Financial Results Approval

The Board approved the Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended 30th September 2026, as reviewed and recommended by the Audit Committee. The Limited Review Reports were issued by M/s. Kishor Gujar & Associates, Chartered Accountants (Firm Registration No. 116747W).

Standalone Financial Performance (Q2 FY27)

  • Revenue from operations: ₹740.48 million (Q2 FY26: ₹527.92 million)
  • Other income: ₹26.78 million (Q2 FY26: ₹15.17 million)
  • Total income: ₹767.26 million (Q2 FY26: ₹543.09 million)
  • Profit before tax: ₹298.96 million (Q2 FY26: ₹173.19 million)
  • Tax expense: ₹75.43 million (Q2 FY26: ₹43.91 million)
  • Net profit: ₹223.53 million (Q2 FY26: ₹129.28 million)
  • EPS (basic and diluted): ₹2.89 (Q2 FY26: ₹1.67)

Half-Year Standalone Performance (H1 FY27)

  • Revenue from operations: ₹1,395.26 million (H1 FY26: ₹933.14 million)
  • Total income: ₹1,460.41 million (H1 FY26: ₹961.48 million)
  • Profit before tax: ₹632.58 million (H1 FY26: ₹313.91 million)
  • Net profit: ₹469.18 million (H1 FY26: ₹237.95 million)
  • EPS (basic and diluted): ₹6.06 (H1 FY26: ₹3.07)

Consolidated Financial Performance (Q2 FY27)

  • Revenue from operations: ₹2,326.65 million
  • Other income: ₹237.14 million
  • Total income: ₹2,563.79 million
  • Profit before tax: ₹594.22 million
  • Tax expense: ₹137.94 million
  • Net profit: ₹467.24 million
  • EPS (basic and diluted): ₹4.66

Half-Year Consolidated Performance (H1 FY27)

  • Revenue from operations: ₹5,051.93 million (H1 FY26: ₹3,824.75 million)
  • Total income: ₹5,499.82 million (H1 FY26: ₹4,129.53 million)
  • Profit before tax: ₹1,366.16 million (H1 FY26: ₹886.18 million)
  • Net profit: ₹1,100.52 million (H1 FY26: ₹722.31 million)
  • EPS (basic and diluted): ₹10.14 (H1 FY26: ₹6.26)

Business Performance Review

The Board reviewed operational and financial performance for H1 FY27, noting growth despite raw material price volatility. The consolidated order book surpassed ₹2,000 crore driven by sustained demand for reactors, instrument transformers, Power Conversion Systems (PCS), and FACTS solutions.

The Board acknowledged combined efforts of Quality Power and Winwin Speciality Insulators Limited (WSIL) sales teams in securing an 800 kV HVDC porcelain insulator order along with multiple orders for 765 kV and 400 kV applications. These orders are not included in the reported consolidated order book pending completion of the proposed acquisition.

The Board commended WSIL's technical and manufacturing teams for successfully completing applicable type tests in accordance with European and American standards for porcelain insulators up to 400 kV during the preceding two months.

Capital Expenditure and Manufacturing Expansion

Global Coil Factory, Sangli

The Board noted commencement of manufacturing operations at the new Global Coil Factory in Sangli on 20th October 2026. Approved additional capital expenditure of ₹25 crore for establishing manufacturing capabilities for oil filled shunt reactors.

HVDC CTC Magnet Wire Facility

The Board reviewed implementation status including machinery readiness and remaining installation/commissioning activities.

Endoks PCS Facility, Niğde, Turkey

The Board noted commencement of manufacturing operations on 16th October 2026 at the new Power Conversion Systems (PCS) facility of subsidiary Endoks Energy Systems in Niğde, Turkey.

Proposed Acquisition of Winwin Speciality Insulators Limited

The Board reviewed status of the proposed acquisition of up to 100% of Winwin Speciality Insulators Limited for aggregate consideration of up to ₹272.34 crore, comprising cash consideration of up to ₹123.84 crore and issuance of up to 1,017,123 equity shares at ₹1,460 per share on preferential basis.

Requisite shareholder approval was obtained through Special Resolution passed at Extraordinary General Meeting held on 19th October 2026. The acquisition remains subject to fulfilment of conditions precedent under Share Purchase Agreement and receipt of applicable regulatory approvals.

The Board noted that listing of equity shares proposed to be issued on preferential basis is required to be completed prior to opening of the Company's proposed Qualified Institutions Placement (QIP).

Qualified Institutions Placement (QIP)

The Board had previously approved raising funds not exceeding ₹7,000 million by issuance of equity shares and/or other eligible securities through QIP under Chapter VI of SEBI (ICDR) Regulations, 2018. Shareholders accorded approval by Special Resolution at EGM held on 19th October 2026.

Meeting Details

The Board meeting commenced at 04:35 PM and concluded at 05:40 PM on 31st October 2026.

Investor Complaints

Status for period ended 30th September 2026: 0 complaints received, 0 resolved, 0 pending.

Subsidiaries and Associates Included in Consolidation

  • Quality Power Engineering Projects Private Limited (98% subsidiary)
  • Mehru Electrical & Mechanical Engineers Pvt. Ltd. (51% subsidiary, acquired 6th March 2025)
  • S&S Transformers and Accessories Private Limited (100% subsidiary)
  • Endoks Enerji Anonim Şirketi, Turkey (51% step-down subsidiary)
  • Nebeskie Labs Private Limited (26% step-down associate, classified from 2nd August 2025)
  • Sukrut Electric Company Private Limited (50% joint venture associate, shares acquired 8th January 2026)

Hyperinflation Impact

Step-down foreign subsidiary Endoks Enerji Anonim Şirketi, Turkey, operating under hyperinflationary economy, recorded net monetary gain of ₹38.30 million due to inflation impact as per Ind AS 29, recognized under 'Other Expenses'.

Capital Structure

Paid-up share capital remained unchanged at ₹774.44 million (77,444,100 equity shares of ₹10 face value each).