Electric Equipment · Founded 2001 · www.qualitypower.com · BSE 544367 · NSE QPOWER · ISIN INE0SII01026
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Business
Quality Power Electrical Equipments Ltd. (QPOWER) is engaged in the electric equipment sector in India. The company likely specializes in the manufacturing, supply, and potentially installation and servicing of a range of electrical infrastructure products. Its core business model is primarily B2B (business-to-business) and B2G (business-to-government), serving clients such as power utilities, industrial enterprises, infrastructure developers, and government projects. The company makes money by selling its electrical equipment, which typically includes products like transformers, switchgear, control panels, power distribution components, and possibly cables, along with associated services.
Revenue Mix
Specific revenue mix breakdown for Quality Power Electrical Equipments Ltd. is not publicly available in this analysis. However, typical segments for an electric equipment manufacturer in India might include:
Transformers: Power, Distribution, Specialty Transformers.
Switchgear & Control Panels: Low Voltage (LV) and Medium Voltage (MV) switchgear, motor control centers (MCCs), power control centers (PCCs).
Power Distribution Equipment: Busducts, isolators, fuses.
Project & Services: Engineering, Procurement, and Construction (EPC) services for substation projects or power distribution networks, as well as maintenance and after-sales services.
Industry
The Indian electric equipment industry is highly competitive, driven by significant government spending on power infrastructure, industrial growth, urbanization, and the expansion of renewable energy capacity. The industry is characterized by a mix of large integrated players, specialized manufacturers, and numerous smaller enterprises. Competition revolves around product quality, technological capability, pricing, project execution timelines, and after-sales service. Without specific market share data, QPOWER likely operates within this competitive landscape, potentially focusing on specific product niches, regional markets, or client segments where it has developed expertise or established relationships. Its positioning is influenced by its product range, manufacturing capabilities, and ability to secure tenders and large orders.
MOAT
Without specific company details, potential competitive advantages (moats) for QPOWER in the electric equipment sector could include:
Operational Scale & Cost Efficiency: Ability to achieve economies of scale in manufacturing and sourcing raw materials, leading to cost advantages.
Brand Reputation & Reliability: A track record of delivering reliable and high-quality products, which is crucial for critical power infrastructure.
Established Client Relationships: Long-term relationships with utilities, large industrial clients, and government agencies, leading to repeat business.
Product Specialization/Technology: Niche expertise in specific types of equipment or proprietary technology that offers superior performance or cost benefits.
Regulatory Approvals & Certifications: Compliance with stringent industry standards and obtaining necessary approvals can act as a barrier to entry.
Growth Drivers
Key factors that can drive QPOWER's growth over the next 3-5 years include:
Government Infrastructure Spending: Initiatives like "Power for All," Smart Cities Mission, and increased focus on T&D (Transmission & Distribution) network upgrades and rural electrification.
Industrial & Economic Growth: Increased industrial activity and expansion drive demand for electrical equipment and power infrastructure.
Renewable Energy Integration: Growth in solar and wind power requires significant investment in grid infrastructure, evacuation systems, and associated electrical equipment.
Urbanization & Real Estate Development: Expansion of residential and commercial spaces necessitates new power distribution networks.
Technological Upgrades: Modernization of aging infrastructure and adoption of smart grid technologies.
Risks
Key business risks for QPOWER include:
Raw Material Price Volatility: Significant price fluctuations in key inputs like copper, steel, aluminum, and CRGO steel can impact profitability.
Economic Downturn: A slowdown in the Indian economy or industrial capex can reduce demand for electrical equipment and project awards.
Intense Competition: Pressure from domestic and international players can lead to pricing pressures and margin erosion.
Working Capital Management: The nature of project-based business often requires significant working capital for raw materials and inventory.
Government Policy & Regulatory Changes: Changes in power sector policies, import duties, or environmental regulations can affect business operations and demand.
Technology Obsolescence: Failure to keep pace with technological advancements in the electric equipment sector.
Management & Ownership
In many Indian companies, particularly in the manufacturing sector, ownership and strategic direction are significantly influenced by promoter families. The management team typically comprises professionals with technical and commercial expertise relevant to the electric equipment industry. The ownership structure generally involves the promoter group holding a significant stake, with the remaining shares held by institutional investors (if publicly listed) and the public. The vision and experience of the promoters, coupled with the execution capabilities of the professional management, are critical for the company's long-term performance and governance.
Outlook
Quality Power Electrical Equipments Ltd. operates in a sector with structural tailwinds from India's ongoing economic growth, urbanization, and ambitious power infrastructure development plans. The government's focus on expanding power generation, strengthening T&D networks, and integrating renewable energy sources provides a robust demand outlook for electrical equipment. However, the company faces significant challenges, including a highly competitive market, volatility in raw material prices, and the need for efficient working capital management in project-based business. Sustained growth will depend on its ability to maintain product quality, innovate, manage costs effectively, and secure orders in a competitive environment, while macroeconomic conditions and policy stability will also play a crucial role.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 142 | 39 | 61 | 94 | 73 | 108 | 177 | 206 | 284 | 281 |
| Other Income | 9 | 6 | 18 | 9 | 7 | 22 | 17 | 13 | 0 | 29 |
| Total Income | 151 | 46 | 80 | 103 | 80 | 130 | 194 | 219 | 284 | 310 |
| Total Expenditure | 131 | 26 | 38 | 86 | 55 | 92 | 146 | 170 | 205 | 251 |
| Operating Profit | 19 | 20 | 42 | 17 | 25 | 38 | 48 | 49 | 79 | 59 |
| Interest | 1 | 0 | 1 | 1 | 1 | 0 | 1 | 2 | 1 | 2 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 2 | 3 | 3 | 3 | 4 |
| Exceptional Income / Expenses | -3 | 3 | 0 | -0 | -1 | -0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 15 | 22 | 41 | 14 | 22 | 36 | 44 | 44 | 74 | 53 |
| Provision for Tax | 1 | 4 | 7 | 1 | 2 | 5 | 7 | 9 | 11 | 7 |
| Profit After Tax | 14 | 18 | 33 | 13 | 20 | 31 | 37 | 35 | 63 | 47 |
| Adjustments | -2 | -2 | -2 | -2 | -6 | -11 | -13 | -11 | -24 | -13 |
| Profit After Adjustments | 11 | 15 | 31 | 12 | 14 | 19 | 24 | 24 | 39 | 34 |
| Adjusted Earnings Per Share | 1.6 | 2.1 | 4.3 | 1.6 | 1.9 | 2.5 | 3.1 | 3.1 | 5 | 4.4 |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|
| Net Sales | 183 | 253 | 302 | 337 | 948 |
| Other Income | 29 | 20 | 30 | 56 | 59 |
| Total Income | 212 | 274 | 332 | 392 | 1007 |
| Total Expenditure | 159 | 221 | 263 | 271 | 772 |
| Operating Profit | 52 | 52 | 69 | 121 | 235 |
| Interest | 1 | 3 | 2 | 2 | 6 |
| Depreciation | 2 | 2 | 3 | 5 | 13 |
| Exceptional Income / Expenses | 0 | 0 | 0 | -2 | 0 |
| Profit Before Tax | 49 | 48 | 63 | 112 | 215 |
| Provision for Tax | 7 | 8 | 8 | 12 | 34 |
| Profit After Tax | 42 | 40 | 55 | 100 | 182 |
| Adjustments | 0 | 0 | 0 | 0 | -61 |
| Profit After Adjustments | 42 | 40 | 55 | 100 | 121 |
| Adjusted Earnings Per Share | 5.9 | 5.5 | 7.7 | 12.9 | 15.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 12% | 23% | 0% | 0% |
| Operating Profit CAGR | 75% | 33% | 0% | 0% |
| PAT CAGR | 82% | 34% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 134% | NA% | NA% | NA% |
| ROE Average | 35% | 39% | 40% | 40% |
| ROCE Average | 37% | 41% | 43% | 43% |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Shareholder's Funds | 93 | 112 | 153 | 424 |
| Minority's Interest | 68 | 64 | 37 | 169 |
| Borrowings | 0 | 0 | 1 | 0 |
| Other Non-Current Liabilities | -1 | -0 | 1 | 29 |
| Total Current Liabilities | 91 | 135 | 165 | 188 |
| Total Liabilities | 251 | 310 | 358 | 810 |
| Fixed Assets | 34 | 39 | 66 | 238 |
| Other Non-Current Assets | 36 | 51 | 60 | 27 |
| Total Current Assets | 181 | 220 | 232 | 545 |
| Total Assets | 251 | 310 | 358 | 810 |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 68 | 65 | 51 | 47 |
| Cash Flow from Operating Activities | 9 | 44 | 52 | 62 |
| Cash Flow from Investing Activities | 21 | -31 | -39 | -93 |
| Cash Flow from Financing Activities | 2 | -4 | 25 | 171 |
| Net Cash Inflow / Outflow | 31 | 10 | 38 | 141 |
| Closing Cash & Cash Equivalent | 65 | 51 | 47 | 181 |
| # | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Earnings Per Share (Rs) | 5.85 | 5.53 | 7.69 | 12.93 |
| CEPS(Rs) | 0 | 0 | 8.16 | 13.54 |
| DPS(Rs) | 0 | 0 | 0 | 1 |
| Book NAV/Share(Rs) | 12.83 | 15.54 | 21.23 | 54.8 |
| Core EBITDA Margin(%) | 12.69 | 12.7 | 12.88 | 19.41 |
| EBIT Margin(%) | 27.63 | 19.87 | 21.72 | 34.07 |
| Pre Tax Margin(%) | 26.83 | 18.81 | 20.96 | 33.35 |
| PAT Margin (%) | 23.12 | 15.75 | 18.38 | 29.75 |
| Cash Profit Margin (%) | 24.18 | 16.67 | 19.5 | 31.15 |
| ROA(%) | 16.84 | 14.22 | 16.6 | 17.15 |
| ROE(%) | 45.63 | 38.99 | 41.82 | 34.68 |
| ROCE(%) | 48.5 | 44.37 | 41.73 | 36.72 |
| Receivable days | 107.71 | 85.68 | 87.36 | 117.42 |
| Inventory Days | 81.47 | 63.88 | 43.13 | 67.88 |
| Payable days | 92.99 | 91.41 | 106.2 | 141.7 |
| PER(x) | 0 | 0 | 0 | 24.59 |
| Price/Book(x) | 0 | 0 | 0 | 5.8 |
| Dividend Yield(%) | 0 | 0 | 0 | 0.31 |
| EV/Net Sales(x) | -0.31 | -0.16 | 0.21 | 6.72 |
| EV/Core EBITDA(x) | -1.08 | -0.78 | 0.91 | 18.69 |
| Net Sales Growth(%) | 0 | 38.66 | 19.18 | 11.54 |
| EBIT Growth(%) | 0 | -0.32 | 30.3 | 74.98 |
| PAT Growth(%) | 0 | -5.53 | 39.07 | 80.53 |
| EPS Growth(%) | 0 | -5.53 | 39.07 | 68.19 |
| Debt/Equity(x) | 0.12 | 0.09 | 0.25 | 0.02 |
| Current Ratio(x) | 1.98 | 1.63 | 1.4 | 2.9 |
| Quick Ratio(x) | 1.54 | 1.27 | 1.26 | 2.36 |
| Interest Cover(x) | 34.19 | 18.88 | 28.58 | 47.03 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 |
| # | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 73.91 | 73.91 | 73.91 | 73.91 | 73.91 |
| FII | 4 | 1.97 | 2.12 | 1.97 | 2.28 |
| DII | 8 | 6 | 5.92 | 6.03 | 5.97 |
| Public | 14.09 | 18.12 | 18.05 | 18.1 | 17.84 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 5.72 | 5.72 | 5.72 | 5.72 | 5.72 |
| FII | 0.31 | 0.15 | 0.16 | 0.15 | 0.18 |
| DII | 0.62 | 0.46 | 0.46 | 0.47 | 0.46 |
| Public | 1.09 | 1.4 | 1.4 | 1.4 | 1.38 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 7.74 | 7.74 | 7.74 | 7.74 | 7.74 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +12% | +23% | — | — |
| Operating Profit CAGR | +75% | +33% | — | — |
| PAT CAGR | +82% | +34% | — | — |
| Share Price CAGR | +134% | — | — | — |
| ROE Average | +35% | +39% | +40% | +40% |
| ROCE Average | +37% | +41% | +43% | +43% |
| # | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 73.91 | 73.91 | 73.91 | 73.91 | 73.91 |
| FII | 4 | 1.97 | 2.12 | 1.97 | 2.28 |
| DII | 8 | 6 | 5.92 | 6.03 | 5.97 |
| Public | 26.09 | 26.09 | 26.09 | 26.09 | 26.09 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 5.72 | 5.72 | 5.72 | 5.72 | 5.72 |
| FII | 0.31 | 0.15 | 0.16 | 0.15 | 0.18 |
| DII | 0.62 | 0.46 | 0.46 | 0.47 | 0.46 |
| Public | 2.02 | 2.02 | 2.02 | 2.02 | 2.02 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 7.74 | 7.74 | 7.74 | 7.74 | 7.74 |
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