# Quality Power Electrical Equipments share price today (Quality Power Electrical Equipments Ltd, NSE: QPOWER)

> Quality Power Electrical Equipments share price today: ₹1,434.00 at the NSE close on 3 November 2026, up 40.8% in a year. Quality Power Electrical Equipments (NSE: QPOWER) is worth ₹11,108 crore, trades at a P/E of 73.4 and has closed between ₹595.10 and ₹1,564.60 over the past 52 weeks. > Quality Power Electrical Equipments Ltd's earnings have grown faster than its share price. Earnings per share grew +83.5% in a year while the price moved +40.8%. QPOWER · Electrical Equipments/HVDC · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/quality-power-electrical-equipments-ltd

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## Key numbers

- Business trend: Mixed, from fewer quarters than usual
- Price: ₹1,434.00 (+40.8% in a year)
- P/E: 73.4× (lower than 53% of the last 1 year)
- Revenue (Sep 2026): ₹273 Cr (+32.5% on a year ago)
- Profit (Sep 2026): ₹63.0 Cr (+80.0% on a year ago)
- Operating margin: 23.0% (+5.0 points on a year ago)
- ROCE: 32%, FY26
- Profit that came in as cash: 55%, last 3 years

The main question: profits are rising, but only 55% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. ## What is the Quality Power Electrical Equipments share price today? Quality Power Electrical Equipments Ltd's share price was ₹1,434.00 at the close on 3 November 2026. It has been rising for 37 weeks. That is 21.0% above its average price over the last 200 trading days. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 14 weeks in a row. In the last 52 weeks it traded between ₹595 and ₹1,565, and at that close it sat 87% of the way up from that low. Over the last 1 year the share price moved +280% while the NIFTY 500 moved +8%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Quality Power Electrical Equipments this quarter? Three changes stood out: profit up on a year earlier for 8 quarters in a row (every quarter we can compare), revenue up on a year earlier for 7 quarters in a row and operating margin up 5 points on a year earlier. 1. Profit up on a year earlier for 8 quarters in a row (every quarter we can compare) In the September 2026 quarter profit was ₹63 crore, +80% on a year earlier. 2. Revenue up on a year earlier for 7 quarters in a row In the September 2026 quarter revenue was ₹273 crore, +32.5% on a year earlier. 3. Operating margin up 5 points on a year earlier 23% in the September 2026 quarter, from 18%. ## What are Quality Power Electrical Equipments' latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Quality Power Electrical Equipments reported revenue of ₹273 crore, up 32.5% from ₹206 crore a year earlier, and a profit of ₹63.0 crore, up 80.0% from ₹35.0 crore. ### Quality Power Electrical Equipments results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹273 crore | ₹206 crore | +32.5% |
| Profit | ₹63.0 crore | ₹35.0 crore | +80.0% |
| Earnings per share | ₹5.48 | ₹3.14 | +74.5% |
| Operating margin | 23.0% | 18.0% | +5.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). The newest call in our records is from 10 August 2026, about April to June 2026; a call about these results is not in our records yet. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the Quality Power Electrical Equipments share price history? Quality Power Electrical Equipments closed at ₹1,434.00 on 3 November 2026, up 40.8% from ₹1,018.60 a year earlier (31 October 2025). Its highest weekly close since February 2025 was ₹1,564.60 on 1 October 2026. ### Quality Power Electrical Equipments share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹1,305.40 | +9.9% |
| 1 month ago · 1 Oct 2026 | ₹1,564.60 | −8.3% |
| 6 months ago · 30 Apr 2026 | ₹1,380.00 | +3.9% |
| 1 year ago · 31 Oct 2025 | ₹1,018.60 | +40.8% |
| Earliest weekly close in our records · 28 Feb 2025 | ₹377.60 | +279.8% |
| Highest weekly close since February 2025, also the 52-week high · 1 Oct 2026 | ₹1,564.60 | −8.3% |
| Lowest weekly close since February 2025 · 4 Apr 2025 | ₹302.70 | +373.7% |
| 52-week low (weekly close) · 27 Jan 2026 | ₹595.10 | +141.0% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (95 weekly closes from 28 February 2025 to 3 November 2026.)

## What is the latest news on Quality Power Electrical Equipments? 3 Nov 2026: Quality Power Electrical Equipments closed at ₹1,434.00, up 9.9% on the week and down 8.3% on the month. Results for July to September 2026: Revenue up 32.5% and profit up 80.0% on a year earlier. ### Earlier

- 22 Sep 2026: ex-date for a dividend of ₹1 a share. - Our read, 22 Aug 2026: Quality Power Electrical is scaling from a domestic instrument specialist into a global high-voltage and energy storage platform, converting an order book of 1,945 crore through major capacity additions across Sangli and Turkey. - 14 Aug 2026: ex-date for an interim dividend of ₹0.25 a share. - 10 Aug 2026: Quality Power Electrical Equipments held its results call for April to June 2026. Management guided: FY27 revenue growth 20%; consolidated operating margin high-teens to 20%, standalone around that level; Mehru around 18% going forward; FY28 growth 50%. ### Our read of the business

April to June 2026: Revenue Reaches 233 Crore as High-Voltage Demand Counters Hyperinflation Accounting. (Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What dividend does Quality Power Electrical Equipments pay? Quality Power Electrical Equipments paid ₹1.25 a share in regular dividends in the 12 months to 4 November 2026 (2 payments), a yield of 0.09% at the ₹1,434.00 close on 3 November 2026. The last was a dividend of ₹1 a share, ex-date 22 September 2026. ### Quality Power Electrical Equipments dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 22 Sep 2026 | ₹1 | Dividend |
| 14 Aug 2026 | ₹0.25 | Interim |
| 18 Sep 2025 | ₹1 | Dividend |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 1 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Quality Power Electrical Equipments Ltd paid out 6% of its profit as dividends in FY26, and it paid a dividend in 2 of its last 5 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Quality Power Electrical Equipments management say on the latest results call? On the call for April to June 2026, held on 10 August 2026, Quality Power Electrical Equipments' management guided: FY27 revenue growth 20%; consolidated operating margin high-teens to 20%, standalone around that level; Mehru around 18% going forward; FY28 growth 50%. > “We have not compromised pricing discipline to build volume.”
> Rajesh Jayaraman, CFO, on the call for April to June 2026

### What management guided

- Sangli trial production planned in the current month subject to approvals; initial revenue from Q3 and meaningful contribution in Q4; peak facility potential ₹1,500-1,800 crore. - CTC magnet-wire full production planned by Q4 after 3-5 months stabilization; GIS plant ready this quarter; ancillary aluminum-wire business planned at least ₹500 crore over 2-3 years. - Endoks PCS operations expected in Q3; BESS/PCS pipeline about US$ 60 million plus another US$ 40 million over the next 12 months; peak facility revenue US$ 70-80 million. - Win-Win consolidation most probably in Q4; ₹200 crore orders planned over the next 9 months; initial margin 15-25% stabilizing over 4 quarters; revenue potential ₹250-300 crore without capital spending versus ₹450-500 crore with planned ₹50 crore capital spending. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/58376/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 10 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What is the future of Quality Power Electrical Equipments? What is changing in the business? The changes showing up in Quality Power Electrical Equipments' own numbers are a bigger order book. It is too early to say whether they last. A bigger order book too early to call

Orders waiting to be delivered (the order book) more than doubled in four calls: ₹830 crore (Nov 2025), ₹895 crore (Feb 2026), ₹1,400+ crore (May 2026) and ₹1,945 crore (Aug 2026), across HVDC reactors, instrument transformers, data-centre reactors and battery-storage converters. Why it may last: The orders come from a grid, transmission, renewable and data-centre spending up-cycle; that wave can last years but it rises and falls with utility and project spending, and the company itself refuses to commit to future order-to-bill. What could be flattering it: A headline order book that is not turning into profitable, cash-generating sales, low-margin orders, slow delivery, or customers paying late. Next check: Revenue for Sep 2026 should be above ₹233 crore and above ₹206 crore a year earlier, with gross margin at or above 40%, as Sangli starts converting the ₹1,945 crore book. Quarter by quarter, 4 quarters

July to September 2025

Order book ₹830 crore with about 12 months of visibility; revenue ₹206 crore against ₹94 crore a year earlier. ✓ fact

From our notes of the call for July to September 2025: Order book stands at ₹830 crore providing 12-month revenue visibility. October to December 2025

Order book ₹895 crore; revenue ₹284 crore, the strongest quarter yet, against ₹73 crore a year earlier. ✓ fact

From our notes of the call for October to December 2025: Order book ₹895 crore (3x prior year), with 95% executable within 12-18 months. January to March 2026

Order book ₹1,400+ crore after ₹600+ crore of fresh orders in the quarter; revenue ₹281 crore against ₹108 crore a year earlier. Management said revenue would have been higher if insulators and conductors had been available. ✓ fact

From our notes of the call for January to March 2026: Consolidated order book ₹1,400+ crore with Quality Power ₹520+ crore, Mehru ₹430 crore, Endoks ₹450 crore. April to June 2026

Order book ₹1,945 crore, but revenue slipped to ₹233 crore from ₹281 crore the quarter before (still up from ₹177 crore a year earlier, about +32%). Management says delivery, not demand, is the limit: plant approvals and component shortages decide how fast orders become sales. ✓ fact

From our notes of the call for April to June 2026: Consolidated order book at June was ₹1,945 crore, about 1.9x last year's revenue. We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Checked against results and calls up to April to June 2026, 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What is Quality Power Electrical Equipments' order book? Consolidated order book reached 1,945 crore at June 2026, representing approximately 1.9x trailing annual sales. - Quality Power standalone order book at June 2026 stood at 553 crore. ✓ fact
- Mehru order book stood at 585 crore as of June 2026. ✓ fact

(Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What could change the Quality Power Electrical Equipments story? What are the risks? Cancellation or material qualification rejection of Sangli facility trial production and failure to scale Endoks power conversion systems beyond 10% operating margins. ### Each change stops working if

- Sangli Global Coil Facility Expansion: Customer qualification audits fail or utility project approvals are delayed beyond fiscal 2027. - Endoks Energy Storage and Power Conversion Systems: Global IGBT semiconductor shortages prevent PCS converter assembly or pricing pressure limits converter margins below 10%. - Mehru High-Voltage Instrument Transformer Integration and Exports: Export certification is delayed or raw material price spikes in copper compress segment margins below 15%. - Vertical Integration via Magnet Wire and Insulator In-Sourcing: Win-Win integration encounters operational friction or lockbox diligence liabilities materialize. ### The main risks

- : Working capital requirements have absorbed cash flow, resulting in a three-year operating cash flow to profit ratio of 0.57x. ⚠ estimate
- : Global shortages of high-voltage insulators, conductors, and IGBT semiconductors can constrain delivery schedules. ⚠ estimate
- : Delays in plant commissioning and utility customer qualification audits could postpone guided revenue inflection. ⚠ estimate
- : Imminent capital raise of up to 500 crore introduces per-share earnings dilution. ⚠ estimate

(Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What to watch in Quality Power Electrical Equipments' next results? When Quality Power Electrical Equipments reports October to December 2026, these are the 5 checks that show whether the story is still on course. First: Revenue for Sep 2026 should be above ₹233 crore and above ₹206 crore a year earlier, with gross margin at or above 40%, as Sangli starts converting the ₹1,945 crore book. | What to check | Why |
| --- | --- |
| Revenue for Sep 2026 should be above ₹233 crore and above ₹206 crore a year earlier, with gross margin at or above 40%, as Sangli starts converting the ₹1,945 crore book. | A bigger order book |
| Sangli approvals, trial production and customer qualification to progress; check whether the facility starts converting the existing order book. | From the call |
| CTC magnet-wire trials and Endoks PCS readiness to advance; check stabilization, first shipments and delivery of queued power-electronics work. | From the call |
| Win-Win definitive agreements and funding to advance; check closing, inherited qualifications and operating restart. | From the call |
| Mehru utilization and margin trajectory to improve; check whether raw-material timing and export activity support the guided profile. | From the call |

## Which stock lists is Quality Power Electrical Equipments on? Quality Power Electrical Equipments is on 4 of our India lists: Multibagger study list, Momentum stocks, AI & data centre stocks and Power & green energy stocks. - [Multibagger study list Study stage: middle](https://www.sectoralpha.in/multibagger-stocks-india)
- [Momentum stocks Market cap cr: 11007.358847559664](https://www.sectoralpha.in/momentum-stocks-india)
- [AI & data centre stocks Group on the list: Data centre suppliers](https://www.sectoralpha.in/ai-stocks-india)
- [Power & green energy stocks Group on the list: Power equipment, transformers and cables](https://www.sectoralpha.in/sectors/power-stocks-india)

## Is Quality Power Electrical Equipments profitable? Quality Power Electrical Equipments Ltd earned ₹63.0 Cr of net profit in the Sep 2026 quarter, +80.0% on the same quarter a year earlier. That is the 8th quarter in a row of profit growth. Full-year FY26 profit was ₹186 Cr. Over 4 years profit has grown 45.1% a year on average. That is 23.1% of the quarter's revenue. The same quarter a year earlier earned ₹35.0 Cr. For the full year, FY26 profit was ₹186 Cr (+86.0% on the year before). Why profit moved: revenue changed +32.5% on a year earlier and the margin moved +5.0 percentage points. Most of the change came from keeping more of each sale. On average over the last four quarters, profit changed +98.0% and revenue +128.3%. Profit is growing slower than sales: rising costs are taking part of the growth. FY27-Q1. revenue ₹233 Cr and profit ₹47 Cr as reported. FY27-Q2. revenue ₹273 Cr and profit ₹63 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much revenue does Quality Power Electrical Equipments make, and is it growing? Quality Power Electrical Equipments Ltd reported ₹273 Cr of revenue in the Sep 2026 quarter, +32.5% on the same quarter a year earlier. That is the 7th quarter in a row with growth on the year before. Over 4 years it has grown 50.8% a year on average. The last full year, FY26, came in at ₹947 Cr. Why this happened. Endoks provides energy management software and power conversion systems for battery storage. Civil construction at the Nigde Turkey facility is complete, with operations starting in Q3 FY27 to address European and domestic demand where non-Chinese software is required. The last four reported quarters add to ₹1,071 Cr. FY26 revenue was ₹947 Cr, +180.2% on the year before. Recent pace: the last four quarters grew +128.3% on average, against 50.8% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +89.9%, against +78.5% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +83.6%, against +69.5% a year (accelerating). FY27-Q1. revenue ₹233 Cr and profit ₹47 Cr as reported. FY27-Q2. revenue ₹273 Cr and profit ₹63 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Quality Power Electrical Equipments keep? Quality Power Electrical Equipments Ltd's operating margin was 23.0% in the Sep 2026 quarter, 5.0 percentage points higher than the same quarter a year ago. Across 5 years it has been between 13.0% and 20.0%. The latest quarter is above every full year in that period. Why the margin moved: operating margin changed +5.5 percentage points on the year while gross margin changed +5.1 points. So the gain came mostly from the gross margin, which means input costs and prices charged. FY27-Q1. revenue ₹233 Cr and profit ₹47 Cr as reported. FY27-Q2. revenue ₹273 Cr and profit ₹63 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## Is Quality Power Electrical Equipments' profit turning into cash? Over the last 3 years, 55% of Quality Power Electrical Equipments Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 it brought in ₹80.0 Cr of operating cash against ₹186 Cr of profit. After ₹113 Cr of spending on assets, free cash was −₹33.0 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 55% of profit came in as cash: the cash cycle got 91 days shorter between FY22 and FY26, so cash that used to wait in the business now arrives sooner. When less than 70% of profit comes in as cash, it is the thing to watch on this page. What to look at next: the bigger use of cash is spending on new assets, at 15.2× depreciation over three years. The next section checks what that spending is building. ## Where does Quality Power Electrical Equipments' cash go? Quality Power Electrical Equipments Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 63 days in FY26, down from 154 days in FY22. It spent ₹320 Cr on assets over the last 3 years. Customers take 93 days to pay, and stock sits for 74 days on average. Why this happened. The Sangli plant represents a major scale expansion for high-voltage reactors and coils. With trial production commencing in Q2 FY27 and initial revenue expected in Q3 FY27, the facility unlocks execution against the 553 crore standalone order backlog. At FY26 sales of ₹947 Cr, each day of that cycle ties up about ₹2.6 Cr, so roughly ₹163 Cr is tied up in the business at any time. FY26: customers took 93 days to pay and stock sat for 74 days, about 2.4 months of sales sitting as stock, for a full cycle of 63 days, shorter than FY22's 154. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 74 days. Customers pay about 93 days after that. Suppliers are paid at 105 days. Together that makes the 63-day cycle. Spending on assets: ₹320 Cr over the last 3 years, against ₹21.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹73.0 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Quality Power Electrical Equipments' P/E ratio, and how does it compare with its own history? Quality Power Electrical Equipments Ltd's P/E is 73.4×, in the middle of its own history: higher than 47% of past readings. Its usual P/E (the middle reading) is 75.2×, over 1 year of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved +83.5% while the price moved +40.8%. Earnings did better than the price, which pulled the multiple down within its own range. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. A quarterly PEG curve, which only the second data source has, is not shown on this page: its two data sources disagree by up to 37% on reported income across 11 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## What growth does the Quality Power Electrical Equipments share price assume? Worked out from its price on 11 October 2026, Quality Power Electrical Equipments Ltd's share price assumed profit growth of about 29.3% a year. Over the past 4 years its profit actually grew 45.1% a year. Today its P/E is 73.4×, lower than 53% of its own last 1 year. This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Quality Power Electrical Equipments business getting better or worse? Quality Power Electrical Equipments Ltd's business is giving mixed signals. Growth is slowing from a very fast pace: revenue growth has eased from +100.0% at its peak to +32.5% (from single-quarter figures), but the business is still expanding, with ROCE rising at 32.0%. This is based on 8 quarters of 3 measures, with some gaps. Why it matters: when the lines disagree, each line above matters more than any single label. One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result. The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## What is the Quality Power Electrical Equipments story, and has it been checked? Quality Power Electrical Equipments Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: EXPANSION. Still open: Cancellation or material qualification rejection of Sangli facility trial production and failure to scale Endoks power conversion systems beyond 10% operating margins. Our read, 22 August 2026. Quality Power Electrical is scaling from a domestic instrument specialist into a global high-voltage and energy storage platform, converting an order book of 1,945 crore through major capacity additions across Sangli and Turkey. From the numbers. Despite an absolute…

From the price. Price stage 2, week 37, above its 200-day line, relative strength falling. From the research. Quality Power Electrical is scaling from a domestic instrument specialist into a global high-voltage and energy storage platform, converting an order book of 1,945 crore through major capacity additions across Sangli…

Where they disagree. What is proven. Quality Power Electrical is scaling from a domestic instrument specialist into a global high-voltage and energy storage platform, converting an order book of 1,945 crore through major capacity additions across Sangli and Turkey. What is not proven yet. Cancellation or material qualification rejection of Sangli facility trial production and failure to scale Endoks power conversion systems beyond 10% operating margins. What would change our mind. Cancellation or material qualification rejection of Sangli facility trial production and failure to scale Endoks power conversion systems beyond 10% operating margins. The test written in advance. Cancellation or material qualification rejection of Sangli facility trial production and failure to scale Endoks power conversion systems beyond 10% operating margins. Measured by: the thesis as written as stated by the next result. What the company does. Consolidated order book expanded to 1,945 crore (1.9x annual revenue), anchored by high-voltage coil reactors, Mehru instrument transformers, and Endoks energy storage systems. The upcoming Sangli facility adds 1,500-1,800 crore peak revenue potential, while backward integration into magnet wire and insulators protects gross margins above 43%. Execution risks center on customer qualification timelines, working capital absorption (three-year operating cash flow to profit after tax at 0.57x), and pending fundraising of up to 500 crore for acquisitions. What the surface reading misses. The surface reading is: Jun 2026 was a profitable quarter, with 18% operating margin and 47 crore of net profit. The research reads it further: In Jun 2026 (Q1 FY27), reported revenue was 233 crore, operating profit was 41 crore (18% OPM), and net profit was 47 crore. What the surface reading misses. The surface reading is: Over the five-year period, working capital and capex absorbed more cash than operations generated, while borrowings increased. The research reads it further: The negative 95 crore FCF shows that cash generation did not fully fund the combined working-capital and capex requirement, leaving a 28 crore increase in borrowings. Lever 12 · New product launch: building. Endoks is scaling utility-scale power conversion systems with an order pipeline of 60 million dollars plus an additional 40 million dollars. What proves it keeps working: Endoks Energy Storage and Power Conversion Systems. It stops working if Global IGBT semiconductor shortages prevent PCS converter assembly or pricing pressure limits converter margins below 10%. Sources: our stock research file (22 August 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Quality Power Electrical Equipments management deliver what it promised? What Quality Power Electrical Equipments Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Endoks PCS facility timeline changed materially · 10 August 2026. In May 2026, management planned the new Endoks PCS facility at Nigde for December 2026. In August 2026, management said operations were expected to begin during Q3 this year, a material pull-forward in the stated timeline that was not explicitly reconciled with the prior goal. Fundraising shifted from contingent authorization to near-term execution · 10 August 2026. In May 2026, management characterized the fundraising as long-term capital that would be called only as required and not necessarily immediately. In August 2026, management said it may attempt to raise the funds during the current month and identified the Win-Win acquisition, related capex, and US expansion as specific uses; while these uses provide context, management did not explain the sharp change in timing from optional capital to an imminent raise. Revenue Guidance Revision to 900 Crore Absent from Prior Earnings Calls · 14 May 2026. Both the Nov 2025 and Feb 2026 calls maintained a 700-800 crore FY26 revenue guidance, with the Feb 2026 call making no upward revision despite 9-month revenue already tracking at approximately 697 crore and Q3 alone delivering 284 crore, a run rate that made exceeding 800 crore near-certain. The May 2026 call includes a CFO assertion that guidance was revised upward to 900 crore during FY26, yet no such revision was communicated in either prior earnings call, raising a material question about when and through what channel shareholders were formally informed of this claimed guidance update before the close of the financial year. Sangli Factory Timeline Slips After Explicit Ahead-of-Schedule Declaration in Feb 2026 · 14 May 2026. Both the Nov 2025 and Feb 2026 calls guided to June 2026 as the Sangli factory operational start, with the Feb 2026 call explicitly stating the construction timeline had been advanced and was ahead of earlier schedule. The May 2026 call revises this to late July or August for trial production only, with commercial production deferred to end of calendar year 2026, providing no explanation for what changed between the Feb 2026 ahead-of-schedule assertion and the current delay, directly affecting FY27 revenue contribution timing assumptions built on prior guidance for this flagship capacity expansion. Every quote above is taken word for word from the company’s own earnings calls. ## What is Quality Power Electrical Equipments management's track record? No company-matched conduct finding, live material proceeding, fraud or lie is established; Wipro/Supriya Kothari, Modex and unrelated tribunal hits are excluded. Routine company filings are not enforcement. Sources:

- [arthneeti.com](https://www.arthneeti.com/insights/quality-power-electrical-equipments-ltd-q4-fy26-earnings)
- [qualitypower.com](https://qualitypower.com/stock-exchange-disclosures/)
- [useflock.in](https://useflock.in/stocks/quality-power-electrical-equipments/shareholding-pattern)

(Checked 14 October 2026.)

## How much does Quality Power Electrical Equipments earn on its capital? Quality Power Electrical Equipments Ltd earned a ROCE of 32% in FY26. That is up from a low of 28% in FY23. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 19.6% net margin and 0.85× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 19.6% net margin × 0.85× asset turnover × 2.04× leverage (assets divided by equity) ≈ 34.0% on equity. The margin does most of the work; borrowing is a big part of it. The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 37% on reported income across 11 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## Does Quality Power Electrical Equipments have too much debt? Quality Power Electrical Equipments Ltd had ₹40.0 Cr of borrowings against ₹542 Cr of equity in FY26, so its debt is 0.07× its equity. Its operating profit is 25 times its interest bill. Over 4 years borrowings went from ₹12.0 Cr to ₹40.0 Cr. Over the last 3 of those years it spent ₹320 Cr on assets. Part of the spending on assets is being paid for with borrowed money. The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 37% on reported income across 11 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## What is the Quality Power Electrical Equipments shareholding pattern? Domestic institutions cut their stake in Quality Power Electrical Equipments Ltd by 3.2 percentage points over 6 quarters, the biggest change among its owners. Domestic institutions now own 5.6% of the company. Foreign institutions moved −1.1 points over the same period, to 2.9%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: −3.2 points over 6 quarters, to 5.6%; Foreign institutions: −1.1 points over 6 quarters, to 2.9%; Promoters: +0.0 points over 6 quarters, to 73.9%. Why the owners changed: domestic institutions drove it (−3.2 points), together with foreign institutions (−1.1 points). They reduced their stake. ## How far is Quality Power Electrical Equipments from balance-sheet trouble? For Quality Power Electrical Equipments Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Quality Power Electrical Equipments rank in its industry? 75.7 out of 100, rank 1 of 6 in Electrical Equipments/HVDC, with 71% of the evidence available. Quality Power Electrical Equipments Ltd scores 75.7 out of 100 against the 6 companies it is compared with in Electrical Equipments/HVDC, ranking 1. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 29 + 17.6 + 9.1 + 20 = 75.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Quality Power Electrical Equipments compared with? Quality Power Electrical Equipments ranks 1 of 6 Electrical Equipments/HVDC companies on the 4-Factor Sector Score, with 75.7 out of 100. 1. Quality Power Electrical Equipments Ltd this page QPOWER · breaking out · Most evidence points up · 71% evidence 75.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.0/35 · Revenue 89.9% · Profit 83.6% · Operating margin change 5 points · 83% evidence Capital efficiency 17.6/25 · ROCE 31.7% · Operating margin 23% · 76% evidence Valuation 9.1/20 · P/E 71.4× · PEG n/a · 15% evidence Relative strength 20.0/20 · Lead over its industry 14.7% · Lead over NIFTY 500 36.1% · 1 year 37% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29 + 17.6 + 9.1 + 20 = 75.7 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [GE Vernova T&D India Ltd](https://www.sectoralpha.in/stocks/ge-vernova-t-d-india-ltd) GVT&D · turning · Evidence leans up · 74% evidence 58.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.1/35 · Revenue 41.3% · Profit 56.4% · Operating margin change 1 points · 88% evidence Capital efficiency 21.4/25 · ROCE 77.4% · Operating margin 27% · 100% evidence Valuation 6.8/20 · P/E 69.4× · PEG 2.39 · 65% evidence Relative strength 10.9/20 · Lead over its industry n/a · Lead over NIFTY 500 6.6% · 1 year 32.4% · 25% evidence · 0 of 12 weeks ahead Exact sum: 19.1 + 21.4 + 6.8 + 10.9 = 58.2 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 3. [Hitachi Energy India Ltd](https://www.sectoralpha.in/stocks/hitachi-energy-india-ltd) POWERINDIA · losing its lead · Evidence leans up · 74% evidence 53.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.9/35 · Revenue 40.2% · Profit 100% · Operating margin change 5 points · 75% evidence Capital efficiency 15.5/25 · ROCE 29.4% · Operating margin 15% · 100% evidence Valuation 8.5/20 · P/E 102× · PEG n/a · 15% evidence Relative strength 2.2/20 · Lead over its industry -14% · Lead over NIFTY 500 2.9% · 1 year 53.1% · 100% evidence · 2 of 12 weeks ahead Exact sum: 26.9 + 15.5 + 8.5 + 2.2 = 53.1 · What this means: Earnings are strong; relative strength in its sector is -14% and the one-year return is 53.1%. 4. [Skipper Ltd](https://www.sectoralpha.in/stocks/skipper-ltd) SKIPPER · turning · Evidence leans down · 96% evidence 49.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.8/35 · Revenue 16.1% · Profit 48.2% · Operating margin change 0 points · 88% evidence Capital efficiency 11.8/25 · ROCE 23.6% · Operating margin 10% · 100% evidence Valuation 17.1/20 · P/E 24.5× · PEG 0.6 · 100% evidence Relative strength 10.1/20 · Lead over its industry -10.4% · Lead over NIFTY 500 9.8% · 1 year -6.2% · 100% evidence · 5 of 12 weeks ahead Exact sum: 10.8 + 11.8 + 17.1 + 10.1 = 49.8 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 5. [KSH International Ltd](https://www.sectoralpha.in/stocks/ksh-international-ltd) KSHINTL · breaking out · Too little evidence to rank firmly · 54% evidence 46.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.7/43.75 · Revenue 80.6% · Profit 62.5% · Operating margin change -1 points · 75% evidence Capital efficiency 9.5/31.25 · ROCE 21.5% · Operating margin 6% · 100% evidence Valuation 13.6/25 · P/E 47.8× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 23.7 + 9.5 + 13.6 = 46.8 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 6. [Siemens Energy India Ltd](https://www.sectoralpha.in/stocks/siemens-energy-india-ltd) ENRIN · quiet · Evidence leans down · 84% evidence 46.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.7/35 · Revenue 41.6% · Profit 67.9% · Operating margin change 5 points · 75% evidence Capital efficiency 16.7/25 · ROCE 67.8% · Operating margin 24% · 100% evidence Valuation 8.5/20 · P/E 65.4× · PEG 2.09 · 65% evidence Relative strength 2.6/20 · Lead over its industry -22.6% · Lead over NIFTY 500 -4.5% · 1 year -12% · 100% evidence · 2 of 12 weeks ahead Exact sum: 18.7 + 16.7 + 8.5 + 2.6 = 46.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Electrical Equipments/HVDC](https://www.sectoralpha.in/sectors/electrical-equipments-hvdc), all 6 compared on one page. ## Which companies are close to Quality Power Electrical Equipments in size? Quality Power Electrical Equipments is the 4th largest of 6 Electrical Equipments/HVDC companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Hitachi Energy India, GE Vernova T&D India and Siemens Energy India. Just below it: KSH International and Skipper. ### Electrical Equipments/HVDC companies close in size

1. [Hitachi Energy India Ltd](https://www.sectoralpha.in/stocks/hitachi-energy-india-ltd) ₹1,21,348 crore
2. [GE Vernova T&D India Ltd](https://www.sectoralpha.in/stocks/ge-vernova-t-d-india-ltd) ₹1,02,932 crore
3. [Siemens Energy India Ltd](https://www.sectoralpha.in/stocks/siemens-energy-india-ltd) ₹99,831 crore
4. Quality Power Electrical Equipments Ltd ₹10,806 crore
5. [KSH International Ltd](https://www.sectoralpha.in/stocks/ksh-international-ltd) ₹6,262 crore
6. [Skipper Ltd](https://www.sectoralpha.in/stocks/skipper-ltd) ₹6,016 crore

[All 6 Electrical Equipments/HVDC companies, largest first](https://www.sectoralpha.in/sectors/electrical-equipments-hvdc#all-companies)

### Companies close in size in other industries

1. [RRP Semiconductor Ltd](https://www.sectoralpha.in/stocks/rrp-semiconductor-ltd) ₹10,960 crore · Trading
2. [PCBL Chemical Ltd](https://www.sectoralpha.in/stocks/pcbl-chemical-ltd) ₹10,897 crore · Carbon Black
3. Quality Power Electrical Equipments Ltd ₹10,806 crore
4. [SG Mart Ltd](https://www.sectoralpha.in/stocks/sg-mart-ltd) ₹10,796 crore · Trading
5. [Trident Ltd](https://www.sectoralpha.in/stocks/trident-ltd) ₹10,788 crore · Textiles - Home Textile

## What else do people ask about Quality Power Electrical Equipments? ### What is Quality Power Electrical Equipments's share price today? Quality Power Electrical Equipments Ltd's share price is ₹1,434.00, +40.8% over the past year. The whole company is worth ₹11,108 Cr on the market. In the last 52 weeks it traded between ₹595 to ₹1,565; today it is 87% of the way up from the low, 21.0% above its 200-day average (as of 3 November 2026). ### What were Quality Power Electrical Equipments's latest quarterly results? Quality Power Electrical Equipments Ltd reported revenue of ₹273 Cr and net profit of ₹63.0 Cr for the Sep 2026 quarter. Revenue rose 32.5% and profit rose 80.0% compared with a year earlier. Earnings per share were ₹5.48 (as of 3 November 2026). ### What is Quality Power Electrical Equipments's market cap? Quality Power Electrical Equipments Ltd's market capitalisation is ₹11,108 Cr at a share price of ₹1,434.00. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Quality Power Electrical Equipments performing? Quality Power Electrical Equipments Ltd's share price has been rising for 37 weeks. In its latest quarter, revenue rose 32.5% and profit rose 80.0% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 14 weeks running (as of 3 November 2026). ### Will Quality Power Electrical Equipments's share price go up? This page does not forecast Quality Power Electrical Equipments Ltd's share price. What it shows instead: the share price is ₹1,434.00, and it has been rising for 37 weeks. Its P/E of 73.4× is higher than 47% of its own last 2 years (as of 3 November 2026). ### Who owns Quality Power Electrical Equipments? Promoters own 73.9% of Quality Power Electrical Equipments Ltd, foreign institutions 2.9%, domestic institutions 5.6% and the public 17.6% (latest quarter). The biggest change over the last two years: Domestic institutions cut their stake by 3.2 percentage points over 6 quarters (as of 3 November 2026). ### Where is Quality Power Electrical Equipments in its business cycle? Quality Power Electrical Equipments Ltd's FY26 operating margin was 19.0%, against a 5-year range of 13.0% to 20.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 23.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Quality Power Electrical Equipments story? The main question: profits are rising, but only 55% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Quality Power Electrical Equipments a stock worth studying right now? What the numbers show: Quality Power Electrical Equipments Ltd's earnings have grown faster than its share price. Earnings per share grew +83.5% in a year while the price moved +40.8%. The main open question: whether the cash starts to follow the profit. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Quality Power Electrical Equipments share price forecast for 2026? What management itself guided: FY27 revenue growth 20%; consolidated operating margin high-teens to 20%, standalone around that level; Mehru around 18% going forward; FY28 growth 50%. The changes showing up in Quality Power Electrical Equipments' own numbers are a bigger order book. It is too early to say whether they last. What would change the story: Cancellation or material qualification rejection of Sangli facility trial production and failure to scale Endoks power conversion systems beyond 10% operating margins. ### Where does this page get Quality Power Electrical Equipments' management information? From Quality Power Electrical Equipments' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india
- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india
- AI & data centre stocks: https://www.sectoralpha.in/ai-stocks-india
- Power & green energy stocks: https://www.sectoralpha.in/sectors/power-stocks-india

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