{"id":182967,"date":"2026-05-14T04:05:54","date_gmt":"2026-05-14T08:05:54","guid":{"rendered":"https:\/\/alphastreet.com\/india\/quality-power-electrical-equipments-ltd-qpower-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-14T04:10:57","modified_gmt":"2026-05-14T08:10:57","slug":"quality-power-electrical-equipments-ltd-qpower-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/quality-power-electrical-equipments-ltd-qpower-q4-2026-earnings-call-transcript\/","title":{"rendered":"Quality Power Electrical Equipments Ltd (QPOWER) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Quality Power Electrical Equipments Ltd (NSE: QPOWER) Q4 2026 Earnings Call dated May. 14, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Bharanidharan Pandyan<\/strong> \u2014 Joint Managing Director<\/em><\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Sanjog Mhatre<\/strong> \u2014 Chief Business Officer<\/em><\/p>\n

Rajesh Jayaraman<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Sarika Jadhav<\/strong> \u2014 Senior Vice President, Finance<\/em><\/p>\n

Analysts:<\/h2>\n

Siddharth Pamri<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Nemish Sundar<\/strong> \u2014 Analyst<\/em><\/p>\n

Naman Parmar<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Quality Power Electricals Equipments Limited Q4FY26 earnings conference call hosted by Assetsi Meta Investment Intermediates. As a reminder, all participant lines will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on a touchstone phone. Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Mr. Siddharth Pamri from Assetsi Mehta Investment Intermediates. Thank you. And over to you sir.<\/p>\n

Siddharth Pamri<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Good afternoon everyone. I once again thank all of you to join this conference call of Quality Power Electrical Equipments. And we are discussing euphoric FY26 and full year FY26 numbers. We assit C Meta Investment Intermediary Ltd. We are a pantomime group of company and we would like to congratulate the entire team of Quality power in achieving thousand plus crore of total income in full year FY26. Also we would request management to emphasize on the rise in other expenses due to accounting entry as per IAS 29 which factored in impact of hyperinflation on the balance sheet of its Turkish subsidiary.<\/p>\n

So today on call we have with us Mr. Banidaran Pandyan who’s Joint Managing Director. Mr. Sanjo Matre, CEO Mr. Rajesh Jayaram, CFO and Mrs. Sarika Jadav, Senior Vice President Finance. Over to you, Bani<\/p>\n

Bharanidharan Pandyan<\/strong> \u2014 Joint Managing Director<\/em><\/p>\n

Suj. Good afternoon everybody and thank you for joining our earnings call. On behalf of the management team, I would like to thank our shareholders, customers, employees and partners for their continued trust and support. Personal Note. Today on 12th May we lost Professor Dr. Radhakishan Pillai, my Professor of Strategy at STJMR. He taught us that competition is a science through both. Sorry to<\/p>\n

Operator<\/strong><\/p>\n

Interrupt, sir, your voice is breaking.<\/p>\n

Bharanidharan Pandyan<\/strong> \u2014 Joint Managing Director<\/em><\/p>\n

Yeah. On the 12th of May, we locked Dr. Ramakrishnan Pillai, my professor of strategy at STJMR. He taught us that competition is a science through both Arthashastra and Art of War. Two ideas from his classroom have stayed with me and they have shaped how we have built quality power as a small technology company competing against far larger global needs. From the Arthashastra, Chanakya counsels that a smaller state does not engage the larger one where it is the strongest. It builds its capability, patiently chooses its ground and competes only when its preparation gives it an edge.<\/p>\n

From Sun Tzu, the principle that a better general wins the battle before it is fought by choosing the terrain and the timing rather than the fighting harder on somebody else’s ground. Much of what we have done at Quality Power have been guided by these two ideas. My gratitude to him and my condolences to his family on the opportunity ahead. The Global Energy transition, hvdc Sax investments, renewable integration, grid modernization and power quality requirements continue to create long term opportunities for our sector.<\/p>\n

We see healthy engagement across utilities, renewables, industry applications and data center infrastructure across multiple operating markets. To begin the call I would like to have a few housekeeping remarks. First on the enabling resolution for fundraising placed before shareholders. This is a long term growth capital enabler available to the company as and when required. It could support future expansion opportunities including North America related growth initiatives or acquisitions subject to a business plan and market comfort at an appropriate time.<\/p>\n

The fund will be called as and when required and not necessarily. Second on the alignment. In light of the proposed fundraising, the promoters in the management have collectively decided to forego any incremental salary for the second consecutive year and to forego our share of dividend again this year. The intent is to preserve cash, strengthen the balance sheet and keep any future dilution as minimal as possible. I would request that this not be read as a permanent posture or a forward looking commitment.<\/p>\n

Beyond this context it is a decision tied to the present fundraise. Third and how we communicate on these calls. Our responsibility is not only to talk about the achievements but equally to be open about risks, execution, challenges and areas of caution that are often under discussed in the normal domain.<\/p>\n

Operator<\/strong><\/p>\n

Sir, we are unable to hear<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

You. No, just a moment<\/p>\n

Operator<\/strong><\/p>\n

Sir, I’ll just reconnect you. Ladies and gentlemen please stay connected while we reconnect the management. Just<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Can<\/p>\n

Unidentified Participant<\/strong><\/p>\n

You.<\/p>\n

Operator<\/strong><\/p>\n

Sam. Ladies and gentlemen, thank you for patiently holding. We have the line for the management reconnected. Over to you sir.<\/p>\n

Bharanidharan Pandyan<\/strong> \u2014 Joint Managing Director<\/em><\/p>\n

Sorry for the brief interruption. I begin again and finally on Siddharth’s question or 25.7 crore hyper inflationary adjustment in Turkish subsidiary under IAS 29. This in all honesty is the Duckworth Levis of our financial year. We executed the plan, we hit the numbers we said we would hit. The cash came in, the order shipped. The bank account looked exactly as we had planned. And then a formula in the audit room kindly explained that on paper the scoreboard read 25.7 crore lighter. The good news is that this is a non cash adjustment.<\/p>\n

The operating performance of the business and the cash it has generated are unaffected. As engineers we would have scored the match differently. As a listed company we report what the standard requires us to report and we have disclosed it accordingly on our results. Briefly, we have crossed for the first time thousand crores in total revenue with an EBITDA of 23.6. Sorry, 236 crores. In spite of the write off adjustment that we had just spoken about, Q4 was our highest ever quarter at about 310 crores in total revenue.<\/p>\n

At the start of the year we had guided to a revenue band of roughly 800 crore with EBITDA in margins between early teens and to 20%. We have closed the year above that range on revenue and at approximately 23.8% margins. This has been possible in difficult supply chain conditions and I want to thank my colleagues, our partners and our customers for helping us deliver better than the guidance we had set ourselves on Q4 profitability the quarter includes one time provisions related to the new labor codes across our Indian operations and subsidiaries within the subsidiary, Nehru has delivered around 20% EBITDA margins this quarter, a meaningful contribution and a sign of how well the integration is settling.<\/p>\n

In a note on comparability, this is the first quarter of N Docs in our consolidated numbers for our last quarter. For a cleaner read, please look at NDOCS on a year on year basis rather than a quarter on quarter basis. Since N Docs follows a January December financial year and in its final quarter when last quarter was reported, the basis are not directly comparable. We enter FY20 with an order of over 1400 crores, about 1.4 times last year’s revenue. How we think about our growth and margin across our portfolio we do not run Quality Power as a collection of independent businesses, each chasing its own number.<\/p>\n

We run it as a team with a strategy. In any given year, the raw material environment in one product line or the customer mix in other will mean that one business needs support on growth while the other needs support on margin. Because our businesses do not necessarily share the same customers and raw materials, we can lean on one another in strategies. One carries a margin in a year while the other carries the growth and the next year can flip this year. Given the raw material environment in our high voltage product business, we chose to chase growth in our power electronics business, accepting some margin sacrifice to do so.<\/p>\n

The window to build scale and customer references in power electronics is now as we scale, margins will follow and as the group pursues its ambition in energy storage, component prices should continue to ease with increased volume of orders. That easing also makes our future entry into the Indian storage market more viable as electronic component costs come closer to Chinese prices at volume. Meanwhile, the high voltage product portfolio holds a margin line for the group that is a team at work beyond the numbers.<\/p>\n

We have been broadening this company beyond traditional high voltage equipment manufacturing. The PCs or power conversion system for grid scale energy storage is an example. It has been developed in house by our own R and D and engineering team, the result of investments over several years in power electronics design, testing capability and engineering depth. We are setting up a dedicated PCs factory for best application to commercialize it at scale. Our 1725 kilowatt PCs inverter design is also underway and we expect to bring it to the market over the next few quarters.<\/p>\n

GIS is another example of the same pattern, a category we have invested in patiently and one we expect will over time deliver the same kind of compounding contribution that our earlier RD led products have delivered. At Mehru, the development of 765kV product category is a clearer signal that technology improvement is a way of life at Quality Power. It is how we operate whether it is a 765kV step at Nehru, the in house PCs or our GIS build out. What you are seeing is the same underlying habit investing in capability ahead of demand, trusting our own R and D and moving the technology bar one step at a time.<\/p>\n

While all this is happening, we continue to scale businesses our capacities across product lines and geographies. These are not separate projects, they are one effort, building a technology mode and a scale mode together. Technology earns us the right to participate in the most demanding tenders. Scale earns us the right to win them. Both remain our primary advantage in the market and we intend to keep investing in both. As the company grows in size and complexity, we are deepening our engagement with academia and bringing in regular training from renowned external trainers and institutions.<\/p>\n

The objective is to build the next layer of managers and engineers within quality power who can take this organization forward into a larger, more global and more technology intensive future. On the external environment. Geopolitical conditions across several corridors continue to make an already congested supply chain more difficult. These are industry wide realities and we are managing them through vertical integration. As I described earlier as a closing remark, we remain focused on disciplined execution, technology leadership and long term value creation.<\/p>\n

There is much that remains to be built and we are clear eye about it. With that I hand over the call to Mr. Sanjog Matre, our CEO for the business overview, following which we shall be happy to take your questions. Thank you. Jai hind.<\/p>\n

Sanjog Mhatre<\/strong> \u2014 Chief Business Officer<\/em><\/p>\n

Thank you Mr. Pandan. Good morning to everyone joining us today and thank you for participating in our earnings call. The past quarter has been yet another important milestone in our growth journey. Despite a dynamic global business environment, we continued to demonstrate strong execution capabilities, operational discipline and growing customer confidence across international markets. Over the last few years, Quality Power has evolved from a fast growing engineering company into a more integrated, process driven and globally competitive organization.<\/p>\n

One of the strongest indicators of the growth momentum is our historic order book position. Today, Quality Power has an order book exceeding rupees 520 crores while the overall group order book stands tall above 1400 crores. Our subsidiaries continue to perform strongly as well with Meru carrying an order book of approximately 430 crores and Indocs at nearly 450 crores. Importantly, during the last quarter alone we have added over 600 crores of fresh orders reflecting increasing customer confidence and strong market demand.<\/p>\n

Our business pipeline remains highly encouraging as we currently pursue opportunities exceeding 1100 crores for QP alone, including strong opportunities in fact. Systems, Renewables and Data center infrastructure demand visibility continues to remain robust across the Middle East, Europe, the United States and Australia, particularly in grid modernization, renewable integration, stack of applications and power quality solutions. To support future growth, we continue investing in manufacturing infrastructure and technology capabilities.<\/p>\n

Our new factory is expected to commence operations around July August 2026 alongside the commissioning of new high voltage test laboratory which will significantly enhance our testing and execution capabilities too. At Mehru, additional oven capacity is being added post September 2026 along with the development of GIS manufacturing and testing infrastructure. The GIS product line is progressing well with the first prototypes expected around July August 26. Indox is also setting up a new best manufacturing facilities based on in house developed technology underscoring our focus on innovation led growth.<\/p>\n

Thus, we expect to launch this 1725 kilowatt PCs inverter within the next two quarters at Indox. As Mr. Vanidaran Pandyan just mentioned, operationally we continue to strengthen the organization through recruitment of skilled manpower across engineering, manufacturing projects and leadership functions. Recently we conducted a vision meet at Panala Fort involving nearly 95 senior and middle management members from across the Quality Power group. This strategic exercise aligned all group companies around a common long term vision and mission and growth roadmap.<\/p>\n

We believe one of the most encouraging developments today is that sustained growth, operational discipline and cross functional collaboration are increasingly becoming part of our organizational culture across all levels. At the same time, the global environment continues to remain dynamic. Geopolitical tensions, logistics disruptions, commodity volatility and supply chain constraints continue to impact industries globally. We are currently facing certain Execution challenges related to insulators and winding conductors.<\/p>\n

However, mitigation initiatives are already underway including our own cable manufacturing initiatives that will improve supply reliability going forward. Importantly, as the global shifts are accelerating the movement towards diversified and resilient sourcing strategies, positioning India as a preferred global manufacturing and engineering destination, we believe Quality Power is well positioned to benefit from these structural opportunities. Going forward, our priorities remain clear. Expanding our global market presence.<\/p>\n

Strengthening manufacturing and execution capabilities and supply chain resilience. Investing in technology and digital systems. Building scalable leadership and organizational depth. Maintaining disciplined and sustainable growth. To conclude, therefore, we are entering the next phase with stronger teams. Improving infrastructure, historically a record order book. Growing global visibility and a long term commitment towards building a globally competitive, strong organization. Thank you once again for your continued trust and support.<\/p>\n

I now hand over the call to our CFO Mr. Rajesh Jayaraman who will walk you through the financial highlights for the quarter.<\/p>\n

Rajesh Jayaraman<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you, Bernie. Thank you Sanjuk. Good afternoon everyone. It is my privilege to walk you through the financial highlights of what has happened and has been a defining year for quality power. FY26 has closed comfortably ahead of every guidance milestone we set out at the start of the year. We have originally guided the market to approximately Rs. 800 crore of consolidated revenue which we subsequently revised upward to rupees 900 crore with an EBITDA margin aspiration of around 22%. I am pleased to confirm that we have closed the year at consolidated revenue of Rupees 1007 crore, a growth of nearly 157% year on year with a full year ebitda margin of 23.5%.<\/p>\n

Comfortably above the revised guidelines. This is the first time in our history that we have crossed the rupees 1000 crore revenue mark and we have done so while simultaneously expanding profitability. Full year EBITDA stands at rupees 20236 crore up by 98%. Profit before tax at rupees 216 crore up by 93% and Patek rupees 185 crore up 85% year on year. Standalone performance was equally robust with revenue of rupees 227 crore and PAC of 55 crores. A particular highlight has been the successful operational integration of Meru Electrical and Mechanical into engineers where margins have expanded to absolutely 20% in Q4 and 15% within this one year acquisition.<\/p>\n

Supported by revenue stream expansion and deeper market penetration on the key business ratios. The trajectory is clearly improving across the board. Gross margin for FY26 stands at 43.7% expanding to 47.7% in Q4 reflecting a richer product mix and a higher share of engineering content revenue. Full year PVD margin has held firm at 21.5% and packed margin at 18.4%. Return on Equity has expanded materially. Finance costs remain contained at under 0.7% of revenue. And we continue to operate as an essentially debt light enterprise with healthy interest coverage.<\/p>\n

Earnings per share for the full year stands at Rupees 15.67 versus Rupees 9.10 in the previous year. The order book exceeding the year is in excess of Rupees 1400 crore. Approximately 1.4 times FY26 revenue. Giving us strong forward visibility into FY27 and beyond. Now allow me to address one important technical matter that materially affects the optics of our Q4 numbers. This is a nuanced accounting subject and I would request your patient attention here so that there is absolutely no ambiguity.<\/p>\n

You will note that Q4 consolidated EBITDA margin appears at 19.1% against 27.9% in Q3 and Q4 PBT margin at 17.3% versus 26.1% in Q3. This does not reflect any deterioration in underlying business performance, any cash cost, any operating shortfall or any erosion of margins. At a subsidiary level, our Turkish step down subsidiary NDOCS Energy operates in an economy classified as hyperinflationary under in year 29, which a financial reportee in hyperinflationary economics. Under the standard, all non monetary items on the subsidiary’s balance sheet such as property, plant and equipment, inventories and equity must be restated using a general index to reflect the current measuring unit at the reporting date.<\/p>\n

Monthly items such as cash receivables and payables are not restricted. But the net monetary position naturally erodes in real terms during inflationary periods. And this purchasing our loss is recognized through profit and loss account. In our case classified under other expenses for Q4 FY26 specifically, this restatement has resulted in in a net monetary loss of approximately rupees 25.7 crore. I would like analysts to sell four points.<\/p>\n

Operator<\/strong><\/p>\n

Your voice is breaking.<\/p>\n

Rajesh Jayaraman<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

This is a purely accounting driven non monetary, non cash adjustment mandated by India’s 29.<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt, sir. So your voice is breaking. It is not clear.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Can you connect to the parallel line?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Just a moment, sir.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Thank you. Are we audible? Hello?<\/p>\n

Operator<\/strong><\/p>\n

You can go ahead, Sir.<\/p>\n

Rajesh Jayaraman<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

For Q4 FY26<\/p>\n

Rajesh Jayaraman<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Specifically, this restatement has resulted in a net Montreal loss of approximately rupees 25.7 crore. I would like analysts to clearly note four points. First, this is a purely accounting driven non monetary non cash adjustment mandated by Ind AS 29. It does not flow into operating cash flow, working capital or any element of business performance. Second, the treatment is symmetric across quarters. In earlier quarters of this year similar conditions produce net montary gains that were recognized under the same head.<\/p>\n

So quarter to quarter optics will continue to fluctuate purely on index movements, not on business reality. Third, NDOCs underlying operating margins continue to remain north of 25% and the vessels are delivering strongly on commercial milestones including the new PCH facility at Niggdi. Fourth and most importantly normalized for this in AS29 charge, our concerted path for FY26 would have crossed rupees 210 crore. I would strongly encourage analysts to model NDOCs on an in AS29 normalized basis when projecting forward treating these monetary loss or gain entries as below the line Non Operating Items Q4 figures Additionally absorbed one time provisions relating to the new Indian labor codes across our operations beyond the headline numbers, the balance sheet continues strengthened meaningfully.<\/p>\n

Consolidated total assets stand at rupees 1,112 crore against rupees 814 crore a year ago and total equity has expanded to rupees 774 crore. Cash and bank balances stand at rupees 248 crore and capital working progress has scaled to rupees 73 crore reflecting active deployment of across the Sanglee Global Coil manufacturing facility, the HVDC CTS CTC magnet wide facility on track for Q3FY27 commissioning Meru 17.2 crore capex program for GIS and high voltage treating equipment and a new NDOCs PCs facility at Nigri targeted for December 2026.<\/p>\n

On capital allocation, the Board has recommended a final dividend of Rupees one per share with promoters voluntarily waiving the entitlement to conserve cash ahead of growth investments. The Board has also approved an enabling authorization to raise up to USD 75 million across permissible modes strategic dry powder for international expansion, acquisitions and technology investments. We exit FY26 stronger, deeper and better positioned than ever before. Thank you. Now I request the monitor to take on and we are ready for question and answer.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to withdraw yourself from the question queue, you May press star and two participants are requested to use handset while asking a question. Ladies and gentlemen will wait for a moment while the question queue assembles. First question is from the line of Archit Shah from 361 Capital. Please go ahead.<\/p>\n

Siddharth Pamri<\/strong><\/p>\n

Yeah. Hi. Thank you for the opportunity. Sir, this is Kunal. Just wanted to quickly you know understand about the best and the data center opportunity. We’ve already got one large order on the best side. So how large this opportunity could be both on the best and the data center side over the next few years and what are the key products that can go into this from our side?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Good morning Kunal. This is Bernie here talking about bevs. We have been consistently, consistently investing on this product line. The current order book at this moment stands at about US$30 million, US$31 million and we are expecting that we close another US$30 to US$50 million by the end of the year. Which means that about US$18 million we will be the largest PCs manufacturing company in our country where the scale also helps us to increase significantly. The reason why we have put the PCs factory in Turkey is because we have a better price realization in Turkey compared to India.<\/p>\n

To compete in India we need to have a cheaper prices and that can only happen when we get semiconductors at a discount. So we believe this year we should be targeting anywhere between 60 and 80 million dollars in order. And it’s a billion dollar opportunity release to be realistic. The volume is just starting up across the world with regards to data center. We started with Microsoft in Finland last year. I think this time we have again got one of the big threes in the pocket in the US. It was I think a 49 crore order that we backed a couple of weeks back.<\/p>\n

I was in the US last week. I believe we should get a similar a couple of projects or more in the next few quarters. There is a demand for Echo reactor for every large data center tie up that is coming up in that part of the world. It’s a part of spec where the current problem we are having is we are already booked out on deliveries. Most of these data centers comes at six, seven months kind of a timeline. We already are booked out on HVDC and other projects. As my colleague Mrs. Sanjok said we are almost north of 500 crores on the current order book.<\/p>\n

It’s only when we take into the new facility we’ll be able to take more. But I believe the market size for just data center integration for reactors in the US market is about 1500 crores. Per year.<\/p>\n

Siddharth Pamri<\/strong><\/p>\n

Sure. Thank you. My next question sir is on the Sangri plant. So now the commissioning we targeting is around July, right?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

July and August is what we are guiding in. The people have written back the guys who had shortage of gas and operating problems during the start of the problem conflict. But I think we are at swift full swing. We are anticipating trial productions to start at that time. Yes.<\/p>\n

Siddharth Pamri<\/strong><\/p>\n

And sir, thirdly, I don’t know, maybe the line was. But I’m not sure if we mentioned about the guidance for the year. If not, if you can talk about the guidance for the year on top line and margins,<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

The guidance would be as of now we have given the market a S curve where this year we stabilize, where we have a lot of people that we will be taking across organizations because a lot of factories are coming in. The guidance is around 15 and 20% with regards to our traditional product line. I think we are happy with the margins where we are maybe a couple of points here and there because of the conflict and the related price increases with regards to des. I need to make it clear whatever is a battery pass through at this Moment is about 2 or 3%.<\/p>\n

On the converter side it’s about 10 or 12%. As we scale up we anticipate the 10 or 12% to be at about 17, 18% for the inverter. The batteries are being passed through the balance sheet because we are building the containers where the battery and the PCs go. Altogether as I said, this is a volume game. The more that we are able to bring in the semiconductors, I think we will get cheaper. So it’s an investment mode at this moment. Otherwise I think we should be happy at about 15, 20% more than what earnings bought we are right now.<\/p>\n

Siddharth Pamri<\/strong><\/p>\n

And so I understand. Sorry to interrupt. Mr. Shah, maybe<\/p>\n

Operator<\/strong><\/p>\n

Please request you to rejoin the queue sir for the follow up question. Sure.<\/p>\n

Siddharth Pamri<\/strong><\/p>\n

Okay, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the question queue, please restrict yourself to two questions only. Should you have a follow up question, please rejoin the queue. Next question is from the line of Nimesh Sundar from Ilara Capital. Please go ahead.<\/p>\n

Nemish Sundar<\/strong><\/p>\n

Yeah, thank you for the opportunity and Congressman are very good. So just expanding a bit on the best. So you highlighted the opportunity pipeline. So just wanted to understand who will be our competitors here like will be competing with certain local players or would be competing with certain MNCs like EVP, Siemens and Hitachi who are also supplying there or what would be the competitive landscape of Bess in the domestic and global.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Good morning Namish. The Bess is dominated by Chinese in most parts of the world. But fortunately you have software and service support that helps you in Europe, which keeps the Chinese away. Also in the US and Australia where they are not much preferred. In India, currently only the EMS is needs to be domesticated with a domestic supply. The power electronics, they still do not have a large manufacturing base and is currently being imported. But with regards to I would say competition, I would say Chinese would be the largest competition.<\/p>\n

GE is a large player but is at a very, very high level on the pricing front. Our focus at this moment, as I said, is to bring in that 70, 80 million dollars of order this year and then grow into a billion dollar opportunity in the next few years. The competition will always be Chinese is where we are seeing as a nation company, we are not competing GE in this product line yet because we are upstarts in the market.<\/p>\n

Nemish Sundar<\/strong><\/p>\n

Okay. And also on the data center. So we’ve already gotten an order and you said we’ve received another order. So on the current facility and the new facility. So would we be in a position to cater to multiple data center orders as we scale up forward? In India and globally,<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

You have visited a facility and you know the kind of scale that we are building in storage is not only our capability, it is also the raw material supply chain. We have always been blaming the insulator guys. So it is over a period of time that we will build in the capacity that is required to deliver. As I said, it is just not data center. We are delivering HVDC in Australia, HVDC in India. There is already one that we are likely to close by this year. There is Barmer which is also gone for a tender which again this would come this year.<\/p>\n

All these are multimillion dollar orders. We are also exporting quite a bit to Europe, Middle East, Australia, Southeast Asia. So we are quite busy. So we cannot deliver to only one market and one product. We are just trying to ensure that we have flavor of everything. As and when supply chain eases up, we will be able to take market shares.<\/p>\n

Nemish Sundar<\/strong><\/p>\n

Okay, thank you sir. I have some questions, but I’ll get back in the queue.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Lovage so in from Berman Capital Management. Please go ahead.<\/p>\n

Naman Parmar<\/strong><\/p>\n

Thank you for the opportunity. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, please go ahead.<\/p>\n

Naman Parmar<\/strong><\/p>\n

Yeah, actually sir, I wanted to understand the dam potential of reactors and transformers that we supply from our standalone business and MERU business. So in India, for a typical project, HVDC project like a Bhadna for corridor, which is a 6 gigawatt project. I want you to understand what is the total value of reactors and instrument transformers that will be used in that project and also what is the timeline for the supply of these components for that project.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

So to give you an idea, a classic 6 gigawatt HVDC which is, I would say LCC technology would entail anywhere between 200 to 300 crores of reactors alone, another 50 to 70 crores of instrument transformers. At the moment we are adding more products into the kitty. LCC is not a 6 gigawatt link yet. It is normally a 2 gigawatt link. It’s much smaller in technology because they are basically trying to connect renewables. And it’s igbt converter at 6 gigawatt level. It’s not operational yet. So we believe that would be about 70 to 100 crores approximately at this moment.<\/p>\n

At the coil business side with regards to transformers, we also, I’m not sure because stand alone business, we also make transformers. We have had opportunities in this quarter where we were bidding 80 to $100 million of transformers alone in the US market. Unfortunately we lost a lot. And I think we have also as a strategy are unsure whether we have to scale up our transformer business because we do not know the sustainability of transformers with the kind of capacity that is being built across the world.<\/p>\n

So we are also looking at a lot of exposure of transformers. We are currently engaged in multiple bids for transformers for data centers as we speak. But this is not something of a priority and at a lower margin than what we are operating. We are not intending to book the orders with instrument transformers for the. Yeah,<\/p>\n

Naman Parmar<\/strong><\/p>\n

Yeah. So just to summarize the overall opportunity, let’s say in a regular HVDC corridor currently would be somewhere around 350 to 400 crores for us. Right?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Assuming that we take the entire lot. But unfortunately the current supply chain does not allow us to take the entire lot. Because once we book the supply chain and the factory, you cannot supply to other people. As of last quarter, our revenue for the year was about 230 crores. If I’m not wrong. And what we say, the order book is already 500 and if I open the corridors we will get more. So execution is the key and not order.<\/p>\n

Naman Parmar<\/strong><\/p>\n

And sir, if I look at just globally, what would be the market potential for our products of these, of these reactor coils and the instrument transformers that we have?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

So the data we have opportunity<\/p>\n

Naman Parmar<\/strong><\/p>\n

For us.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

I would like to talk about Peer reviewed data rather than data that is, you know what we say, off my hook. My largest competitor is a company called Trench Electric Ltd. Earlier owned by Siemens, now by a private equity. I think as of last December they had 1.5 billion euros in pending order book for the instrument transformer. There is a listed company called Arteche in the Spanish market which is the nearest competitor to Mehru. I think their revenues were slightly north of 3500 crores. So I believe the opportunity size or the TAM is not a problem.<\/p>\n

We have enough to grow for the current markets. It’s only the execution which is our challenges internally.<\/p>\n

Naman Parmar<\/strong><\/p>\n

Got it. And so just one thing to. Sorry to interrupt. Mr.<\/p>\n

Operator<\/strong><\/p>\n

Lavish may please request you to rejoin the queue sir for the follow up. Thank you. Next question is from the line of Karthik Kohli from Kotak Institutional Equities. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir, thanks for taking a question. I had two quick questions. One, I don’t know if this was discussed previously. Can you like shed more light on your best business? I would like to know more on first of all the operating strategy of the business, what kind of customers you’re looking at and what is the advantage that you’re offering versus competitors in the markets that you’re looking at. And I’ll come back with my second question.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

So Kartika Best is basically a high voltage, high power inverter similar to the SVC and Statcoms that we are already building in Turkey. Medium voltage. Now where the best is required. Best has a variety of applications in India they are primarily used for peak hour discharge. Most of the tenders in India is basically A, O and M tender whereas we are a manufacturer. So in a bus we have three or four major components. First is the battery itself which we never intend to get into because that is chemistry.<\/p>\n

Then you have the power electronic inverter which is something that we are manufacturing. Then we have the software that is the EMS that is connecting the Bess to the grid. And finally we have the transformer which is an in house product for us. So this is a value chain. At this current moment we are selling to developers of large renewable energy projects. However, Bess also has a very large markets in the data center where each most of the data centers in the US have 50 megawatt of steam turbines which are parallel together.<\/p>\n

So in case of contingency they use best like in UPS where the battery component is less than 1% and the converters are much larger. So these are evolving businesses. We believe these will be multi billion dollar businesses in a very few years you can see that we would be talking about in excess of 2 gigawatt of best projects every month in India alone this year we are targeting close to 500 to 600 megawatt of converter manufacturing where we are integrating the battery software into a converter shell and selling it to the thing.<\/p>\n

We are not in a O and M model, we are just a manufacturer in this.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it? Sorry sir, I meant what kind of customers in what geographies was the question. So the kind<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Of customers is renewable energy developers in India. If I would say that I would like to go to people like Acme or Awada but we are not going there. We are talking to similar counterparts in Europe A B the geographies are again Europe because we have a slightly better prices there compared to India. This will help us scale the business and bring the volume of semiconductors for the pricing advantage before we launch in India. India is definitely in our.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. Just one last question. So from your order book of 1400 crores I’m assuming like a large part of this is about 150 crores is coming from this best order. Is there a sizable portion of data centers in your order book which may not get executed this year?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Mr. Sanjay Matre had in our what we say in his speech has spoken about the different order book of every entity. Quality power is at this moment focusing on data centers where we have an order book of about 520 crores. I think that is where we will be executing. I think the first data center order we will be for the US executing this year. But there are more on the unwind which may either be completed this year or next year. The Turkish guys are not focused on the data center. They are focused more on renewable energy integration and large steel factories.<\/p>\n

And Mehru guys are focused on gis, high voltage and AC substitutions. That’s our focus. Different customers.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you sir. Thank you for taking the question.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Hemant Soni who is a self employed. Please go ahead<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir. Thank you for providing the opportunity and congratulations on bidding the guidance. Sir, I think we have two expansions lined up right. One Sangli plant and one at the Meru plant. So what can be the incremental revenue from both the expansions?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

So the Sanghi factory I think the peak revenue that we can go in is about 1500 crores subject to recompleting our what we say our CTC cable expansion and clear out our insulator problems with Regards to Nehru. I think another 20, 30% before they till down because the plant would then saturate. But as we speak we are also working out on a new expansion in Turkey. I believe we should have more data about it in the next quarter. The Turkish operations would cater to most of the global or the European load whereas India would focus on India and near countries.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, can you please quantify in numbers maybe sir, for the Mahru plant.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

So as I said last quarter I think they did about 320 crores. Another 30 to 35% is what Max. I think the plant would saturate. Current plant<\/p>\n

Unidentified Participant<\/strong><\/p>\n

30 to 35%.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Yeah. That’s the saturation of that plant.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Answer. I think we are also exploring the greenfield opportunity right in Meru.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Yes, but that is at Turkey, not in India.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, okay, okay sir. And sir, Mr.<\/p>\n

Operator<\/strong><\/p>\n

Sony, may we please request you to rejoin the queue Sir. Thank you. Next question is from the line of Pritesh Cheddar from Lucky Investments. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

One clarification on this PCs that you were talking of some factory expansion in Turkey. So that was not clear what exactly it is. Is it a new product line? And then you gave out that we are targeting some 60, 80 million dollars of business. So all those things were not clear. So you need to first tell us where is it? Is it a new line of business? What is this PCs that you are referring to? You know some details would be easier.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Very good morning sir, long time no hear from you. But with regards to PCs we have been talking in the last four phone calls we have been saying that we are executing battery storage projects. We have our own products already on trial. This is a product that has come from our investments in R D over the few years we have been speaking about it. The orders are just picking up. So once the orders are picking up we are putting together the capacity expansion. PCs is basically the power converter that is required to ensure those energy stored in the battery is interconnected to the grid.<\/p>\n

The grid is at an AC supply and the battery is a DC supply. So basically you are converting high power DC to high power AC at a match power electronic base. That is what we call as a power conversion systems. But while we are connecting the power conversion system, we also have a software interface because the battery is not what we say, charged and discharged as and when. It seems like unlike a home inverter, this is charged and discharged at kind of a forecast based on load demand and the pricing plan to the exchange.<\/p>\n

So the software is connected to the main grid that is where the data security and software security comes into play where the Chinese are normally not allowed. So that gives us some sweet spots in the US and European market. Even Indian market very recently ensured that software interconnection is only Indian. The power electronics is also ours. The batteries will continue to either integrate or ask customers to directly buy. So electronics is a part of best projects everywhere.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So it’s basically an EMS product and you will land up supplying that or you will have to land up supplying the whole batch. So that will include battery inverter and PCs.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

So at this moment we are giving the entire container with our software, hardware and integrating batteries. However, we would be open to selling the converters alone standalone as a product line because we are a manufacturing company.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And is it currently made out of the Turkey Turkey unit how it is?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Yes, because the center of competence for power electronics for us is Turkey.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Do you need to put any extra capacity there or it is made out of the existing.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

So we have a lot of land bank there historically. So about $2 million is what we are putting in. Construction is very fast in that part of the world. So. So I think by the time we are coming in for execution, the raw material is kicking in. I think we should start it. We are expecting the first orders that we have back to start building by the first last quarter this year. So you could see a lot more revenue of dust coming in the next financial year. The orders would come this year, revenues would follow next year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

What kind of orders do you expect this year?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

So 31 is already in the back. We believe another 50 million is our target internally. So that would mean that at least 80 million is what we carry forward next year. For the from the product line, 30<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Million is already.<\/p>\n

Operator<\/strong><\/p>\n

Mr. Cheddar, may we please request you to rejoin the queue, sir. Thank you. I’m<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Actually continuing with the same question, my friend. Sorry<\/p>\n

Operator<\/strong><\/p>\n

Sir, there are.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And can you just tell one thing sir? In Endoc, the size of the business which is about 468 crores this year. So in the last two years there’s this material difference. So that difference is from a new project or new product or where the difference comes from.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

So it is basically when you are grid integrating any component, whether it is a steel factory or renewable, you need power electronics for support. So there is a lot more demand like all our other product lines for grid integration. It’s just demand supply.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you sir.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Aditi from Iwealth. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello.<\/p>\n

Operator<\/strong><\/p>\n

Yes, Please go ahead with your question.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir. Congratulations on a good set of numbers. Like I have just one question regarding the other expenses. Like as you mentioned that 25 crores is due to the hyper inflationary part from Turkey. But even if we subtract that we still have 33 crores left in other expenses which is proportionately high if we compare it to the past quarter. So little clarity on that. Yeah.<\/p>\n

Sarika Jadhav<\/strong><\/p>\n

Hello ma’. Am.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

In other expenses the net monetary gain loss of 25 crores has been categorized under other expenses and also the freight outward of 12 crores and LD of 5 crores that because of that that other expenses has been increased during the last quarter. Understood. Should we see it going ahead like this would be the run rate or it would come back to the 1420 karoos that we were doing.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

The LD basically was from our subsidiary in Nehru which has been curtained. These are pre acquisition hit with regards to to the hyperinflation formula it is not in our control, it’s indexation as and when what we say the inflation rate comes down, it will come down. These are just optics for us and not real cash flow. As of what I see in the balance sheet of NDOCs last year without any net monetary gain or forex gain loss in their Turkish balance sheet last year they had an ebitda margin of 32.01% and this year they have 32.13% despite growing 150 in revenue.<\/p>\n

So they are stable on the reporting currency. It’s only the translation error that is showing this numbers.<\/p>\n

Sarika Jadhav<\/strong><\/p>\n

Understood. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Dev Gulwani from kpms. Please proceed.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you for the opportunity. Sir, just one question. In a standard battery energy storage system project what percentage of the total project cost is attributable to PCs? If you have any idea approx. Numbers.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

So at this current point it’s between 40 and 50% based on how much of battery storage the customer would like to have in a data center application the battery is about 5%. But the prices of battery being a commodity is expected to be at least half of what it is in the next two years. So I believe the converters will become more expensive than the battery going for the next two or three years. So where we will have a lot more mode to play around.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Maitre Shah from Supplier Capital. Please go ahead.<\/p>\n

Sarika Jadhav<\/strong><\/p>\n

Yeah, hello. Audible.<\/p>\n

Operator<\/strong><\/p>\n

Yes, Please proceed.<\/p>\n

Sarika Jadhav<\/strong><\/p>\n

Yeah hello. Good morning. A great set of numbers for this year. One clarification on the guidance you mentioned, we’re looking at a 15 to 20% growth. Did I hear that correct?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Ma’, am, we started with the guidance of 800 crores and the base has shifted already to 1000 crores. Our new factory is not ready yet. So we will not be able to be at audits of six months. So we will not be able to deliver much from the new facility. The Mehru facilities also, you know, we are only getting it by September, the new ovens. So that is also where it is. It is all the growth is being delivered from NDOCs as we speak. So that is why we are doing a muted guidance on growth. But order book would be different.<\/p>\n

We will be picking up a lot more orders going forward in Q2 Q3 of this year primarily to support the new capacities coming in. So as I said, even in the last call, we are going through a S shaped curve. So this year is where we built together our team, where we are taking in maybe another 500 to 1,000 employees across business segment and building the facilities. And the next year, given the base, I think we should be going ahead of north of 50% again.<\/p>\n

Sarika Jadhav<\/strong><\/p>\n

That is great. Second, you said the order book growth expecting a quite a big order Inflow from 3 and 4Q because the new facilities are coming in any sort of target on the control order inflow for FY27 and maybe what order book number you would like to enter FY28 with?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

I think we should be comfortable with the same kind of numbers that we have. But I think we should be targeting at least 15 to 1800 crore of order book before we end next year. Start next year. But we have to also understand that order books are normally 12 months. And if you are not able to deliver, we are not able to take in more orders. And most of our constraints right now, even if we ship the cables on time is insulated where the deliveries are already going 18 to 24 months. So some of our projects are getting hurt because of some critical components.<\/p>\n

Sarika Jadhav<\/strong><\/p>\n

Okay, so there’s a supply, supply chain restriction also. So kind of capping in our growth right now, is that correct?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Yes, but we will do something to even clean that up. We have been focused more on order book and the factories at this moment. We have been able to cover the cable problems by vertically integrating. I’m sure the board is also deciding something on the insulator side of the thing. As and when is the right time, we will let the markets know.<\/p>\n

Sarika Jadhav<\/strong><\/p>\n

Okay, that is great. And lastly on the margin, so we had A great jump in the gross margin for this quarter even in such volatile conditions. Do you see this 46% gross margins kind of continuing for next year or do you think it will kind of lower down because of the volatility in the West Asia?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Sorry for the humor, but I think my friend Donald Trump has to answer this question because the prices are not being dictated by us at this moment. It is all related to geopolitical stuff and the dollar impact. Traditionally the orders have been booked at the same or similar margins all the companies, but the raw material prices have been highly volatile. So you know how the dollars are behaving, how the components are behaving. So I cannot guide the same kind of numbers, but I can only guide that when we booked it, we booked it at similar or higher margins.<\/p>\n

We may have some small change in margins in the next one or two quarters, but that would be a short term impact.<\/p>\n

Sarika Jadhav<\/strong><\/p>\n

And we’re able to pass on these kind of domedale costs with a lag or does it happen? Is there an escalation? It<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Will be done with a lag. It will be done with a lag.<\/p>\n

Sarika Jadhav<\/strong><\/p>\n

It will be done with a lag. Okay. And lastly, sorry to interrupt the Shah<\/p>\n

Operator<\/strong><\/p>\n

May please request you to rejoin the queue for the follow up, ma’. Am.<\/p>\n

Sarika Jadhav<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Next question. To the next question from the line of Akshay from AK Investments. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir, thanks for giving me the opportunity. First of all, congratulations for the good set of number that we understand that the EBITDA was due to one time non cash accounting loss. But also the revenue in this quarter on quarter, on quarter basis it is flat. So generally the quarter four should be the highest quarter. So can you put some light on that? And I will be.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

I have already indicated in my speech that for quality power at Nehru, this has been the highest profit quarter because it is our Q4 in India. For N docs this is Q1, they are January, December and in December of last year they are the highest quarter on margins. This is Q1 where you normally expect a muted sale and muted margins. However, in spite of that, we have delivered the margins of close to 20%. So I do not think we are comparing apples to apples here. For the Q4 of theirs they have been highest.<\/p>\n

For Q4 of ours we have been highest.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay sir, understood. And so my second question is currently we have around 1400 crore of outstanding order book. So you already said that 15 to 20% we can expect consolidate level in the FY27, right? So currently what type of order Pipeline are we seeing in customer inquiry and all these things are going on. And how much order inflow are we expecting in FY27 and FY28 also?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

So in Sangli and Delhi we have almost closed our order intake for the next quarter. I think we are no longer aggressively taking orders primarily because of what we are able to deliver or not deliver. It’s also only strategic order that we are pulling in. I think at this moment we are bidding data center, we are building gis, hvdc, we are bidding all the colors that would spark in what we say analyst head. But because we are in a high technology area, almost every new technology we are participating.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay sir, thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Pinaki Banerjee from AUM Capital Private Limited. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Good afternoon sir. And congrats for the good set of numbers. So a couple of questions. Could you throw some light on your fundraising place? Like how what are the sources through which you are planning to raise? Considering the fact that you have having a cash balance of almost rupees 250 crores in your books now?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Sir, thank you for again highlighting the elephant in the room. So this is not something that we intend to raise. This is an enabling provision for us which means as and when the management requires it, we will draw. We are not saying we will draw 75 million. We may draw much lower. Yes, we have what we say, 250 crores. But some of our acquisitions that the BDNA committee are looking at are much larger in value than the cash in hand. And the cash in hand is also required for our own organic expansions and our own organic cash flow.<\/p>\n

So we cannot empty out the bank for it. And as a group we hardly leverage debt. We Normally focus on zero debt. Even the 125 crore promoter debt that we had pledged to the company. We have been able to finish almost 80% of our factory without any debt from the promoters. With the current cash flow, we would continue to have a solid balance sheet. I know from a cash perspective you would like to work on, you know, debt. But no, we do not. We do not like debt. So we would always like to have the cash in hand.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, so my next question regarding your 1400 cost order. Can you quantify how much comes is it from renewable sources? No,<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Very difficult to quantify that way, sir. Because an HVDC would classify as a transmission asset. But is actually integrating renewable<\/p>\n

Unidentified Participant<\/strong><\/p>\n

For<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

The energy storage is renewable data center. Even though the application of data center is being fed by renewable Energy.<\/p>\n

Siddharth Pamri<\/strong><\/p>\n

So today<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

If I look at the data of India alone 50% of our generation is renewable. Which means that what we say. 50. 50 is what I could say. But we are not in renewable or conventional. We are in grid interconnection. So we don’t care what is interconnected.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, sir. And last question. Sir, regarding this hypothetical one regarding your Turkish operations. Actually we know the recording that Middle east crisis and the political situation between India and Turkey is not very good at this point of time. So are you apprehending any negative impact due to this?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Sir, we have been operating in the country for 16 years. We have been in the last 10 years getting the best R and D coverage company of the year from the government and from the Prime Minister.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

We are not alone. Tatas have a plant. If I’m not wrong, Mahindra, jspl Birlas Lot of Indian multinationals have planned plants there.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Turkey<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Is a manufacturing hub for Europe. Low cost labor, lot of labor<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Lot of engineering talent at a much cheaper cost than India. In some of the high technology areas when we take decisions, geopolitical is a concern but it is more on P and L. If you look at Turkey, they have a land border to us to Europe which means to save Germany in four days on road they go in. The raw material prices are more or less similar to India if not lower than India. In some of the key raw materials<\/p>\n

Unidentified Participant<\/strong><\/p>\n

The labor<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Is about four times India. But the labor is not a very big cost in our scope of the business. So the key raw material being the same, the freight coming down and faster to the market is normally a good suggestion for being a competitive mode. And also towards the US they are only 11 days on scene. So it’s a competitive mode. Geopolitically we have been there for 16 years. We don’t see problems.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. So that’s all for my end and all the best for the future.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Pragnesh Padia from Xylem Investments. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi. Yeah, my questions are being answered. Thank you for the opportunity.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Congratulations. Next question is from the line of Archit Agarwal from Step Trade Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Yeah, Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes sir. Congratulations for the visit of number. So my question is. My all the questions are already answered. My one question is can you. With the revenue bifurcation for Neu Quality power and endo<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

For the annual year quality power equipments and projects put together is about 246 crores Mehru is 318 crores and Ndocs is 468 crores.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And can you give the operating margin for?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

I do not have with me the operating margin but yes, I can give you an EBIT margin. The EBIT margin of quality power is 33% of quality power projects at 21% of Mehru analyze is 15%. At Nbox it is 23%. Taking in taking into account that accounting anomaly.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay,<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Close to 29, 30%.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you so much.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Janam Doshi from Chris pms. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Congratulations on a good set of numbers. So just wanted to understand like as we are setting up a new facility in Turkey. So as you are alluding upon, there’s a difference between the semiconductor cost as a whole for if we source it from in India and if we source it in Turkey. So could you explain like what’s the difference there?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Semiconductors in India are not cheap. Semiconductors in India are still evolving. There are very few players and the high power is still not being built. I think we are taking a baby steps into that sector. The largest semiconductors are available either from European, Japanese or Chinese players. The difference in discounts say for $100,000 and 10 million can be as high as 50%. So in your pricing of your product, if you are able to buy like a $10 million or a 50 million dollar kind of a volume you would at sometimes get 40, 50% discount and that is what is the real mode.<\/p>\n

So when you start scaling up your purchase of semiconductors your margins start coming in. So it’s all the same guys, it’s the Japanese, Europeans and Chinese.<\/p>\n

Siddharth Pamri<\/strong><\/p>\n

Understood, Understood. Fair enough. And just if you could like provide other details on the order bid pipeline separately for Meru and Oxen quality so that would help. Just understand<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Sir, I, I, we don’t have those data available offhand. I’m sorry I don’t have it but I think it will be in few thousand crores.<\/p>\n

Siddharth Pamri<\/strong><\/p>\n

Okay. It<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Just did.<\/p>\n

Siddharth Pamri<\/strong><\/p>\n

Thank you. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Aniket Jain from yes, securities. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, so, so one question is the other income has increased this quarter versus last quarter. So I thought that since Turkey’s currency is largely stable now, so is there any hedging related income that is came in this quarter or would that be going forward or what kind of numbers should we assume while forecasting the other income? So that is question one. So in other Expenses, income, other income. Okay. The other income includes interest from deposits and also the foreign exchange gain of 16 crores.<\/p>\n

Okay. Okay, understood. And second question is maybe a bookkeeping question only. You also have some associate income. So is that mainly related to the Sukhoth Electric acquisition or has Nabiski started giving us some revenues and what could be the run rate for future quarters?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Sukrut, we were able to only consolidate in about three months post our tech takeover on January 5th. So it’s a very small number at this moment. It will start scaling up in a couple of years. The guys in Nabisky are still in technology sphere. The numbers are very, very small. It’s less than a crore. But that is something that we are building upon. And with regards to your question on other income, we still have a lot of cash. So the cash generated income would, would keep turning up. That is on interest on deposits.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. And if I can squeeze in one more, I think we discussed on the margin that the pricing can take a few months or maybe a quarter to stabilize. So since you do not have any kind of price variation clauses. So how you are managing the commodity cost inflation which has came up in last couple of months. So is there, is. Is there a possibility that our Q1 margins can see some kind of dip just because of the relationship? I believe<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

The entire industry. I. I believe, I believe the entire industry Aniket has not factored in. But I believe Q1, Q2 can be, can be hit. But as I said we are sitting at 33% margins in some of the high voltage product line. So if there is a dip, you know it is, it is not going to be very huge. The volume growth is still there. We have a lot of international orders in new emerging sector which are coming at also better margins. So we do not see a gloomy picture. Big gloomy picture. Yet a couple of percentage there can be expected.<\/p>\n

We still don’t know because the war is still not over and every day is a new story.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood, sir. So by any chance have you started? Mr. Jain, may<\/p>\n

Operator<\/strong><\/p>\n

We please request you to rejoin the queue for the follow up, sir. Thank you. Next question is from the line of Piyush from SETI family office. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So mostly my questions have been answered. I was just wondering in terms of like if my understanding is correct. FY27 is like more of a 20% growth year for us then 28 is when we see more than like a 50% type growth. Because we are following that S curve journey and there could be some near term Margin impact because of the shortages that we are seeing. Is that correct?<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Correct.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Nothing else from other.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Prabhupada Desai from Electrum Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir. Congratulations on good set of numbers. So my question was how are the margins on this power electronic converter side?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

I just told you. We are starting off at this moment at the bid level between 10 and 12%. We anticipate it can go to 17% on volume. But also we have to understand the base at which we are talking 10% on say something like 14, $15 million of converter. What we say it is still sizable numbers as margins<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Even at this<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Moment because the volume is larger.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

This margins would be like including the software part also. Right? Okay. Yeah. That was it.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Naman Parmar from Nivesha Investments. Please proceed.<\/p>\n

Naman Parmar<\/strong><\/p>\n

Yeah. Good afternoon sir. Thank you so much for the opportunity. Firstly I wanted to know the cash flow of the meadow and end of if it’s possible for the current quarter. And FY26<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Will pass the question for a few minutes till we we finish the question. Like my colleagues will try to get the data till then.<\/p>\n

Naman Parmar<\/strong><\/p>\n

Okay, understood. Secondly, on the how is the performance on the sucrose is overall after the acquisition and currently. How is how much? Hundred. Currently the security is going on.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

So Krut, we have turned around. They have stopped losing money. Their losses compared to last year is half because we stopped losing money. We are anticipating at least about 70, 75% growth this year without losing money. Because we are building the team and technology out there. We will start scaling it up over the next two years. At this moment it’s a new transition, new management. We are allowing them to take the time to before they start scaling up aggressively.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, understood. My<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Colleague would like to answer the cash flow question.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Regarding Meru cash flow. After operating profit we have the 45 crores. And after changes in operating activities our net cash flow is 32 crores. And cash flow from investing activity is we have expended 20 crores for the investment in PPE. And the cash flow from financing activity is 13 crores. So net cash and cash equivalents are 18 crores at Nehru.<\/p>\n

Naman Parmar<\/strong><\/p>\n

Okay. And for Ndocs.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Abhijit Singh from Systematics. Please go ahead.<\/p>\n

Siddharth Pamri<\/strong><\/p>\n

Thank you for the opportunity. First question is on the order inflow that we received in the last quarter of 600 crores. Could you give a breakup of the order inflow in terms of segments and geographies like HBDC does, etc.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

So the order inflow, I stand corrected is about 870 crores last quarter and not 600 because we also executed 300 crores of orders last quarter. So we had a fantastic quarter. From the perspective of order. Most of the order intake came from quality power and ndocs. Ndocs came with a larger order on energy storage and automation. Whereas quality power delivered on HVDC and data center businesses. Nehru has been traditionally with the high voltage interconnecting substations at 400 and 220. This next few quarters is when their GIS product line would kick in and the GIs, I would say monetization would start happening in about a year’s time.<\/p>\n

Siddharth Pamri<\/strong><\/p>\n

Right. And sir, so this accounting entry that we did For Indocs of 2.57 million, sir, does obviously hits our other expense line item. Does it also hit any other line item like let’s say revenue or other income? Do we have an entry on that on revenue and other income as well for this quarter or only other expenses impacted because of that entry?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

I think to the best of my knowledge it is only the. It is only a provision adjustment under other income and nothing more.<\/p>\n

Siddharth Pamri<\/strong><\/p>\n

And what about the last quarter? Did we have a similar India’s 29 related entry in the last quarter as well which led to the bump up of the margin?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Correct.<\/p>\n

Siddharth Pamri<\/strong><\/p>\n

Okay. But if you<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Look at it Abhijit at a console level, these are. These are just indexation numbers at a console level. The EBITDA at NDOC stands at about 32% on stable currency terms. And all the money is hedged there. So we do not have any change in margins or profit profiles.<\/p>\n

Siddharth Pamri<\/strong><\/p>\n

Right, sir. Right, sir. So thanks a lot and good to see such great progress on an annual basis. It was truly surprising for me on the upside. So congratulations to the entire team for such good work. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Management, do you want to share the cash flow for NDOCs?<\/p>\n

Siddharth Pamri<\/strong><\/p>\n

Just a minute. Just one minute. Before you could take any other question in dollar terms, I’m just telling you.<\/p>\n

Operator<\/strong><\/p>\n

Okay, sir, next question is from the line of Nakol Gupta from Shikharji Advisors. Please go ahead.<\/p>\n

Siddharth Pamri<\/strong><\/p>\n

Good afternoon, sir. Good afternoon management. Congratulations on great set of numbers. I have just one maximum question. As I answered, I have just one question that whether do we have any plans to increase our stake in Andox or MERU going forward down the lane?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

I don’t think with NDOCs we have a certain plan at this moment as and when things go ahead in the future, we may look into it. Our focus normally is to get a hold of critical technologies where we can develop. I think our strategy has already been clear that if we have to transfer technology from one location to another location it will be at a 1 or 2% royalty internally. So as long as we have access to technology, we do not intend to increase tech. We would rather put money into newer technology areas which are which would incur much better growth for us than just increase the EPS at this moment and for the N docs the cash flow for the Q4 is about 136 crores.<\/p>\n

That is I think answer you’re looking for.<\/p>\n

Siddharth Pamri<\/strong><\/p>\n

Thank you so much. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Nilesh Jain from Astut Investment Management Private Limited. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir. Good afternoon and thank you for the opportunity. My first question is given we had recently visited the plant and the amount of challenges you all had in terms of logistic container shortage. So surprisingly you’ve seen a good number of good number for Q4. Just wanted to understand how is the situation right now in terms of logistics and also otherwise supply chain.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

So I think if the logistics had cleared up we would have revenue more. So at this moment we have revenue less. That is why our inventories have increased so all in good cost. So I think we can have a good Q1 because of that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. On family plan given we had initial target of June to commission and now we’ve increased it expanding to August most likely. How do you see in terms of audit approvals and all for the timeline for that and should we expect then from next year only the entire capacity to be available at the end of Q4 we should expect the new plant should be available.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

If I ask my project manager they are still sticking to the December January for starting but I think we have far more customer pressure to be able to deliver faster. So I think we are. We are under pressure from the customer and projects end we would start trial production and start start delivering at least something by the end of the year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So. And lastly on the inorganic side given you mentioned you’re seeing larger deal sizes broadly if you can identify the geography and you know any new products if you’re looking to identify<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Power electronic battery storage is something high voltage power products is second. Third is we are gungo about insulators because I believe that is becoming a critical bottleneck for us across the the world.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Any plans of manifest doing setting up a capacity for insulator or inorganic all in Good time.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

All in good time.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure, sure. Thank you. And all the best.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, due to posity of time, we will take one last question from the line of Ashok Shah from Eklavia Invesco family office. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thanks for taking my question. Sir. Can you just give some idea then how much or how much competitive or cheaper compared to Hitachi and JV in international market?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

We believe in the business of Leach. We normally do not compete Hitachi, Siemens or GE in our business plans. They are our customers or partners in different market. So I do not have a story how much we are cheaper. I think we can say how good relationship we have with them. That is point one. Point two is the reason why we do that is our skills are much lower than them. And the products like say if I want to get into say high voltage transformer manufacturing for hvdc, the problem would happen is they themselves have the transformer factory.<\/p>\n

Why would they buy from outside? So what we intend to do is create, develop or buy products which they don’t manufacture so that we can package it together to them. So we are complementary to them and not competing them on strategy and product lines.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So none of this we have competition. None of the product we have competition with them.<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

So mostly if I look at say coil products, Hitachi and Siemens do not make this product. GE has a very small factory in Brazil, but mostly for the Indian subcontinent, Asia and Europe they buy from us with regards to high voltage instrument transformers. I think Hitachi, Siemens and GE buy more from us in India than their own facilities because of the volume and scale. What we are operating on, the battery, energy storage, I think they are far, far more expensive and they are not in this kind of markets where we operate.<\/p>\n

Sometimes it is also the markets we operate and their factories being different. So in some markets they have a product line. We may not compete in other markets we may be partners<\/p>\n

Unidentified Participant<\/strong><\/p>\n

From this our competitor. Are we getting around 30 to 40% business per year? Hello. Hello. Yeah, yeah, yeah. Are we getting a 30% business from this, all this?<\/p>\n

Bharanidharan Pandyan<\/strong><\/p>\n

No, sir, it is not 30%. The data we have as per DRHP around one year back is about top 10 customers make 35% of the business. Hello,<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Mr. Shah,<\/p>\n

Operator<\/strong><\/p>\n

Does that answer your question? I think we have lost the connection for Mr. Shah. Ladies and gentlemen, we will take this as the last question for the day. On behalf of assetsi Meta Investment Intermediates. That concludes this conference. Thank you all for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Quality Power Electrical Equipments Ltd (NSE: QPOWER) Q4 2026 Earnings Call dated May. 14, 2026 Corporate Participants: Bharanidharan Pandyan \u2014 Joint Managing Director Unidentified Speaker Sanjog Mhatre \u2014 Chief Business Officer Rajesh Jayaraman \u2014 Chief […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":182967,"position":0},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":142292,"url":"https:\/\/alphastreet.com\/india\/kpr-mill-ltd-kprmill-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":182967,"position":1},"title":"KPR MILL LTD (KPRMILL) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 21, 2023","format":false,"excerpt":"KPR MILL LTD (NSE:KPRMILL) Q3 FY23 Earnings Concall dated Feb. 7, 2023. Corporate Participants: P L Murugappan\u00a0--\u00a0Chief Financial Officer Analysts: Abhishek Nigam\u00a0--\u00a0B&K SECURITIES -- Analyst Kapil Jagasia\u00a0--\u00a0Nuvama -- Analyst Muthu Kumar\u00a0--\u00a0Fidelity Ventures -- Analyst Unidentified Participant\u00a0--\u00a0-- Analyst Presentation: Operator Ladies and gentlemen, good day and welcome to the KPR Mill\u2026","rel":"","context":"In "Consumer"","block_context":{"text":"Consumer","link":"https:\/\/alphastreet.com\/india\/category\/consumer-stocks\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":179682,"url":"https:\/\/alphastreet.com\/india\/quality-power-electrical-equipments-ltd-reports-historic-q3-2026-results-net-profit-skyrockets-221\/","url_meta":{"origin":182967,"position":2},"title":"Quality Power Electrical Equipments Ltd Reports Historic Q3 2026 Results: Net Profit Skyrockets 221%","author":"Staff Correspondent","date":"February 5, 2026","format":false,"excerpt":"Quality Power Electrical Equipments Limited (NSE: QPOWER) announced its most successful quarterly performance to date for the third quarter ended December 31, 2025 (Q3 FY2026). The company\u2019s consolidated revenue surged by nearly 292%, propelled by aggressive inorganic growth and a robust global order book. 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