Quality Construction Products PCL (BKK:Q-CON) Operating Income: ฿243 Mil (TTM As of Mar. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

BKK:Q-CON Quality Construction Products PCL BKK:Q-CON
84 GF Score
Price ฿6.00
GF Value ฿6.32
Valuation Fairly Valued
! 5 Warning Signs
View Full Analysis

What is Quality Construction Products PCL Operating Income?

Quality Construction Products PCL BKK:Q-CON 84 Operating Income is ฿243 Mil as of Mar. 2026. GuruFocus rates BKK:Q-CON with a GF Score™ of 84/100 and a GF Value™ of ฿6.32 (Fairly Valued). The stock has 5 warning signs investors should review.

Quality Construction Products PCL's Operating Income for the three months ended in Mar. 2026 was ฿63 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was ฿243 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Quality Construction Products PCL's Operating Income for the three months ended in Mar. 2026 was ฿63 Mil. Quality Construction Products PCL's Revenue for the three months ended in Mar. 2026 was ฿464 Mil. Therefore, Quality Construction Products PCL's Operating Margin % for the quarter that ended in Mar. 2026 was 13.55%.

Good Sign:

Quality Construction Products PCL operating margin is expanding. Margin expansion is usually a good sign.

Quality Construction Products PCL's 5-Year average Growth Rate for Operating Margin % was 18.90% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Quality Construction Products PCL's annualized ROC % for the quarter that ended in Mar. 2026 was 10.41%. Quality Construction Products PCL's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 14.72%.


Quality Construction Products PCL  (BKK:Q-CON) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Quality Construction Products PCL's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=251.492 * ( 1 - 19.94% )/( (1972.003 + 1896.576)/ 2 )
=201.3444952/1934.2895
=10.41 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=3123.246 - 247.806 - ( 903.437 - max(0, 275.036 - 1259.098+903.437))
=1972.003

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=3208.421 - 437.527 - ( 930.604 - max(0, 462.905 - 1337.223+930.604))
=1896.576

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Quality Construction Products PCL's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=252.692/( ( (1673.551 + max(82.466, 0)) + (1677.206 + max(-53.031, 0)) )/ 2 )
=252.692/( ( 1756.017 + 1677.206 )/ 2 )
=252.692/1716.6115
=14.72 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(156.496 + 182.333 + 0.00099999999997635) - (247.806 + 0 + 8.558)
=82.466

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(178.029 + 211.522 + 0) - (437.527 + 0 + 5.055)
=-53.031

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Quality Construction Products PCL's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=62.873/463.906
=13.55 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Quality Construction Products PCL Operating Income Related Terms


Quality Construction Products PCL Operating Income Historical Data

* Premium members only.

The historical data trend for Quality Construction Products PCL's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Quality Construction Products PCL Operating Income Chart

Quality Construction Products PCL Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 155.69 364.59 907.06 579.51 290.37

Quality Construction Products PCL Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 110.72 64.92 61.29 53.44 62.87
BKK:Q-CON
84GF Score
Quality Construction Products PCL BKK:Q-CON
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Quality Construction Products PCL Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was ฿243 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of ฿243 Mil mean?
Quality Construction Products PCL (BKK:Q-CON) has a Operating Income of ฿243 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Quality Construction Products PCL and its competitors.
Is Quality Construction Products PCL's Operating Income too high?
Quality Construction Products PCL's current Operating Income is ฿243 Mil. Overall, Quality Construction Products PCL has a GF Score™ of 84/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Quality Construction Products PCL's Operating Income compare to TT and JCI?
Quality Construction Products PCL's Operating Income of ฿243 Mil can be compared against companies in the Construction industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Construction company?
A good Operating Income depends on the Construction industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Quality Construction Products PCL and its competitors. Quality Construction Products PCL's current Operating Income is ฿243 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Quality Construction Products PCL stock overvalued right now?
Based on GuruFocus' analysis, Quality Construction Products PCL (BKK:Q-CON) is currently considered Fairly Valued. The stock's GF Value™ is ฿6.32, compared to a current price of ฿6.00 — trading 5.1% below its estimated fair value. The current Operating Income is ฿243 Mil. Quality Construction Products PCL's overall GF Score™ is 84/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Quality Construction Products PCL (BKK:Q-CON), the current Operating Income is ฿243 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Quality Construction Products PCL (BKK:Q-CON) Overvalued in 2026?

Based on GuruFocus' analysis, Quality Construction Products PCL stock appears to be undervalued. The current stock price of ฿6.00 is trading 5.1% below its estimated GF Value™ of ฿6.32. GuruFocus considers Quality Construction Products PCL to be Fairly Valued.

Key valuation signals for BKK:Q-CON:

  • Operating Income: ฿243 Mil
  • GF Value™: ฿6.32 vs. price of ฿6.00 (5.1% below fair value)
  • GF Score™: 84/100 with 5 warning signs

No single metric tells the full story. See the BKK:Q-CON stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Quality Construction Products PCL Business Description

Address 144 Moo 16, Udomsorayuth Road, Tambol Bangkrasan, Amphur Bang Pa-In, Phra Nakhon Si Ayutthaya Province, Ayutthaya, THA, 13160
Quality Construction Products PCL is engaged in the production and distribution of autoclaved aerated concrete blocks, reinforced wall panels, floor panels, and lintels for construction use. Its geographical segments are domestic and overseas. The company's products are distributed under the Q-CON brand. Key revenue is generated from the domestic domain.
84GF Score

Get the complete analysis for BKK:Q-CON

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

฿6.00
Price
฿6.32
GF Value