Quality Power Electrical Equipments
MainboardNSE₹859 Cr issue
+1.66%
Listing gain over issue price
Issue size
₹859 Cr
1 lot at cut-off
₹11,050
Lot size
26shares
Open
14 Feb 2025
Close
18 Feb 2025
Allotment
19 Feb 2025
Listing
24 Feb 2025
Listing performance
Issue price
₹425
Listed at
₹432.05
Listing-day close
₹387.90
Latest price
₹1,305.40
Close on 23 Oct 2026
Listing gain
+1.66%
Return since issue
+207.15%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 14 Feb 2025 – 18 Feb 2025
- Listing date
- 24 Feb 2025
- Face value
- ₹10 per share
- Issue price
- ₹425 per share
- Lot size
- 26 shares
- Listing at
- NSE
- Total issue size
- ₹859 Cr
- Market cap at offer price
- ₹3,291 Cr
- Promoter holding
- 100.00% → 73.91% pre-issue → post-issue
- ISIN
- INE0SII01026
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Pantomath Capital Advisors Pvt.Ltd.
- Registered office
- Plot No.L-61, M.I.D.C, Kupwad Block, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 90,92,070 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 26 shares per lot, in multiples, at ₹425
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 26 | ₹11,050 |
| Retail (max) | 18 | 468 | ₹1,98,900 |
| S-HNI (min) | 19 | 494 | ₹2,09,950 |
| S-HNI (max) | 90 | 2,340 | ₹9,94,500 |
| B-HNI (min) | 91 | 2,366 | ₹10,05,550 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
90,92,070
Anchor portion
₹386 Cr
at ₹425 per share
Valuation and performance
Valuation at offer price
₹425 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.69 | 12.93 |
| P/E (×) | 55.27 | 32.87 |
| Price to book (×) | 16.11 | — |
| Market cap | — | ₹3,291 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 29.15%
- ROCE
- 19.20%
- Debt / equity
- 0.20
- PAT margin
- 16.74%
- NAV per share
- ₹26.38
- Price to book
- 16.11
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Quality Power Electrical Equipments
Quality Power Electrical Equipments Limited, incorporated in 2001 and converted to a public company in 2024, designs, manufactures, and supplies customized high-voltage electrical equipment and solutions for electrical grid connectivity and energy transition. The company operates facilities in India (Sangli, Maharashtra and Aluva, Kerala) and Turkey (Ankara), producing products such as reactors, transformers, static VAR compensators (SVCs), and static synchronous compensators (STATCOMs). The company earns revenue from two main segments: power products (reactors, line traps, transformers, instrument transformers) and power quality systems (SVCs, STATCOMs, harmonic filters, capacitor banks). With over 75% of revenue from international markets across 100 countries, the company serves power utilities, power industries, and renewable energy entities, with top 10 customers representing over 52% of total revenue.
Company Analysis
from RHPQuality Power Electrical Equipments Limited is an Indian manufacturer of high-voltage electrical equipment and power technologies, including HVDC and FACTS systems, serving global customers across power generation, transmission, distribution, and renewable energy sectors.
Quality Power Electrical Equipments Limited, incorporated in 2001 and converted to a public company in 2024, designs, manufactures, and supplies customized high-voltage electrical equipment and solutions for electrical grid connectivity and energy transition. The company operates facilities in India (Sangli, Maharashtra and Aluva, Kerala) and Turkey (Ankara), producing products such as reactors, transformers, static VAR compensators (SVCs), and static synchronous compensators (STATCOMs). The company earns revenue from two main segments: power products (reactors, line traps, transformers, instrument transformers) and power quality systems (SVCs, STATCOMs, harmonic filters, capacitor banks). With over 75% of revenue from international markets across 100 countries, the company serves power utilities, power industries, and renewable energy entities, with top 10 customers representing over 52% of total revenue.
Power transmission and distributionElectrical equipment manufacturingEnergy transition and renewable energyHigh-voltage electrical systems
Objects of the Issue
- Payment of the purchase consideration for the acquisition of Mehru Electrical and Mechanical Engineers Private Limited ₹1,170.00 million p.20
- Funding capital expenditure requirements of our Company for purchase plant and machinery ₹272.17 million p.20
- Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes p.20
- Payment of the purchase consideration for the acquisition of Mehru Electrical and Mechanical Engineers Private Limited ₹1,170.00 million p.76
- Funding capital expenditure requirements of our Company for purchase plant and machinery ₹272.17 million p.76
- Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes p.76
- Acquisition of 51% stake in Mehru Electrical and Mechanical Engineers Private Limited ₹1,200.00 million p.194
Issue Structure
- Fresh Issue
- Up to [●] Equity Shares aggregating up to ₹2,250.00 million
- Offer for Sale
- Up to 14,910,500 Equity Shares aggregating up to ₹ [●] million
- Face Value
- ₹10 per Equity Share
Business Model
The company manufactures customized electrical equipment and solutions, primarily on a made-to-order basis following customer purchase orders. Revenue is generated from two main categories: power products (44.82% of revenue in H1 FY2025) and power quality systems (53.58% of revenue in H1 FY2025). The business operates on a converter model where production largely occurs after order receipt at pre-agreed prices, mitigating commodity price fluctuations. The company sells directly to customers including power utilities, power industries, and renewable energy entities across domestic and international markets.
Business Segments
Include a range of power products such as reactors, line traps, transformers, and instrument transformers. The company also provides line tuners, metal-enclosed capacitor banks, and composites.
Include static VAR compensators (SVC), STATCOMs, harmonic filters, capacitor banks, and shunt reactors.
Manufactures and supplies reactors, transformers, line traps, instrument transformers, capacitor banks, converters, harmonic filters, static var compensators (SVC), and STATCOM devices for power transmission, distribution, and grid connectivity
Provides equipment and solutions tailored for renewable energy applications including HVDC and FACTS networks for integrating renewable sources into power grids
Provides energy solutions specializing in smart grid technologies, power quality management, energy monitoring, automation, and real-time control for utilities, industrial plants, and commercial enterprises
Includes reactors (air core, iron core, oil filled), transformers (earthing, special application, dry type), instrument transformers, line traps, line tuners, metal-enclosed capacitor banks, and composites used in power systems for voltage regulation, current limitation, harmonic filtering, and power factor correction.
Includes Static VAR Compensators (SVCs), STATCOMs, harmonic filters, capacitor banks, and shunt reactors used for voltage regulation, power factor correction, reactive power compensation, and harmonic distortion mitigation in electrical power systems.
Includes export incentives, packaging, freight, exchange rate differences, testing, inspection, and service & repairs.
The Group is exclusively engaged in the business of Manufacturing of Power Products and providing Services in the areas of Power Generation, Power Transmission, Power Distribution and Power Automation. Based on the management approach, the Group represents a single reportable business segment.
Sale of high voltage electrical products and services within India
Sale of high voltage electrical products and services to customers outside India across 100 countries
Associated operational services including repairs, freight and other ancillary services
SWOT Analysis
Strengths
- • Global market reach across 100 countries(p.30)
- • Significant international revenue contribution(p.26)
- • Specialized technology in HVDC and FACTS systems(p.20)
- • Quality certifications and compliance(p.33)
- • Established customer base with diverse segments(p.31)
- • Diversified product portfolio(p.28)
- • Global energy transition and power technology player with diverse industry segments(p.90)
- • Demonstrated track record of growth and financial performance(p.90)
- • Diversified customer base with long-lasting relationships(p.90)
- • Comprehensive product portfolio with high trade barriers(p.90)
- • Strategic acquisitions track record supporting growth(p.90)
- • Global energy transition player with presence in 100 countries across 6 continents(p.157)
- • High-margin business model with industry-leading EBITDA margins(p.95)
- • Leading export revenue contribution indicating strong international market position(p.154)
- • Highest Return on Equity among peer group(p.151)
- • Highest revenue growth rate CAGR among peers at 28.29%(p.149)
- • ISO accredited testing facility meeting international standards(p.156)
- • Specialized capabilities in critical HVDC and FACTS equipment for energy transition(p.156)
- • Established global market presence across 100 countries with 75.77% of revenue from international markets(p.159)
- • Strong financial performance with high EBITDA margin of 20.16% in H1 FY2025 and PAT margin of 27.41%(p.159)
- • Strategic acquisitions enhancing capabilities and market position including Endoks, S&S Transformers, EPEC, and Mehru(p.161)
- • High entry barriers in power transmission sector providing competitive protection(p.161)
- • Diverse customer base including Fortune 500 companies with specific pre-approval criteria(p.159)
- • Low debt-to-equity ratio of 0.11 with strong net worth of ₹2,386.26 million(p.159)
- • Strong R&D investment with cost of 6.72% of total expenses in H1 FY2025, up from 2.35% in FY2022(p.162)
- • Just-in-time production techniques minimizing waste and inventory costs while enhancing efficiency(p.170)
- • Consolidated financial position with growing equity base(p.227)
- • Strong revenue generation capacity across geographies(p.228)
- • Profitability improvement trend(p.291)
- • Established subsidiary network for business diversification(p.232)
Weaknesses
- • High concentration in top 10 customers(p.18)
- • No long-term customer contracts(p.31)
- • High raw material dependency(p.29)
- • Historical delays in statutory dues payment(p.35)
- • Missing historical corporate records(p.41)
- • Leasehold property dependence(p.33)
- • Outstanding litigation with material quantum(p.22)
- • Dependence on few customers(p.43)
- • Capacity utilization risk from management assumptions(p.43)
- • Significant uninsured and under-insured tangible assets(p.44)
- • Promoter concentration and control risk(p.45)
- • Reliance on third-party service providers for IT systems(p.44)
- • Declining customer base from 266 in FY22 to 143 in H1FY25(p.157)
- • Concentration in a small number of key customers(p.38)
- • Low current ratio indicating potential liquidity concerns(p.153)
- • Deteriorating ROCE from 22.32% in FY23 to 19.20% in FY24(p.152)
- • Rising debt levels with Debt-Equity ratio increasing from 0.06 to 0.20(p.95)
- • Asset turnover declining from 1.98x to 1.40x(p.153)
- • High concentration of top 10 customers contributing 55.36% of total revenue from operations(p.181)
- • Limited number of operating facilities with only 7 facilities across Sangli, Aluva, and Ankara(p.159)
- • Declining number of customers from 266 in FY2022 to 143 as of September 30, 2024(p.159)
- • Low capacity utilization in transformer products at Sangli (8% in H1 FY2025) and Aluva (0.01%)(p.182)
- • Pending acquisition of Mehru with ₹1,200 million consideration still under process as of report date(p.194)
- • High dependence on foreign subsidiary operations and forex exposure(p.281)
- • Concentration of receivables with major customers(p.281)
- • Volatile working capital position(p.254)
- • Exposure to hyperinflationary economy operations(p.238)
Opportunities
- • Growth in renewable energy transition(p.28)
- • Expansion into new geographical regions(p.27)
- • Strategic acquisitions and capability enhancement(p.41)
- • Cross-border energy trade investment attraction(p.28)
- • New manufacturing capacity establishment(p.41)
- • Product innovation and development(p.33)
- • Acquisition of Mehru to expand into higher voltage instrument transformers(p.82)
- • Inorganic growth through strategic acquisitions(p.89)
- • Capital expenditure to expand production capacity(p.85)
- • Benefits from global energy transition and renewable energy adoption(p.90)
- • Global HVDC and FACTS market projected to grow at 75-80% CAGR through 2028(p.120)
- • India HVDC and FACTS market growing at 60-65% CAGR with planned investments of Rs 76,000 crores(p.121)
- • Renewable energy integration driving demand for grid stabilization equipment(p.145)
- • Indian high-voltage products market expected to grow at 8% CAGR(p.137)
- • Major transmission expansion with 13,042 CKm additions planned in India from FY24-FY28(p.127)
- • Cross-border power trading creating demand for HVDC transmission infrastructure(p.157)
- • Grid modernization initiatives driving adoption of FACTS and high-voltage equipment(p.146)
- • HVDC and FACTS market in India expected to grow at 18% CAGR from USD 877 million in 2024 to USD 1,700 million in 2028(p.164)
- • Significant planned HVDC projects with ₹760,000 million current investment and ₹300,000-400,000 million additional in next 4-5 years(p.164)
- • Growing renewable energy integration requiring HVDC transmission for long-distance power delivery(p.164)
- • Focus on expansion of operating capacity and setting up new manufacturing facility in Sangli, Maharashtra(p.164)
- • Global energy transition driving demand for high voltage electrical equipment in multiple regions(p.164)
- • Expansion through acquisition of complementary business(p.289)
- • Growing manufacturing base and capacity enhancement(p.251)
- • Expansion in power sector services(p.232)
- • Leverage IPO proceeds for growth initiatives(p.289)
Threats
- • Geopolitical risks in key markets(p.26)
- • Foreign currency exchange rate volatility(p.30)
- • Market cyclicality and regulatory changes(p.28)
- • Raw material price and supply fluctuations(p.30)
- • Competitive threats from established players(p.27)
- • Regulatory compliance and environmental requirements(p.40)
- • Industry downturn risk(p.28)
- • Exposure to foreign currency fluctuations(p.43)
- • Global economic instability and financial market volatility(p.45)
- • Natural disasters, pandemics, and acts of war(p.46)
- • Indian economic slowdown and political instability(p.46)
- • Inflation and inability to pass costs to customers(p.48)
- • Regulatory changes and compliance requirements(p.47)
- • Sanctions and international economic restrictions(p.44)
- • Intense competition from established global players like Siemens, GE, Hitachi and ABB(p.126)
- • Long project approval timelines and regulatory uncertainty(p.154)
- • Technological complexity and rapid innovation requirements in power electronics(p.154)
- • High capital requirements and long payback periods for manufacturing infrastructure(p.154)
- • Equipment failures and maintenance downtime risks affecting reliability reputation(p.154)
- • Complex grid compatibility and interoperability requirements(p.147)
- • Volatility in commodity prices and foreign exchange affecting margins(p.22)
- • Intense competition from regional, national and international players including GE T&D India, Transformers & Rectifiers India, Hitachi Energy India and Siemens(p.185)
- • Some competitors have pan-India presence while others have strong global presence(p.185)
- • Reliance on a limited number of suppliers for raw materials and power electronics components(p.179)
- • Extensive and evolving safety, health and environmental regulations across operating geographies(p.184)
- • Dependency on obtaining necessary certifications and approvals which are time-consuming and expensive(p.161)
- • Vulnerability to raw material price volatility(p.287)
- • Interest rate sensitivity on variable rate borrowings(p.287)
- • Significant foreign exchange volatility exposure(p.286)
- • Regulatory risks in hyperinflationary foreign jurisdiction(p.238)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Thalavaidurai Pandyan | Promoter | 13.67% | — |
| Chitra Pandyan | Promoter/Promoter Selling Shareholder | 20.67% | — |
| Bharanidharan Pandyan | Promoter | 39.66% | — |
| Pandyan Family Trust | Promoter | 26.00% | — |
| Thalavaidurai Pandyan | Promoter | 13.67% | — |
| Chitra Pandyan | Promoter/Promoter Selling Shareholder | 20.67% | — |
| Bharanidharan Pandyan | Promoter | 39.66% | — |
| Pandyan Family Trust | Promoter Group | 26.00% | — |
| Thalavaidurai Pandyan | Promoter | — | — |
| Bharanidharan Pandyan | Promoter | — | — |
| Chitra Pandyan | Promoter | — | — |
| Thalavaidurai Pandyan | Promoter | — | — |
| Chitra Pandyan | Promoter | — | — |
| Bharanidharan Pandyan | Promoter | — | — |
| Pandyan Family Trust | Promoter | — | 26.00% |
| Thalavaidurai Pandyan | Promoter | 39.67% | 13.67% |
| Bharanidharan Pandyan | Promoter | 39.67% | 39.67% |
| Chitra Pandyan | Promoter | 20.67% | 20.67% |
| Pandyan Family Trust | Promoter Group | — | 26.00% |
| Chitra Pandyan | Promoter Selling Shareholder | — | — |
| Chitra Pandyan | Promoter Selling Shareholder | — | — |
Leadership
Thalavaidurai Pandyan · Chairman and Managing Director
Bharanidharan Pandyan · Joint Managing and Whole-time Director
Rajesh Jayaraman · Chief Financial Officer
Deepak Ramchandra Suryavanshi · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Quality Power Electrical Equipments IPO FAQs
What is the lot size of Quality Power Electrical Equipments IPO?
The minimum lot size of Quality Power Electrical Equipments IPO is 26 shares. One lot costs ₹11,050 at the cut-off price.
When does Quality Power Electrical Equipments IPO open and close?
Quality Power Electrical Equipments IPO opened for subscription on 14 Feb 2025 and closed on 18 Feb 2025.
What is the listing date of Quality Power Electrical Equipments IPO?
Quality Power Electrical Equipments IPO listed on 24 Feb 2025.