Quality Power Electrical Equipments Limited, the Sangli-based maker of high-voltage grid equipment, has reported a consolidated profit after tax (PAT) of Rs 63 crore for the quarter ended 30 September 2026 (Q2 FY27), up 80.1% from Rs 35 crore a year earlier. Its Board approved the unaudited results at a meeting on Saturday, 31 October 2026, and the company said its consolidated order book stands at about Rs 2,010 crore.
Q2 FY27 results
According to the company’s earnings release, total revenue for the quarter was Rs 294 crore, against Rs 219 crore in Q2 FY26, a rise of 34.1%. Gross profit, which includes other income, rose 52.6% to Rs 134 crore.
Earnings before interest, tax, depreciation and amortisation (EBITDA) grew 70.3% to Rs 84 crore from Rs 49 crore. The EBITDA margin widened to 28.6% from 22.5% a year earlier. Profit before tax was Rs 77 crore against Rs 44 crore, and the PAT margin rose to 21.6% from 16.1%.
For the first half of FY27, total revenue was Rs 550 crore against Rs 413 crore (up 33.2%), EBITDA was Rs 149 crore against Rs 98 crore (up 52.2%), and PAT was Rs 110 crore against Rs 72 crore (up 52.4%).
The release also contains a statement from Chairman and Managing Director P. T. Pandyan, which quotes slightly different revenue numbers: consolidated revenue of Rs 285.45 crore for the quarter (up 38.7%) and Rs 518.11 crore for the half year (up 35.5%). The release does not explain the difference from the Rs 294 crore and Rs 550 crore in its results table. The profit figures match: PAT of Rs 63.33 crore for the quarter and Rs 110.05 crore for the half year.
Order book and pipeline
The order book of about Rs 2,010 crore is spread across the group’s companies: Rs 800 crore at Endoks, Rs 610 crore at Mehru, Rs 602 crore at Quality Power itself and Rs 5 crore in others, as on 30 September 2026. The Board said demand for reactors, instrument transformers, power conversion systems (PCS) and flexible AC transmission systems (FACTS) solutions has taken the book past Rs 2,000 crore.
During the quarter, the company said, its businesses won a significant international FACTS equipment order through the subsidiary Endoks Enerji in Japan, and multiple orders for 400 kV instrument transformers through Mehru from Hitachi Energy India.
The release adds that the group has made progress in high-voltage direct current (HVDC) and FACTS projects, with new FACTS equipment wins across the Americas, Europe, the Middle East and Asia Pacific, and initial orders for high-voltage interconnect equipment for AI data centre campuses in the United States.
New factories begin production
Two manufacturing facilities started in October 2026. The Global Coil Factory at Sangli, Maharashtra, began manufacturing on 20 October 2026. It is designed to make high-voltage air-core dry-type reactors and specialised coil products for HVAC, HVDC, FACTS and renewable energy applications. At the meeting, the Board also approved an additional capital expenditure of Rs 25 crore to set up manufacturing of oil-filled shunt reactors at this factory. It also reviewed progress on an HVDC CTC magnet wire facility.
The second facility is a power conversion systems plant at Nigde in Turkiye, run by the subsidiary Endoks Energy Systems, which began operations on 16 October 2026. It will make power electronic converters and inverters for utility-scale battery energy storage systems and other grid-connected applications, supporting the group’s international battery storage order book.
Proposed acquisition of Winwin Speciality Insulators
Quality Power signed a Share Purchase Agreement on 23 September 2026 for the proposed acquisition of up to 100% of Winwin Speciality Insulators Limited, after confirmatory due diligence reported no adverse findings. The aggregate consideration is up to Rs 272.34 crore, made up of cash of up to Rs 123.84 crore and up to 10,17,123 equity shares issued at Rs 1,460 per share on a preferential basis.
Shareholders approved the deal through a special resolution at an Extraordinary General Meeting on 19 October 2026. The acquisition is still subject to the agreement’s conditions and regulatory approvals. The Board noted that the preferential shares must be listed before the company’s proposed Qualified Institutions Placement (QIP) opens.
Winwin makes porcelain insulators for transmission networks. The company says it has completed type tests to European and American standards for porcelain insulators up to 400 kV, and has secured an order for an 800 kV HVDC porcelain insulator along with multiple orders for 765 kV and 400 kV applications. These orders are not included in the reported order book, pending completion of the acquisition.
What it means for India’s clean-energy sector
Quality Power supplies reactors, instrument transformers and power conversion systems for the lines, substations and storage systems that India needs to carry more renewable power. The company’s own outlook links demand to grid modernisation, high-voltage transmission, renewable energy integration, energy storage and rising electricity demand from data centres and industry.
The release is also open about the risks. It names timely execution and capacity ramp-up as key priorities and says the availability and pricing of raw materials, particularly electrical-grade steel, copper and specialised insulation systems, need close attention. Because the Winwin orders sit outside the order book until the deal closes, the Rs 2,010 crore figure does not include them.
Official references
1. Quality Power Electrical Equipments Limited, Earnings Release Q2 and H1 FY2027, BSE filing dated 31 October 2026: https://www.bseindia.com/xml-data/corpfiling/AttachLive/0b57c552-c516-46ed-8cea-41d1402eadc6.pdf
2. Quality Power Electrical Equipments Limited, Outcome of Board Meeting and unaudited financial results for the quarter and half year ended 30 September 2026, BSE filing dated 31 October 2026: https://www.bseindia.com/xml-data/corpfiling/AttachLive/e1d8adc2-09d7-402f-8321-7cc5995aedf2.pdf
3. Quality Power Electrical Equipments Limited, company website: https://www.qualitypower.com
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