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Revenue
₹281 Cr
verified against source
Revenue YoY
57%
reported change
EBITDA
₹236 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Quality Power delivered a strong FY26, crossing ₹1,007 crore in consolidated revenue (57% YoY) with EBITDA of ₹236 crore (98% YoY) and PAT of ₹185 crore (85% YoY). EBITDA margin expanded to 23.5%, above revised guidance. Q4 revenue was the highest ever at ~₹310 crore, though reported EBITDA margin dipped to 19.1% due to a non-cash IAS-29 hyperinflation adjustment of ₹25.7 crore in the Turkish subsidiary Endox; normalized PAT would have exceeded ₹210 crore. The order book stands at a record ₹1,400 crore (1.4x revenue), with strong inflows from HVDC, data centers, and BESS. Management guided for 15-20% revenue growth in FY27 as new capacities ramp up, with a sharper acceleration expected in FY28. Key risks include supply chain constraints (insulators, winding conductors) and raw material volatility from geopolitical tensions.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for 15-20% consolidated revenue growth in FY27, citing capacity constraints and S-curve dynamics before new factories ramp up.
- Management targets $80 million in BESS orders for FY27, with $31M already booked and another $50M expected.
- The new Sangli factory is expected to commence operations around July-August 2026, with trial production starting then.
- The 1725 kW PCS inverter is expected to be launched within the next two quarters at Endox.
Risks flagged
- Execution challenges due to insulator and winding conductor shortages are impacting deliveries; mitigation includes own cable manufacturing.
- Commodity price volatility and geopolitical tensions (e.g., Middle East, US tariffs) could pressure margins, with a lag in passing on costs.
- Non-cash IAS-29 adjustments in Turkey create quarterly earnings volatility, obscuring underlying performance.
- Delays in commissioning the Sangli factory (now July-August 2026) could impact revenue growth in FY27.
Key quotes
- We have crossed for the first time, 1,000 crores in total revenue with an EBITDA of 236 crores in spite of the write-off adjustment.
- The order book exceeding the year is in excess of rupees 1,400 crore approximately 1.4 times FY26 revenue giving us strong forward visibility.
- We are not in renewable or conventional; we are in grid interconnection. So we don't care what is interconnected.
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