Quality Power Electrical Equipments Ltd Q2FY26 – From Transformers to Transcendence: 112% YoY Revenue Boom, 193% EBITDA Blast & Order Book Shocking at ₹830 Cr!

1. At a Glance

When a company namedQuality Powerpromises electricity, you expect voltage, not voltage-induced stock shocks — yet here we are. From humble Sangli roots to global energy transition swagger,Quality Power Electrical Equipments Ltd (QPOWER)has electrified investors with a112% YoY surge in Q2FY26 revenue (₹2,189 mn)andEBITDA up 193%, leaving competitors blinking like tube lights in a voltage drop.

The stock trades at₹786 (Nov 19, 2025 close)with amarket cap of ₹6,088 crore, P/E of73.8x, andROCE of 26.6%. In the last six months, it’s charged up83.8%, proving that maybe electricity does move fast — at least on the bourses.

With anorder book of ₹830 crore, aglobal revenue share of 84%, and apromoter family controlling 73.9%, the company’s balance sheet looks like an MBA case study in “How to Be Small Yet Global.”

As theBhagavad Gitareminds us:“You have the right to work, but never to the fruits of work.”— but for investors of QPOWER, the “fruits” are growing fast enough to resemble a full-blown mango orchard.

2. Introduction

If India’s energy transition were a Bollywood movie, Quality Power would be the engineer who fixes the hero’s reactor, builds the villain’s capacitor, and still has time to make a love interest in Cochin.

Founded in 2001 and listed in 2025 after a smashing₹859 crore IPO, QPOWER is the rare Indian engineering story that doesn’t rely on PSU drama or Chinese imports. It designs and makes everything fromreactors and transformerstoSTATCOMs and harmonic filters, quietly exporting India’s voltage to 30+ countries.

Think of it as the “Tata of Transformers,” except it started in Sangli, not South Bombay, and it makes STATCOMs, not software.

In FY25, the company’s revenue jumped67% YoY, PAT rose19.6%, and profits after tax stood at₹82.6 crore, which may sound modest until you realize this company’sinterest coverage ratio is 36.5— meaning it pays its lenders so easily it could practically do it in installments of jokes.

Their “almost debt-free” status (Debt: ₹36.2 crore, D/E: 0.08) and ROE of 22.1% make it a mini-ABB with Sangli vibes — high energy, low nonsense.

So how did they do it? Simple: while most of India was still debating coal versus renewables, QPOWER quietly became a global supplier ofHVDC, FACTS, and energy transition equipment— the invisible plumbing behind the clean energy dream.

3. Business Model – WTF Do They Even Do?

Let’s decode the jargons — HVDC, STATCOM, FACTS — because the name sounds like a JEE aspirant’s nightmare.

Quality Powerbuilds the muscular backbone of the grid:

• Power Products (41% of FY24 revenue)– transformers, reactors, instrument transformers — basically the unsung heroes ensuring your AC doesn’t fry your TV.
• Power Quality Equipment (56%)– capacitor banks, harmonic filters, and STATCOMs. Translation: the company makes the gear that keeps power grids from behaving like moody teenagers.

The cherry on top? Theirinternational business contributes 84%of revenue. This means while Indian engineers dream of going abroad, QPOWER’s products are already chilling in Abu Dhabi, Europe, and North America — earning in dollars while manufacturing in rupees.

They also operate7 manufacturing facilitiesacross India and Turkey, including a soon-to-be-launched expansion in Cochin (Dec 2025). That’s like running engineering factories across three time zones — just without the IT salary packages.

In short: QPOWER makes the stuff that keeps power grids stable, power engineers employed, and investors, well,empowered.

4. Financials Overview