Industrials stocks · Micro cap · NSE
Quality Power Electrical Equipments Limited (QPOWER) is an Indian manufacturer of high voltage and power quality electrical equipment. The company is expanding its global footprint through organic capacity additions, technology development in areas like HVDC and energy storage, and strategic acquisitions to build an integrated technology platform.
SMA20 +7.6% / mo · MACD −
Latest mapped FPI equity flow was not positive. View sector evidence
Adjusted completed-session prices, rebased to 100
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +31.6% · PAT +27.0% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
margin compression · Rev +32% YoY · PAT +27% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹233 Cr | +31.6% | -17.1% |
| EBITDA | ₹41 Cr | +32.3% | +36.7% |
| Operating margin | 18.0% | +0 bps | +700 bps |
| PAT | ₹47 Cr | +27.0% | -7.8% |
| PAT margin | 20.2% | -73 bps | +202 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 20/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Signals are conflicting — long-term uptrend intact. RSI 41. Wait for confirmation.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 51 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Growth engines, risks, management commitments and evidence-backed delivery
Q1 FY27 revenue at INR256.4 crores, with adjusted EBITDA margin of 28.3% driven by procurement efficiencies. Consolidated order book reached INR1,945 crores, 1.9x last year's revenue, providing strong visibility. New capacities are progressing, but temporary margin moderation is expected in Q3 FY27.
The investment thesis remains intact, supported by robust order book growth, strong margin performance in Q1, and strategic execution on capacity expansion and acquisitions. Management's focus on high-tech segments and global expansion positions the company for future growth, despite near-term margin pressures from new facility ramp-up.
New manufacturing capacities at Sangli, HVDC Magnet Wire, and Endoks PCS are expected to drive future volume and revenue growth.
At Endoks, the energy storage business is seeing strong market traction, with inquiry levels ahead of original expectations, reflecting broader acceleration in utility-scale storage.
HVDC remains a major strategic focus, with strengthening engineering depth and progressing through technical qualifications and customer audits with global OEMs and utilities.
Acquisitions like Winwin Speciality Insulators add experienced operating pools and address internal and global demand-supply mismatches for critical components.
Machinery installation is progressing, with trial production targeted during the current month (August 2026), subject to remaining approvals. Full customer approvals expected in ~6 months. Peak revenue potential INR1,500-1,800 crores.
Machinery installation is commencing. A three-month trial run is anticipated, with full production expected by Q4 FY27.
Civil construction is complete, with operations expected to begin during Q3 FY27. This facility has a peak revenue potential of $70-80 million.
INR50 crores capex is planned for enhancing capacity for porcelain and composite insulators. The factory is initially good for INR300-400 crores/year, with capex, INR450-500 crores.
Demand remains strong across businesses, driven by transmission expansion, renewable integration, HVDC, FACTS deployment, grid modernization, energy storage, and data center power infrastructure.
Increasing group scale is beginning to translate into procurement efficiencies, with approximately INR3 crores of volume discounts benefiting the quarter.
The demand-supply mismatch of insulators is expected to become more extreme globally, benefiting the Winwin acquisition.
Fixed costs from new Sangli capacity (depreciation, manpower, power, factory overheads) will come into the P&L before utilization fully ramps up, expecting temporary moderation in standalone margins, particularly in Q3 FY27.
Raw material movements, such as an aluminum spike in Q1, will flow through standalone financials primarily during Q2 and Q3 due to longer manufacturing cycles for coil products.
The bottlenecks continue to be the IGBTs across the world, impacting the ability to deliver BESS products faster.
Transitioning from machinery installation to qualified production and achieving full utilization at Sangli and other new facilities requires significant organizational readiness and customer approvals, which take time.
Integrating acquired businesses like Winwin, including management talent, standardizing practices, and turning around operations, will require management bandwidth and time.
While orders are booked above margin guidance, adverse raw material movements can impact margins with a lag, particularly for products with longer manufacturing cycles.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q1 FY27 results provide sequential performance, crucial for tracking execution momentum and immediate impacts of commodity prices. Management also provided YoY comparisons for entities, indicating underlying growth trends.
Revenue for the quarter was INR256.4 crores.
Gross profit was INR121 crores, with gross margin improving to 47.2% from 44.6%.
Excluding Ind AS 29 adjustment, EBITDA would have been INR72.5 crores at 28.3%.
We closed this quarter with an order book of INR1,945 crores, approximately 1.9x last year's revenue.
Management's responsibility is to execute new customer qualifications, new manufacturing capacities, and new technology/acquisitions properly, preserve operating discipline, and convert opportunities into sustainable growth.
Management guided to 20% revenue growth for FY27, with potential revision at Q3. Consolidated EBITDA margin is expected to be in the high teens or 20%.
The company is proposing to raise less than INR500 crores to fund the Winwin acquisition, INR50 crores capex at Winwin, and establish a US sales team and office for market entry.
The company aims to be an alternative to global electrical technology platforms like Hitachi from India, focusing on high-tech businesses like BESS, automation, HVDC, and FACTS.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Sangli Facility Commissioning & Approvals | Trial production targeted August 2026, subject to approvals. | Progress on building completion certificate, ISO certifications, and customer audits (60 lined up) for commercial production and revenue ramp-up. |
| Endoks PCS Facility Operations | Civil construction complete, operations expected Q3 FY27. | Operationalization of the facility and initial product shipments for the energy storage business, and blended margin profile. |
| Winwin Acquisition Consolidation & Capex | Confirmatory due diligence complete, consolidation expected Q4 FY27. | Finalization of acquisition, execution of INR50 crores capex, and stabilization of margin profile (target 15-25% in 4 quarters). |
| Consolidated EBITDA Margin | Adjusted EBITDA margin 28.3% in Q1 FY27. | Impact of new Sangli fixed costs in Q3 FY27 and commodity price movements on overall margin trajectory, aiming for high teens/20%. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 83rd percentile of the scored universe and 83rd percentile within Industrials. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · Industrials: 83rd pctile, median 68 · Micro: 70th pctile, median 73
33 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
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