HPL ELECTRIC & POWER LTD

Manufactures and supplies electrical equipment across two segments. The Metering, Systems & Services segment, which contributed Rs 1,026.43 crore or 56.7% of FY26 segment revenue, sells smart electricity meters and metering systems to utilities and Advanced Metering Infrastructure Service Providers (AMISPs) under India's government-led smart metering program, with a pan-India AMISP presence. The Consumer, Industrial & Services (C&I) segment contributed Rs 784.67 crore or 43.3% of FY26 segment revenue and sells wires and cables, switchgear, lighting and fans through dealers and retailers. C&I grew 26% in FY26, lifting its share of the business from 37% to 43%, with wires and cables alone growing 50% to Rs 340 crore. Smart metering is the larger earnings contributor, with FY26 segment EBIT of Rs 179.88 crore versus Rs 80.11 crore from C&I. Materials are the dominant cost at 65.3% of revenue, with employee costs at 11.8% and other operating expenses at 8.7%.