Quality Power Electrical Equipments Q2 FY27: PAT ₹545 Cr & Rev ₹2,564 Cr

Investor Takeaways

Revenue reached ₹2,564 Crore, up 32.1% YoY, driven by strong order execution and product mix improvement.

Adjusted EBITDA margin expanded to 28.3% and PAT margin to 21.3%, reflecting operating leverage and margin recovery.

Order book stood at ₹19,455 Crore (1.9x FY2026 revenue), providing revenue visibility beyond FY2027.

Adjusted metrics exclude a non-cash Ind AS 29 loss of ₹78.21 million from Turkish operations.

Overall Tone: Positive

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹2,564 Cr	+32.1%
Net Profit	₹545 Cr	+47.2%
EBITDA	₹725 Cr	+49.8%
EBITDA Margin	28.3%	Expansion
PAT Margin	21.3%	Expansion
Order Book	₹19,455 Cr	1.9x FY2026 revenue

What Changed

The filing highlights a significant improvement in profitability metrics, with both EBITDA and PAT margins expanding notably. This margin expansion is attributed to improved product mix and operating leverage from scaling operations. The company reported adjusted EBITDA of ₹725 Crore, up 49.8% YoY, and adjusted PAT of ₹545 Crore, up 47.2% YoY. The order book of ₹19,455 Crore provides strong revenue visibility for FY2027 and beyond. Management specifically cited wins in HVDC technology, including a ₹48.3 crore order for a U.S. data centre project, as key contributors to growth. Additionally, the company noted progress toward establishing an advanced manufacturing facility in Turkey, expected to be operational by Q3 FY2027, which may mitigate raw material constraints over time.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
QPOWER	46.82	N/A	N/A	8,508.78
BEL	62.03	N/A	N/A	3,09,678.78
HAL	33.73	N/A	N/A	2,93,338.09
CUMMINSIND	74.38	N/A	N/A	1,49,466.24

QPOWER trades at a P/E multiple below BEL and HAL but above CUMMINSIND, with comparable scale but lower market capitalization.

Risks & Concerns

Raw material constraints remain a challenge, potentially impacting cost structure and delivery timelines.

Exposure to Turkey operations includes a non-cash Ind AS 29 loss of ₹78.21 million, though excluded from adjusted metrics.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	72.58	19.57	23.97

Note: Quarterly trend data is limited to one quarter; no sequential or multi-quarter comparison is available from the provided context.

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About Quality Power Electrical Equipments Limited (QPOWER)

Capital Goods · Electrical Equipment · Listed on NSE

Market Cap: ₹8,508.78 Cr P/E: 46.8

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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