Quality Power Electrical Equipments Ltd makes high-voltage and power quality equipment — coil products, transformers, FACTS systems and grid interconnection solutions — serving global OEMs and utilities through entities including Quality Power, Mehru, Endoks, Sukrut and Nebeskie. This print will test whether the ₹19,455 Mn order book is being executed against management's commitment that at least 95% of the backlog clears by Q2 FY27, and how far record copper prices compress Mehru's ~18% EBITDA margin guide.
| Results date | October 31, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 2,564 Mn total income, +32.1% YoY (consolidated revenue Rs. 232.67 Cr per board disclosure) |
| Previous quarter PAT | Rs. 467 Mn (Rs. 46.72 Cr), +26.06% YoY |
| Previous quarter EBITDA margin | 25.2% reported (28.3% before Ind AS 29) |
| Market cap | Rs. 11,090.08 Cr |
| CMP | Rs. 1,430.8 |
The board meets on October 31, 2026 to consider the Q2 and H1 FY27 results; the trading window is shut from October 1 until 48 hours after declaration.
The Q2 FY27 earnings call is scheduled for November 2, 2026 at 12:30 PM IST, organized by Motilal Oswal Financial Services. Joint MD Bharanidharan Pandyan and CFO Rajesh Jayaraman will represent the company.
The quarter's central test is execution against the ₹19,455 Mn order book at Jun 30, 2026 — management committed that at least 95% of the backlog is executed by Q2 FY27 — alongside the 20% FY27 consolidated revenue growth guide set against a Q2 FY26 base of ₹2,189 Mn total income. Demand signals showed no rollover through the quarter: CEA's 220 kV+ transmission additions ran 991 ckm in July and 1,807 ckm in September 2026, IIP electrical-equipment output grew 30.9% in August, and US GSU transformer lead times exceeded 160 weeks, supporting conversion of the ₹48.3 Cr US data-centre reactor order and the ~USD 100 Mn bid pipeline. On margins, copper hit a record LME price of $14,594/t on Aug 17, 2026 (+46.3% YoY as of Aug 21), landing inside Mehru's ~8-week pass-through cycle against an ~18% FY27 EBITDA margin guide, while aluminium's spike — with LME stocks at a 36-year low — is timed by management for Q3 FY27 under its ~6-month lag, leaving Q2 largely insulated on a ~98% fixed-price book with 20–25% of aluminium hedged. Below the operating line, Türkiye's CPI was still 31.75% YoY in July 2026, so another non-cash Ind AS 29 net monetary loss for Endoks (Q1: ₹78.2 Mn) is the base case, with the before/after Ind AS 29 reconciliation the format to watch. The Aug 10 guidance set — 20% FY27 revenue growth, high-teens-to-20% EBITDA margin, Mehru ~18% and 50% FY28 growth — carries a stated revision window at Q3, so H1 delivery against the 20% guide and the backlog-execution commitment are what could force an early move either way.
Performance vs guidance tracking: Guidance items to test against the Q2 FY27 print:
Margin caution, Ind AS 29 and the promoter bridge
Capacity ramp and order book trajectory
Management has guided to 20% consolidated revenue growth for FY27, with Joint MD Bharanidharan Pandyan saying 'we have guided to 20% at this moment. We'll stick our guns to it. Maybe at Q3, we can look at revising.' The order book of ₹19,455 Mn at Jun 30, 2026 equals about 1.9x FY26 consolidated revenue.
Management has guided to 50% group revenue growth by FY28 and confirmed this target when asked on the Q1 FY27 call. The ₹1,800 crores figure referenced by investors is peak revenue potential with no timeline attached, not an FY28 commitment.
Management has committed that at least 95% of the current order backlog will be executed by Q2 FY27, a commitment directly testable with this quarter's results. At the Q3 FY26 call this was framed as 90% to 95% of the order book being executable within 12 to 18 months.
Mehru's EBITDA margin recovered from 8.2% to 9.5% in Q1 FY26 and 12% the following quarter, reaching ~18% in Q1 FY27 against an internal target of 22–23%. Management revised Mehru's FY27 EBITDA margin guidance up to ~18% from above 15%.
The company applies Ind AS 29 hyperinflationary accounting to its Turkish subsidiary Endoks, producing a non-cash net monetary loss (₹78.2 Mn in Q1 FY27) recognized below the operating result, with revenue, gross profit and EBITDA unaffected. Management states Endoks' constant-currency EBITDA margin remains stable at 32.13% vs 32.01%, calling the charges 'just optics for us and not real cash flow'.