New Delhi: Quality Power Electrical Equipments Limited, a leading player in India’s critical energy and power technology sector, reported its highest-ever quarterly revenue and EBITDA for Q2 FY2026, driven by robust international demand and strategic technology collaborations.
The company’s consolidated revenue for Q2 FY2026 stood at ₹2,189 million, marking a 112.4% year-on-year increase. EBITDA surged 193.4% to ₹494 million, while profit before tax (PBT) rose 213.2% to ₹443 million. For the first half of FY2026, total revenue reached ₹4,130 million, up 126% from H1 FY2025, with EBITDA at ₹977 million and PBT at ₹886 million.
Joint Managing and Whole-time Director Bharanidharan Pandyan attributed the performance to global momentum in energy transition and grid modernization. “Constraints in engineered electrical components are creating long-term opportunities in advanced high-voltage technologies. Quality Power is capitalizing on this momentum through strong international order inflows, deeper technology integration, and disciplined execution,” he said.
Technology & Business Momentum
The company’s growth was led by high-voltage direct current (HVDC) and flexible AC transmission systems (FACTS) projects. Significant international orders were secured across utilities, renewable developers, data centers, and industrial networks. The consolidated order book now stands at approximately ₹830 crore, offering strong visibility and global diversification.
Strategic Developments
- Mehru Electrical & Mechanical Engineers Pvt Ltd., a group subsidiary, entered a co-development partnership with Hyosung T&D India Ltd., a subsidiary of Korea’s Hyosung Heavy Industries. This collaboration will jointly design and manufacture Gas-Insulated Switchgear (GIS) instrument transformers, positioning Mehru among the first Indian firms to co-develop GIS technology for global markets.
- Quality Power increased its stake in Nebeskie Labs Private Limited to 26%, enhancing its digital capabilities in edge computing, AI analytics, and IoT-based condition monitoring. These platforms are key to enabling intelligent substations and next-gen grid automation.
Capacity Expansion & Integration
- The Global Coil Factory at Kupwad MIDC, Sangli is ahead of schedule, with commissioning expected before June 2026.
- The Cochin facility is set to expand by December 2025, boosting dry-type coil capacity.
- Mehru’s Bhiwadi plant is undergoing phased upgrades to increase capacity by 45% by April 2026.
- A new magnet-wire manufacturing line is under implementation as part of the company’s backward integration strategy, aimed at enhancing supply chain resilience and reducing lead times.
Operational Highlights
Operational discipline and export-led growth supported margin expansion. Mehru Electrical achieved an EBITDA margin of nearly 12%, driven by high-voltage export orders and improved realization. Excluding one-time provisions, profitability across group entities remained strong.
Outlook
With a healthy order pipeline and sustained global demand for grid modernization, Quality Power expects continued growth momentum. Strategic priorities for the near term include:
- Scaling HVDC and FACTS component manufacturing,
- Expanding GIS ecosystem offerings,
- Deepening backward integration of critical materials,
- Exploring inorganic growth in high-voltage and power-electronics domains,
- Strengthening global OEM and utility partnerships.
“Our focus remains on building technology depth, integrating digital intelligence into every product, and positioning India as a global hub for advanced high-voltage systems,” Pandyan added.
Earnings Call Details
The company will host its Q2 and H1 FY2026 earnings conference call on Friday, November 13, 2025, at 12:30 PM IST.
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