HPL Electric & Power Limited has informed the Exchange about Transcript
HPL · price
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HPL Electric filed the transcript of its Q3 FY26 earnings call held on February 9, 2026. Q3 revenue grew ~21% year-on-year to ~475 crores, with EBITDA up ~29% to ~72 crores, showing operating leverage. The smart metering order book stood at over 3,000 crores, with Q3 deliveries rising 25% sequentially; the company expects Q4 to be the strongest quarter of the year. The Consumer & Industrial (C&I) business performed strongly, with switchgear up 33% YoY (~68 crores), wires & cables up ~60% YoY, and lighting returning to ~20% growth. Management has launched NRAM+ smart water meters, is pursuing export opportunities in Europe/UK following recent FTAs, and sees the C&I business potentially crossing ~1,000 crores next year. They acknowledged gross margin pressure from rising copper prices, with a 2-3 week lag in wires/cables and 3-6 month lag in switchgear for price pass-through.
Strong Q3 print with EBITDA outpacing revenue growth signals improving profitability, while the 3,000+ cr order book provides multi-year revenue visibility. Diversification into C&I and water metering reduces dependence on the smart metering cycle. Near-term watchpoints: copper-driven margin volatility, timing of water meter revenue contribution (expected H2 FY27), and pace of export market entry.