NSE: HPL · BSE: 540136
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Metering, Systems & Services (57%), Consumer, Industrial & Services (43%). Asset-heavy electrical equipment manufacturer with a B2B smart-metering engine and a B2B/B2C consumer electricals engine, exposed to copper and other commodity price cycles
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,014 | 1,262 | 1,461 | 1,700 | 1,811 |
| EBITDA (ex other income) | 125 | 157 | 192 | 255 | 276 |
| margin % | 12.3 | 12.4 | 13.2 | 15.0 | 15.2 |
| Owners' profit | 8 | 30 | 44 | 94 | 91 |
| EPS, as reported (₹) | 1.21 | 4.69 | 6.78 | 14.58 | 14.15 |
| ROE % · ROCE % | 1.0 · 9.7 | 3.8 · 13.9 | 5.3 · 16.4 | 10.2 · 22.5 | 9.1 · 19.1 |
| Debt / equity (x) | 0.74 | 0.75 | 0.75 | 0.69 | 0.75 |
| Cash from operations | 101 | 104 | 100 | 138 | 226 |
| Capex | (43) | (42) | (42) | (74) | (213) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 422 | 392 | 493 | 383 | 434 | 474 | 520 | 515 |
| Profit before tax | 29 | 24 | 51 | 25 | 30 | 26 | 42 | 25 |
| Net profit | 22 | 18 | 37 | 18 | 22 | 20 | 31 | 19 |
| EPS (₹) | 3.35 | 2.81 | 5.78 | 2.87 | 3.46 | 3.02 | 4.80 | 2.90 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Metering, Systems & Services | 1,026 | 56.7 |
| Consumer, Industrial & Services | 785 | 43.3 |
| Total, before eliminations | 1,811 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.6 | 26.7 | 41 of 130 | 69% |
| P/B | 1.5 | 3.1 | 34 of 112 | 69% |
| ROCE | 10.9 | 11.3 | 75 of 142 | 48% |
| ROE | 9.1 | 9.8 | 62 of 113 | 46% |
| Debt / Equity | 0.8 | 0.2 | 96 of 113 | 15% |
| EBITDA margin | 12.7 | 12.4 | 54 of 110 | 51% |
| Revenue growth | 34.5 | 20.6 | 33 of 114 | 72% |
| Profit growth | 1.1 | 17.1 | 67 of 109 | 39% |
| Market cap | 1515 | 273 | 37 of 141 | 74% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Compliance certificate under SEBI Reg 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closure from October 1, 2026 | compliance | minimal | — | — |
| 24 Sept 2026 · 34th AGM proceedings; final dividend of Re 1 per share declared | board shareholder meetings | low | — | — |
| 24 Sept 2026 · HPL Electric 34th AGM: 4 resolutions passed, Rs.1/share dividend approved | board shareholder meetings | low | — | — |
| 24 Sept 2026 · HPL Electric AGM 2026: All 4 Resolutions Passed, Rs 1 Dividend Declared | compliance | minimal | — | — |
| 2 Sept 2026 · HPL Electric informs exchanges about 34th AGM newspaper advertisement | compliance | minimal | — | — |
| 2 Sept 2026 · HPL Electric notifies shareholders about 34th AGM and Annual Report access | compliance | minimal | — | — |
| 1 Sept 2026 · 34th AGM on Sep 24, 2026; record date Sep 17 for dividend | corporate actions | high | — | — |
| 1 Sept 2026 · HPL Electric 34th AGM on Sep 24; record date Sep 17, 2026 | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · 34th AGM on September 24, 2026; record date September 17, 2026 for dividend | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.