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HPL - HPL Electric

📊 NSE: HPL 🏢 Electric Equipment 📅 Last Updated: 12/14/2025 7:48

📢 Recent Corporate Announcements

HPL Electric Q3 Revenue Up 21% to ₹475 Cr; Smart Metering Order Book Exceeds ₹3,000 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 04:22 PM

HPL Electric reported a strong Q3 FY26 with revenue growing 21% YoY to ₹475 crores and EBITDA rising 29% to ₹72 crores. The company maintains a robust smart metering order book of over ₹3,000 crores, providing multi-year revenue visibility as execution picks up post-monsoon. The Consumer & Industrial segment showed significant momentum, with Switchgear and Wires & Cables growing 33% and 60% YoY, respectively. Management expects the Consumer business to double in the next 3-4 years while expanding into the new smart water meter market.

Q3 revenue increased 21% YoY to ₹475 crores, while EBITDA grew 29% to ₹72 crores.
Smart metering order book stands at over ₹3,000 crores with execution increasing 25% sequentially in Q3.
Switchgear segment grew 33% YoY in Q3 to ₹68 crores; Wires & Cables segment grew nearly 60% YoY.
Distribution reach expanded to over 900 authorized dealers and 85,000+ retailers across India.
Launched NRAM plus smart water meters to diversify the metering platform into water infrastructure.

💡 Investors should monitor the execution rate of the ₹3,000 crore smart meter order book as it remains the primary revenue driver. The strong growth in the high-margin consumer segment and entry into water metering provide positive long-term diversification.

HPL Electric & Power Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Feb 2026, 04:04 PM

HPL Electric & Power Limited has made the audio recording of its Q3 FY26 earnings conference call available to the public. The call, held following the announcement of un-audited financial results for the quarter ended December 31, 2025, provides management's perspective on the company's performance. Investors can access the recording via the provided link on the company's investor relations portal. A written transcript of the discussion is expected to be filed with the exchanges shortly.

Audio recording of the Q3 FY26 investor conference call is now live on the company website.
The call discussed standalone and consolidated un-audited financial results for the period ending December 31, 2025.
The disclosure is in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
A formal written transcript will be submitted to BSE and NSE in the coming days.

💡 Investors should listen to the recording to understand management's guidance on the smart meter order book and margin outlook. No immediate action is required as this is a routine regulatory filing.

HPL Electric Q3 FY26 Revenue Grows 21% to ₹474 Cr; Order Book Pipeline Exceeds ₹3,100 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 06:30 PM

HPL Electric & Power Limited reported a strong Q3 FY26 with consolidated revenue rising 21% YoY to ₹473.92 crore, led by a 39% surge in the Consumer and Industrial segments. EBITDA margins expanded by 94 bps to 15.14%, resulting in an EBITDA of ₹71.73 crore, while PAT grew 7.87% to ₹19.51 crore. The company maintains a massive order book pipeline of over ₹3,100 crore, primarily driven by the Smart Metering opportunity. Furthermore, HPL has diversified into smart water metering with the launch of 'Neeram Pulse' and received credit rating upgrades to A/A+.

Revenue from operations increased 21% YoY to ₹473.92 crore in Q3 FY26, with 9M FY26 revenue reaching ₹1,291.39 crore.
EBITDA grew 28.76% YoY to ₹71.73 crore, with margins improving from 14.2% to 15.14% in Q3 FY26.
Consumer and Industrial segment revenue jumped 39% YoY to ₹186.37 crore, while Wires & Cables grew by 58% YoY.
Maintains a robust order book pipeline of ₹3,100+ crore, providing strong revenue visibility for the medium term.
Credit ratings upgraded by CRISIL to A- to A and assigned A+ / Stable by India Ratings (Ind-Ra).

💡 Investors should monitor the execution pace of the ₹3,100 crore order book, as smart meter offtake is expected to accelerate in the coming quarters. The margin expansion and entry into the smart water meter market are positive indicators of long-term value creation.

HPL Electric Reports 29% YoY EBITDA Growth and 21% Revenue Rise in Q3 FY26

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 06:27 PM

HPL Electric delivered a strong Q3 FY26 with consolidated revenue growing 20.75% YoY to ₹473.92 crore. EBITDA rose significantly by 28.76% to ₹71.73 crore, with margins expanding by 94 bps to 15.14%. The Consumer & Industrial segment was a key driver, growing 39% YoY, while the Metering segment showed a 25% sequential recovery from Q2. The company maintains a robust smart meter order book exceeding ₹3,100 crore, providing multi-year revenue visibility.

Revenue from operations increased 20.75% YoY to ₹473.92 crore in Q3 FY26.
EBITDA grew 28.76% YoY to ₹71.73 crore with margins improving to 15.14%.
Consumer & Industrial segment revenue jumped 39% YoY to ₹186.4 crore, led by 58% growth in Wires & Cables.
Smart meter order book remains strong at over ₹3,100 crore, predominantly under the RDSS/AMISP framework.
Announced entry into the Smart Water Meter market with the 'Neeram Pulse' product line.

💡 Investors should focus on the company's ability to execute its large ₹3,100 crore order book and the growth trajectory of the high-margin Consumer & Industrial segment. The entry into smart water meters adds a new long-term growth lever to the existing metering business.

HPL Electric Q3 Revenue Rises 20% YoY to ₹461 Cr; Net Profit Dips Slightly to ₹17.17 Cr

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 05:36 PM

HPL Electric & Power Limited reported a strong 19.9% YoY growth in standalone revenue for Q3 FY26, reaching ₹461.26 crore. However, Net Profit saw a marginal decline of 3.7% YoY to ₹17.17 crore, largely due to a net exceptional charge of ₹5.35 crore. This exceptional item includes a ₹7.15 crore provision for liabilities under the New Labour Codes, offset by a ₹1.8 crore litigation settlement. The Metering segment continues to be the primary revenue driver, contributing ₹274.89 crore during the quarter.

Revenue from operations grew 19.9% YoY to ₹46,126.26 lakhs from ₹38,471.80 lakhs.
Net Profit for the quarter stood at ₹1,716.79 lakhs, down from ₹1,783.61 lakhs in Q3 FY25.
Exceptional net expense of ₹535.50 lakhs recognized, primarily for New Labour Code employee benefit obligations.
Metering, Systems & Services segment revenue increased to ₹27,489.27 lakhs from ₹25,079.19 lakhs YoY.
Finance costs increased to ₹2,479.11 lakhs compared to ₹2,031.26 lakhs in the corresponding previous quarter.

💡 Investors should focus on the robust top-line growth and the steady performance of the metering segment, while keeping an eye on rising finance costs and the one-time impact of labor code provisions. The stock remains a watch for execution of its smart meter order book.

HPL Electric Q3 FY26 Revenue Grows 20% YoY to ₹461 Cr; Net Profit Dips to ₹17.17 Cr

🔵 WATCH ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 05:30 PM

HPL Electric & Power Limited reported a strong 19.9% YoY growth in revenue from operations, reaching ₹461.26 crore for the quarter ended December 31, 2025. However, net profit saw a marginal decline of 3.7% YoY to ₹17.17 crore, primarily impacted by a net exceptional charge of ₹5.36 crore. This exceptional item includes a ₹7.16 crore provision for new labour code liabilities, partially offset by a ₹1.80 crore litigation settlement. The Metering segment remains the primary growth driver, contributing approximately 60% of the total revenue.

Revenue from operations increased by 19.9% YoY to ₹461.26 crore in Q3 FY26.
Net profit for the quarter stood at ₹17.17 crore, down from ₹17.84 crore in Q3 FY25 due to exceptional items.
Exceptional items included a ₹7.16 crore provision for New Labour Codes and a ₹1.80 crore gain from a litigation settlement.
Finance costs rose significantly to ₹24.79 crore compared to ₹20.31 crore in the same quarter last year.
Metering, Systems & Services segment revenue grew to ₹274.89 crore, representing 59.6% of total revenue.

💡 Investors should monitor the company's ability to manage rising finance costs and the impact of regulatory provisions on margins. While revenue growth is robust, the slight dip in profitability suggests a need to watch for operational efficiency improvements in the coming quarters.

HPL Electric to Host Q3 & 9M FY2026 Earnings Webinar on February 9, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 04 Feb 2026, 02:56 PM

HPL Electric & Power Limited has scheduled its earnings webinar for Q3 & 9M FY2026 on February 9, 2026, at 12:00 PM IST. This follows the official announcement of the company's financial results, which is set for February 5, 2026. The senior management will provide commentary on financial and operational performance followed by an interactive Q&A session. Investors can access the results presentation and press release on the stock exchange websites prior to the call.

Financial results for Q3 & 9M FY2026 to be declared on February 5, 2026
Earnings webinar scheduled for February 9, 2026, from 12:00 PM to 1:00 PM IST
Management to discuss key financial and operational highlights for the nine-month period
Investor presentation will be made available on NSE, BSE, and company website post-board meeting
Session hosted by Dickenson World featuring a live Q&A with senior management

💡 Investors should review the financial results on February 5th and attend the webinar on February 9th to understand management's outlook on the power and metering sectors.

HPL Launches 'Neeram Pulse' Smart Water Meters; Targets $9.04 Billion Global Market by 2030

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 29 Jan 2026, 11:33 AM

HPL Electric & Power has entered the high-growth smart water metering segment with the launch of 'Neeram Pulse' and a new manufacturing facility in Gurugram. The company is targeting a global market expected to grow at an 11.9% CAGR to reach $9.04 billion by 2030. This move leverages HPL's existing leadership in electric metering and its R&D capabilities to provide utility-grade, AMR/AMI-ready solutions. The product features advanced leak detection and a 10-year battery life, positioning HPL to benefit from government smart city initiatives and infrastructure upgrades.

Launched 'Neeram Pulse' smart water meters with AMR/AMI readiness and LoRa RF communication
Commissioned a new manufacturing plant in Gurugram for Ultrasonic and Multi-jet water meters
Targeting a global smart water meter market projected to grow from $4.61B in 2024 to $9.04B by 2030
Product features include IP68 rating, tamper detection, and up to 10 years of battery life
Expansion leverages an existing distribution network of 900+ dealers and 85,000+ retailers

💡 Investors should monitor the order book growth specifically in the water metering segment as it could become a significant revenue driver alongside their dominant electric metering business. The diversification reduces reliance on a single utility segment and aligns with India's smart infrastructure push.

HPL Electric Launches 'Neeram Pulse' Water Meter for Domestic Market

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 29 Jan 2026, 11:30 AM

HPL Electric & Power Limited has announced the launch of its new water meter branded as 'Neeram Pulse' on January 29, 2026. This product is specifically designed to cater to the domestic Indian market, aligning with the company's strategy to diversify its metering portfolio beyond electrical meters. The launch falls under Regulation 30 of SEBI Listing Regulations, indicating a material development in the company's product line. Investors should monitor how this new segment contributes to the company's revenue mix in upcoming quarters.

Official launch of 'Neeram Pulse' water meter on January 29, 2026
The product is targeted exclusively at the domestic Indian market
Strategic diversification of the metering segment beyond traditional power meters
Compliance with SEBI Circular dated July 13, 2023, for material disclosures

💡 Monitor the adoption rate of 'Neeram Pulse' meters in government and private projects to gauge revenue impact. This diversification provides a new growth lever for HPL's established metering business.

HPL Electric Submits Routine SEBI Reg 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jan 2026, 03:34 PM

HPL Electric & Power Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by the company's Registrar and Share Transfer Agent, KFin Technologies Limited, covers the period ending December 31, 2025. It confirms that no requests for the dematerialization of securities were received during the quarter. This is a standard procedural disclosure required for listed companies in India to maintain regulatory transparency.

Compliance certificate filed for the quarter ended December 31, 2025.
Registrar KFin Technologies Limited confirmed zero dematerialization requests were received during the period.
The filing adheres to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
Submission made to both National Stock Exchange (NSE) and BSE Limited on January 5, 2026.

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's upcoming quarterly financial performance for material impact.

HPL Electric Announces Trading Window Closure from Jan 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Dec 2025, 03:10 PM

HPL Electric & Power Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This routine regulatory measure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure is ahead of the declaration of financial results for the quarter ending December 31, 2025. The window will remain closed until 48 hours after the results are made public.

Trading window closure effective from January 1, 2026
Closure pertains to financial results for the quarter ending December 31, 2025
Window to reopen 48 hours after the official announcement of results
Applicable to all designated persons and their immediate relatives

💡 This is a standard regulatory procedure and does not impact company fundamentals; investors should monitor for the upcoming Q3 earnings date.

HPL Electric: Promoter Company Name Change - Havell’s to HPL Holdings & Electronics

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Dec 2025, 02:26 PM

HPL Electric & Power Limited announced a change in the names of two of its promoter companies. Havell’s Private Limited is now HPL Holdings Private Limited, and Havells Electronics Private Limited is now HPL Electronics Private Limited. The company states that this change will not impact the management or control of HPL Electric & Power Limited. The Registrar of Companies, New Delhi, has issued fresh Certificates of Incorporation reflecting these name changes.

Havell’s Private Limited changed to HPL Holdings Private Limited
Havells Electronics Private Limited changed to HPL Electronics Private Limited
No change in management and control of HPL Electric & Power Limited
Fresh Certificate of Incorporation issued by Registrar of Companies, New Delhi

💡 This announcement is purely informational and does not require any immediate action from investors. Monitor company filings for any further developments.

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💰 Financial Performance

Revenue Growth by Segment

The Consumer, Industrial & Services (C&I) segment grew 30.0% YoY in Q2 FY26 to ₹205 crore and 23.14% in H1 FY26 to ₹384 crore. The Metering, Systems & Services segment revenue was ₹229 crore in Q2 FY26, down from ₹264 crore YoY due to inspection and dispatch timings, though it grew 12% QoQ. Total FY25 revenue reached ₹1,700.24 crore, a 16.39% increase from ₹1,460.86 crore in FY24.

Geographic Revenue Split

Not disclosed in available documents, though the company is strategically expanding its export footprint to tap international markets.

Profitability Margins

Gross margin improved to 36.56% in Q2 FY26 (+177 bps YoY) and 37.25% in H1 FY26 (+202 bps YoY) due to better product mix and disciplined procurement. PAT margin stood at 5.15% in Q2 FY26, up 4 bps YoY, with PAT reaching ₹22.36 crore.

EBITDA Margin

EBITDA margin was 15.17% in Q2 FY26, an improvement of 83 bps YoY. Consolidated EBITDA for H1 FY26 was ₹123.90 crore, up 6.16% from ₹116.71 crore in H1 FY25, reflecting operational efficiency and higher-margin smart meter contributions.

Capital Expenditure

Not disclosed as a specific total INR figure, but the company reported 'strategic investments in capacity expansion and automation' and 'expanded assembly and component capacities' to support the smart meter rollout.

Credit Rating & Borrowing

Upgraded to 'CRISIL A/Stable/CRISIL A1' from 'CRISIL A-/Positive/CRISIL A2+'. The group has a fund-based working capital limit of ₹625 crore utilized at 89% on average. Interest coverage ratio is a key sensitivity factor, with an upward trigger if it exceeds 3 times.

⚙️ Operational Drivers

Raw Materials

Specific raw material names like copper or steel are not listed with percentages, but the company manages costs through 'disciplined procurement' for its Wires & Cables and Switchgear segments.

Capacity Expansion

HPL operates 7 manufacturing facilities in Haryana and Himachal Pradesh. It has recently added automated lines and expanded assembly/component capacities to handle the sequential step-up in smart meter dispatches expected between November and March.

Raw Material Costs

Cost of Goods Sold (COGS) for H1 FY26 was ₹513.00 crore, representing 62.75% of revenue, a decrease from 64.77% in H1 FY25, indicating improved procurement efficiency.

Manufacturing Efficiency

The company is transitioning to 'Industry-4.0 enabled manufacturing facilities' and automated lines to improve throughput and maintain margins despite aggressive bidding in PSU tenders.

📈 Strategic Growth

Expected Growth Rate

18-20%

Growth Strategy

HPL aims to double its C&I business in 3 years (targeting 20-30% annual growth) by investing 2% of C&I sales (₹7.7 crore in H1 FY26) into brand building and advertising. It leverages a ₹3,300+ crore order book, 99% of which is smart meters, to capitalize on the government-led AMISP smart metering transformation.

Products & Services

Smart meters, LED lighting, Switchgear (MCB, ACCL, RCBO), Wires, Cables, Solar products, and Surge Protection Devices.

Brand Portfolio

HPL

New Products/Services

Smart Switchgears, Smart meters, and Eco-friendly products/packaging are identified as key new technology focus areas.

Market Expansion

Expanding distribution reach and channel expansion for the C&I segment; scaling export footprint to new international markets.

Market Share & Ranking

Management states growth in most segments is 'above reported industry growth' and they have 'headroom for growth' as current market share is not yet high.

🌍 External Factors

Industry Trends

The industry is shifting toward smart metering (AMISP-led) and smart electrical products. HPL is positioning itself by tilting its mix toward higher-margin smart meters and expanding its C&I brand presence to 47% of total revenue.

Competitive Landscape

Intense competition in the PSU/Utility segment requires aggressive bidding, which pressures margins. Competitors are not named but described as 'entities in this segment' facing similar pressures.

Competitive Moat

HPL's moat is built on its robust R&D and technology-led manufacturing for smart meters, creating high entry barriers in the utility segment. This is sustained by a ₹3,300 crore order book providing long-term revenue visibility.

Macro Economic Sensitivity

The company is sensitive to India's GDP growth (6.5% in FY25) and structural tailwinds from electrification, urbanization, and digitization.

Consumer Behavior

Increasing demand for 'Smart' products (meters/switchgear) and brand-conscious purchasing in the C&I segment.

⚖️ Regulatory & Governance

Industry Regulations

Operations are heavily influenced by the government's AMISP-driven smart metering transformation and Section 134(3)(m) of the Companies Act regarding energy conservation.

Environmental Compliance

The company is adopting 'Eco friendly products and packing' and 'Green and sustainable initiatives' as part of its multidirectional steps toward emerging trends.