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HPL Electric & Power Limited (HPL)

₹260.50 +0.10% last close, 16 Oct

📊 NSE: HPL 🏢 Electric Equipment 📢 Latest filing: 02 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, HPL Electric's revenue was ₹515 Cr (+34.5% year on year, -0.9% on the previous quarter), and net profit ₹18.7 Cr (+1.2% year on year); the operating margin was 12.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹515	+34.5%	-0.9%
Operating profit	₹63.2	+8.9%	-26.5%
Net profit	₹18.7	+1.2%	-39.7%
EPS (₹)	2.90	+1.0%	-39.6%
Operating margin	12.3%	—	—

Full quarterly financials → Results calendar →

HPL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 51.62% of the HPL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.9%. That is close to its usual level.

51.62%Delivery, 16 Oct

48.9%Own 20-session average

0.8×Volume vs its average

₹260.50NSE close · +0.10%

Delivery in the last 5 sessions: 41.9% · 46.6% · 43.2% · 54.8% · 51.6%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

HPL Electric Schedules 34th AGM on September 24, 2026; Issues Notice to Unregistered Shareholders

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 02 Sep 2026, 12:48 PM

HPL Electric & Power Limited has submitted a specimen intimation letter sent to shareholders whose email addresses are not registered with the company or depository. The filing confirms that the 34th Annual General Meeting (AGM) will be held via video conferencing on Thursday, September 24, 2026, at 11:30 AM IST. The letter provides web links to access the FY 2025-26 Annual Report and AGM notice pursuant to SEBI Listing Regulations. This is a standard procedural compliance filing with no operational or financial impact.

34th Annual General Meeting scheduled for Thursday, September 24, 2026, at 11:30 AM IST via VC/OAVM
Notice of AGM dated August 10, 2026, released alongside the Annual Report for FY 2025-26
Communication issued pursuant to Regulation 36(1)(b) of SEBI Listing Regulations to unregistered shareholders

💡 Shareholders may review the FY26 Annual Report and participate/vote in the 34th AGM scheduled for September 24, 2026.

HPL Sets September 17, 2026 as Record Date for Dividend; 34th AGM on September 24

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 01 Sep 2026, 06:23 PM

HPL Electric & Power Limited has fixed Thursday, September 17, 2026, as the record date for determining shareholder eligibility for dividend payment, subject to approval at the 34th AGM on September 24, 2026. Along with the AGM notice, the company circulated its FY26 Annual Report, reporting full-year revenue from operations of ₹1,811.10 crore (up 6.52% YoY) and PAT of ₹91.25 crore. The company reported a confirmed order book exceeding ₹3,200 crore, with smart meters contributing 97% of the total pipeline.

Record date for dividend entitlement fixed as September 17, 2026
34th Annual General Meeting scheduled for September 24, 2026 via video conferencing
FY26 revenue from operations closed at ₹1,811.10 crore, up 6.52% YoY
FY26 PAT reported at ₹91.25 crore with EBITDA margin of 15.54%
Order book stands at over ₹3,200 crore, with smart meters accounting for 97%

💡 Track the ex-dividend date ahead of September 17, 2026, for dividend entitlement, and observe any management commentary on order book execution at the AGM on September 24, 2026.

HPL Schedules 34th AGM for Sept 24, 2026; Sets Sept 17 as Record Date for Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Sep 2026, 05:48 PM

HPL Electric & Power Limited has issued notice for its 34th Annual General Meeting (AGM) to be conducted on September 24, 2026 via video conferencing. The company has fixed September 17, 2026 as the record date for determining shareholder entitlement for dividend payment, if declared. In the FY 2025-26 Annual Report shared with the notice, HPL highlighted full-year revenue of ₹1,811.10 crore (up 6.52% YoY) and an active order book exceeding ₹3,200 crore, with smart meters constituting 97%.

34th AGM scheduled for September 24, 2026 at 11:30 AM IST via video conferencing
Record date set as September 17, 2026 for dividend eligibility, subject to shareholder approval
Reported FY26 Revenue from Operations of ₹1,811.10 crore and PAT of ₹91.25 crore
Smart meters comprise 97% of the total ₹3,200+ crore order book

💡 Track the September 17, 2026 dividend record date cut-off and the proceedings/voting resolutions of the AGM on September 24, 2026.

HPL Sets Sept 17, 2026 as Dividend Record Date; 34th AGM on Sept 24, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Sep 2026, 04:53 PM

HPL Electric & Power Limited has released the notice for its 34th Annual General Meeting (AGM) scheduled for Thursday, September 24, 2026. The company has fixed Thursday, September 17, 2026, as the record date for determining shareholder eligibility for dividend payment, subject to approval at the AGM. The accompanying FY26 Annual Report highlights annual revenue from operations of ₹1,811.10 crore (up 6.52% YoY) and net profit of ₹91.25 crore. HPL also highlighted an order book exceeding ₹3,200 crore, with smart meters accounting for 97%.

34th Annual General Meeting scheduled for September 24, 2026 via video conferencing
Record date for dividend payment fixed as September 17, 2026
FY26 Revenue from Operations stood at ₹1,811.10 crore with EBITDA of ₹281.43 crore (15.54% margin)
Smart meter order book exceeds ₹3,200 crore, accounting for 97% of total orders

💡 Track shareholder voting outcomes and management guidance on smart meter execution at the AGM on September 24, 2026. Ensure shareholding is in place before the September 17, 2026 record date for dividend eligibility.

HPL Q1 FY27 Call: Revenue Grows 35% to ₹515 Cr, Order Book Stands at ₹3,200 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 17 Aug 2026, 12:13 PM

HPL Electric & Power reported a 35% YoY increase in Q1 FY27 revenue to ₹515 crore, driven by a 55% YoY expansion in the Consumer & Industrial (C&I) segment to ₹278 crore. EBITDA increased 9% YoY to ₹63 crore, although EBITDA margin contracted to 12.26% (gross margin dropped to 30% from 38% YoY) due to input cost inflation in metals and plastics. The company's confirmed order book stood at ₹3,200 crore as of August 7, 2026 (approx. 166% of TTM revenue), with smart metering accounting for more than 96% of total orders.

Q1 FY27 revenue grew 35% YoY to ₹515 crore, marking the highest-ever first quarter revenue.
Consumer & Industrial (C&I) segment grew 55% YoY to ₹278 crore (54% of revenue), led by Wires & Cables surging 79% to ₹146 crore.
Total order book stood at ₹3,200 crore as of August 7, 2026, with Smart Metering accounting for >96%.
Gross margin compressed from 38% to 30% and EBITDA margin moderated to 12.26% due to commodity inflation.

💡 Track margin recovery through price hikes and design optimizations, alongside execution milestones on the ₹3,200 crore smart meter order book.

HPL Electric & Power releases audio recording of Q1 FY27 earnings conference call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Aug 2026, 05:39 PM

HPL Electric & Power has made the audio recording of its Q1 FY27 earnings conference call available to the public as of August 11, 2026. This follows the company's disclosure of un-audited financial results for the quarter ended June 30, 2026. The call provides management commentary on the company's current operations, including its ₹3,300+ crore order book which is 99% comprised of smart meters. A written transcript is expected to be filed with the exchanges shortly.

Audio recording of the Q1 FY27 earnings call released on August 11, 2026
Follows the initial meeting intimation provided on August 6, 2026
Management commentary covers the quarter ended June 30, 2026
Company maintains a significant order book of ₹3,300+ crore, primarily in smart meters

💡 Investors should listen to the recording or wait for the transcript to understand management's execution strategy for the ₹3,300+ crore order book and the impact of automated lines on operating margins.

34.5% Revenue Growth in Q1 FY27; C&I Segment Surges 55% to Record ₹277 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Aug 2026, 06:59 PM

HPL reported its highest-ever Q1 revenue of ₹515.24 Cr, a 34.5% YoY increase, driven by a 55% surge in the Consumer & Industrial (C&I) segment. While top-line growth was robust, EBITDA margins contracted to 12.26% from 15.14% due to input cost volatility and a shift in revenue mix. Net profit remained nearly flat at ₹18.69 Cr (+1.15% YoY), weighed down by a 56.5% increase in depreciation. The order book remains strong at ₹3,200+ Cr, representing ~178% of TTM revenue, providing long-term visibility.

Revenue from operations grew 34.52% YoY to ₹515.24 crore, a record for the first quarter.
Consumer & Industrial (C&I) revenue reached a record ₹277.59 crore, up 55% YoY, now contributing 54% of total revenue.
Order book stands at ₹3,200+ crore as of August 7, 2026, with 96% concentrated in Metering, Systems & Services.
Wires & Cables vertical grew 78.6% YoY to ₹145.75 crore, achieving 40% of its entire FY26 revenue in one quarter.
EBITDA margin compressed to 12.26% from 15.14% YoY, primarily due to input-cost volatility in metals and plastics.

💡 Monitor the company's ability to pass on input costs to restore margins and the execution pace of the ₹3,200 Cr order book, which is critical for translating revenue growth into bottom-line gains.

34% YoY Revenue Growth in Q1 FY27; Order Book Stands at ₹3,200+ Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Aug 2026, 06:56 PM

HPL Electric & Power reported its highest-ever first-quarter revenue of ₹515 crore, marking a 34% YoY increase. The growth was primarily driven by the Consumer & Industrial (C&I) segment, which surged 55% YoY to ₹277 crore and now accounts for 54% of total revenue. The smart metering order book remains robust at ₹3,200+ crore as of August 7, 2026, providing strong revenue visibility at approximately 1.78x TTM revenue. While EBITDA margins faced temporary pressure due to metal and plastic cost volatility, the company is focusing on margin restoration through its diversified product mix.

Q1 FY27 revenue reached a record ₹515 crore, up 34% from the previous year's first quarter.
Consumer & Industrial segment revenue grew 55% YoY to ₹277 crore, improving the revenue mix to 54%.
Smart metering order book stands at ₹3,200+ crore as of August 7, 2026, with 99% tied to metering systems.
Maintains a dominant 50% market share in the domestic on-load change-over switches market.
Consumer segment operates on a shorter working capital cycle of approximately 3 months.

💡 Investors should monitor the stabilization of input costs (metals and plastics) to see if EBITDA margins recover as management expects. Additionally, track the execution pace of the ₹3,200+ crore order book, as metering revenue is sensitive to inspection and dispatch timings.

HPL Q1 FY27: Revenue grows 34.5% YoY to ₹515 Cr; Net Profit flat at ₹18.7 Cr

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 10 Aug 2026, 06:13 PM

HPL Electric & Power reported a strong 34.5% YoY increase in consolidated revenue to ₹515.24 Cr for Q1 FY27, primarily driven by a 55% surge in the Consumer & Industrial segment. However, consolidated net profit remained nearly stagnant at ₹18.69 Cr compared to ₹18.48 Cr in the previous year's quarter. Profitability was impacted by margin compression in the Metering segment and high finance costs of ₹22.08 Cr, which consumed approximately 58% of the Profit Before Tax.

Consolidated revenue increased 34.5% YoY to ₹515.24 Cr from ₹383.03 Cr.
Consumer, Industrial & Services segment revenue jumped 55% YoY to ₹277.59 Cr.
Metering segment results (EBIT) declined 6.5% YoY to ₹33.69 Cr despite higher revenue.
Finance costs remained high at ₹22.08 Cr, representing 4.3% of quarterly revenue.
Consolidated EPS for the quarter stood at ₹2.90 compared to ₹2.87 in Q1 FY26.

💡 Monitor the execution of the ₹3,300+ crore order book and whether the company can improve margins in the Metering segment as automated lines scale up. Watch for any reduction in debt levels to alleviate the high interest burden.

HPL Electric & Power Schedules Q1FY27 Earnings Webinar for August 11, 2026

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 06 Aug 2026, 11:20 AM

HPL Electric & Power has scheduled its Q1FY27 earnings conference call for August 11, 2026, at 12:00 PM IST. The management will discuss financial and operational performance for the quarter, providing updates on its ₹3,300+ crore order book. This order book, which is 99% concentrated in smart meters, represents approximately 1.8x the company's TTM revenue of ₹1,799 crore. Investors should look for commentary on execution timelines and margin trends in the utility segment.

Earnings webinar scheduled for August 11, 2026, at 12:00 PM IST via Zoom.
Management to discuss Q1FY27 performance against a TTM revenue base of ₹1,799 crore.
Company currently manages a ₹3,300+ crore order book, primarily driven by AMISP contracts.
Focus remains on the C&I segment where the company aims to double business in 3 years.
Management commentary will address the sequential step-up in smart meter dispatches expected from late 2025.

💡 Monitor the Q1FY27 results and management commentary specifically regarding the execution pace of the smart meter order book and any impact of competitive bidding on operating margins.

HPL Electric Submits Quarterly Compliance Certificate for Share Dematerialization

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 10 Jul 2026, 03:39 PM

HPL Electric & Power Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended June 30, 2026. The document, issued by KFin Technologies Limited (the Registrar and Share Transfer Agent), confirms that share certificates received for dematerialization were processed and the names of depositories were updated in the register of members. This is a standard administrative filing required by SEBI and does not impact the company's financial health or business operations. Investors should note that the company maintains a significant order book of over ₹3,300 crore, which remains the primary driver of its valuation.

Compliance certificate issued for the quarter ended June 30, 2026
Registrar and Share Transfer Agent (RTA) confirmed as KFin Technologies Limited
Certificate dated July 2, 2026, and submitted to exchanges on July 10, 2026
Confirms mutilation and cancellation of physical share certificates received for dematerialization

💡 This is a routine procedural filing. Investors should continue to monitor the company's execution of its ₹3,300+ crore order book and its quarterly earnings performance.

HPL Electric Confirms Shareholder Approval of Postal Ballot Resolution

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Jul 2026, 03:36 PM

HPL Electric & Power Limited has submitted the results of its postal ballot, confirming that shareholders approved the proposed resolution on July 07, 2026. The voting process, which utilized a remote e-voting system, followed a notice issued on May 27, 2026. This filing is a standard regulatory requirement under SEBI (LODR) Regulations. The company currently maintains a robust order book of over 3,300 crore, primarily driven by smart meter contracts.

Resolution passed by shareholders on July 07, 2026, via remote e-voting
Postal Ballot notice was originally issued on May 27, 2026
Company maintains a 3,300+ crore order book, with 99% in smart meters
Promoter holding remains stable at 72.66% as of March 2026

💡 Investors should refer to the company's previous filing dated May 27, 2026, to review the specific details of the resolution that was approved, as this document only confirms the voting outcome.

HPL issues reminder for unclaimed FY 2018-19 dividends; deadline Oct 15, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Jul 2026, 12:32 PM

HPL Electric & Power Limited has issued a formal reminder to shareholders regarding unclaimed dividends from FY 2018-19, originally declared on September 26, 2019. Under the Companies Act 2013, dividends and underlying shares that remain unclaimed for seven consecutive years must be transferred to the Investor Education and Protection Fund (IEPF). Shareholders have until October 15, 2026, to submit their claims to the Registrar and Transfer Agent (KFin Technologies) to prevent this transfer. This is a standard regulatory procedure and does not impact the company's operational or financial health.

Dividends declared on September 26, 2019, for FY 2018-19 remain unclaimed by certain shareholders.
Shareholders must submit claims by October 15, 2026, to avoid transfer of shares to the IEPF.
The transfer process follows Section 124(6) of the Companies Act, 2013, involving a 7-year unclaimed period.
Subsequent corporate benefits on transferred shares will also be credited to the IEPF Authority.

💡 Individual shareholders should verify their bank credit records for FY 2018-19 dividends; if missing, they must contact KFin Technologies before the October 2026 deadline.

India Ratings Affirms HPL Electric & Power's Bank Loan Rating at 'IND A+' with Stable Outlook

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 26 Jun 2026, 05:43 PM

India Ratings has affirmed HPL Electric & Power’s bank loan facilities of INR 18,400 million at 'IND A+' with a stable outlook. The company maintains a robust order book of INR 37.5 billion as of February 2026, primarily driven by smart meters, providing strong revenue visibility for the medium term. While FY26 revenue grew to INR 18.1 billion with improved EBITDA margins of 15.5%, the business remains constrained by high working capital requirements of 239 days. Investors should note the planned capex of INR 1-1.2 billion in FY27 for expanding cable manufacturing capabilities.

India Ratings affirmed INR 18,400 million bank facilities at IND A+/Stable/IND A1
Healthy order book of INR 37.5 billion as of Feb 2026, with 97% share from smart meters
FY26 consolidated revenue rose to INR 18.1 billion with EBITDA improving to INR 2.8 billion
Working capital cycle remains elongated at 239 days, though improved from 286 days in FY24
Planned capex of INR 1-1.2 billion in FY27 for medium and high-voltage cable facilities

💡 The rating affirmation validates HPL's strong position in the smart meter segment and its growing order book. Investors should monitor the company's ability to manage its high working capital cycle and the successful execution of its planned capex.

HPL Electric FY26 Revenue Crosses ₹1,800 Cr; Order Book Stands at ₹3,200 Cr+

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 23 Jun 2026, 12:50 PM

HPL Electric & Power reported a strong FY26 with total revenue crossing ₹1,800 crores and Q4 revenue exceeding ₹500 crores for the first time. The Consumer & Industrial (C&I) segment grew 26% to ₹784 crores, driven by a 50% surge in the wires and cables business which reached ₹340 crores. The company maintains a robust order book of over ₹3,200 crores, with smart metering accounting for 97% of the total. Management is targeting ₹1,000 crores in C&I revenue for FY27 while expanding into smart water metering with a new facility in Gurugram.

FY26 revenue crossed ₹1,800 crores with Q4 hitting a record high of over ₹500 crores.
Order book remains strong at over ₹3,200 crores as of May 2026, providing high revenue visibility.
C&I segment revenue grew 26% to ₹784 crores, now contributing 43% of total revenue.
Wires and cables business grew 50% in FY26 to ₹340 crores, showing structural scale-up.
Inaugurated a dedicated AMI water meter manufacturing facility in Gurugram to diversify the metering portfolio.

💡 Investors should monitor the execution pace of the ₹3,200 crore order book and the company's ability to reach the ₹1,000 crore C&I revenue target in FY27. The diversification into smart water meters and the recovery in metering execution are key positive triggers.

View All HPL Announcements on Live Market Tracking →

💰 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.