Order Book
₹1,400 Cr
+40% YoY
Record order book at 1.4x FY26 revenue, providing strong forward visibility.
QUALITYPOWERELECTRICALEQ
Manufacturing
12 May 2026
Quality Power Electrical Equipments Ltd — Q4 FY26
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).
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Q4 Order Inflow
₹870 Cr
+45% QoQ
Strong order intake driven by HVDC, data center, and BESS wins.
BESS Order Target
$80M
+158% YoY
Management targets $80M in BESS orders for FY27, up from $31M already booked.
Gross Margin Q4
47.7%
+400bps QoQ
Q4 gross margin expanded to 47.7% due to richer product mix and higher engineering content.
Management Guidance
FY27 revenue growth of 15-20%
Management guided for 15-20% consolidated revenue growth in FY27, citing capacity constraints and S-curve dynamics before new factories ramp up.
Management guidance revenueBESS order target of $80M for FY27
Management targets $80 million in BESS orders for FY27, with $31M already booked and another $50M expected.
Management guidance growthNew factory commissioning by July-August 2026
The new Sangli factory is expected to commence operations around July-August 2026, with trial production starting then.
Management guidance expansionPCS inverter launch within two quarters
The 1725 kW PCS inverter is expected to be launched within the next two quarters at Endox.
Management guidance ai_strategyKey Risks
Supply chain constraints on insulators and winding conductors
Execution challenges due to insulator and winding conductor shortages are impacting deliveries; mitigation includes own cable manufacturing.
high · management_commentaryRaw material and geopolitical volatility
Commodity price volatility and geopolitical tensions (e.g., Middle East, US tariffs) could pressure margins, with a lag in passing on costs.
medium · analyst_questionIAS-29 hyperinflation adjustment volatility
Non-cash IAS-29 adjustments in Turkey create quarterly earnings volatility, obscuring underlying performance.
low · data_observationExecution risk from new factory ramp-up
Delays in commissioning the Sangli factory (now July-August 2026) could impact revenue growth in FY27.
medium · analyst_questionNotable 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.
Frequently Asked Questions
What was Quality Power Electrical's revenue in Q4 FY26?
Quality Power Electrical reported revenue of ₹281 Cr in Q4 FY26, representing a +57% change compared to the same quarter last year.
What guidance did Quality Power Electrical management give for FY27?
FY27 revenue growth of 15-20%: Management guided for 15-20% consolidated revenue growth in FY27, citing capacity constraints and S-curve dynamics before new factories ramp up. BESS order target of $80M for FY27: Management targets $80 million in BESS orders for FY27, with $31M already booked and another $50M expected. New factory commissioning by July-August 2026: The new Sangli factory is expected to commence operations around July-August 2026, with trial production starting then. PCS inverter launch within two quarters: The 1725 kW PCS inverter is expected to be launched within the next two quarters at Endox.
What are the key risks for Quality Power Electrical in FY27?
Key risks include Supply chain constraints on insulators and winding conductors — Execution challenges due to insulator and winding conductor shortages are impacting deliveries; mitigation includes own cable manufacturing.; Raw material and geopolitical volatility — Commodity price volatility and geopolitical tensions (e.g., Middle East, US tariffs) could pressure margins, with a lag in passing on costs.; IAS-29 hyperinflation adjustment volatility — Non-cash IAS-29 adjustments in Turkey create quarterly earnings volatility, obscuring underlying performance.; Execution risk from new factory ramp-up — Delays in commissioning the Sangli factory (now July-August 2026) could impact revenue growth in FY27..
Did Quality Power Electrical meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Quality Power Electrical Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.