Quality Power Electrical Equipments Ltd (QPOWER) — Investment Analysis

A1 · About + Value Chain Position

Quality Power Electrical Equipments Ltd is one of the world's few manufacturers of critical high-voltage electrical equipment for High Voltage Direct Current (HVDC) and Flexible AC Transmission Systems (FACTS) networks. Incorporated in 2001 and headquartered in Sangli, Maharashtra, the company designs, manufactures, and supplies a portfolio spanning air-core and oil-filled reactors, instrument transformers (CTs/PTs/CVTs), STATCOM systems, SVC (Static Var Compensators), harmonic filters, capacitor banks, line traps, and converters. As of FY25, the company served 210+ customers across 100+ countries, holding pre-approved vendor status with several Fortune 500 utilities and energy developers.

Through its subsidiary Endoks Enerji (Turkey, 51% stake since 2011) and its recently acquired Mehru Electrical & Mechanical Engineers (India, 51% stake, FY25, ₹120 Cr), the company has built a multi-entity platform straddling power quality, grid interconnection, and instrument transformer segments. International revenue accounted for 80.68% of FY24 turnover, declining marginally to 75.77% in FY25 as Indian order flow accelerated. The company listed on NSE and BSE on February 24, 2025 at ₹425/share via a ₹858.7 Cr IPO.

Raw Materials
Cu Wire, Steel,
Insulation

→

Component Fab
Windings, Cores,
Tanks

→

★ QUALITY POWER
HVDC Reactors · FACTS
STATCOM · SVC
Instrument Transformers

→

EPC / OEM / Utilities
ABB, Siemens,
PGCIL, Adani,
ADTC, Ørsted

→

Grid / End User
Transmission Lines,
Renewables, Data Centres

Competitive Moat: Proprietary Dry-Q® dry-type reactor technology · 20+ years of specialized HVDC/FACTS manufacturing experience · High entry barriers (regulatory approvals, capital intensity, long qualification cycles) · Pre-approved vendor status with Fortune 500 utilities globally

Revenue Mix — Segments & Geography (FY25 Estimate)

Coil Products & Power Quality

HVDC reactors, STATCOM, SVC, harmonic filters — highest margin segment (~20%+ EBITDA margin). Operating at 85–100% capacity utilisation.

Instrument Transformers (Mehru)

CTs, PTs, CVTs — Mehru subsidiary (Bhiwadi). EBITDA margin ~16.4% (Q3FY26); gross margins ~10–11%. Bhiwadi plant expansion +45% capacity by Q4FY26.

Turkey Operations (Endoks)

European and international FACTS solutions. Note: Hyperinflationary accounting in Turkey distorts reported margins — adjust when analysing consolidated numbers.

International vs India

FY25: ~76% international · ~24% India. India share rising as HVDC and FACTS projects accelerate under power sector capex. 100+ countries served.

A2 · Capabilities + Strategy

⚡

HVDC & FACTS Manufacturing

Air-core and oil-filled reactor manufacturing using proprietary Dry-Q® technology. One of <10 global vendors qualified for utility-grade HVDC reactors. First in India to manufacture special HVDC wire (announced FY26).

🔬

R&D + Technology Centre

₹25 Cr Global Engineering & Technology Centre at Kupwad MIDC, Sangli (under construction alongside ₹700 Cr Global Coil Factory). In-house design capability for custom STATCOM and SVC solutions.

🏭

Multi-Entity Manufacturing

3 manufacturing clusters: Sangli (main), Aluva/Cochin (expanded Q3FY26 — doubled capacity + MV test lab), Bhiwadi (Mehru — +45% expansion by Q4FY26). Total post-expansion revenue capacity: >₹2,000 Cr at 75% utilisation ~₹1,500 Cr.

Capacity Utilisation — By Segment (Estimated, FY25)

Coil Products & Power Quality85–100%

Composites / Other~85%

Instrument Transformers (Mehru/Bhiwadi)~60% (pre-expansion)

Transformer Segment (Sangli)~6% utilisation

Note: Transformer segment utilisation at 6% represents execution/demand issue per ValuePickr forensic analysis. Monitor closely.

Strategic Priority 1 — Global Coil Factory

₹700+ Cr investment at Kupwad MIDC, Sangli. 44 advanced winding lines, 3.2 lakh sq ft, 10-acre facility. Targeted commissioning: June 2026 (advanced from Dec 2026). One of world's largest air-core reactor production facilities.

Strategic Priority 2 — Inorganic Expansion

Mehru acquisition (51%, ₹120 Cr) adds instrument transformer segment. Sukrut Electric (50%, ₹5.24 Cr) turned profitable immediately post-acquisition. Strategy: build a full high-voltage equipment platform via selective bolt-ons.

Strategic Priority 3 — Data Centre & BESS

Secured BESS order ₹152 Cr (option up to ₹292 Cr). Positioning for data centre power quality solutions globally — a new and fast-growing vertical aligning with AI infrastructure build-out.

A3 · Opportunity — Why & Timeframe

HVDC Market India

USD 877M → USD 1,700M (2024–2028) · CAGR: ~18% · Driven by long-distance renewable energy transmission (coastal wind, solar corridors). HVDC lines planned: Fatehpur-Agra, Leh-Ladakh, offshore wind links.

Power Quality Products India

USD 798M → USD 1,220M (2023–2028) · Capacitor banks, harmonic filters, SVCs, STATCOM driving growth. Data centres, EV charging corridors, industrial networks are new demand pockets.

Key Tailwinds

#	Tailwind	Relevance to QPOWER	Timeframe
1	🌱 India Renewable Energy Build-Out (500 GW by 2030)	Every GW of renewables requires HVDC/FACTS for grid stability — direct addressable market expansion	Now → 2030
2	🔌 HVDC Transmission Corridors (PGCIL/MinPower)	PGCIL's Rs 9 lakh Cr National Electricity Plan capex — reactors, line traps, instrument transformers	FY25 → FY30
3	🌐 Global Grid Modernisation	Export: ABB, Siemens, offshore wind developers need qualified HVDC reactor vendors — QPOWER pre-approved	Ongoing
4	🏗️ Data Centre Power Quality	AI-driven data centre boom requires harmonic filters, STATCOM, BESS — new and high-margin vertical	FY26 → FY29
5	🇮🇳 Import Substitution (BIS/PLI)	High-voltage equipment historically imported; QPOWER is one of few domestic alternatives for HVDC-grade products	Policy-driven

0–12 Months

Sangli Global Coil Factory commissioning (June 2026) · Mehru capacity expansion (Q4FY26) · Cochin MV test lab operational · FY26 revenue reaching ₹800–850 Cr · Near-term order wins ₹370–440 Cr across entities

1–3 Years

Post-expansion revenue potential ₹1,500 Cr at 75% utilisation · BESS and data centre segment scaling · India HVDC corridor execution accelerating · Potential further acquisitions in high-voltage space

3+ Years

Full capacity: >₹2,000 Cr revenue potential · Tier-1 global HVDC reactor brand · India FACTS market leader · Export penetration deepening in Middle East, SE Asia, Europe

A4 · Operations + Projects

Project / Facility	Location	Outlay ₹ Cr	Timeline	Status
Global Coil Factory — 44 winding lines, HV test lab, 3.2L sq ft, 10 acres	Kupwad MIDC, Sangli, Maharashtra	₹700+	Commission: June 2026 (advanced)	🔨 Construction Ongoing
Global Engineering & Technology Centre	Kupwad MIDC, Sangli, Maharashtra	₹25	Alongside Coil Factory	🔨 In Progress
Cochin Facility Expansion — doubled capacity + MV test lab	Aluva, Kerala	N/A (completed)	Completed Q3 FY26	✅ Complete
Mehru Bhiwadi Expansion — +45% instrument transformer capacity	Bhiwadi, Rajasthan	Part of ₹120 Cr acquisition	Q4 FY26	⏳ Near Completion
HVDC Wire Facility — First in India to mfg. special HVDC wire	Sangli	N/A	FY26	🔨 In Progress

Key Customers / End Markets: Power utilities (PGCIL, state discoms), renewable energy developers (offshore wind, solar IPPs), international utilities (Abu Dhabi ADTC, European grid operators), EPC contractors (ABB, Siemens project supply), data centre operators (new segment). Customer concentration: No single customer >20% of revenue per management.

Revenue Trend (Quarterly, ₹ Cr)

EBITDA Margin % (Quarterly)

A5 · Financials + Growth

Revenue ₹ Cr + YoY Growth %

EBITDA ₹ Cr + EBITDA Margin %

PAT ₹ Cr + PAT Margin %

EPS ₹ vs ROCE %

Growth Inflection Note: FY22–FY25 represents standalone / pre-consolidation organic growth (Revenue CAGR ~22.5%). The TTM figure (₹775 Cr) includes Mehru consolidation from H2 FY25. Q3 FY26 alone delivered ₹284 Cr — equal to FY24's entire year. Management targets "S-shaped" hyper-growth post Sangli factory commissioning (June 2026). Source: Screener.in · Company filings.

A6 · Regulatory Changes + Impact

Scheme / Policy	Benefit to QPOWER	Status	Est. Impact
National Electricity Plan (NEP) — ₹9L Cr Capex	Direct demand for HVDC reactors, FACTS, line traps via PGCIL and state utilities	Active (FY24–FY32)	Significant — core demand driver
Renewable Energy Transmission (ISTS corridors)	HVDC links for solar/wind corridors — reactors, compensators required	Active	High
BIS Certification (Electrical Equipment)	QPOWER's products typically require BIS certification — existing compliance is a barrier for new entrants	Ongoing compliance	Moat-building
Import Duty on Electrical Equipment	Higher duties on imported transformers / reactors benefit domestic manufacturers like QPOWER	Policy tailwind	Medium
MSME Act — Payment Delays	Outstanding MSME vendor dues of ₹22.39 Mn — risk of penalties; monitor compliance	⚠️ Risk	Small but flag

Upcoming Regulatory Triggers to Watch (Next 12M)

Event	Expected Date	Impact Direction
PGCIL FY27 capex allocation announcements	Q1 FY27 (Apr–Jun 2026)	Positive — order flow
BIS mandatory certification expansion for HV equipment	Rolling	Positive — barriers to entry
Sangli plant commissioning (state clearances, environmental)	June 2026	Positive — capacity unlock
Turkey CPI / Lira fluctuation impact on Endoks	Ongoing	Risk — hyperinflationary accounting

A7 · Research Reports Data Mix

Coverage Status: QPOWER is a recently-listed stock (Feb 2025). Formal brokerage coverage is nascent. IPO notes from SMC Global, Arihant Capital, and Chittorgarh available. Community analysis from ValuePickr (detailed forensic note) and Substack. No consensus sell-side coverage identified as of April 2026.

Bull Thesis (Common Themes)

· One of world's few qualified HVDC reactor vendors
· Order book ₹895+ Cr at 1.2× book-to-bill
· Near debt-free balance sheet
· S-shaped growth post-factory (June 2026)
· BESS + data centre = new high-margin verticals
· 22%+ EBITDA margin floor (management guidance)

Bear Thesis / Concerns

· CFO/PAT = 52% (below 100% benchmark)
· Debtor days 149 (up from 113) — poor WC mgmt
· Forex/Other income inflating margins
· Mehru at 6% EBITDA vs QPOWER's 20%+ — dilution risk
· Aggressive related party borrowing post-IPO
· Sangli transformer utilisation at 6%
· Turkey hyperinflation distorting Endoks numbers

Analyst Estimates (Public Sources)

FY26E Revenue: ₹800–850 Cr (mgmt guidance)
FY26E EBITDA margin: ≥22% (mgmt floor)
9M FY26 Revenue: ₹697 Cr already achieved
Post-expansion revenue potential (75% util): ₹1,500 Cr
Full capacity: >₹2,000 Cr

Source: Company filings, public analyst IPO notes. Research framing only — not investment advice.

A8 · Balance Sheet + Fraud Filter

Balance Sheet Item	FY25 ₹ Cr	FY24 ₹ Cr	Change
Equity Capital	77	73	+5%
Reserves	347	81	+328% (IPO proceeds)
Borrowings	9	~25	↓ Near debt-free
Total Assets	810	~330	+145% (Mehru consolidation)
Fixed Assets / Net Block	238	~120	+98%
Cash & Investments	~79–210	~40	↑ Post IPO
Receivables	~230 (est.)	~130	↑ High — 149 debtor days
Inventory	~155 (est.)	~100	↑ Watch

Fraud Filter — QPOWER Checklist

⚠️

Receivable Days Trending Up
149 days vs 113 days (FY23) — AMBER. Needs monitoring for genuine collection or accrual.

⚠️

Working Capital Days Jump
Jumped from -33 to +122 days — significant AMBER flag. Partly acquisition-driven but requires watch.

🔴

CFO/PAT Below Benchmark
CFO/PAT = 52.34% — below 70% threshold for 2+ years. Potential accrual vs. cash earnings gap.

✅

Promoter Pledging
No pledged shares reported. Promoter at 73.91% — clean ownership structure.

⚠️

Related Party Transactions
₹125 Cr director soft loan post-IPO; property rentals to director-linked entities. Amber — watch ongoing.

✅

Auditor Change
No auditor change identified in last 3 years. Clean.

⚠️

Contingent Liabilities
Bank guarantees surged 5.5× in 2 years (₹198 Mn → ₹1,100 Mn). Elevated but typical for project-based HVDC/FACTS contracts.

⚠️

Erratic Tax Rates
Tax rates: 7%, 5%, 10% across quarters — potentially aggressive. Monitor for one-off deferred tax benefits.

✅

Inventory Divergence
Inventory growth broadly aligned with revenue growth (project execution model). Not alarming in isolation.

Fraud filter sourced from: Screener.in, ValuePickr community forensic analysis (public thread), company filings. These are research tracking flags — not conclusions.

A9 · P&L Deep Dive — Quarterly

Quarter	Revenue ₹Cr	QoQ%	YoY%	EBITDA ₹Cr	EBITDA%	PAT ₹Cr	PAT%
Q3 FY26 (Dec 25)	284	+37.9%	+256.5%	79.3	27.9%	62.8	22.1%
Q2 FY26 (Sep 25)	206	+16.4%	+119%	49.4	22.5% (est.)	35	17.0%
Q1 FY26 (Jun 25)	177	+63.9%	+88%	31	18.0%	37	20.9%
Q4 FY25 (Mar 25)	108	+47.9%	+40%	16	14.8%	30	27.8%
Q3 FY25 (Dec 24)	73	-22.3%	Base	17	23.3%	20	27.4%
Q2 FY25 (Sep 24)	94	—	—	8	8.5%	13	13.8%

Note: Consolidated figures. Mehru consolidation commences from H2 FY25, driving step-change in Q3/Q4 FY25 and all FY26 quarters. Q3FY26 revenue of ₹284 Cr nearly matches FY24 full-year revenue of ₹302 Cr.

Q3 FY26 Concall Key Takeaways

· Revenue ₹284 Cr (+257% YoY) — driven by Mehru consolidation + organic growth
· EBITDA margin 27.9% — record high
· Order backlog >₹895 Cr — 1+ year visibility
· Near-term order wins expected: ₹370–440 Cr across QPOWER + Endoks + Mehru
· Sangli factory commissioning advanced to June 2026
· "S-shaped growth curve" expected post-factory ramp

Q2 FY26 Concall Key Takeaways

· EBITDA margin 22.5% — confirming ≥22% floor guidance
· Cochin expansion on track; Mehru Bhiwadi 45% expansion progressing
· Abu Dhabi ADTC order: ₹34.75 Cr for HVDC shunt reactors (Dry-Q technology)
· BESS order: ₹152 Cr with option to ₹292 Cr
· Global grid investment cycle accelerating — data centres a meaningful new vertical

A10 · Valuations

Note: QPOWER listed February 2025. Historical valuation bands (3Y/5Y) are limited. Comparison is against IPO price (₹425) and post-listing price history. This is a premium-growth stock — valuation is forward-oriented.

Metric	Current	IPO Price Basis (₹425)	Context
P/E (TTM)	82.6×	~30× (at IPO)	PREMIUM — Growth-priced
P/B	18.3×	~5× (at IPO)	HIGH — Expect with ROCE 26.6%
EV/EBITDA (TTM)	~50× (est.)	~25× (at IPO)	ELEVATED — monitor margin delivery
Market Cap / Revenue	11.4× (TTM)	~2× (at IPO)	RE-RATED aggressively post-listing

Peer Comparison Table

Company	Mkt Cap ₹Cr	Revenue TTM ₹Cr	P/E	ROCE%	ROE%	Niche
QPOWER ★	8,812	775	82.6×	26.6%	22.1%	HVDC/FACTS — Global niche
Voltamp Transformers (VOLTAMP)	8,398	2,161	25.8×	29.1%	21.7%	Industrial transformers — India
TD Power Systems (TDPOWERSYS)	12,805	~1,800	73.4×	~22%	~18%	Generators — Export heavy
GE Vernova T&D India (GVT&D)	88,618	~6,800	145.7×	~20%	~16%	Grid equipment — MNC
Transformers & Rectifiers (TARIL)	9,263	2,403	30.0×	24.2%	17.0%	Power transformers — India
Hitachi Energy India (POWERINDIA)	1,08,110	~8,000	281.6×	~25%	~20%	Grid solutions — MNC premium

Source: Web search, public filings (approximate). QPOWER trades at premium P/E vs. domestic peers (VOLTAMP, TARIL) but at discount to global MNC comparables (GVT&D, POWERINDIA). Premium justified by HVDC niche and growth trajectory — but demands execution on Sangli factory and margin delivery.

A11 · Order Book Tracker

Current Backlog

₹895+ Cr

As of Q3 FY26 (Dec 2025)

Book-to-Bill

~1.15×

Based on TTM revenue ₹775 Cr

Near-term Pipeline

₹370–440 Cr

Expected signing in coming weeks (Q3FY26 commentary)

Recent Order Wins

Date	Client	Value ₹ Cr	Segment	Details
Q3 FY26	BESS Developer (undisclosed)	₹152 Cr (opt. ₹292 Cr)	Battery Energy Storage System	New vertical — grid storage solutions
Aug 2025	Abu Dhabi Transmission Company (ADTC)	₹34.75 Cr	HVDC Reactors	Dry-type + oil-filled shunt reactors; Dry-Q technology; delivered from Sangli hub
Apr 2025	Undisclosed (FACTS project)	N/A	FACTS — Reactors	High-voltage reactors for flexible AC transmission project
Ongoing	Multiple international utilities	Ongoing flow	HVDC/Grid stability	Data centres, renewable developers, industrial networks (per management)

Order book composition (per management): QPOWER entity + Endoks + Mehru combined. Breakdown: QPOWER ₹200–250 Cr pipeline near-term, Endoks ₹70–90 Cr, Mehru ₹100+ Cr. No single customer disclosed as >20% of revenue.

A12 · Track Record + Management Quality

Year	Management Guidance	Actual Achieved	Verdict
FY25	N/A (pre-listing)	₹337 Cr standalone revenue	—
FY26E	₹700–800 Cr initially; revised to ₹800–850 Cr	9M already ₹697 Cr → full year likely ₹870–900 Cr	On Track / Possible Beat
FY26 EBITDA	≥22% floor margin	Q3 FY26: 27.9%, 9M avg: ~25%	Exceeding Guidance
Sangli Timeline	Initially Dec 2026	Advanced to June 2026	Ahead of Schedule

Promoter Background

Company founded 2001; promoted by technical entrepreneurs with domain expertise in high-voltage electrical engineering. Promoter stake: 73.91% (Mar 2026). No pledged shares. Post-IPO ₹125 Cr soft loan from directors (Repo Rate + 0.5%, 15-year tenure, 2-year moratorium) — governance flag worth monitoring.

Capital Allocation

Dividend yield: 0.09% (nominal). Capital primarily reinvested in capacity expansion (₹700+ Cr Sangli factory). Mehru acquisition (₹120 Cr, 51%). Sukrut Electric (₹5.24 Cr, 50%). IPO proceeds used for capex + working capital. Strategy is growth-oriented — minimal cash return to shareholders.

Concall Language Quality

Management uses specific metrics (order backlog ₹895 Cr, capacity utilisation levels, factory timelines). Proactively advanced Sangli timeline. FY26 guidance revised upward. Honest acknowledgment of working capital deterioration in some forums. "S-shaped growth" framing: high confidence language. Overall tone: credible but ambitious.

A13 · Issues + Risks

HIGH

Working Capital Deterioration

Debtor days surged from 113 to 149; WC days from -33 to +122. CFO/PAT at 52% — well below 100% benchmark. Earnings may not be converting to cash efficiently.

Monitor CFO trends quarterly; compare to order fulfilment cycle. Partial explanation: milestone-based billing in HVDC/FACTS projects.

HIGH

Execution Risk — ₹700 Cr Sangli Factory

Large-scale capex relative to current scale (2× FY24 revenue). Construction, equipment sourcing, and ramp-up delays could defer revenue recognition and stretch returns.

Management has advanced timeline to June 2026; monitor quarterly milestones. Any 6M+ delay would push ₹1,500 Cr revenue target to FY28+.

HIGH

Valuation Premium + Execution Dependency

P/E ~82×, P/B 18.3× — full valuation priced in S-curve revenue growth post-factory. Any earnings miss or guidance cut could trigger sharp de-rating.

Multiple expansion already occurred. Track quarterly EBITDA margin delivery vs. 22% guidance floor.

MEDIUM

Mehru Margin Dilution

Mehru EBITDA margin ~6% initially (improving to 16.4% in Q3FY26). Gross margins at 10–11% vs. QPOWER's 20%+. Consolidation dilutes blended margins.

Mehru improvement visible in Q3FY26. Bhiwadi expansion should drive operating leverage. Track Mehru EBITDA margin quarterly.

MEDIUM

Forex Risk — 76% Revenue International

Revenue heavily USD/EUR-denominated. INR strengthening or adverse currency moves reduce realised revenue. Turkey operations expose to TRY hyperinflation.

Endoks Turkey ops partly natural hedge (EUR-priced contracts); INR exposure limited by export model. Monitor hedging policy.

MEDIUM

Related Party Governance

₹125 Cr post-IPO director loans; property rentals to promoter-linked entities; intercompany Endoks sales dropped 89% since FY22. Questions on capital utilisation.

No auditor red flags yet. Soft loan at market rate with long tenure. Monitor related party disclosure in annual reports.

MEDIUM

Competition — Global Entrants

HVDC/FACTS market attracting global players (ABB, Siemens, TBEA China). As India market grows, established international vendors may compete more aggressively on pricing.

QPOWER's Dry-Q® technology and pre-approved vendor status are moats; long qualification cycles protect existing customer relationships.

LOW

Small Scale + Liquidity Risk

179 employees; recently listed; ~73,930 shareholders. Stock liquidity may be thin in adverse markets. Small team managing rapid multi-dimensional expansion.

Promoter at 73.91% aligns incentives; low float means downside liquidity risk in sell-offs. Position sizing discipline needed.

A14 · Key Milestones / Metrics to Track

RESEARCH TRACKING MILESTONES — NOT INVESTMENT SIGNALS

Sangli Global Coil Factory Commissioning

Watch: Commercial production start date; first order shipped from new facility. Confirms capacity unlock critical for ₹1,500 Cr revenue target.

📅 Target: June 2026 | Why: Entire growth thesis depends on this

Q4 FY26 EBITDA Margin >22%

Watch: EBITDA margin holds above 22% floor despite Mehru dilution. Key to validating management guidance credibility.

📅 Q4 FY26 results: ~Jun 2026 | Why: Margin discipline metric

FY26 Full-Year Revenue ₹850+ Cr

Watch: Q4 FY26 revenue. 9M FY26 = ₹697 Cr. Need ₹153+ Cr in Q4 to hit ₹850 Cr guidance. Q3 was ₹284 Cr — likely achievable.

📅 Q4 FY26 result: Jun 2026 | Why: Guidance credibility

CFO/PAT Ratio Improvement >70%

Watch: Cash flow from operations vs. PAT. Currently 52% — needs improvement. Rising ratio signals better earnings quality and real cash generation.

📅 Annual report FY26 | Why: Fraud filter key metric

Order Inflow ₹500+ Cr (FY26–27 Pipeline)

Watch: Fresh order announcements from QPOWER + Endoks + Mehru. Management guided ₹370–440 Cr near-term wins. Sustains backlog growth.

📅 Rolling — watch BSE disclosures | Why: Revenue visibility

Mehru EBITDA Margin >18%

Watch: Mehru subsidiary quarterly EBITDA margin. Moved from ~6% to 16.4% in Q3FY26. Bhiwadi expansion should push further. Target for full dilution recovery.

📅 Q4 FY26 + Q1 FY27 | Why: Acquisition value creation proof

Debtor Days Below 130

Watch: Receivables days from quarterly balance sheet. Currently 149 vs. 113 earlier. Reduction signals improving cash cycle management.

📅 Every quarter | Why: Working capital health signal

A15 · Ownership — Promoter / FII / DII + Smart Money

Shareholding Pattern (Mar 2026)

Stakeholder Breakdown

Promoters73.91%

Public / Retail17.85%

DII (Domestic Institutions)5.97%

FII (Foreign Institutions)2.28%

Total shareholders: ~73,930 | No pledged shares | Source: Screener.in / public disclosures

Smart Money Signals

FII at 2.28% — low but recently listed stock with limited track record; expect FII to build positions post-Sangli commissioning. DII at 5.97% suggests domestic fund interest is developing. With 73.91% promoter holding, free float is limited (~26%) — amplifies price moves in both directions.

Institutional Watch

No dominant institutional name identified in available data. Watch: SBI MF, Nippon India, HDFC MF positions — typically first institutional movers in newly-listed quality smallcaps. BFSI SIPs and sectoral power-themed funds likely building exposure given HVDC tailwind narrative.

IPO Allottees Behaviour

IPO listed at ₹425 on Feb 24, 2025 — slipped on debut. Stock bottomed at ₹267.80 (Apr 7, 2025) before a major re-rating. +237% 1Y performance suggests strong institutional accumulation through the dip phase. High beta (1.98) reflects momentum-driven ownership mix.

B0 · Stage Analysis + Setup

Wyckoff Stage Assessment

Stage 2 — Mark-Up Phase
Stock in a confirmed uptrend from Apr 2025 lows (₹267.80). Higher highs and higher lows on the weekly chart. Post-IPO accumulation (Feb–Apr 2025) followed by powerful Stage 2 mark-up. Currently potentially at or near Stage 2 extension / potential Stage 3 distribution watch zone given extended move from base.

Current Setup Type

Possible Breakout / Extension
CMP ~₹1,140 representing new all-time high territory (prior ATH ~₹1,082, Sep 2025). Monthly return +39%: extended short-term. No established base at current levels — high momentum continuation or exhaustion. Watch for weekly consolidation to form a flag/base before next move.

TA Consensus Context

Note: TradingView Screener MCP had API format issues this session. Based on price action data: 1Y +237.7%, 1M +39.2%, 1W +22.7%. Highly extended from moving averages on multiple timeframes. Beta 1.98 — high volatility relative to market.

Source: TradingView web data (Apr 2026). MCP unavailable.

B1 · Momentum + Volume + Price Action

RSI Context

Likely Overbought Zone
+39% in 1 month, +237% in 1 year. Given the magnitude of price appreciation, daily and weekly RSI is likely in the 70–80+ range (overbought). No confirmed RSI value from MCP — derive from price action analysis.
Research reference only.

MACD (Weekly) — Directional

Bullish — Positive Territory
Given the sustained weekly uptrend from ₹267.80 to ₹1,140, MACD histogram is likely in positive territory on the weekly timeframe. The recent acceleration (+22.7% weekly) suggests expanding histogram — strong momentum.

52-Week Range Position

52W Low: ₹267.80 (Apr 7, 2025) · ATH: ~₹1,142 (recent). CMP near all-time high. The stock has made ~326% from 52W low. Position in 52W range: Near Upper End — 97%+ of range.

Volume / Price Action

Recent weekly +22.7% on what appears to be elevated volume (momentum continuation pattern). The April 2025 base (IPO washout) formed on likely heavy selling volume — classic capitulation before Stage 2 mark-up. High beta (1.98): stock moves 2× the market on strong sessions.

Price Journey (Key Price Points)

IPO: ₹425 (Feb '25) Low: ₹268 (Apr '25) ₹600 ATH: ₹1,082 (Sep '25) CMP: ~₹1,140

▼ CMP ₹1,140

Research Reference Level · Not an investment signal

B2 · Key Levels

Price Level Map — Research Reference

Level	₹ Price	Type	Basis
Strong Support 1	₹950–1,000	Support	Previous resistance turned support zone, psychological ₹1,000
Support 2	₹750–800	Support	Prior swing highs (Aug–Sep 2025), 200-day MA region
Support 3 (Base)	₹500–550	Support	Q1 FY26 base formation zone
CMP ★	~₹1,140	Current	TradingView data, Apr 2026
Resistance 1	₹1,200	Resistance	Psychological round number; near-term target area
Resistance 2	₹1,400–1,500	Resistance	Measured move from Sep 2025 ATH base
52W High	₹1,142 (ATH)	ATH	TradingView; new all-time high zone as of Apr 2026
52W Low	₹267.80	Low	Apr 7, 2025 — post-IPO capitulation low

All levels are Research Reference Levels — not buy/sell/stop signals.

B3 · Trend + Relative Strength vs Nifty 500

1Y Relative Performance

QPOWER: +237.7% (1Y) · Nifty 500 approx.: +5% to +12% over same period. QPOWER massively outperforming Nifty 500 — significant positive relative strength. RS ratio strongly rising.

Trend Quality

Primary trend: Strongly Bullish. Base formed Feb–Apr 2025 (post-IPO accumulation). Stage 2 uptrend intact. However, recent +39% monthly move suggests possible short-term extension/exhaustion — tight base consolidation would be healthier setup for continuation.

Sector Context

Electrical equipment sector broadly in favour (HVDC/FACTS capex theme). QPOWER outperforming sector peers — leading name in the power equipment complex. TARIL, GVT&D also in uptrend but QPOWER showing superior momentum relative to domestic peers.

Peer TA Ranking (Qualitative — MCP unavailable): Based on 1Y returns — QPOWER (+237%) > GVT&D (sector leader) > TDPOWERSYS > TARIL > VOLTAMP. QPOWER is the relative strength leader in the Indian power equipment universe.

B4 · R:R — Research Reference Zones

⚠️ For research reference only. These are NOT buy/sell recommendations. All levels are derived from price history and support/resistance analysis only.

Watch Zone

₹1,000–1,050

Pullback to prior ATH zone (Sep 2025 ₹1,082 level). More favourable risk geometry vs. chasing ATH breakout.

Invalidation Level

₹900

Weekly close below ₹900 would break primary uptrend structure from Aug 2025 base. Signals possible Stage 3 entry.

Research Target 1

₹1,350–1,400

Measured move from base to ATH projected above breakout. R:R from watch zone: ~3:1.

Research Target 2

₹1,700–2,000

Post-Sangli factory commissioning + FY27 earnings re-rating. Long-term thesis target if ₹1,500 Cr revenue achieved. R:R from watch zone: ~5–7:1.

R:R calculated from watch zone ₹1,000–1,050 to research targets. Not an investment signal. Based on pattern analysis only.

B5 · Technical Milestones to Watch

Bullish Confirmations

· Weekly close above ₹1,200 with volume > 20-day average = ATH breakout confirmation
· 2–3 week tight base consolidation at ₹1,050–1,150 before breakout = healthy VCP setup
· Sangli factory commissioning announcement with order booking = fundamental catalyst driving price

Technical Invalidation Signals

· Weekly close below ₹900 = primary uptrend breakdown
· Earnings miss or guidance cut in Q4 FY26 = fundamental + technical breakdown risk
· Sangli factory delay beyond Dec 2026 = re-rating risk trigger

Catalyst Calendar

· Q4 FY26 results: ~June 3, 2026 (Next earnings date per TradingView)
· Sangli factory commissioning: June 2026 (target)
· Mehru Bhiwadi expansion completion: Q4 FY26
· New order announcements: Rolling (monitor BSE disclosures)

📈 Live TradingView Chart — NSE:QPOWER

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⚠️ IMPORTANT DISCLAIMER

This document is a research and educational output only, generated by the Primaegis Research Investment Analysis Pipeline.

Neither Ameya Pimpalgaonkar nor any contributor to this report is a SEBI registered investment advisor or research analyst.

Nothing in this report constitutes investment advice, a research recommendation, or a solicitation to buy, sell, or hold any security, fund, or financial instrument under SEBI (Research Analyst) Regulations, 2014 or any other applicable law.

All financial data is sourced from publicly available disclosures (Screener.in, BSE/NSE filings, company website, public analyst reports, ValuePickr community). All technical levels are reference levels for research tracking only. Always conduct your own due diligence and consult a SEBI registered investment advisor before making any financial decision.

Generated: April 16, 2026 | Primaegis Research · Not for distribution.