Quality Power Electrical Equipments Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Quality Power Electrical Equipments Ltd trades at ₹1,163, in a confirmed uptrend and 22 weeks into that stage. That is +20.2% against its own 200-day average. It sits at 71% of a 52-week range of ₹598 to ₹1,396. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is in a confirmed uptrend — week 22 of stage 2, confirmed. At ₹1,163 it trades +20.2% versus its 200-day average and sits at 71% of its 52-week range (₹598–₹1,396).

Against the market, two honest reads. Cumulative: over the last 1.4 years the stock moved +208% while the NIFTY 500 moved +15% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 45th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Quality Power Electrical Equipments Ltd trades at 70.6× P/E, mid-range by its own standards (45th percentile). Its long-run median P/E is 74.1×, measured across 1.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 70.6× is mid-range by its own standards (45th percentile), against a long-run median of 74.1× measured over 1.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +83.5% against a +31.6% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 37% on reported income across 10 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Quality Power Electrical Equipments Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 6 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

53.5/100 — rank 3 of 6 in Electrical Equipments/HVDC · 72% evidence confidence

Quality Power Electrical Equipments Ltd scores 53.5 out of 100 against the 6 companies it is compared with in Electrical Equipments/HVDC, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 21 + 15.9 + 10.3 + 6.3 = 53.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Quality Power Electrical Equipments Ltd reported ₹281 Cr of revenue in the Mar 26 quarter, +160.2% year on year. That is the 5th straight quarter of year-on-year growth. Over 4 years it has compounded at 50.8% a year. The last full year, FY26, came in at ₹947 Cr. The last four reported quarters add to ₹948 Cr.

Quality Power Electrical Equipments Ltd reported ₹281 Cr of revenue in the Mar 26 quarter, +160.2% year on year. That is the 5th straight quarter of year-on-year growth. Over 4 years it has compounded at 50.8% a year. The last full year, FY26, came in at ₹947 Cr. The last four reported quarters add to ₹948 Cr.

FY26 revenue came in at ₹947 Cr (+181.0% on the year), capping 4 years at 50.8% compound. The latest quarter (Mar 26) printed ₹281 Cr, +160.2% year on year — the 5th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +189.6% growth against the decade's 50.8% — the current year is running faster than its own long-run rate.

→ Revenue grew — did margins hold as it scaled? Next: 11.0% this quarter (−4.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Quality Power Electrical Equipments Ltd's operating margin is 11.0% in the Mar 26 quarter, −4.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 5 fiscal years the operating margin has ranged 13.0% to 19.0%.

Quality Power Electrical Equipments Ltd's operating margin is 11.0% in the Mar 26 quarter, −4.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 5 fiscal years the operating margin has ranged 13.0% to 19.0%.

The latest quarter's operating margin is 11.0%, −4.0 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 13.0%–19.0%, and FY26's 19.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −4.3 pp year on year while gross margin went +7.2 pp — the loss came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins slipped — did that reach the bottom line? Next: profit +70.0% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Quality Power Electrical Equipments Ltd earned ₹51.0 Cr of net profit in the Mar 26 quarter, +70.0% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹186 Cr. The 4-year compound rate is 45.1%. That is 18.1% of the quarter's revenue. The same quarter a year earlier earned ₹30.0 Cr.

Quality Power Electrical Equipments Ltd earned ₹51.0 Cr of net profit in the Mar 26 quarter, +70.0% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹186 Cr. The 4-year compound rate is 45.1%. That is 18.1% of the quarter's revenue. The same quarter a year earlier earned ₹30.0 Cr.

Mar 26 profit was ₹51.0 Cr, +70.0% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹186 Cr (+86.0%), and the 4-year compound rate is 45.1%.

Why profit moved: revenue contributed +160.2% and the margin −4.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +116.6% vs revenue +189.6%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 57% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 57% of Quality Power Electrical Equipments Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹80.0 Cr of operating cash against ₹186 Cr of profit. After ₹113 Cr of capital spending, ₹−33.0 Cr was left as free cash.

FY26: operating cash of ₹80.0 Cr against reported profit of ₹186 Cr, leaving free cash of ₹−33.0 Cr after ₹113 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 57% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 57%: the cash cycle tightened 91 days between FY22 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 15.2× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹320 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Quality Power Electrical Equipments Ltd's cash conversion cycle runs 63 days in FY26, down from 154 days in FY22. Capital spending ran ₹320 Cr over the last 3 years. At FY26 sales of ₹947 Cr each day of that cycle holds about ₹2.6 Cr, so roughly ₹163 Cr sits inside the business at any moment.

FY26: debtors at 93 days, inventory at 74 days — roughly 2.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 63 days, tighter than FY22's 154.

The full loop: cash goes out to suppliers and production on day 0; stock waits 74 days to sell; customers pay about 93 days after that; and suppliers themselves are paid at 105 days — netting out to the 63-day cycle.

In money terms: at FY26 sales of ₹947 Cr, each day of the cycle holds about ₹2.6 Cr — so the 63-day loop keeps roughly ₹163 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹320 Cr over the last 3 fiscal years against ₹21.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹73.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 32%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Quality Power Electrical Equipments Ltd earns a ROCE of 32% in FY26. That is up from a trough of 27% in FY25. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 19.6% net margin on 0.85× asset turns.

FY26 ROCE is 32%, recovered from a FY25 trough of 27% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 19.6% net margin × 0.85× asset turns × 2.05× balance-sheet leverage ≈ 34.2% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 37% on reported income across 10 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.07.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Quality Power Electrical Equipments Ltd carries ₹40.0 Cr of borrowings against ₹542 Cr of equity in FY26, a debt-to-equity of 0.07. Operating profit covers the interest bill 25×. Over 4 years borrowings went from ₹12.0 Cr to ₹40.0 Cr. Capital spending ran ₹320 Cr across the last 3 of those years.

FY26: borrowings of ₹40.0 Cr against equity of ₹542 Cr — a debt-to-equity of 0.07. Operating profit covers the interest bill 25×. Over 4 years borrowings went from ₹12.0 Cr to ₹40.0 Cr while capital spending ran ₹320 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 37% on reported income across 10 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions cut 2.3 points over 5 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 2.3 points of Quality Power Electrical Equipments Ltd over 5 quarters, the biggest move on the register. That takes domestic institutions to 6.5% of the company. Foreign institutions moved −0.6 points over the same window, to 3.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −2.3 points over 5 quarters to 6.5%; Foreign institutions: −0.6 points over 5 quarters to 3.4%; Promoters: +0.0 points over 5 quarters to 73.9%.

🚨 Why the register moved: domestic institutions drove it (−2.3 points), alongside foreign institutions (−0.6 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Quality Power Electrical Equipments Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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