Quality Power Electrical Equipments544367Preferential allotment

Valuer issues addendum to preferential-issue valuation report

An addendum to the valuation report behind Quality Power's proposed preferential issue of equity shares for consideration other than cash (a proposed share swap with WINWIN Specialty Insulators Ltd) has been disclosed.

By ScoutQuest · Fri 23 Oct 2026, 3:55 PM IST · 3 min read

WINWIN value per share (NAV): Rs. 141.88 per share on net asset value, 100% weightage
Quality Power value per share (SEBI ICDR): Rs. 1456.40 per share as per SEBI ICDR pricing, 100% weightage
Quality Power DCF / NAV (supplementary): DCF (Rs. 568.64) and NAV (Rs. 52.85), 0% weightage

What was shared

Quality Power Electrical Equipments Ltd has disclosed an addendum report to the valuation report that supports its proposed preferential issue of equity shares for consideration other than cash. The valuer, CA Aman Bansal (Registered Valuer), issued the addendum on October 23, 2026, after the National Stock Exchange of India Ltd wrote to the company on October 22, 2026 in the course of its review of the company's application for in-principle approval.

The addendum only provides additional detail and computations in support of the original valuation report dated 23rd September, 2026, and the conclusions of that original report remain unchanged.

What the addendum explains

The transaction is a proposed share swap between WINWIN Specialty Insulators Ltd (the target company) and Quality Power Electrical Equipments Ltd (the acquiring company).
The valuer has set out which valuation approaches were considered, the weightage given to each, and the reason for using or not using them, separately for the two companies.

WINWIN Specialty Insulators Ltd (target company)

The company is not currently carrying out any operational business activities as of the valuation date.
Because of that, only the Net Asset Value (NAV) approach under the asset approach was considered appropriate.
The Income Approach (DCF) was not considered appropriate, as there are no operating activities to base sustainable future cash flows on.
The Market Approach (comparable companies or transactions) was also not considered appropriate, for the same reason.
Value per share under the asset approach: 141.88; weightage 100%.
Relative Value Per Share: 141.88.

Quality Power Electrical Equipments Ltd (acquiring company)

It is a listed entity, so its share price was determined in line with the applicable pricing requirements under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
Asset Approach (NAV) value per share: 52.85.
Income Approach (DCF) value per share: 568.64.
Market Approach (share price as per SEBI ICDR Regulations) value per share: 1456.4, and this approach carries weightage of 100%.
Relative Value Per Share: 1456.40.
The NAV approach was not adopted for Quality Power because it has operational business activities, so no weightage was assigned to it.
The DCF value per share came in lower than the value arrived at under the applicable SEBI pricing guidelines, so the higher value determined under the SEBI pricing guidelines was used for the share price.
The DCF and NAV work for Quality Power was carried out as a supplementary analysis and was assigned 0% weightage in determining the applicable share price.

How the two sides are valued

The target company's value rests entirely on its net assets, at 141.88 per equity share, since it is not running any business.
The acquiring company's value is anchored to its market price as determined under SEBI pricing rules, at 1456.40 per equity share, with its own NAV and DCF figures used only as supporting checks.
Both relative values above are per equity share, expressed in INR as printed in the valuation tables.

What this means

The update is an addendum, not a fresh valuation: the original valuation conclusions are unaltered, and this document supplements them.
The addendum was issued while the exchange was reviewing the company's application for in-principle approval of the proposed preferential issue.

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