Quality Power Electrical Equipments Ltd

Analyst Notes

[Analyst View] Aamara Capital, 21 Oct 2026. Facts quoted below are drawn from the data tabs; where a fact is contested the register at the end of this tab shows both values.

Unresolved conflicts and differences between the two research halves (register)

The six research files were written by two agents (business and market: 1_business, 4_market, 5_narrative; financials, governance and market-heard: 2_financials, 3_governance, 6_heard). Where they report a figure differently, both values and their sources are shown and the treatment used in this report is stated. Nothing below is silently resolved.

Questions I would put to the company first

Business Deep-Dive

Sources: prospectus (20 Feb 2025), FY26 annual report, Q1 FY27 deck (10 Aug 2026) and seven concall transcripts, plus NSE notices of 17 and 20 Oct 2026. Page references follow the input files. [Fact] = primary filing or market-data page; [Est.] = inference, an unverifiable management claim, or a sponsored third-party estimate.

Product families (prospectus detail)

Voltage-class map (company's own grid, Aug 2026 deck slides 6, 16-17)

Achievements cited by management [Fact: stated]: type-tested the world's largest three-phase MSR at about 200 MVAr; HVDC converter reactors for a "western market" customer passed type tests at the first attempt (May 2025); qualified HVDC/STATCOM supplier to "all leading global companies, including the Chinese OEMs" (Aug 2025); a 500 kV HVDC smoothing coil order with Hitachi (each coil about 250 MVAr, "one of the world's largest").

New growth vectors (stated, not yet revenue)

Management's forward framing (Aug 2026): highest growth from power electronics (BESS), then high-voltage power products; "ancillary" revenue (CTC magnet wire, Sukrut components) is largely internal consumption and is not credited as external sales (Q1 FY27 call p.22).

Group structure: who owns what, where, what they make

• The Q1 FY27 deck slide 5 prints "Quality Power Engineering Projects 100%" and "S&S 98%", the reverse of the audited AR26 (QPEPPL 98%, S&S 100%); the AR is used.
• Endoks "income" of Rs 4,151 mn in the Board's report compares with "Endoks Rs 468 cr" (about Rs 4,680 mn) on the Q4 FY26 call and "Rs 107 cr in Q1 FY27"; the basis (January-December vs March year, pre or post elimination, other income) is not reconciled in the filings [Est.]. Endoks keeps a calendar year internally and is consolidated into the March group year, so management asks for Endoks to be compared year on year, not quarter on quarter.
• Quality Power UK Ltd was liquidated in 2017 [Fact] (prospectus p.189).

Acquisition price evidence

Plants, capacity, utilisation and expansion

Seven facilities in India and Turkey per the company (Sangli, Pune, Bhiwadi, Kochi, Chennai, Ankara, Nigde; Q1 FY27 deck slide 4). My reading is that Chennai (Nebeskie, software) and Pune (Sukrut, a JV) are counted although they are not 100% factories, and the new Sangli Global Coil Factory (started 20 Oct 2026) is additional [Est.].

• Capacity commentary. HVDC/FACTS coil capacity was the binding constraint: management said it could only "eat 30-40 rupees of every 100 rupees" of an HVDC order (Aug 2025) and by May 2026 had "almost closed" order intake at Sangli for the next quarter. [Fact: stated]
• Schedule slippage, Sangli factory. Nov 2025 target, then June 2026, then July/August 2026, then "Dec-Jan" internal, then trial August, actual start 20 Oct 2026; regulatory sign-offs (pollution board, factory inspector, MIDC, building completion certificate) were the gating items (Q3 FY26 call p.3; Q4 FY26 call pp.5, 22; Q1 FY27 call p.14).

Certifications and accreditations

Customers

The order-book series (Rs 517 cr at Dec 2024 to Rs 1,945 cr at Jun 2026) and its entity split are in Tab 12.

People and organisation

Group headcount about 1,500 (Aug 2026); standalone permanent employees 249 at 31 Mar 2026 (167 full-time + 325 contract at Sep 2024); plan to add 500-1,000 employees in FY27 (May 2026). CEO Sanjog Mhatre (from 4 Feb 2026), CFO Rajesh Jayaraman, Group CTO C. M. Shylendra Kumar (ex-Hitachi Energy; spelled "Shailendra" in the transcript and "Shylendra" in the deck), Chief Procurement Officer appointed. Promoter family: Thalavaidurai Pandyan (Chairman and MD), Bharanidharan Pandyan (Joint MD, public face on calls), Chitra Pandyan. Governance detail is in Tab 7.

Not Available / open points (where searched)

Segment Analysis

Statutory reporting has one reportable segment ("manufacture and sale of electric equipments", Ind AS 108; AR26 note 39). There is therefore no audited segment EBITDA. The tables below use the company's own management split by product family (AR26 p.130, PDF p.114), the Board's Report entity figures (pp.64-67) and segment margins stated by management on calls. The AR table is headed "K million" but the totals tie to Rs 947 cr revenue, so the unit is Rs million. [Fact]

Revenue by product family (consolidated, Rs mn)

The mix has swung toward Power Products with Mehru (instrument transformers) and the HVDC reactor ramp. Management's forward framing (Aug 2026): highest growth from power electronics (BESS), then high-voltage power products; "ancillary" (CTC magnet wire, Sukrut components) is largely internal consumption and not credited as external sales.

Contribution by entity, FY26 (Rs mn, before eliminations)

Source: Board's Report s.9 (AR pp.64-67) [Fact]. The sum of operating subsidiaries plus parent is Rs 9,715 mn against consolidated revenue of Rs 9,473 mn (about Rs 242 mn eliminated) [Est.]. Endoks is 43.8% of consolidated revenue and 48.9% of group PBT [Est.]; the Turkey subsidiary is audited by ANY Partners and Mehru by S. Singhal & Co. Standalone PAT was Rs 548.71 mn (EPS Rs 7.09) in FY26 against Rs 303.11 mn (Rs 4.17) in FY25; standalone PBT Rs 720.75 mn against Rs 394.44 mn; total income Rs 2,273.27 mn against Rs 1,557.29 mn (revenue from operations Rs 2,219.06 mn against Rs 1,524.27 mn).

Segment margins as stated by management (not audited)

The three Q1 FY27 entity revenues spoken on the call (Rs 69 cr + Rs 83 cr + about Rs 107 cr = about Rs 259 cr) exceed consolidated revenue from operations of Rs 232.7 cr and are near total income of Rs 256.4 cr; they are before eliminations and on a management basis [Est.]. Screener standalone OPM was 32% in FY26 (26% in FY25); standalone margins are not a clean read on third-party pricing because the parent has sizeable related-party flows with subsidiaries (FY26 purchases of Rs 164.55 mn from QPEPPL, sales of Rs 54.98 mn to Endoks, rental income Rs 6.9 mn) [Est.].

Fastest grower, segment under pressure, management focus

Order book by entity at 30 Jun 2026 (Rs mn)

Financials: P&L

Units are stated on every table: Rs mn = Rs million (annual report, prospectus, exchange filings); Rs cr = Rs crore (Screener, management); 1 cr = 10 mn. Screener figures are rounded to whole crores. Sources: FY26 and FY25 annual reports, Q1 FY27 results (9 Aug 2026), Q1 FY27 deck and call, Screener consolidated page (21 Oct 2026). [Fact] = printed in the source; [Est.] = my calculation or inference.

How to read the numbers: five accounting traps

Annual results, consolidated (Rs cr, Screener)

Screener (rounded). *Screener shows FY25 EPS Rs 8.54 while the audited FY26 AR comparative is Rs 9.10 (weighted shares 72.70 mn vs Screener's 77.44 mn basis); the audited figures are used in the tables below. FY22-FY24 EPS are pre-IPO bases. Growth: sales 3-year CAGR 55%, profit 3-year CAGR 81%. FY26 growth is largely inorganic: Mehru (51%) was consolidated only from 6 Mar 2025, so FY25 has just 25 days of Mehru (AR p.222 note). The derived EBITDA incl. other income margins for FY25 (30.5%) and FY26 (23.5%) tie to the audited figures.

Audited FY26 vs FY25 consolidated P&L (Rs mn)

Gross margin definitions differ: the Q1 FY27 deck states gross margin of 47.2% vs 44.6% a year earlier on its own basis. Management also said Q1 FY27 gross margin reflects orders priced before the recent raw-material rise.

Quality-of-earnings flags (FY26)

• Composition of other income. Rs 597.5 mn = interest Rs 307.5 mn (bank deposits Rs 66.1 mn; "others" Rs 241.5 mn, includes finance interest income) + FX gain Rs 167.8 mn + other non-operating income Rs 122.1 mn ("insurance loss reflection income, bank expense refunds, miscellaneous"). Interest income is about 12% of the Rs 2,479 mn cash and deposit pool, consistent with high Turkish lira deposit rates [Est.] (note 27).
• Claims and write-offs. "Post delivery claims and deductions" jumped to Rs 50.63 mn from Rs 2.02 mn; balances written off Rs 11.29 mn (FY25 Rs 0.50 mn); expected credit loss Rs 8.33 mn (note 33).
• Associates / JV profit does not reconcile. Share of associates/JV profit of Rs 38.10 mn (Q4 FY26 Rs 39.36 mn; Q1 FY27 Rs 10.96 mn) does not tie to AOC-1, which shows only losses considered in consolidation (Nebeskie Rs -2.86 mn, Sukrut Rs -0.21 mn). Sukrut's 50% was bought for Rs 52.61 mn against attributable net worth of Rs 133 mn (AOC-1), so a bargain-purchase style gain inside share of profit is possible but not explained in the pages read [Est.]. Open question for the company.
• Hyperinflation sign mismatch. The operating cash flow reconciliation deducts Rs 189.80 mn "gross up effect of hyper inflation" (FY25: Rs 97.21 mn) and Rs 307.54 mn of interest income, while note 33 shows a net monetary loss of Rs 253.38 mn for FY26 (FY25: gain Rs 128.55 mn). The sign of the FY26 hyperinflation item is therefore not reconciled between the cash flow statement and note 33. Stripping interest and monetary items, underlying operating PBT is below the headline Rs 2,164 mn [Est.] (AR p.208 and note 33).

Standalone parent (Rs mn)

Board's Report s.1. Screener standalone margin: OPM 32% in FY26 (26% FY25), 47% in Q1 FY27 on revenue of Rs 65 cr.

Quarterly trend, consolidated (Rs cr, Screener)

Pre-Mar-25 quarters exclude Mehru. Lumpy: Q4 FY26 OPM fell to 11% (a one-off labour cost plus consolidation of lower-margin subsidiaries, and a Rs 26 cr loss at the Turkish subsidiary booked in other expenses, per CNBC-TV18); the stock fell about 10% on 14 May 2026. Screener's Dec-25 column shows sales of Rs 284 cr (equal to management's total income of Rs 2,843 mn) and other income of nil, so that quarter appears to be on a total-income basis and its 28% OPM is not like-for-like with the other columns [Est.]; the FY sums still tie closely to the annual figures (sales 948 vs 947; other income 59 vs 58).

Last 8 quarters with YoY and QoQ (Screener basis) [Est.]

Growth computed from rounded Screener crore values; Sep-23 is not in the extract so Sep-24 YoY is n/a. YoY from Dec-24 to Jun-25 is inflated by Mehru's addition (inorganic) and by very low Mar-24 and Jun-24 bases. The only quarter with a clean base is Jun-26, up 32%.

Q1 FY27 (quarter to 30 Jun 2026): the latest reported period

Interim dividend Re 0.25 per share declared (record date 14 Aug 2026). The 31.7% growth in revenue from operations and the margin held flat once other income is removed; the profit growth to owners (+49.6%) is faster than the group because Mehru and Endoks minority leakage fell as a share of profit and other income rose to Rs 237.1 mn [Est.].

Management-basis quarterly trail (total income, Rs mn)

Q3 FY25 (first call, 18 Mar 2025): consolidated revenue from operations Rs 726 mn, EBITDA Rs 174 mn (24%), PAT Rs 196 mn; 9M FY25 revenue Rs 2,283 mn, EBITDA Rs 491 mn (21.5%), PAT Rs 697 mn. Q2 FY26 (13 Nov 2025): revenue Rs 218.9 cr (+112% YoY), EBITDA Rs 49.4 cr (22.5%), PAT Rs 35.2 cr; H1 FY26 revenue Rs 413 cr. Q4 FY26 total income about Rs 310 cr (record). Endoks follows a calendar year: Q4 FY26 (Jan-Mar) is its seasonally weak first quarter.

Revenue growth, margin trend and one-time items

Prospectus restated KPIs (Rs mn)

Financials: Balance Sheet, Cash Flow & Ratios

Consolidated, Rs mn, as at 31 March, from the FY26 annual report (AR p.206 and notes 10-15, 21, 40) unless stated. Only the two latest balance sheets are in the audited AR extract; restated FY22-FY24 balance sheets exist in the prospectus (pp.216-300) but were not extracted, so earlier years below are limited to net worth, debt/equity and cash-flow KPIs. [Fact] = printed in the source; [Est.] = my calculation.

Balance sheet (consolidated, Rs mn)

• Net cash. Company's own gearing table: borrowings Rs 354.79 mn vs cash Rs 2,479.48 mn = net cash Rs 2,124.70 mn (about Rs 213 cr; Rs 218 cr adding current investments, as used in the EV bridge); gearing -0.27 (Mar-25 -0.34) [Fact] (note 40). Debt is small and working capital in nature: cash credit nil, export packing credit Rs 101.2 mn, other loans Rs 186.7 mn, unsecured bank loan Rs 58.1 mn. Mehru's loans are secured on Bhiwadi industrial property with personal guarantees of two Endoks directors (Alper Terciyanli and Alper Cetin) (note 21).
• Where the cash sits. Group cash of Rs 2,479 mn includes the Turkish subsidiaries' and Mehru's cash (about 30% of equity belongs to minority holders). The listed parent standalone had cash Rs 288.1 mn + bank FDs Rs 377.8 mn = Rs 665.9 mn, borrowings Rs 101.2 mn, capital work in progress Rs 592.3 mn and Rs 660.8 mn of capital commitments for PPE, so the parent is not cash-rich after the Sangli build [Fact] (standalone balance sheet; note 48A). This is the context for the Winwin deal, the promoter bridge loan and the QIP.
• Net worth composition. Reserves include the IPO fresh-issue premium (Rs 2,045.14 mn net of expenses credited in FY25 financing) [Fact]. Goodwill rose from Rs 140.03 mn to Rs 155.96 mn.
• Off-balance sheet. Bank guarantees issued Rs 4,212.85 mn (Mar-25 Rs 1,180.72 mn; Rs 1,100 mn at Sep 2024 per the prospectus); corporate guarantee Rs 511.63 mn, of which Rs 500 mn is given by Mehru for a project loan to Massa Izolyator Mehru Pvt Ltd (the erstwhile Mehru JV; note 48(12) discloses an exception for the charge on that guarantee); no income-tax demands. The receivable from the erstwhile JV is inside loans and advances (Rs 47.29 mn) [Fact] (notes 15, 44B, 48).
• Employees. 249 permanent employees at the listed entity (231 male, 18 female); standalone median remuneration Rs 3.20 lakh (Board's Report s.37; Annexure VII).

Cash flow vs profit (consolidated, Rs mn)

AR p.208. Screener shows FCF of Rs -31 cr on its own capex definition and CFO / EBITDA of 64% (conflict #4, Tab 2); the audited cash flow gives the figures above. The FY26 working-capital build was funded by trade payables (+Rs 728 mn) and Rs 267 mn of net new borrowings. Prospectus CFO / EBITDA was 135-137% in FY23-FY24 and 52% in H1 FY25 (prospectus p.92). FY25 financing inflow of Rs 1,710 mn is the IPO fresh issue; FY26 financing of Rs 179 mn is mostly net borrowings.

Working capital days and ratios

Screener's FY25 days are distorted because the FY25 balance sheet includes Mehru but the P&L only 25 days of it. Management has deliberately held higher component stock in FY26 (inventory days 185 in FY25, 74 in FY26 on Screener). The Feb 2026 call quoted receivable days of "45 to 60"; Screener's 93 and the ageing below do not support that. Current ratio and interest cover for earlier years: Not Available in the extracted inputs.

Receivables ageing (consolidated, Rs mn, 31 Mar 2026)

Customer concentration and geography (note 39): customers above 10% of revenue contributed Rs 2,202.34 mn (23.5% of segment revenue of Rs 9,359.84 mn) in FY26 per the financials file, against Rs 2,777 mn (29.7%) per the business file for the same note, versus Rs 1,346.30 mn (40.7%) in FY25 (conflict #3, Tab 2). Revenue by customer location FY26: India Rs 4,557.00 mn (48.7%), outside India Rs 4,802.84 mn (51.3%), versus FY25 32.0% and 68.0%. At the IPO, international was 75-81% of revenue and the top 10 customers 52-58%.

Capex, asset turns and balance-sheet risks

IPO details and use of proceeds

Prospectus pp.76-78; AR26 note 50 (p.259) and note 55; Brickwork Ratings monitoring-agency report. To 31 Mar 2026: total Rs 2,249.9 mn, used 1,370.7 + 704.1 = 2,074.8, unutilised Rs 175.1 mn (Rs 17.51 cr); capex head Rs 155.8 mn unspent; acquisitions / GCP head Rs 52.6 mn unspent; issue expenses overspent by Rs 33.3 mn (conflict #13: Rs 17.51 cr at Mar-26 vs about Rs 12 cr at Jun-26). No deviation reported for Q1 FY27. Where the Rs 559 mn "unidentified acquisitions / GCP" went in FY26 is not itemised; the AR note attributes Rs 5.26 cr to the Sukrut stake, and the rest of Rs 55.9 cr drawn is unitemised. Likely investments into subsidiaries / JV (Sukrut Rs 52.6 mn, Nebeskie, Veeral Rs 152 mn commitment) but unverified [Est.].

Equity dilution and share-count history

How the fund-raise message evolved

Dividends and capital returns

FY25 final dividend Re 1 per share (payout 12%); FY26 final Re 1 recommended and approved at the AGM of 29 Sep 2026 (record date 22 Sep 2026); FY27 interim Re 0.25 per share (record date 14 Aug 2026). Promoters and promoter group (73.91%) waived the dividend, so the cash cost is about Rs 20.2 mn per Re 1 (non-promoter shares 2.02 cr). Management said the waiver was "to conserve cash in light of the Company's proposed fund-raising plans". Yield about 0.07%. No buyback.

Not Available / open items

• Q2 FY27 (Sep 2026) results: not published as of 21 Oct 2026 (searched the NSE announcements feed).
• Credit rating reports: none exist (searched AR and CG report).
• Segment P&L: the company reports a single segment (Ind AS 108); entity-wise numbers are from the Board's Report.
• FY22-FY24 restated balance sheets and lender names: in the prospectus (not extracted).
• Bulk and block deals and Reg 29 filings: see Tab 12 (NSE API returned 503).

Management, Promoters & Governance

Sources: FY26 annual report (AR26: Board's Report, Corporate Governance report, auditor's reports, notes 38, 44, 48), prospectus (20 Feb 2025), Q1 FY27 results and call, 9 Aug and 23 Sep 2026 board outcomes, EGM notice (26 Sep 2026) and corrigenda, AGM (29 Sep 2026) and EGM (19 Oct 2026) voting results, NSE shareholding XBRL (30 Sep 2026 and prior quarters), Screener investor-level data. [Fact] = printed in the source; [Est.] = inference or arithmetic. Disclosure depth: listed main-board company, full disclosure.

Control structure and promoters

• The family is the sole promoter group: 100% of equity pre-IPO (7,21,50,000 shares; promoters 7,21,49,960 = 99.99% per the prospectus). The company has no holding company and, per the prospectus, no Group Companies. Two significant beneficial owners are reported in the 30 Sep 2026 shareholding filing (holdings 61.18% and 36.96%, names not given in the XBRL) [Fact]; the 61.18% holder is probably Bharanidharan Pandyan (36.96% direct plus the 24.22% Trust) [Est.]. Names of the two owners: Not Available (searched NSE XBRL).
• Track record and other interests [Fact/Est.]: the promoters built the traditional transformer business "from Rs 3 cr to Rs 300 cr in 20 years without external funding" (promoter's pre-IPO Marathi video, quoted on ValuePickr). Education and other business interests beyond those above are Not Available (searched prospectus and AR26).
• Pledge / encumbrance: none. SAST Reg 31(4) declarations for FY25 (dated 5 Apr 2025) and FY26 (dated 2 Apr 2026, filed 22 Apr 2026) state "no encumbrance, whether directly or indirectly" and show nil encumbered shares for all promoters; every quarterly shareholding XBRL states promoters' shares are not pledged or under non-disposal undertakings. NSE PIT (insider trading) and Reg 29 APIs returned no records for the symbol for Feb 2025-Oct 2026; no promoter sale or purchase since listing is evident (holding unchanged at 73.91% for seven consecutive quarters).
• Lock-in. 20% of post-issue capital (1,54,88,820 shares) is locked in as the minimum promoters' contribution for 3 years from the 20 Feb 2025 allotment, i.e. to about 20-21 Feb 2028 [Est.] (conflict #11); the shareholding above 20% had a 1-year lock-in that expired about 20 Feb 2026; pre-IPO 6-month and anchor 30/90-day lock-ins have lapsed. 15,488,820 shares were still shown as locked in at 30 Sep 2026.
• Dividend waiver. Promoters waive dividend on all 73.91% (Rs 5.72 cr per Re 1) "to conserve cash in light of the Company's proposed fund-raising plans".

Board of directors (31 Mar 2026 and the Oct 2026 EGM)

Eight directors: four executive (three promoters plus one professional) and four non-executive independent (one woman). The Board met 4 times in FY26 (27 May 2025, 7 Aug 2025, 12 Nov 2025, 4 Feb 2026).

AR26 CG report II (p.93), III-XI, certificate of non-disqualification (p.115); 2 Sep 2026 board outcome for the 2026 re-appointments. Independent directors were appointed or re-appointed on 15 Feb 2024 and 15 Mar 2024; two (Mishra, Ramesh) had resigned on 15 Feb 2024 "on account of discrepancy in certain appointment records" and were re-appointed after the discrepancy was removed (prospectus p.201).

Independence and committee points

• Two independent directors receive profit-linked "professional fees / commission" of Rs 4.4 mn (Iyer) and Rs 2.4 mn (Mishra) a year, about 10x their sitting fees; the AGM approval of remuneration to non-executive directors drew 4.84% votes against in Sep 2025 (note 38; AR p.102).
• Mr Iyer sits on the boards of both the listed parent and its material subsidiary Mehru; he chairs the NRC and sits on audit, SRC, CSR and the acquisitions committee.
• Audit Committee (Kulkarni chair, Mishra, Iyer, plus JMD Bharanidharan Pandyan) held 4 meetings, all attended except one by the JMD. The Nomination and Remuneration Committee (3 IDs) met once; the Stakeholders' committee met once; CSR once. The Risk Management Committee (T. Pandyan chair, B. Pandyan, Kulkarni, Mishra) held no meeting in FY26 while the report says it exists "in line with Regulation 21". Reg 21(3C) requires a risk committee of top-1000 entities to meet at least twice a year; the secretarial auditor raised no qualification. Treat as "appears inconsistent" [Est.]; applicability depends on the market-cap ranking basis.
• Board notices were sometimes shorter than seven days (secretarial audit remark: "in some instances at a shorter notice"; Annexure III, AR p.79).
• Succession and tenure. On 2 Sep 2026 the Board recommended five-year re-appointments from 1 Mar 2027 to 29 Feb 2032 for the CMD (then age 71 to 76), the JMD, Chitra Pandyan (then 71 to 76) and Mahesh Saralaya, and a second term for Mr Ramesh.

Shareholder dissent: 25th AGM (29 Sep 2026) and EGM (19 Oct 2026)

Promoters voted for everything; the public institutional bloc (about 66.7 lakh shares, 82% turnout) did not.

AGM voting results (30 Sep 2026 scrutinizer report pp.3-12); EGM scrutinizer report (21 Oct 2026). Excluding promoters, public holders voted against Mr Ramesh by about 4.4 mn votes to about 1.76 mn for [Est.]. The institutional vote is a clear signal on pay, tenure and attendance. At the Sep 2025 AGM, 4.84% opposed non-executive director pay and 5.13% opposed the Rs 1,000 cr loans / guarantees / investments limit (CG report XII). Proxy-adviser reports (IiAS, SES, InGovern) on these resolutions: none found, although the voting pattern suggests they existed.

Key management personnel and senior management

Departures (NSE filings): Vivek Moroney (President and Head-India Operations) resigned 31 Dec 2025; Sachin S. Kulkarni (GM-HR) resigned Oct 2025 effective 25 Jan 2026. The CEO role was created only in Feb 2026. In FY26 average KMP pay rose 58% while average pay of other employees fell 6.68% (median employee Rs 3.20 lakh; CMD 64.6x and JMD 66.3x the median) (Annexure VII, AR p.90). Management voice on calls is dominated by the JMD.

The total family take is larger than the parent-only figure. The four family members drew Rs 55.52 mn from the parent in FY26; the prospectus shows an additional Rs 23.5 mn a year from QPEPPL in FY23-FY24 (Chitra Rs 9.0 mn, Nivetha Rs 8.4 mn, CMD and JMD Rs 3.05 mn each). QPEPPL salary payables for all four are still on the books at Mar-26 (0.17 / 0.23 / 0.41 / 0.40, total Rs 1.21 mn), so subsidiary pay appears to continue but is not itemised for FY25-FY26 [Est.]. Add dividends waived (Rs 5.72 cr per Re 1) and the Rs 633.7 cr offer-for-sale cash-out in Feb 2025 for the full picture.

Group structure (governance view)

Board's Report s.9 and Annexure I (AR pp.64-75); prospectus pp.192-193; 13 May 2026 board outcome; Veeral filing 25 Dec 2025. Mehru Fabricators ownership is Not Available (not found in AR FY26, the prospectus or NSE filings; check MCA master data). The prospectus says the fabrication unit was being moved to a newly formed company and that the demerger would be implemented by the sellers / promoters of Mehru as a condition of the SPA (Mehru then buys fabricated parts externally at about 15% margin); it probably sits with the Sharma family [Est.] (open question). Cross-holdings: none material beyond QPEPPL's stakes. Loss-making units: Nebeskie, Sukrut (turnaround). Acquisition track record: Mehru worked (PAT Rs 30.2 cr in FY26, about 7.8x trailing earnings paid); Statcon collapsed; Veeral on hold; Sukrut and Winwin are turnarounds.

Related-party transactions with amounts

Governance observations [Est.]

• The Rs 700 mn loan from Ms Chitra Pandyan received and repaid in one year is disclosed without a stated purpose or interest rate in the pages read; consolidated finance cost of Rs 68.05 mn includes Rs 0.44 mn "interest payable to Director, relative" (note 31). The amount equals the "Rs 70 cr interest-free promoter loans" mentioned on the Aug 2025 call; no filing connects the two (conflict #8).
• Work advances to an Endoks director (Rs 107 mn) are sizeable against an Endoks equity base; Alper Cetin's "other receivable" and "debt arising from relationship" flows (Rs 48.46 mn FY24; 84.63 FY23) are in the prospectus (p.19).
• A listed-company subsidiary in which the promoters personally hold about 2.3%, which is both a supplier (Rs 165-180 mn a year) and the holding vehicle for Endoks, blurs the promoter / company boundary (prospectus p.192).
• The Board's Report states all RPTs are arm's length and "not material" (s.28), yet the Oct 2026 promoter loan required shareholder approval as material.

Historical related-party items (prospectus pp.18-19, Rs mn)

FY24 total family take from parent plus QPEPPL about Rs 78.5 mn. Promoter unsecured loan interest FY24 Rs 2.5 mn in aggregate; guest-house rent paid to Chitra Pandyan Rs 0.14-0.18 mn. The prospectus (p.200) states "No loans have been availed by our Directors from our Company".

Winwin acquisition: governance and pricing flags

• Price. EV about Rs 315 cr (term sheet 9 Jun 2026) and equity consideration up to Rs 272.34 cr (SPA 23 Sep 2026: up to 1,91,95,007 shares at up to Rs 141.88) for a business with FY26 revenue of about Rs 17.07 cr (FY25 Rs 12.72 cr; FY24 Rs 1.07 cr). Consideration: up to 10,17,123 shares at Rs 1,460 (Rs 148.5 cr) plus up to Rs 123.84 cr cash. The JMD told analysts on 10 Aug 2026 that "the amount of money I paid for the business per se is about INR 50 crores, INR 60 crores", that the seller group were "getting paid" off debt, with plant history of cyclone damage and a six-to-seven-year idle period. The Rs 315 cr (EV) vs Rs 50-60 cr statements are not reconciled in the filings [Est.] (conflict #5 shows the deck's alternative builds).
• Process. NSE issued observations on the preferential-issue disclosures, forcing corrigenda on 9 and 15 Oct 2026. No valuation report was needed under Reg 166A (below 5%), but a registered valuer (CA Aman Bansal) provided one under s.62.
• Interests. Promoters had no interest in Winwin; the sellers (Yalamarty family and others, ten allottees) will hold 1.30% post-issue and will be classed as public.
• Deferrals. Two prior transactions were announced and shelved or delayed: the Winwin preferential issue was "deferred" on 2 Sep 2026 and revived on 23 Sep; Veeral Controls was put in abeyance on 13 May 2026.

Shareholding trend

Sep-2026 detail from XBRL: mutual funds 4.00% (10 holders, 30,96,190 shares); AIFs 1.57% (17); other domestic institutions nil; FPI category I 2.32% (24) and category II 0.62% (5); resident retail up to Rs 2 lakh 11.46% (86,958 holders, 88.7 lakh shares); retail above Rs 2 lakh 3.06% (39); NRIs 0.80%; bodies corporate 1.77%; no ESOP, warrants, convertibles or partly-paid shares; 99.99% dematerialised; promoter lock-in 20.0% of capital. Free float about 26%. Total shareholders were 94,033 at the 12 Oct 2026 EGM record date and 92,496 at the 22 Sep 2026 AGM record date. Named holders above 1% at any quarter-end: Bank of India Flexi Cap Fund 1.74% (Mar-25) rising to 3.35% (Jun-26); Bank of India Mid Cap Tax Fund Series 1 3.19% (Sep-26); LIC MF Small Cap Fund 1.86% (Mar-25 only); Maybank Securities Pte 1.06% (Mar-25 only); Bengal Finance and Investment Pvt Ltd (Ashish Kacholia) 1.67% (Mar-Sep 2025), 1.55% (Dec-25); Samyaktva Construction LLP 1.70% (Mar-25 only). Holders dropping from the list mean "no longer disclosed (below 1%)", not necessarily exited. The full holder-by-holder breakdown, flows and anchor list are in Tab 12.

Auditor and audit quality

Litigation, regulatory actions and clean-sheet checks

Red-flag register (ranked)

Not Available / where searched

• BSE shareholder and insider-trading APIs: HTTP 403 (Akamai); NSE PIT and Reg 29 APIs returned empty lists.
• Mehru Fabricators ownership: not found in AR FY26, the prospectus or NSE filings read; check MCA master data.
• The 2025 AGM resolution on Rs 1,000 cr limits under s.186 and the full text of the Dec 2023 EGM RPT limits: only summarised in the AR.
• Names of the two significant beneficial owners: not in XBRL.
• Exact status of the Eastern Metec suit after the prospectus date: not disclosed.

Supply Chain

Sources: prospectus (pp.25, 155, 175-180), AR26, Q1 FY27 deck and call, Q4 FY26, Q2 FY26 and Q1 FY26 calls. [Fact: stated] = a management statement recorded in a transcript, not independently verified; [Fact] = printed in a filing.

Value-chain map

Upstream: what Quality Power depends on

• Cost structure. Materials were 66.3% (FY22), 69.7% (FY23), 76.5% (FY24) and 68.8% (H1 FY25) of total expenses (prospectus p.25). FY26 audited: materials consumed Rs 5,112.84 mn (54.0% of revenue), employee cost Rs 955.46 mn (10.1%), other expenses Rs 1,043.36 mn (11.0%) [Est.].
• Procurement model. Make-to-order, JIT: procurement is done after a customer purchase order / drawing approval. Raw-material plus WIP inventory of 107 days (FY22), 103 (FY23), 63 (FY24) and 78 (H1 FY25); the SAP system tags each order. The procurement team was five people at IPO; a group Chief Procurement Officer was added in 2026. Management deliberately held higher component stock in FY26 (Screener inventory days 185 in FY25, 74 in FY26).
• Backward integration under way: CTC magnet wire (Sangli), transformer tanks (Sukrut), insulators (WSIL), grading capacitors and GIS parts (Mehru / Sukrut), PCS in-house (Endoks). Battery cells and semiconductors remain third-party.
• Inputs from related parties. Pre-listing purchases from QPEPPL and S&S (raw materials, manpower) and Endoks sales are eliminated on consolidation but flagged as related-party items (prospectus pp.18-19; FY26 purchases from QPEPPL Rs 164.55 mn).
• Import dependence. China-sourced and Turkey-sourced inputs; Turkey to Germany about four days by road, to the US about 11 days by sea; Suez / West-Asia disruptions and container shortages deferred some Q4 FY26 revenue (inventory built). Country-wise import dependence by value: Not Available (searched prospectus, AR26, decks).

Midstream: how it is made

Custom-engineered, build-to-order: winding (aluminium / copper), assembly, resin / oil processing (vacuum drying), painting, aluminium / stainless fabrication, testing (1,600 kV peak impulse generator at IPO; 2,500 kV and 15,000 A now) and dispatch. Typical execution 12-15 months for large orders; HVDC 2-3 years (billed monthly), FACTS 12-15 months, BESS 6-9 months, Mehru about 8 weeks (prospectus pp.175, 179; Q1 FY27 call p.8).

Downstream: who depends on Quality Power

• Commercial terms. About 80% of contracts ex-works at the IPO (purchases moved to CIF, sales to ex-works); freight outward was Rs 12 cr in Q4 FY26; liquidated damages Rs 5 cr (pre-acquisition Mehru orders); no price-variation clauses in most orders; management books orders at margins above guidance and passes through with a lag.
• Service / aftermarket. Nebeskie edge-computing condition monitoring; spare and service revenue sits in "Others" (1.2% of revenue, FY26).
• Channel overlap. Quality Power sells to several of its own competitors (Hitachi, Siemens, GE); management lost US$80-100 mn of US transformer bids.

Value-chain sketch. Cell / semiconductor / metal / insulator / resin suppliers, then group procurement, CTC wire, Sukrut tanks and WSIL insulators, then the Quality Power / Mehru / Endoks / S&S plants (wind, assemble, test), then Hitachi / Siemens / GE / Hyosung / Toshiba OEMs, EPCs (L&T, KEC), utilities (POWERGRID, Adani, DEWA), renewable and data-centre developers, then transmission corridors, substations and storage sites. Critical chokepoints: insulators, HVDC conductor, IGBTs, customer audit capacity.

Competitive Position

Sources: prospectus (CARE report extracts, risk factors), FY26 annual report MD&A (pp.116-133), Q1 FY27 deck, concall transcripts, Screener snapshots and peer table dated 21 Oct 2026 (4:01 pm), Moneycontrol (Chinese entry). [Fact] = primary filing or market-data page; [Est.] = my arithmetic or inference, a management claim not independently verifiable, or a sponsored third-party estimate.

Where Quality Power sits in the industry

Quality Power is a niche, custom-engineered component and sub-system supplier inside the HVDC / FACTS / high-voltage value chain, selling mostly to the big OEMs / EPCs and utilities rather than competing with them across the board [Fact: stated] (Q4 FY26 call p.23). Five product arenas, each with a different competitive set:

Industry economics that favour the incumbents: long qualification cycles (utility track record of 5+ years, type tests, audits), custom design, 15+ year product life, high switching cost, and global capacity shortages, with large power transformer lead times of 3-4 years in several markets (prospectus p.156; deck s.22).

Industry size and growth: why the numbers disagree

CARE Analytics report (Jan 2025), commissioned and paid for by the company, used in the prospectus [Est.: sponsored]

Independent third-party estimates cited in the FY26 annual report and Aug 2026 deck (more conservative) [Est.: published research summaries]

Reading: independent sources put HVDC / FACTS-type segments at mid-single to low-teens growth, not 60-80%. The credible growth story is (i) India transmission build-out, (ii) renewables integration and HVDC awards, (iii) a very fast-growing but low-base BESS market, (iv) data-centre load, and (v) global equipment shortages that extend lead times.

Physical demand indicators (India)

• Transmission network 4,94,374 ckm at Mar 2025 (+8,830 ckm in FY25), about 4.97 lakh ckm per the FY26 chart; AC substation capacity 12.47 lakh MVA; HVDC about 32,500-33,500 MW and over 19,000 ckt-km; National Electricity Plan: 4.85 lakh ckm (2024) to 6.48 lakh ckm (2032) and transformation capacity 1,251 GVA to 2,342 GVA (AR26 pp.119, 122; prospectus p.133).
• Renewable capacity about 250.5 GW at Mar 2026 (about 205 GW a year earlier), roughly 46-50% of installed capacity depending on which AR26 table is used; non-fossil target 500 GW by 2030; India's first VSC-HVDC link (Pugalur-Thrissur) is in service and the +/-800 kV Biswanath Chariali-Agra link (6,000 MW) is the reference UHVDC (AR26 pp.120-123).
• Rolling plan transmission investment: Rs 42,998 cr FY24-FY28; 13,042 ckm lines and 96,905 MVA transformation capacity to be added (prospectus pp.123-125).

Market share

• No audited or third-party market-share figure for Quality Power exists in any filing read. Quantified share: Not Available (searched prospectus, AR26, six decks, seven transcripts). CARE (sponsored) says only that Siemens Ltd., Hitachi Energy India and Quality Power are the most prominent among five companies in Indian HVDC equipment.
• Management claims [Est.: unverifiable]: Mehru supplies "1 in 2" high-voltage instrument transformers in India (Q1 FY27 call p.12); Hitachi, Siemens and GE "buy more from us in India than from their own facilities" for HV instrument transformers (Q4 FY26 call p.23); after reaching about US$80 mn of orders Endoks would be "the largest PCS manufacturing company in our country" (Q4 FY26 call p.8).
• Crude size-of-prize cross-check [Est.: arithmetic only, not a share]: standalone FY26 revenue from operations of Rs 2,219 mn is about USD 25 mn, against a CARE global HV-reactor market of USD 4.55 bn (2023): about 0.5%, before counting that standalone includes transformers and sales to group companies. The Sangli factory's claimed peak revenue of Rs 1,500-1,800 cr (about USD 170-205 mn) would be roughly 3-3.5% of the CARE 2028 HV-reactor figure (USD 5.9 bn) if it were all reactors, which it will not be. Group revenue of Rs 947 cr (FY26, about USD 108 mn) is about 0.8% of the independent global HVDC-systems estimate (USD 12.7 bn, CY25) only if all revenue were HVDC; it is not, so this is not a share.

Competitors with metrics (listed peers, Screener, 21 Oct 2026)

Consolidated unless noted; Rs crore; OPM excludes other income. P/S = market cap divided by TTM sales [Est.: arithmetic]. Peer EV/EBITDA, RoE and a moat score are Not Available in the Screener peer extract used; peer ROCE is shown instead.

Screener snapshots, peer table and company pages, 21 Oct 2026 [Fact]. Siemens Ltd shows TTM only because its latest reported year is an 18-month transition period. Where "standalone" is shown, Screener's consolidated view was unavailable. Hitachi Energy Ltd holds 71.3% of the listed Hitachi Energy India (Screener); GE Vernova T&D and Siemens Energy India are also majority-owned by their global parents [Est.] for the last two. The median of 48 industry names is 31.7x P/E.

Observations [Est.]

• Quality Power trades at 81.7x trailing P/E and about 10.9x TTM sales, a premium to the transformer mid-caps (30-32x P/E, 3-7x sales) and in the band of the multinational-subsidiary T&D names (65-105x P/E, 10-15x sales) that have far larger revenue (about 7-9x QP's TTM sales). The market is pricing QP as a structural-growth HVDC / BESS compounder, not a transformer maker.
• QP's reported TTM OPM of 19% (ex other income) sits between Hitachi Energy India (16%), TARIL / Voltamp (15-16%) and GE Vernova T&D (26-28%) / Shilchar (25-29%). Management's own "EBITDA margin 23.5% FY26" includes other income, so is not like-for-like (deck footnote "EBITDA includes other income", s.7).
• ROCE 31.7% compares with Hitachi 29.4%, ABB 29.9%, TARIL 23.3%. Screener's own consolidated box flags that earnings include Rs 66.1 cr of other income, equal to about 28% of TTM PBT of Rs 232 cr.
• Latest-quarter revenue growth of +31.7% YoY is below Hitachi (+68.6%), Siemens Energy (+39.3%) and GE Vernova (+38.0%) and above the peer median (+21.7%).
• Global and unlisted competitors named in sources: Trench (Siemens-origin, PE-owned), Arteche (Spain, listed), Hyosung Heavy Industries (also GIS partner; "USD 17 billion conglomerate"), Toshiba, Hitachi, GE, Siemens, Crompton Greaves / CG Power, TARIL. Individual global peers' financials: Not Available (not on Screener; no filings fetched).

Strengths and weaknesses vs peers [Analyst View]

Industry structure, moat durability and Porter's Five Forces [Analyst View]

Policy and regulatory backdrop

Demand signals and constraints

• Order book Rs 1,945 cr (30 Jun 2026) = 1.9x FY26 total income (2.05x revenue from operations; conflict #1); Rs 870 cr of fresh orders in Q4 FY26 alone; management targeted a Rs 1,500-1,800 cr consolidated order book before the start of FY28 (stated May 2026, since exceeded).
• Pipeline claims: bids "a few thousand crores"; QP-only opportunities above Rs 1,100 cr (May 2026); data-centre reactors in the US estimated at about Rs 1,500 cr a year; BESS about USD 60 mn in pipeline plus USD 40 mn expected [Fact: stated].
• Execution, not demand, is the binding constraint: insulators 18-24 months, HVDC conductor, IGBTs, customer audit slots and the new factory ramp. Management says each factory "is sitting on more than two years of order book" (Q1 FY27 call p.7).
• BESS economics are contested: the deck states PCS is 10-15% of utility BESS capex (battery / DC block 55%); on the May 2026 call the answer was PCS "between 40-50% depending on how much battery" (conflict #27).

Risks & Red Flags

Rows 1-20 are the market-and-industry register from the research (L = likelihood and I = impact on the equity thesis, each H / M / L, as rated there). Rows 21-31 add the financial, governance and market risks found in the financials, governance and market-heard files. Severity is my consolidated rating [Analyst View]; evidence is [Fact] or [Fact: stated] unless marked [Est.].

Risk register

Specific flags checked (skill checklist)

Concall Highlights & Guidance

Seven earnings calls since listing were read in full or in part (18 Mar 2025 to 10 Aug 2026), with seven decks, two annual reports and four October 2026 exchange notices. All "Rs cr" figures are management's spoken figures unless marked. Page references: calls "Page x of n"; decks slide number. [Fact] = primary transcript or filing; [Est.] = my inference or arithmetic.

What disclosure exists and who is on the other side of the table

• Calls: 18 Mar 2025 (Q3 FY25, the "maiden investor call"), 28 May 2025 (Q4 FY25), 8 Aug 2025 (Q1 FY26), 13 Nov 2025 (Q2 FY26), 5 Feb 2026 (Q3 FY26), 14 May 2026 (Q4 FY26), 10 Aug 2026 (Q1 FY27). Transcripts and decks were filed on BSE within about a week; audio recordings are on qualitypower.com.
• Hosts. ICICI Securities hosted the first two calls; Asit C Mehta Investment Intermediates (a Pantomath Group company) hosted the last five. Pantomath Capital Advisors was the sole book-running lead manager of the IPO, and the host described it as "the largest issue done by a single merchant banker till date in India". On the Q1 FY27 call the moderator said "We, at Asit C Mehta, a Pantomath Group of company, would like to congratulate the management". The Q&A is friendly-sell-side moderated; questions come from AMCs, PMS / family offices, a few analysts and retail investors. The host's praise is not independent.
• Voice. Dominated by Bharanidharan Pandyan (Joint MD); CEO Sanjog Mhatre (appointed 4 Feb 2026, previously Chief Business Officer), CFO Rajesh Jayaraman, SVP Finance Sarika Jadhav. Management says it deliberately discloses "risks, execution challenges and areas of caution" and announces orders "with value and execution period" (Q4 FY26 call p.3; deck s.36).
• No separate analyst day, investor-meet notes or brokerage initiation report was retrievable. At the first call the CEO thanked investors who "stood by us during the turbulent times in the IPO" (Q3 FY25 call p.2).

Call-by-call highlights

Guidance vs actuals ledger

Financial guidance

Capacity and project timelines (walk-the-talk)

Corporate actions

Credibility read-across [Est.]

• Hit list: FY26 revenue and margin, order-book additions (the Aug 2025 target of Rs 500 cr more by year-end: the book rose from Rs 775 cr to Rs 1,406 cr by Mar 2026, the financial year-end; at calendar year-end 2025 it was Rs 895 cr, so on that reading the target was missed), Cochin, Nigde, Sukrut timing, HVDC order announcements promised in Aug 2025 and delivered in Nov 2025.
• Miss / slip list: STATCON, Mehru expansion timing, Sangli versus the accelerated date, CTC and GIS dates, fund-raise timetable, Mehru FY27 margin target.
• Pattern: financial guidance is set low and beaten; capacity timelines are set tight and slip by one to two quarters because of regulatory sign-offs and equipment lead times. The two most watchable "soft" statements are the "S-curve" (flat FY27 after +157% FY26, then more than 50% FY28) and the shifting size of the fund-raise.
• Management claims that conflict with documents: top-10 customers "35%" (May 2026) vs 52.7-58.2% in the prospectus; receivable days "45-60" (Feb 2026) vs Screener-computed 93 debtor days for FY26 and the ageing; "Rs 2,500 cr" denied vs analysts' reading of a prior call; "Mehru Rs 450-500 cr max" (Aug 2025) vs "another 30-35%" on a Rs 320 cr base (May 2026).

Analysts who asked questions (proxy for who follows the stock)

Recurring themes, contradictions and tone

• Themes: HVDC qualification and the "alternative to Hitachi" narrative; capacity as the binding constraint; supply-chain chokepoints (insulators, conductor, IGBTs); BESS PCS margin and Chinese competition; order-book conversion; margin quality (EBITDA definition, Ind AS 29); fund-raise and dilution; WSIL economics.
• Contradictions: "20% is your floor" margin vs the Q4 FY26 19.1% and Screener's 11%; FY26 guidance "Rs 700-800 cr" repeated in Feb 2026 vs the TV statement of above Rs 900 cr two weeks later; "the INR 125 crores promoter debt that we had pledged" (May) vs a Rs 175 cr loan (Sep); "dilution as minimal as possible" (May) vs Rs 700 cr QIP plus swap (Sep); PCS as 40-50% of BESS capex (May) vs 10-15% (deck); receivables "45-60" days vs 93 and the ageing.
• Tone trajectory: confident and bullish (Mar-Aug 2025), confident (Nov 2025), confident and raising (Feb 2026), upbeat print with cautious visibility (May 2026), confident but defensive on funding (Aug 2026). Management guides conservatively on financials and aggressively on capacity dates.

Transcript caveats

Transcript speaker labels are sometimes scrambled and some names are mis-transcribed (examples: "Pagre", "TVA Power Transformers", "Shailendra" vs deck "Shylendra"); quotes are given as transcribed. Audio recordings of the calls were not processed (transcripts used). Quartr, Aiera and FMP connectors were not used. Quarterly results press releases and unaudited statements were not fetched by the narrative agent (financials are in Tabs 5 and 6).

Growth, Outlook & Valuation

Sources: seven decks and calls, AR26, NSE notices of 17-21 Oct 2026, Screener (21 Oct 2026), NSE shareholding XBRL, Yahoo Finance price history, Google News RSS (about 100 items resolved to publishers), ValuePickr threads, Simply Wall St, MarketsMojo. [Fact] = filing, transcript or page that exists as cited; [Fact: stated] = management statement; [Est.] = my arithmetic or an unverified forum / aggregator claim; [Analyst View] = Aamara assessment.

Order book and revenue visibility

Expansion plans, catalysts and drivers

News and developments

Last 90 days and key recent items (newest first)

Earlier milestones. 6 Mar 2025 Mehru closed; Apr 2025 STATCON dropped; 25 Jul 2025 Nebeskie raised to 26%; 6 Oct 2025 Sukrut SPA, closed 8 Jan 2026; Nov 2025 Rihand-Dadri reactor order and Hyosung GIS collaboration (Sep 2025 stock +7.8% on the Hyosung agreement); Dec 2025 Cochin expansion live; 25 Dec 2025 Veeral Controls agreement (about USD 1.7 mn; the Board kept it in abeyance on 13 May 2026 pending seller conditions precedent); 4 Feb 2026 Sanjog Mhatre CEO; 23-27 Feb 2026 HVDC reactor orders of Rs 146 cr, Rs 57 cr and Rs 34 cr; 27 Mar 2026 Endoks battery-storage order of Rs 152 cr with an option to Rs 292 cr; May 2026 USD 75 mn enabling authorisation; Q4 FY26 Rs 25.7 cr Ind AS 29 charge.

Valuation (21 Oct 2026)

Street coverage and target prices

I could not retrieve any named sell-side research report (initiation, target price or rating) on QPOWER; research PDFs are paywalled. Do not infer a broad "Street consensus". Sell-side events the company attended (NSE filings):

Kotak Midcap Conference attendees (21 Nov 2025): 3P Investment Managers, Abakkus, Aberdeen, ABSL PMS, Alchemy, Ashmore, Bay Capital, Breakout Capital, Carnelian, Dhamma Capital, DSP, Dymon Asia, East Lane, Enam AM, Helios, HSBC Global AM, ICICI Prudential AMC, JM Financial AM, Kotak PMS, Marcellus, NV Capital, Quest Investments, River Global, SBI Life, Shikhara, Sundaram Alternates, Tata AM, Union AMC, Franklin Templeton, 360 One WAM, Amova AM, BOI MF, ITI AMC, Millingtonia, Sage One, Star Union Dai-ichi Life, Taksh AM, Trust MF, Tata AIA Life, Ageas Federal Life, Edelweiss, HDFC MF, Karma Capital, Motilal Oswal AMC and PNB MetLife. Conference invitations show institutional interest, not research coverage.

Smart-money flows and notable holders

Reading [Est.]: (a) about 18% of equity (retail, bodies corporate and others) rotated within the float: bodies corporate fell from 5.98% to 1.77% while small retail rose from 7.77% to 11.46% and the holder count rose 56% from the Jun-25 trough; (b) DII fell from 8.76% (IPO-anchor-heavy) to 5.57%; (c) FPIs rose about 70% from 1.97% to 3.37% by Jun-26 and slipped to 2.94% in Sep-26; (d) total institutions (DII + FPI) were about 8.5% of equity in Sep-26 against 12.75% at Mar-25. The Sep-26 XBRL shows exactly one mutual fund above 1%: 24,73,518 shares = 3.19%, about 80% of all MF holdings (3,096,190 shares) in a single scheme (Bank of India Mid Cap Tax Fund Series 1; scheme naming differs between quarters on Screener, so verify). Named holders above 1% are listed in Tab 7. Simply Wall St (29 Jan 2026) calls the co-CEO / JMD "top shareholder" with 37%.

Anchors and IPO (Feb 2025)

• Anchor book 13 Feb 2025: 90,92,070 shares at Rs 425 = Rs 386.41 cr from 21 institutions. Named (13 of 21, plus an aggregate): LIC Mutual Fund (eight schemes) and Bank of India MF (three schemes) together took 18.82 lakh shares (Rs 79.99 cr); Maybank Securities; Bengal Finance and Investments (Ashish Kacholia-owned); India Inflection Opportunity Fund; Kotak Iconic Fund; Mint Focussed Growth Fund; Bharat Value Fund; SBI General Insurance; Steptrade Revolution Fund; Benani Capital Scheme; Universal Sompo General Insurance; IMAP India Capital Investment Trust. The full 21-name list from the exchange anchor circular could not be retrieved.
• Subscription: overall 1.29x (1,43,31,330 shares bid vs 1,11,12,530 on offer excluding anchor); retail 1.83x, NII 1.45x, QIB 1.03x; day 1 62%, day 2 83%. Pre-listing grey market premium fell from about 8.2% (11 Feb 2025) to a 2.35% discount (Rs 415) on the eve of listing. Listed 24 Feb 2025 at Rs 430 (NSE, +1.2%) / Rs 432.05 (BSE, +1.7%) and closed day 1 at Rs 387.05 (-9.0%; Yahoo shows Rs 387.9). A Zee Business video headline called the response "sluggish" and carried Anil Singhvi's listing view (video content not retrieved). Anchor lock-ins (30 and 90 days) expired by 21 May 2025. IPO year context: the Feb 2025 market was weak.

Unusual volume days. Listing day volume 11.08 million shares; 1 Jan 2026 price +11.2% on 9.79 million shares (NSE sought a clarification the same day: "Spurt in Volume"); 21 Apr 2026 NSE price-movement query. The company replied on both dates that there was no undisclosed event or information.

Price action and reaction to news (NSE closes; Yahoo history)

Close 21 Oct 2026 about Rs 1,406-1,408; 52-week range Rs 581 (Jan 2026) to Rs 1,681 (6 Oct 2026 intraday); since listing the low was Rs 267.80 (7 Apr 2025). Maximum drawdown since listing -44% (Sep 2025 peak to Jan 2026 trough). Down about 15% from the 6 Oct 2026 close of Rs 1,648.8 to Rs 1,405.8 on 21 Oct, as the QIP and promoter loan went to the 19 Oct EGM [Est.] (link inferred).

Stock-reaction pattern [Est.]: sharp up-moves on order wins, results beats and deals; sharp down-moves on margin disappointments (-9.4% on 14 May) and policy risk (-7.1% on 9 Jan).

Retail and forum sentiment (ValuePickr; unverified claims flagged)

Media tone

Overall tone [Est.]: predominantly favourable and press-release driven. Of about 100 Google News items for the company (Feb 2025-Oct 2026), the large majority are order-win, results and corporate-action notes from scanx, Sahi, Kalkine, EquityBulls, Whalesbook and CNBC-TV18 / Business Standard wire rewrites. Independent critical coverage is thin: Simply Wall St (cash conversion), MarketsMojo (valuation), CNBC-TV18 (Q4 margin fall), Moneycontrol (Chinese entry). No articles in the feed from proxy advisers, short sellers or regulators.

Themes the market is debating [Est.]: (1) HVDC / FACTS qualification and a Hitachi-alternative narrative; (2) AI-data-centre reactor orders (US data-centre order Rs 48.3 cr, Finland data-centre order) and BESS / PCS at Endoks (about USD 60 mn orders plus USD 40 mn pipeline, 4 GW plant); (3) roll-up integration risk (Mehru, Sukrut, Winwin, Veeral on hold); (4) margin quality (EBITDA definition including other income; Ind AS 29 noise); (5) valuation (81.7x P/E on a stock now 3.3x the IPO price) against peers at 65-105x; (6) promoter funding and dilution (Rs 175 cr loan, Rs 700 cr QIP); (7) Chinese competition (Jan and Jul 2026 policy changes); (8) execution of the Sangli plant (delayed from Q1 to Oct 2026, started 20 Oct 2026).

Not Available / limits

• Named sell-side reports, targets and ratings: not retrievable (paywalled; no results via web search). Only aggregator-level consensus (Rs 1,550) and algorithmic ratings found. FY27 / FY28 consensus EPS: Not Available.
• Bulk and block deals: not retrievable from NSE (503 / 500) or BSE (403); no insider or SAST filings returned.
• Full 21-name anchor list: only 13 names plus the LIC MF / BoI MF aggregate (Moneycontrol).
• Reddit original "forensic" post: not accessible (HTTP 403); quoted only via ValuePickr. X / Twitter, Telegram, tijori / finfluencer handles: not accessible.
• Proxy-adviser reports on the AGM / EGM resolutions: none found.
• Exchange-sourced IPO subscription data: the subscription, anchor and listing figures come from press reports (Fortune India, Moneycontrol), not re-fetched from the exchanges.
• Q2 FY27 results and the post-EGM QIP launch were not out as of 21 Oct 2026.

Final Verdict

Base case (12-18 months) [Analyst View]

Why the call is neither a positive stance nor an avoid

Five things to remember

1. The 81.7x P/E uses owners' profit only; about 35% of consolidated PAT (Rs 642.1 mn of Rs 1,855.5 mn in FY26) belongs to minority holders of Endoks (effective stake about 49.98%) and Mehru, and the multiple equals the 81.9x IPO multiple while price and EPS are both up 3.3x.
2. Headline numbers are on management's definitions: 23.5% FY26 EBITDA includes other income (18.6% ex), and "Rs 256 cr" in Q1 FY27 is total income (revenue from operations Rs 232.7 cr). The order-book multiple is 1.9x on total income and 2.05x on revenue from operations; the CFO-cited upward guidance revision to Rs 900 cr is not found in the filed transcript.
3. Cash and credit: operating cash flow 43% of PAT, free cash flow about Rs -489 mn, and Rs 1,257 mn (52%) of receivables 6-12 months overdue with a Rs 9.9 mn allowance; the customer-concentration figure (23.5% vs 29.7%) and the hyperinflation sign remain unreconciled.
4. The fund-raise grew from a USD 75 mn enabling resolution (May) to under Rs 500 cr (Aug) to a Rs 700 cr QIP plus a Rs 175 cr promoter loan at 9% for 11 years (19 Oct EGM); Winwin's EV is about Rs 315 cr on about Rs 17 cr of revenue, with 23.9% of institutional votes against; the AGM saw 69.9% against the JMD and 80.3% against independent director Ramesh, all passed on promoter shares.
5. The Pantomath group is the IPO's sole lead manager, a merchant banker on the new raise and the host of the last five earnings calls; the company-paid CARE report contradicts itself (18% vs 60-65%); there is no named sell-side coverage. Q2 FY27 results are not out and no date is announced.

Five questions before investing

1. Which entity and customers hold the Rs 1,257 mn of 6-12 month overdue receivables, and why is the allowance only Rs 9.9 mn?
2. What will the QIP be priced at, who buys it, and will any of it repay the promoter bridge loan or other promoter debt?
3. How can Winwin cost "about INR 50-60 crores" if the equity price is up to Rs 272.34 cr and the enterprise value Rs 315 cr, and what do audited WSIL accounts show?
4. Does the standalone margin hold in Q3 FY27 as Sangli starts, and when do the Hitachi, Adani and POWERGRID audits complete?
5. What will the board do about the institutional vote (JMD pay, ID Ramesh's attendance, the Risk Management Committee that did not meet) and the audit structure that relies on other auditors for 79% of revenue?

Sources

All sources accessed 21 Oct 2026 unless a document date is shown. The six research files each carry their own source-key table and the tables below are not merged: one table per file, keys exactly as that file defines them, with full URLs. The S-codes in files 2 (financials) and 3 (governance) identify the same document where both use a code (S3 to S7, S9 to S13, S15 and others); file 6 (market-heard) uses H-codes; files 1 (business), 4 (market) and 5 (narrative) use mnemonic codes (PRO, AR26, C27Q1 and so on). BSE transcript and deck links use the base https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname= followed by the file name, written out in full below. URLs are plain text (the report makes no external requests).

File 1: 1_business.md (business, segments, facilities, customers, supply chain; section 11 key table)

Page references in file 1: PRO = printed prospectus page; AR26 = printed annual-report page; calls = "Page x of n" in the transcript; decks = slide number.

File 2: 2_financials.md (section 1 source key)

File 3: 3_governance.md (section 1 source key)

File 4: 4_market.md (competitors, industry, market share, policy, risk register; section 8 key list)

Not Available per file 4 (searched prospectus, AR26, decks, calls, Screener): third-party market share for QP; global peers' (Trench, Arteche, Hyosung) financials; QIP floor price.

File 5: 5_narrative.md (concalls, guidance vs actuals, order book, news, IPO; section 9 key list)

Page references in file 5: calls "Page x of n"; decks slide number; PRO printed page; AR26 printed page.

File 6: 6_heard.md (what the market has heard; section 1 key table and section 7 article list)

Not Available (searched, not found), consolidated from all six files