QPOWER Q2 FY27 Guidance vs Delivery (QPOWER Management Mirror)

Q2 FY27 EBITDA Margin Reaches 23.1%, Tracking Above the 20% FY27 Guidance Maintained in Jun'26 Qtr

For Q2 FY27, Quarterly Financial Results reported consolidated revenue of INR 2,725 million and EBITDA of INR 630 million at a 23.1% margin, while the Sep'26 Qtr concall stated consolidated revenue from operations at INR 285.45 crores and PAT of INR 63.33 crores. In the Mar'26 Qtr concall, management had guided FY27 consolidated revenue growth of 15% to 20% with EBITDA margins between 15% and 20%, which was reaffirmed in Jun'26 Qtr at 20% revenue growth and margins of 20% or high teens. Looking ahead, management reaffirmed around 50% revenue growth for FY28. Stable base case margin guidance is maintained at about 20% factoring in higher depreciation from newly commissioned facilities, with segment-level margins expected to exceed 25% for Quality Power standalone, normalize at 22%-23% for Mehru, hit 20%-25% EBIT for Win-Win insulators, and land at 10%-12% for PCS, pending formal guideline revisions at the end of Q3 FY27.