HPL Electric & Power Limited has informed the Exchange about Transcript
HPL · price
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Awaiting price reaction for this filing.
HPL Electric & Power shared details of its Q1FY26 earnings call. Consolidated revenue dipped 2.5% YoY, but gross margin expanded 230 bps, EBITDA margin rose 85 bps, and profit after tax grew 8.5% to ₹18.5 crore. The Consumer & Industrial segment was a bright spot with 16% revenue growth, 23% EBIT growth, margins above 11%, and wires & cables surging 35%. Metering & Systems underperformed in Q1 due to monsoon-related delays and slower dispatch clearances at AMI service providers, but management called these temporary and expects a strong recovery from Q2 with H2 FY26 shaping up much better. The smart meter order book remains robust at over ₹3,000 crore, backed by the government's RDSS push, and management sees only about 10% of the 25-30 crore meter opportunity tapped so far.
For shareholders, the Q1 weakness in metering was largely a timing issue, not structural, and the strong C&I performance along with margin expansion and improving working capital (debtor days down 28 days, net working capital lower by ~₹60 crore) is positive. Near-term stock movement may hinge on whether Q2 dispatches recover as guided, while the long-term smart meter visibility and C&I growth target of ₹1,000 crore by FY28 provide a supportive growth narrative.