Chnage coulmn value

Not sure of your complete data format. To the provided sample, the below would work for you.

Create Table Test_Oct_31_1(Col1 Varchar(50))
Insert into Test_Oct_31_1 Select 'PF-India-QP-9-02396'
Insert into Test_Oct_31_1 Select 'PF-India-9-0026'
Insert into Test_Oct_31_1 Select 'PF-India-QP-9-0044'

Select PARSENAME(REPLACE(REPLACE(REPLACE(Col1,'-India-QP-','I-QP-'),'-India-9-','I-STD-9-'),'-','.'),2) +'-'
+ PARSENAME(REPLACE(REPLACE(REPLACE(Col1,'-India-QP-','I-QP-'),'-India-9-','I-STD-9-'),'-','.'),4) +'-'
+ PARSENAME(REPLACE(REPLACE(REPLACE(Col1,'-India-QP-','I-QP-'),'-India-9-','I-STD-9-'),'-','.'),3) +'-'
+ PARSENAME(REPLACE(REPLACE(REPLACE(Col1,'-India-QP-','I-QP-'),'-India-9-','I-STD-9-'),'-','.'),1) 
From Test_Oct_31_1

Drop table Test_Oct_31_1

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