Key Quantitative Figures

  • Total Revenue: ₹2,564 million, up 32.1% YoY (Q1 FY26: ₹1,941 million)
  • Adjusted EBITDA: ₹725 million, up 49.8% YoY (Q1 FY26: ₹484 million); Margin: 28.3%
  • Adjusted PAT: ₹545 million, up 47.2% YoY (Q1 FY26: ₹371 million); Margin: 21.3%
  • Reported EBITDA: ₹647 million; Reported PAT: ₹467 million
  • Diluted EPS (Adjusted): ₹5.44 per share, up 74.4% YoY (Q1 FY26: ₹3.12)
  • Diluted EPS (Reported): ₹4.66 per share
  • Order Book (as on 30 June 2026): ₹19,455 million (1.9x FY2026 revenue)
  • Endoks: ₹8,010 million
  • Mehru: ₹5,850 million
  • Quality Power: ₹5,530 million
  • Others: ₹65 million
  • Order Wins during Quarter: ₹104.9 crore disclosed
  • ₹48.3 crore: High voltage reactors for US data centre project
  • ₹40.9 crore: FACTS system and equipment order in Japan (Endoks)
  • ₹15.70 crore: 400 kV instrument transformer orders from Hitachi Energy India Limited (Mehru)
  • Ind AS 29 Adjustment: Non-cash net monetary loss of ₹78.21 million from Turkish operations
  • Interim Dividend: ₹0.25 per equity share declared for FY2027

Dates of Action

  • Quarter Ended: 30 June 2026
  • Board Approval Date: Not explicitly stated, but results announced on 9 August 2026
  • Trial Production Target: Sangli expansion targeted for August 2026
  • Machinery Installation: HVDC CTC magnet wire facility scheduled to commence August 2026
  • Operations Commencement: Endoks power conversion systems expected Q3 FY2027

Parties Involved

  • Company Subsidiaries: Endoks Enerji Anonim Sirketi (Turkey), Mehru (material subsidiary)
  • Counterparties: Hitachi Energy India Limited (customer)
  • Acquisition Target: Winwin Speciality Insulators Limited
  • Management: Mr. P. T. Pandyan (Chairman and Managing Director), Mr. Shylendra Kumar (Group Chief Technology Officer), Deepak Ramchandra Suryavanshi (Company Secretary and Compliance Officer)

Financial Impact

  • The Ind AS 29 adjustment represents a non-cash accounting charge with no fund outflow, asset impairment, or tax deduction.
  • Adjusted measures are presented to reflect underlying operating performance excluding this charge.

Capital Structure Impact

  • No direct impact on share capital disclosed.
  • Diluted EPS calculated on 7,74,44,100 equity shares.

Strategic Updates and Rationale

  • Proposed Acquisition: Term sheet executed in June 2026 for 100% acquisition of Winwin Speciality Insulators Limited at enterprise value of approximately ₹315 crore. Purpose: Add ceramic insulator manufacturing capability (up to 1,200 kV) and polymeric insulators (up to 400 kV), broadening high voltage product portfolio.
  • Capacity Expansions:
  • Sangli manufacturing expansion: Machinery installation underway, trial production targeted August 2026
  • HVDC CTC magnet wire facility: Machinery installation scheduled August 2026
  • Endoks Turkey expansion: Civil construction complete, interior fit out underway. Will establish advanced instrument transformer manufacturing in Europe.
  • Management Appointment: Mr. Shylendra Kumar appointed as Group Chief Technology Officer with over 30 years experience in power quality and reactive power compensation.

Forward-Looking Commentary

  • Demand Environment: Structural outlook remains robust with global investment in grid modernization, HVDC interconnections, renewable integration, energy storage, and data center infrastructure.
  • Challenges: Raw material constraints (electrical grade steel, copper, specialized insulation systems) and variable input pricing due to geopolitical conditions.
  • Mitigation Strategies: Long-term supplier agreements, dual sourcing, vertical integration through Sangli facility, disciplined contractual pass-through arrangements.
  • Order Pipeline: Tender activity across North America, Europe, Middle East, Asia and India at multi-year highs. Breakthrough positions in HVDC technologies and qualifications for grid-scale battery energy storage in Europe.

Management Commentary (Mr. P. T. Pandyan, Chairman & MD)

Highlighted strong Q1 performance with 32.1% revenue growth and 49.8% adjusted EBITDA growth. Noted emerging opportunities from hyperscale and AI data center infrastructure requirements. Emphasized convergence of digital and power infrastructure creating new requirements for grid connectivity and power quality. Stated acquisition strategy focuses on building complementary capabilities across high voltage value chain. Priority remains building Quality Power as a technology-driven, globally relevant high voltage equipment company.