| EBITDA | 647 | 78 | 725 |
| EBITDA Margin | 25.2% | – | 28.3% |
| Profit Before Tax | 594 | 78 | 672 |
| Profit After Tax | 467 | 78 | 545 |
| PAT Margin | 18.2% | – | 21.3% |
| Diluted EPS (₹) | 4.66 | 0.78 | 5.44 |
The Ind AS 29 net monetary loss is recognised within Other Expenses and is therefore added back at the EBITDA level. No tax effect arises on the adjustment. Adjusted diluted earnings per share is computed on profit attributable to owners of the Holding Company after the add back, on 7,74,44,100 equity shares.
Q1 FY 2027 BUSINESS HIGHLIGHTS
Revenue growth of 32.1% year on year to ₹2,564 million, delivered against continued volatility in raw material prices and reflecting sustained demand across the Group’s high voltage and power quality portfolios.
Adjusted EBITDA margin of 28.3% and adjusted PAT margin of 21.3%, both ahead of the corresponding quarter of the previous year, reflecting improved product mix and operating leverage across the Group.
Order book of ₹19,455 million as on 30 June 2026, representing approximately 1.9 times FY2026 consolidated revenue and providing visibility across FY2027 and beyond.
Disclosed order wins of ₹104.9 crore during the quarter, comprising ₹48.3 crore of high voltage reactors for a data centre project in the United States, a ₹40.9 crore FACTS system and equipment order secured by Endoks in Japan, and
₹15.70 crore of 400 kV instrument transformer orders secured by Mehru from Hitachi Energy India Limited.
Proposed acquisition of Winwin Speciality Insulators Limited progressing, following execution of a term sheet in June 2026 for the acquisition of 100 percent of the equity share capital at an enterprise value of approximately ₹315 crore, subject to due diligence, requisite approvals and other closing conditions.
Sangli manufacturing expansion on track, with machinery installation underway and trial production targeted for August 2026, subject to regulatory clearances.
HVDC CTC magnet wire facility progressing as planned, with machinery installation scheduled to commence in August 2026.
Endoks facility expansion in Turkey advancing, with civil construction of the new manufacturing facilities complete and interior fit out underway. The expansion will establish advanced instrument transformer manufacturing capability in Europe, and power conversion system operations are expected to commence in Q3 FY2027.
Appointment of Mr. Shylendra Kumar as Group Chief Technology Officer and Senior Management Personnel, bringing over 30 years of experience in power quality and reactive power compensation, with expertise across HVDC, FACTS, renewable integration and grid power quality solutions.
Interim dividend of ₹0.25 per equity share declared for FY2027, reflecting the Company’s continued focus on shareholder returns.
ORDER BOOK AND FORWARD PIPELINE
| ORDER BOOK (₹ Mn) | Endoks | Mehru | Quality Power | Others |
| As on 30 June 2026 | 8,010 | 5,850 | 5,530 | 65 |
The Group closed the quarter with a consolidated order book of ₹19,455 million, equivalent to approximately 1.9 times FY2026 consolidated revenue. The book is well diversified across geographies and technology segments and is anchored by long cycle, high engineering content projects awarded by global utilities, transmission system operators, original equipment manufacturers and engineering, procurement and construction contractors.
Demand momentum remains strong across the energy transition technology areas the Group serves, and the global tender pipeline continues to expand. Breakthrough positions secured across HVDC, in both line commutated converter and voltage source converter technologies, have been complemented by qualifications and conversions on grid scale battery energy storage tenders in Europe, new FACTS project and equipment wins across the Americas, Europe, the Middle East and Asia Pacific, and a first wave of orders for high voltage interconnect equipment serving hyperscale and artificial intelligence data centre campuses in the United States. Tender activity across North America, Europe, the Middle East, Asia and India remains at multi year highs.
OUTLOOK
The structural outlook for Quality Power remains robust. Global investment in grid modernisation, high voltage direct current interconnections, renewable integration, energy storage and data centre infrastructure continues to accelerate, and the Company’s positioning in critical high voltage equipment places it at the centre of several long duration capital expenditure cycles.
Execution nonetheless remains the gating factor. Raw material constraints, particularly in electrical grade steel, copper and specialised insulation systems, continue to present a meaningful challenge, and input pricing remains variable owing to geopolitical conditions across key sourcing corridors. The Company is addressing these through long term supplier agreements, dual sourcing, vertical integration through the new Sangli facility, and disciplined contractual pass through arrangements where commercially feasible.
MANAGEMENT COMMENTARY
Mr. P. T. Pandyan, Chairman and Managing Director, said: “We have started FY2027 on a positive note, with consolidated revenue increasing 32.1 percent year on year to ₹2,564 million. Adjusted for the non cash net monetary loss arising under Ind AS 29 at our Turkish operations, EBITDA grew 49.8 percent to ₹725 million at a margin of 28.3 percent, and profit after tax grew 46.9 percent to ₹545 million at a margin of 21.3 percent. On a reported basis, EBITDA stood at ₹647 million and profit after tax at ₹467 million. The quarter reflects continued execution momentum and sustained demand for high voltage and energy transition solutions.
During the quarter we continued to strengthen our presence across key international and domestic markets. We secured a significant order for the supply of high voltage reactors for a data centre project in the United States, reinforcing the emerging opportunity arising from the power requirements of hyperscale and artificial intelligence led data centre infrastructure. We also secured a FACTS system and equipment order in Japan, further strengthening our presence in advanced grid stability applications. In India, our material subsidiary Mehru received multiple orders for 400 kV instrument transformers from Hitachi Energy India Limited, reflecting continued demand for high voltage grid equipment.
The convergence of digital infrastructure and power infrastructure is creating new requirements for reliable grid connectivity, power quality and high voltage equipment. Data centres, renewable integration and transmission network expansion are together driving investment in grid infrastructure and related technologies. We believe our capabilities across reactors, FACTS, instrument transformers and other high voltage equipment provide a strong platform to participate in these evolving requirements.
We are also continuing to expand our addressable market through targeted acquisitions. The proposed acquisition of Winwin Speciality Insulators Limited would add ceramic insulator manufacturing capability up to 1,200 kV and polymeric insulators up to 400 kV, along with the established WS Insulators brand, manufacturing infrastructure and customer qualification base built over more than six decades. We see this as an important step towards broadening our high voltage product portfolio and strengthening our ability to serve global utilities, original equipment manufacturers and engineering contractors with a wider range of critical equipment.
Our approach to expansion remains focused on building complementary capabilities across the high voltage value chain. Alongside manufacturing expansion we continue to invest in technology, engineering, testing infrastructure and greater integration of critical manufacturing processes. These initiatives are aimed at strengthening execution capability, improving supply chain resilience and enabling participation in increasingly complex and high engineering content projects.
Looking ahead, we remain positive on the structural demand environment for grid modernisation, renewable integration, high voltage transmission and emerging power intensive applications. At the same time we remain focused on execution, capacity creation and supply chain management. Our priority remains to build Quality Power as a technology driven, globally relevant high voltage equipment company, with deeper engineering capability, a broader product portfolio and a stronger presence across the evolving power infrastructure landscape.”
