HPL Electric & Power: Bank loan rating affirmed at IND A plus, outlook stable
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India Ratings affirmed HPL Electric and Power's bank loan facilities at IND A plus (long-term) and IND A1 (short-term), with a stable outlook. Total rated limits stand at INR 18,400 million. FY26 revenue grew to INR 18.1 billion (from 17 billion in FY25), with EBITDA at INR 2.8 billion and margin improving to 15.5%. The company has a healthy order book of INR 37.5 billion, about 97 percent from smart meters. Net leverage is 3.1x, slightly up from 2.8x in FY25.
Rating affirmation with stable outlook signals no immediate credit concerns, supporting steady borrowing costs. Strong order book and margin growth are positives for shareholders.