Quest Flow ControlsShare price, financial results, shareholding and management
- Market cap
- ₹186 cr
- Stock P/E
- -peers 17.6
- Book value
- ₹79.8
- Price to book
- 2.27
- EV / operating profit
- -
- Market cap to sales
- 2.98
- ROCE · FY26
- 0.4%
- ROE · FY26
- -1.1%
- ROE, 3-year average
- 10.8%
- Operating margin · FY26
- 0.1%peers 8.2%
- Sales growth, 3 years
- 19.4%
- Profit growth, 3 years
- -112.3%
- Debt to equity
- 0.07peers 0.55
- Borrowings
- ₹5.5 cr
- Interest cover
- 0.5×
- Cash from business / op. profit
- -13400%
- Debtor days
- 295
- Pledged
- 0.00%
- Promoter holding
- 32.52%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 3,301
- 52-week high / low
- ₹289 / ₹116
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Quest Flow Controls share price chart
Close on 6 Nov 2026 · +0.19% on the day · Vol 6,400
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +10.7%
- 3 months
- -6.0%
- 6 months
- -30.7%
- 1 year
- -21.2%
- Traded a day, 20 days
- ₹0.57 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | -7% | -112% |
| 3 years, a year | +19% | - |
| Latest half, H2 FY26 | -4% | -187% |
About Quest Flow Controls: business, products and customers
Quest Flow Controls makes valves for warships, submarines, merchant ships, oil and gas plants and power stations at its factory near Pune, and has started selling in the United States. Its shares trade on BSE SME.
Quest Flow Controls, formerly Meson Valves India, designs, machines, assembles and tests industrial valves at a 35,000 sq ft plant at Chakan near Pune, with an R&D office at Baner; it moved its registered office there from Goa in May 2026. Its range covers butterfly, ball, gate, globe, quick-closing and submarine valves and remote-controlled valve systems, many in non-ferrous alloys such as nickel aluminium bronze for ships. Customers include naval shipyards and defence companies such as Garden Reach Shipbuilders, Mazagon Dock and BHEL, oil and gas, power and process plants, and since FY26 customers in the USA and Russia.
The work is project based: the company wins an order, makes and tests valves to that specification and is paid after delivery, often months later. That shapes the numbers in three ways. Revenue bunches into the second half of the year; money owed by customers is large, about ten months of FY26 sales at March 2026 (our arithmetic); and the bigger plant, larger team and new test benches added in FY26 raised fixed costs before revenue followed, so operating profit was close to zero for the year.
Read more about the business
In FY26 it took 45% of QFC LLC in Houston, Texas, as a base for sales and assembly in North America, and sold its stakes in H2O Dynamics India (water treatment), TAMR Alloys and Nibe Meson Naval. The FY26 loss includes its share of the US associate's loss and a one-time royalty fee under a technology licence it is moving away from, partly offset by a capital gain on those sales booked in other income.
The company says it competes with established Indian and international valve makers and with imports, and that few Indian makers supply non-ferrous valves to naval standards; its documents do not name listed competitors.
From the FY25 and FY26 annual reports, the investor presentation of May 2026 and the H2 FY24 earnings call of June 2024.
Read the deeper study ↓In its favour
- It has little debt for its size: debt to equity 0.07.
To watch
- Collection of the ₹50.4 cr owed by customers at March 2026, which the Chairman calls a personal priority (annual report FY26, p.7 and p.96).
- The first audit by APRA & Associates LLP after Bilimoria Mehta & Co. resigned from 29 June 2026; the FY25 audit report also noted an auditor resignation that year (annual report FY26, p.38; FY25, p.75).
- API certification, expected by June 2026 in the presentation and during FY27 in the annual report (presentation, May 2026, p.21; annual report FY26, p.58).
- Losses at QFC LLC, Houston, and conversion of the 9,85,080 warrants (annual report FY26, p.57 and p.41).
- Customers take longer to pay than before: 295 days in FY26, against 242 in FY21.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Quest Flow Controls revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were lower than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Quest Flow Controls half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 19.92 | 43.22 | 29.62 | 37.59 | 26.22 | 36.14 |
| Expenses | 15.82 | 32.55 | 22.47 | 32.27 | 19.81 | 42.49 |
| Operating profit | 4.11 | 10.67 | 7.15 | 5.32 | 6.41 | -6.35 |
| OPM | 20.6% | 24.7% | 24.1% | 14.2% | 24.4% | -17.6% |
| Interest | 0.34 | 0.53 | 0.37 | 0.44 | 0.27 | 0.41 |
| Depreciation | 0.41 | 0.75 | 1.50 | 1.95 | 2.02 | 2.98 |
| Profit before tax | 3.38 | 9.55 | 5.31 | 3.63 | 1.80 | -2.13 |
| Net profit | 2.65 | 6.44 | 3.97 | 2.88 | 1.66 | -2.50 |
Quest Flow Controls profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 15.32 | 14.10 | 36.65 | 63.14 | 67.21 | 62.36 |
| Expenses | 14.71 | 10.35 | 29.69 | 48.37 | 54.74 | 62.30 |
| Operating profit | 0.61 | 3.75 | 6.96 | 14.77 | 12.47 | 0.06 |
| OPM | 4.0% | 26.6% | 19.0% | 23.4% | 18.6% | 0.1% |
| Other income | 0.10 | 0.22 | 0.54 | 0.18 | 0.73 | 7.88 |
| Interest | 0.30 | 0.59 | 0.89 | 0.87 | 0.81 | 0.67 |
| Depreciation | 0.21 | 0.39 | 0.46 | 1.16 | 3.44 | 5 |
| Exceptional and other items | · | · | · | · | · | -2.60 |
| Profit before tax | 0.20 | 2.99 | 6.15 | 12.92 | 8.94 | -0.33 |
| Tax rate | 45.0% | 28.8% | 27.3% | 30.0% | 23.5% | -157.1% |
| Net profit | 0.12 | 2.13 | 4.47 | 9.05 | 6.84 | -0.84 |
| EPS ₹ | · | · | · | · | 6.69 | -4.17 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY26) comes from tax charged on a small or negative profit, as reported.
Quest Flow Controls profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a low return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 4.0% | 26.6% | 19.0% | 23.4% | 18.6% | 0.1% |
| Tax rate | 45.0% | 28.8% | 27.3% | 30.0% | 23.5% | -157.1% |
| ROCE | · | 33.1% | 32.6% | 28.4% | 14.2% | 0.4% |
| ROE | · | 131.9% | 39.3% | 22.6% | 10.8% | -1.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Quest Flow Controls debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Quest Flow Controls balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.07 | 0.07 | 6.92 | 10.16 | 10.16 | 10.26 |
| Reserves | 0.48 | 2.61 | 13.15 | 50 | 56.28 | 71.64 |
| Net worth | 0.55 | 2.68 | 20.07 | 60.16 | 66.44 | 81.90 |
| Borrowings | 9.18 | 9.24 | 11.24 | 5.61 | 4.72 | 5.48 |
| Other liabilities | 11.33 | 15.46 | 13.78 | 19.11 | 12.89 | 37.90 |
| Total liabilities | 21.06 | 27.38 | 45.09 | 84.88 | 84.05 | 125.28 |
| Fixed assets | 1.10 | 1.52 | 1.55 | 13.95 | 19.23 | 22.74 |
| Capital work in progress | 0 | 0 | 0 | 3.58 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0.06 | 1.98 |
| Other assets | 19.96 | 25.86 | 43.54 | 67.35 | 64.76 | 100.56 |
Quest Flow Controls cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 4.05 | -0.71 | -8.03 | -13.12 | 4.49 | -8.04 |
| Cash from investing | -0.45 | -0.82 | -0.49 | -17.20 | -16.27 | -8.21 |
| Cash from financing | -0.60 | -0.72 | 8.70 | 31.09 | 13.07 | 18.84 |
| Net cash flow | 3 | -2.25 | 0.18 | 0.77 | 1.29 | 2.59 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 242 | 266 | 155 | 201 | 205 | 295 |
| Inventory days | 94 | 933 | 189 | 141 | 62 | 167 |
| Days payable | 346 | 1,081 | 106 | 125 | 73 | 290 |
| Cash conversion cycle | -9 | 118 | 238 | 217 | 195 | 172 |
| Working capital days | -15 | 81 | 153 | 258 | 242 | 256 |
Quest Flow Controls peers and competitors
Listed SME companies in the same industryBy sales, Quest Flow Controls is number 108 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Bulkcorp International | 60 | 16.0 | 65.8 | 3.7 | 10.1% | 0.30 |
| Agarwal Float Glass India | 18 | 12.5 | 65.1 | 1.5 | 5.7% | 0.82 |
| Abril Paper Tech | 24 | 15.9 | 65.1 | 1.5 | 3.2% | 0.03 |
| Dhaval Packaging | 171 | 21.3 | 65 | 8 | 21.7% | 0.78 |
| Kasturi Metal Composite | 89 | 22.4 | 64.4 | 4 | 12.5% | 0.38 |
| Quest Flow Controls | 186 | - | 62.4 | -0.8 | 0.1% | 0.07 |
| Krupalu Metals | 15 | 5.6 | 62.3 | 2.8 | 7.7% | 0.63 |
| Abha Power and Steel | 43 | 17.6 | 62.2 | 2.5 | 8.6% | 0.37 |
| Earthstahl & Alloys | 15 | - | 61.6 | -4.9 | -4.2% | 0.46 |
| 3B Films | 36 | 19.4 | 60 | 1.8 | 18.5% | 1.89 |
| Pattech Fitwell Tube Components | 103 | 54.6 | 59.8 | 1.9 | 6.7% | 0.89 |
| Median of the 10 others | 40 | 17.6 | 63.3 | 2.2 | 8.2% | 0.55 |
Quest Flow Controls shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own less than half the company. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
Quest Flow Controls shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 23 | Mar 24 | Sep 24 | Mar 25 | Sep 25 | Dec 25 | Mar 26 | |
|---|---|---|---|---|---|---|---|
| Promoters | 32.83% | 32.83% | 32.83% | 32.83% | 32.83% | 32.52% | 32.52% |
| Foreign investors (FIIs) | 1.90% | 2.15% | 2.28% | 6.51% | 6.95% | 7.83% | - |
| Indian institutions (DIIs) | 2.48% | 1.94% | 1.96% | 2.01% | 2.01% | 1.99% | - |
| Number of shareholders | 956 | 1,082 | 2,311 | 2,996 | 3,325 | 3,308 | 3,301 |
Quest Flow Controls study: the business from its own documents
Read from 5 of the company's own documentsQuest Flow Controls key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹62.4 cr
- Consolidated, down from ₹67.2 cr in FY25; the year ended in a loss of ₹4.3 cr against a profit of ₹6.8 cr.Annual report FY26, p.36; investor presentation, May 2026, p.18
- Capital gain
- ₹7.3 cr
- Gain on selling stakes, booked in FY26 other income of ₹7.9 cr; without it the year's loss would have been larger.Annual report FY26, p.63 and p.99
- US associate loss
- ₹3.4 cr
- Share of FY26 loss from the 45% stake in QFC LLC, Houston, in which the company invested ₹5.4 cr.Annual report FY26, p.63 and p.102
- Money owed by customers
- ₹50.4 cr
- Receivables at March 2026, up from ₹37.8 cr; ₹10.8 cr was more than six months old and ₹2.7 cr more than three years.Annual report FY26, p.96
- Cash from operations
- Minus ₹8.0 cr
- In FY26 against plus ₹4.5 cr in FY25, as receivables and stock rose; supplier credit grew to ₹30.8 cr from ₹8.3 cr.Annual report FY26, p.114; investor presentation, May 2026, p.19
Show 5 more facts
- Two naval orders
- ₹43.4 cr
- Garden Reach Shipbuilders, ₹23.55 cr in September 2025 to be executed over 12 to 18 months, and BHEL, ₹19.89 cr in July 2025 for remote-control valves.Annual report FY26, p.7; our arithmetic
- Exports
- 29%
- Share of FY26 revenue from exports (oil and gas 26%, marine 3%); domestic marine work was 55%.Investor presentation, May 2026, p.20; our arithmetic
- Stated capacity
- 30,000 valves a year
- Up from about 3,000 with three shifts; the plant ran at about 70% use in the May 2026 presentation.Annual report FY26, p.58; investor presentation, May 2026, p.22
- Warrants
- 9,85,080
- Convertible warrants approved in June 2025, with ₹14.75 cr received against them by March 2026, alongside 97,561 preferential shares.Annual report FY26, p.38 and p.41; investor presentation, May 2026, p.19
- Auditor resigned
- 29 Jun 2026
- Bilimoria Mehta & Co. resigned as statutory auditor after the FY26 audit; APRA & Associates LLP was appointed from 2 July 2026.Annual report FY26, p.38 and p.44
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The Chairman says the priority for FY27 is to convert the order pipeline into revenue, fill the expanded plant, bring castings in-house and collect receivables, and that API certification for oil and gas valves is expected during FY27. The company reports an order book and pipeline, but its May 2026 presentation and its FY26 annual report give different order book figures, so none is shown here. Its earlier growth and foundry plans have so far run behind, as the promises below show.
| What management said | When | What happened |
|---|---|---|
| Sustainable growth of 25% to 30% a year | June 2024 call | Revenue ₹67.2 cr in FY25 and ₹62.4 cr in FY26, against ₹63.1 cr in FY24 |
| In-house castings from July 2024, full load about a year later, adding about 3% to PAT margin | June 2024 call | FY26 annual report still describes the programme as in progress |
| API certification expected by June 2026 | May 2026 presentation | September 2026 annual report says it is expected during FY27 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Quest Flow Controls earns money making specialised valves for navy and merchant ships and for plants, winning orders that take years of testing and approvals to qualify for.
Its weak spots are slow collections from a few large customers, a cost base that grew faster than sales, and losses in its new US venture.
AverageCan it set its own prices?Partly. Few makers hold its naval approvals, but imports compete on price and US prices came under pressure from tariffs.
AverageHow strong is it against rivals?Its type tests and class approvals take years to earn and keep rivals out of naval work, but it is a small company with one plant.
WatchWho are its customers?Mostly naval shipyards and defence companies, which are reliable but few, slow to pay and tied to government schedules.
WatchDoes it need a lot of money?Yes. Customers pay long after delivery and stock has built up, so warrant money and supplier credit have been paying for the business.
AverageCan it keep finding new work?It is winning bigger naval orders and its first exports, but sales have not grown for two years and earlier growth targets were missed.
WatchDo good and bad years swing a lot?Yes. Orders are large and lumpy, and a delay at a shipyard moves revenue from one half or year to the next.
Who runs Quest Flow Controls?
Promoters, directors and officers; tap a name for the background
BMBrijesh Madhav ManerikarPromoter, Chairman and Managing Director
Diploma in Shipbuilding Engineering from the Board of Technical Examinations, Goa (2000); with the company since incorporation and responsible for its management; the presentation cites over 24 years in shipbuilding, marine, defence, offshore and naval work. Holds 50 shares personally; the promoter shareholding is held by India Futuristic Marine Private Limited. Re-appointed for three years from 25 September 2026; paid ₹55.7 lakh in FY26.
Annual report FY26, p.12, p.27, p.92 and p.102; investor presentation, May 2026, p.9SRSwaroop Raghuvir NatekarPromoter and Whole-Time Director
Diploma in Mechanical Engineering from the Board of Technical Examinations, Maharashtra (1998); with the company since incorporation, looks after finance and supplier negotiations; the presentation cites over 20 years in operations and supply chain. Holds 50 shares; re-appointed for three years from 25 September 2026; paid ₹55.7 lakh in FY26.
Annual report FY26, p.28 and p.102; investor presentation, May 2026, p.9IFIndia Futuristic Marine Private LimitedPromoter shareholder · holds 32.52%
The only shareholder listed under promoters. It has also lent the company money: ₹2.6 cr outstanding at March 2026, repayable on demand, with ₹0.29 cr of interest outstanding to it.
Annual report FY26, p.92, p.93 and p.102; annual report FY25, p.75KDKishor Dhondu MakvanExecutive Director and Chief Executive Officer
On the board since 12 June 2023 and CEO since 1 June 2024; over 25 years across sales and marketing, production, quality, procurement and plant operations. Paid ₹67.1 lakh in FY26.
Annual report FY26, p.39 and p.102; investor presentation, May 2026, p.9LVLalit VarshneyNon-Executive Director
Former Outstanding Scientist at Bhabha Atomic Research Centre and an International Atomic Energy Agency expert in radiation technology; on the board since December 2024 and a director of H2O Dynamics India Limited.
Annual report FY26, p.26SBSoundararajan BalasubramanianIndependent Director
On the board since 12 June 2023; chairs the audit, nomination and remuneration, and stakeholder relationship committees.
Annual report FY26, p.39 to 41VEVijaya E ShahapurkarChief Financial Officer
CFO since 5 May 2023; the board also appointed the CFO as the company's internal auditor for FY26.
Annual report FY26, p.6, p.39 and p.44AJAnkit JainCompany Secretary and Compliance Officer
In the role since 5 August 2024.
Annual report FY26, p.39Quest Flow Controls latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹36.1 cr (-4%), net profit -₹2.5 cr (-187%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 32.52%.
Quest Flow Controls announcements
7 on record, latest first; each opens the filing on the exchange
- Company UpdatePursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, we are enclosing herewith the Press Release of the CPDF ↗
- OthersBoard Meeting Outcome for Meeting Held On 10Th October 2026PDF ↗
- Insider Trading / SASTThe Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for India Futuristic MPDF ↗
- Insider Trading / SASTPlease Find Attached intimation for closure of trading windowPDF ↗
- AGM/EGMDeclaration of Voting Result along with Scrutinizer Report of Annual General Meeting of the CompanyPDF ↗
- Company UpdateClarification sought on price movement of our Company''s shares on Stock ExchangePDF ↗
- Company UpdateThe Exchange has sought clarification from Quest Flow Controls Ltd on September 16, 2026 with reference to significant movement in price, in order to ensure tha
Quest Flow Controls annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- 30 June 2024 ↗read
Quest Flow Controls share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Quest Flow Controls' data · 7
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,02,57,623 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Quest Flow Controls
What does Quest Flow Controls do?
Quest Flow Controls makes valves for warships, submarines, merchant ships, oil and gas plants and power stations at its factory near Pune, and has started selling in the United States. Its shares trade on BSE SME.
What is the share price of Quest Flow Controls?
₹181 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Quest Flow Controls?
₹186 cr at the close on 6 Nov 2026, on 1,02,57,623 shares.
What are Quest Flow Controls' revenue and profit?
Revenue ₹62 cr and profit after tax -₹1 cr in FY26.
Who are the promoters of Quest Flow Controls?
Brijesh Madhav Manerikar, Swaroop Raghuvir Natekar, India Futuristic Marine Private Limited; promoters held 32.52% at 31 March 2026.
What is Quest Flow Controls' website?
questflowcontrols.com
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Built from 3 annual reports, 1 earnings call transcript, 1 investor presentation, 7 exchange announcements, 7 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.