HPL Electric & Power Ltd(HPL)

NSE: HPLBSE: 540136

₹ 228.15-4.26%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,467 crWebsite: www.hplindia.comUpdated: 24 Oct 2026

About

HPL Electric & Power Ltd manufactures low-voltage electrical products across two segments - Metering, Systems & Services and Consumer, Industrial & Services - from seven facilities in Haryana. The company reported revenue of ₹1,811.10 crore in FY26 and posted its highest-ever first-quarter revenue of ₹515.24 crore in Q1 FY27. HPL holds ~50% market share in domestic on-load change-over switches, ~20% in domestic electric meters, and is the 5th largest LED lighting manufacturer in India.^[1][2][3]

Business segments

Metering, Systems & Services: ₹1,026.43 crore revenue in FY26, 56.7% of total, EBIT margin 17.5%. Supplies smart, prepaid, net and panel meters primarily to state and central utilities under AMISP contracts.^[4][3]
Consumer, Industrial & Services: ₹784.67 crore revenue in FY26 (+25.62% YoY), 43.3% of total, EBIT margin 10.2%. Covers switchgear, LED lighting, wires & cables, fans and solar products sold through dealers and retailers.^[4][3]
In Q1 FY27 C&I became the larger segment for the first time, contributing ~54% of revenue vs 47% in FY26, while Metering grew 16.53% YoY to ₹237.65 crore.^[2]

Products and market positions

~50% market share in domestic on-load change-over switches and ~20% market share in domestic electric meters as of FY26.^[3]
~5% market share in the low-voltage switchgear market; ranked 5th largest LED lighting manufacturer in India as of FY26.^[3]
Portfolio spans metering solutions (smart, prepaid, net, panel meters), switchgear, LED lighting, wires & cables, fans and solar solutions.^[3]
HPL launched 'Neeram Pulse' smart water meters in January 2026 and commissioned a dedicated ultrasonic and multi-jet water meter manufacturing facility at Gurugram.^[3][5]
KYRO modular switch range launched pan-India during Q1 FY27, with three additional state launches lined up for August 2026.^[2]

Manufacturing and R&D

Seven manufacturing facilities located at Gharaunda, Jabli, Panipat, Gurugram, Sonepat and Kundli, all in Haryana.^[3]
Smart metering installed capacity of 1.1 crore meters per annum as of FY26.^[3]
Two DSIR-recognised R&D centres with 100+ expert engineers; Gurugram R&D centre holds CMMi V2.0 Maturity Level 3 certification for smart meter design and development.^[3]
Products comply with IEC standards; facilities hold Dekra (Netherlands) CB Certificate, KEMA approvals, ISO 9001:2015 certification and are RoHS-compliant.^[3]

Key operating numbers

Order book: ₹3,200+ crore as of 7 August 2026, with metering and systems accounting for more than 96% of total orders, providing approximately three years of segment revenue visibility.^[2]
Wires & Cables revenue: ₹145.75 crore in Q1 FY27 (+78.6% YoY); full-year FY26 Wires & Cables revenue was ₹340.74 crore (+50% YoY).^[2][1]
Metering EBIT margin: 14.18% in Q1 FY27 vs 17.67% in Q1 FY26; C&I EBIT margin: 8.40% in Q1 FY27 vs 11.25% in Q1 FY26.^[2]
EBITDA margin: 12.26% in Q1 FY27 (-288 bps YoY), reflecting metals and industrial plastics cost inflation and a 40% Haryana minimum wage increase. Full-year FY26 EBITDA margin was 15.54% (+56 bps YoY).^[2][1]
Gross margin: 30.31% in Q1 FY27 (-772 bps YoY) vs 36.01% in FY26 (+97 bps YoY).^[2][1]

Customers and distribution

Metering customers are state and central utilities; HPL describes itself as a preferred vendor to practically every active AMISP in India as of May 2026.^[1][3]
Pan-India distribution: 90+ branch and representative offices, 900+ authorised dealers, 85,000+ retailers, 6 master warehouses, and 620+ full-time promotional staff.^[3][2]
HPL serves 17 states nationally and exports to 42+ countries as of FY26; fans have been supplied to at least 14 countries with G-Mark (Middle East) and SLS (Sri Lanka) approvals.^[3][6]

Expansion and capex

FY27 capex is predominantly maintenance following completion of major capacity additions in FY26; any incremental capex will be tied to new revenue streams with separate business cases.^[2][1]
Data-centre-specific cables with international certifications are targeted to be ready by Q1 FY28 (May - June 2027).^[2]
Backward integration of relay and critical smart metering components is underway; specific components have been identified with a further update to be shared when material.^[2]

Recent developments

A Middle East utility approved HPL's metering in mid-2026, marking the company's first concrete international smart meter market entry step.^[2]
CRISIL upgraded HPL's credit rating from A- to A; India Ratings assigned IND A+/Stable, both citing stronger balance sheet and smart-meter growth visibility (announced Q2 - Q3 FY26).^[6][5]
HPL passed through the first lighting price increase in approximately seven years during Q4 FY26, successfully applied across channel and customers.^[1]
Dedicated panel meter and AMI water meter manufacturing facility inaugurated at Gurugram during Q4 FY26; near-term revenue contribution is not material pending approvals and utility pilots.^[1]

Market Cap

₹1,467 Cr

High / Low

₹481 / 226

Stock P/E

16.1

Price / Book

1.5

Book Value

₹156

EPS

₹14.2

No. of Shares

6.43 Cr

ROCE

13.4%

ROE

9.5%

OPM

12.3%

Debt / Equity

0.75

Sales

₹1,811 Cr

Net Profit

₹91 Cr

Promoter holding

72.7%

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HPL Electric & Power Ltd(HPL)

About

Business segments

Products and market positions

Manufacturing and R&D

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

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