QP
ClosedMainboardElectrical Equipment · Power & Energy Transition Equipment
Quality Power Electrical Equipments Limited
QPOWER·₹401 – ₹425·Opens 2025-02-14
★★★☆☆3/5
🔗 Official WebsitePrice Band: ₹401 – ₹425
Min. Investment: 11050
Issue Size: 858.696
About the Company
What does this company do?
Quality Power Electrical Equipments Limited is a Maharashtra-based manufacturer of power and energy transition electrical equipment. The company operates in specialized segments including reactors, transformers, and related electrical equipment used in power infrastructure. It has domestic as well as international oper…
IPO Details
Issue parameters, key dates and structure.
Total Issue Size
858.696
20204600
Fresh Issue
224.999
5294100
Proceeds go to company
OFS
633.696
14910500
Proceeds to selling shareholders
Reservation Structure
QIB (Qualified Institutional Buyers)
75%
15153450
Not less than 75% of the Offer; 60% of QIB allocated to Anchor Investors
NII / HNI (Non-Institutional Investors)
15%
3030690
Not more than 15% of the Offer
RII (Retail Individual Investors)
10%
2020460
Not more than 10% of the Offer
Products & Brands
Key offerings and brand portfolio of the company.
Reactors and Transformers: Specialized electrical equipment including reactors and transformers used in power infrastructure and energy transition applications.
Financial Performance
P&L, Balance Sheet and Cash Flow — all figures in ₹ Crores.
| Particulars (₹ Cr) | H1 FY2026 (Sep 2024) | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue from Operations | 1557.38 | 3005.97 | 2532.50 | 1826.38 |
| Other Income | 269.77 | 308.04 | 203.01 | 290.95 |
| EBITDA | 583.61 | 689.13 | 526.58 | 523.79 |
| EBITDA Margin | 37.5% | 22.9% | 20.8% | 28.7% |
| Depreciation & Amortisation | 18.15 | 33.65 | 23.37 | 19.26 |
| EBIT | 565.46 | 655.48 | 503.21 | 504.53 |
| Finance Costs (Interest) | 17.23 | 22.93 | 26.65 | 14.76 |
| PBT (Profit Before Tax) | 548.43 | 632.55 | 476.43 | 489.94 |
| Tax | 47.65 | 77.81 | 77.51 | 67.67 |
| PAT (Net Profit) | 500.78 | 554.74 | 398.92 | 422.27 |
| PAT Margin | 32.2% | 18.5% | 15.8% | 23.1% |
| EPS — Basic (₹) | 4.56 | 5.19 | 2.86 | 2.29 |
| EPS — Diluted (₹) | 4.56 | 5.19 | 2.86 | 2.29 |
All figures in ₹ Crores (INR). Data sourced from DRHP/RHP.
Key Financial Ratios
Valuation and profitability metrics at the IPO price.
EPS — Basic (₹)
5.19
FY2024
EPS — Diluted (₹)
5.19
FY2024
P/E Ratio
81.89
At upper band ₹425 / EPS FY2024 ₹5.19
RoNW (%)
29.15%
FY2024
NAV per Share (₹)
26.38
Pre-issue FY2024
Debt/Equity
0.20
FY2024 (382.79/1903.25)
EBITDA Margin (%)
22.93%
FY2024 (689.13/3005.97)
PAT Margin (%)
18.45%
FY2024 (554.74/3005.97)
Revenue CAGR
28.37%
FY2022–FY2024 2-yr CAGR
Peer Comparison
Listed peers in the same industry — compare valuation and scale.
| Company | Exchange | Market Cap | Revenue (₹ Cr) | PAT (₹ Cr) | P/E | ROE |
|---|---|---|---|---|---|---|
| — | — | — | — | — | — | — |
* Peer data extracted from DRHP. All figures in ₹ Crores unless stated. P/E based on latest available earnings.
Objectives of the Issue
How the company intends to use the IPO proceeds.
⚠
Fresh Issue proceeds to be utilized for capital expenditure and general corporate purposes. Specific object details not fully extracted from provided document sections.
SWOT Analysis
Internal strengths & weaknesses; external opportunities & threats.
💪Strengths
Strong revenue and profit growth trajectory
Healthy return on net worth above 22% across all reported periods
Diversified product portfolio in high-growth energy transition segment
Growing order pipeline evidenced by significant increase in bank guarantees
⚠️Weaknesses
Heavy reliance on promoter family for management
Limited track record as a publicly listed entity
Majority of IPO proceeds going to selling shareholder rather than company growth
🚀Opportunities
India's expanding power infrastructure investment
Global energy transition driving demand for specialized electrical equipment
Acquisition of Mehru Electrical and Mechanical Engineers Private Limited to expand capabilities
🔥Threats
Intense competition in electrical equipment manufacturing
Foreign exchange volatility impacting international operations
Government policy changes affecting power sector spending
Rising raw material costs squeezing margins
Competitive Strengths
Key advantages highlighted in the DRHP.
✓
Established presence in the power and energy transition equipment segment with a diversified product portfolio.
✓
Strong revenue growth from ₹1,826.38 million in FY2022 to ₹3,005.97 million in FY2024, reflecting consistent business expansion.
✓
Healthy profitability with PAT of ₹554.74 million in FY2024 and a Return on Net Worth of 29.15%.
✓
International business exposure through subsidiaries providing geographic diversification.
✓
Experienced promoter team with Thalavaidurai Pandyan as Chairman and Managing Director supported by family-led management.
✓
Growing order book supported by increasing bank guarantees from ₹198.04 million (FY2022) to ₹1,100.38 million (H1 FY2026), indicating strong business pipeline.
Promoters & Shareholding
Pre & post-IPO shareholding pattern. Click a promoter card to learn more.
Promoters
Shareholding Pattern
73.91%
26.09%
PrePost
Key Risks
Material risk factors to consider before applying.
⚠
Significant concentration risk with promoter family holding majority stake and managing key operations.
⚠
High dependence on infrastructure and power sector spending which is subject to government policy changes.
⚠
Offer for Sale constitutes ~74% of total issue size, meaning most IPO proceeds go to the selling shareholder rather than the company.
⚠
First-time public listing exposes the company to increased regulatory and compliance requirements.
⚠
Foreign exchange risk due to international operations and subsidiary exposure.
⚠
Contingent liabilities from bank guarantees of ₹1,100.38 million as at September 30, 2024 pose potential financial risk.
◆ Neutral
Should You Apply?
Quality Power Electrical Equipments Limited is a Sangli-based manufacturer of power and energy transition electrical equipment with consistent revenue growth from ₹1,826 million in FY2022 to ₹3,006 million in FY2024 and strong profitability with PAT of ₹555 million in FY2024 and RoNW of 29.15%. The IPO is priced at ₹425 per share (upper band), implying a P/E of approximately 82x trailing FY2024 earnings, which appears richly valued relative to the earnings scale. Approximately 74% of the issue is an Offer for Sale by the promoter selling shareholder (Chitra Pandyan), meaning limited fresh capital flows to the company. Investors may consider waiting for post-listing price discovery given the premium valuation and the OFS-heavy structure.
⚠️ This is not investment advice. CheckIPO provides information for educational purposes only. Always consult a SEBI-registered financial advisor before investing.
IPO Timeline
Key milestones from opening to listing.
📅
IPO Opens
2025-02-14
🔒
IPO Closes
2025-02-18
🎯
Allotment
19 Feb 2025
🏛️
Listing
2025-02-24
Lead Managers & Registrar
Institutions managing the issue and handling allotment.
Book Running Lead Managers (1)
Pantomath Capital Advisors
Registrar to the Issue
📋
MUFG Intime India Private Limited (Formerly Link Intime India Private Limited)
Registrar to the Issue
Company Details
Registered information and contact details.
Company Name
Quality Power Electrical Equipments Limited
CIN
U31102PN2001PLC016455
Registered Office
Plot No. L-61, M.I.D.C Kupwad Block, Sangli – 416 436 Maharashtra, India
Contact Person
Deepak Ramchandra Suryavanshi
Phone
+91 233 264 5432
Website
www.qualitypower.com