QPOWER
Micro CapQuality Power Electrical Equipments Limited
Industrials
Serving global clients in critical energy transition equipment and power technologies, QPOWER provides high voltage electrical equipment and tailored solutions for grid connectivity and energy transition. It operates 7 facilities in India & Turkey, serving 200+ customers across 100+ countries with a diverse product portfolio including reactors, transformers, and power quality systems.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 62/100Rev +160% YoY · PAT +70% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹281 Cr | +160.2% | -1.1% |
| EBITDA | ₹30 Cr | +87.5% | -62.0% |
| Operating margin | 11.0% | -400 bps | -1700 bps |
| PAT | ₹51 Cr | +70.0% | -19.1% |
| PAT margin | 18.1% | -963 bps | -403 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
QPOWER reported robust FY26 revenue growth of 156.9% YoY to INR 10,070 Mn and PAT growth of 85.3% YoY to INR 1,855 Mn. Q4FY26 revenue grew 138.5% YoY to INR 3,098 Mn, but EBITDA and PAT declined QoQ by 25.3% and 19.5% respectively, impacted by a non-monetary hyperinflation adjustment for its Turkish subsidiary.
While QPOWER delivered strong annual growth, Q4FY26 saw sequential margin contraction and a significant non-monetary expense from its Turkish subsidiary due to hyperinflation accounting. The robust order book and ongoing capacity expansions are positive, but the impact on profitability metrics and working capital trends need close monitoring.
Order Book by Subsidiary
Latest issuer-disclosed distribution across 4 reported categories.
HVDC & Reactor Solutions
Secured multiple orders for HVDC reactors and coil products across transmission applications, including up to 800kV HVDC class.
BESS & European Industrial Applications
Endoks secured a large international BESS order of Rs. 152 Cr, expandable to Rs. 292 Cr, to be executed by December 2027.
Strategic Acquisitions
Acquisitions of Endoks, S&S Transformers, EPEC, Nebeskie, Sukrut, and Mehru expanded product offerings and market presence.
Grid Optimization Solutions
Received orders for STATCOM and FACTS applications, expanding capabilities in grid optimization solutions.
Mehru Bhiwadi Plant Expansion
Planning an expansion at Mehru's Bhiwadi plant, including four new autoclaves, expected to increase overall plant capacity by ~45%.
Sangli Plant Advancement & CAPEX
Construction timeline for the Sangli plant advanced to June 2026 from September 2026. Board approved Rs. 25 crore additional CAPEX for a Global Engineering and Technology Centre at Sangli.
Cochin Expansion
Cochin expansion completed in Q3FY26.
HVDC CTC Magnet Wire Facility
New HVDC CTC Magnet Wire Facility progressing well in line with earlier guidance.
Energy Transition Demand
Serving global clients in critical energy transition equipment and power technologies.
Strong Order Book
Company holds an order backlog of over Rs. 14,060 million.
Domestic & International Demand
Strong domestic and international demand for Mehru products.
Hyperinflationary Accounting Impact
Approximately ₹25.7 crore recognized under other expenses for Endoks due to Ind AS 29 relating to hyperinflationary economies.
Sequential Margin Contraction
Q4FY26 EBITDA margin declined to 19.1% from 27.9% QoQ, and PAT margin to 16.3% from 22.1% QoQ.
Working Capital Management
Net Capital Turnover Ratio declined to 0.8x in FY26 from 1.1x in FY25, indicating potential stress.
Cash Conversion Cycle
CFO/EBITDA ratio declined to 0.3x in FY26 from 0.5x in FY25, suggesting weaker cash generation from operations.
Geopolitical/Economic Risks (Turkey)
Exposure to hyperinflationary economies like Turkey introduces accounting complexities and potential operational risks.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall growth trajectory and annual performance. QoQ comparison is important to track sequential momentum, margin trends, and the immediate impact of operational factors like the Endoks accounting adjustment.
Order Book
INR 14,060 Million as of March 31, 2026.
Revenue Cover
Order book of INR 14,060 Mn covers ~1.4x of FY26 revenue (INR 10,070 Mn).
Gross Profit Margin
Q4FY26 Gross Profit Margin: 46.4% (vs 42.3% QoQ, 44.7% YoY). FY26 Gross Profit Margin: 43.3% (vs 48.9% YoY).
EBITDA Margin
Q4FY26 EBITDA Margin: 19.1% (vs 27.9% QoQ, 29.1% YoY). FY26 EBITDA Margin: 23.5% (vs 30.5% YoY).
Global Competitiveness Ambition
Ambition to build a globally competitive Indian power and electrical technology company, competing with leading global players.
Technology Leadership
Committed to technology leadership, benchmarking against global best, and achieving scale without compromising quality.
Strategic Growth through M&A
Acquisitions have expanded product offerings, strengthened market presence, and enhanced geographical reach.
Operational Excellence
Leverage centralized monitoring, maintenance systems, and analytics to optimize project efficiency.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution & Inflow | INR 14,060 Mn | Monitor execution pace of large orders (e.g., Endoks BESS, Israeli framework) and new order inflows to sustain revenue growth. |
| Operating Margins | Q4FY26 EBITDA Margin: 19.1% | Watch for stabilization or improvement in EBITDA and PAT margins, especially after the Endoks accounting adjustment. |
| Working Capital & Cash Flow | FY26 CFO/EBITDA: 0.3x | Track Net Capital Turnover Ratio and CFO/EBITDA for signs of improved working capital efficiency and cash conversion. |
| Capacity Utilization & Ramp-up | Mehru Bhiwadi plant capacity increase by ~45% | Monitor timely commissioning and ramp-up of new capacities at Bhiwadi and Sangli facilities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +31.8% / mo
Technical chart
QPOWERdaily · 5Y+26.2%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 53. Wait for confirmation.
- SMA20 falling (~19.1% over last month) — short-term momentum negative.
- RSI(14) at 53 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 21% off 52W high · 95% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 18/20 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Fair-value margin of safety is negative at -62.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 82nd percentile of the scored universe and 80th percentile within Industrials. Main check: cash conversion is weak at 43/100.
High Trust Lite: Promoter holding is 73.9%. Key concern: Only 0 years of positive FCF.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 80th pctile, median 68 · Micro: 72nd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 73.9%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.07.
- ▸ROCE is 31.5%.
Trust risks
- ▸Only 0 years of positive FCF.
- ▸OPM spread across recent quarters is 29%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 72.40
- P/B
- 16.20
- EV/EBITDA
- 46.68
- Market Cap
- 8782.00Cr
Profitability
- ROE
- 25.10%
- ROCE
- 31.50%
- ROA
- 16.73%
- Dividend Y
- 0.09%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- 55.00%
- EPS 3Y
- 81.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 25.14×
- Altman Z
- 8.13
- Book Value
- 70.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 80.00 Cr
- EPS TTM
- 15.67
Shareholding
- Promoter Hold
- 73.91%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 68%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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.