HPL

HPL Electric & Power share price & financials

Price
₹383.5
Market cap
₹2.0k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 11 Aug 2026

HPL Electric & Power Limited Q1 FY27

Revenue ₹515 cr +35%EBITDA ₹63 cr +9%EBITDA Margin 12.26% PAT ₹19 cr

What went well

  • Strong revenue growth of 35% YoY to ₹515 crores, exceeding ₹500 crore mark despite Q1 being a seasonally light quarter.
  • Consumer and Industrial (C&I) segment delivered highest ever quarterly revenue of ₹278 crores, growing 55% YoY.
  • Smart Metering segment grew 17% YoY to ₹234 crores, providing long-cycle growth and order book visibility.

What to watch

  • EBITDA margins moderated to 12.26% due to input cost volatility from geopolitical disruptions and changing revenue mix.
  • Raw material inflation, particularly in industrial plastics and metals, impacted margins, with price increases passed on with a time lag.
Read the full call →

What HPL Electric & Power Limited does

HPL Electric & Power Limited is a low-voltage electrical equipment manufacturer with two operating verticals: Metering, Systems & Services, which supplies smart, prepaid, trivector and net meters mainly to power utilities and AMISPs (B2B/institutional), and Consumer, Industrial & Services, which sells switchgear, lighting products, wires & cables and fans to retail, institutional and utility customers (B2C/B2B). It designs and manufactures products in-house across its own plants and R&D centres, and reaches customers through a pan-India dealer-retailer network plus exports. The company has also begun a strategic extension into smart water metering under the Neeram Pulse brand, leveraging its existing metering R&D and manufacturing base.

Segments

  • Metering, Systems & Services
  • Consumer, Industrial & Services
Manufacturing facilities
7 plants across Gurugram, Kundli and Gharaunda (Haryana) and Jabli (Himachal Pradesh)
Installed capacity — electronic/smart meters
11 million units per annum
Installed capacity — wires & cables
194 million meters per annum
Installed capacity — lighting equipment
26 million units per annum
Installed capacity — switchgear
16 million units per annum
R&D centres
2 centres (Gurugram and Kundli) staffed by 100+ electrical engineers
Founded 1992Headquarters New Delhi, India Company website

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 0 delivered 9 missed 5 open
  • Retail Outlets missed said Q3 FY25 Promised: 100,000 by June 2025 Q1 FY27: The company reports its retail network is at 85,000 retailers, showing no progress from the 'more than 85,000' reported in Q1 FY26. The target remains missed.
  • C&I Revenue on track said Q1 FY26 Promised: cross ₹1,000 crore in revenues by FY28 Q1 FY27: C&I segment reported its highest ever quarterly revenue of ₹278 crore. This puts the company on a strong trajectory to exceed the accelerated target of ₹1,000 crore for FY27.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 34.5%, net profit up 5.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue422 392 493 383 434 +3%474 +21%520 +5%515 +34%
EBITDA61 56 82 58 66 +8%72 +29%86 +5%63 +9%
Net profit22 18 37 18 22 +0%20 +11%31 −16%19 +6%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −38.0% 1Y

₹250₹300₹350₹400₹450₹500Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 18 Nov 2025Q3 FY26 — 9 Feb 2026Q4 FY26 — 17 Jun 2026Q1 FY27 — 11 Aug 2026

1Y: ₹470.85 on 10 Sept 2025 → ₹292. High ₹497 (15 Sept 2025), low ₹257.1 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−3.9%
11 Aug
Q4 FY26
+0.8%
17 Jun
Q3 FY26
+9.6%
9 Feb
Q2 FY26
−2.7%
18 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 12.8% a year over 3 years, FY23 to FY26. Operating margin widened to 15.6%.

Year endingFY23FY24FY25FY26
Revenue₹1.3k Cr₹1.5k Cr₹1.7k Cr₹1.8k Cr
Operating profit₹158 Cr₹192 Cr₹255 Cr₹282 Cr
Operating margin12.5%13.1%15.0%15.6%
Interest₹76 Cr₹90 Cr₹90 Cr₹95 Cr
Depreciation₹37 Cr₹39 Cr₹43 Cr₹64 Cr
Net profit₹29 Cr₹44 Cr₹94 Cr₹91 Cr
Net margin2.3%3.0%5.5%5.0%
Cash from operations₹104 Cr₹100 Cr₹138 Cr₹226 Cr
Free cash flow₹61 Cr₹57 Cr₹63 Cr₹10 Cr
ROCE9.0%11.0%14.0%13.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹64 Cr₹64 Cr₹64 Cr₹64 Cr₹64 Cr₹64 Cr
Reserves₹694 Cr₹700 Cr₹729 Cr₹764 Cr₹891 Cr₹936 Cr
Borrowings₹582 Cr₹597 Cr₹600 Cr₹627 Cr₹742 Cr₹755 Cr
Other liabilities₹250 Cr₹276 Cr₹307 Cr₹419 Cr₹566 Cr₹643 Cr
Total liabilities₹1.6k Cr₹1.6k Cr₹1.7k Cr₹1.9k Cr₹2.3k Cr₹2.4k Cr
Fixed assets₹464 Cr₹447 Cr₹451 Cr₹461 Cr₹586 Cr₹614 Cr
Capital work in progress₹2 Cr₹10 Cr₹9 Cr₹10 Cr₹47 Cr₹41 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹10 Cr₹10 Cr
Other assets₹1.1k Cr₹1.2k Cr₹1.2k Cr₹1.4k Cr₹1.6k Cr₹1.7k Cr
Total assets₹1.6k Cr₹1.6k Cr₹1.7k Cr₹1.9k Cr₹2.3k Cr₹2.4k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −0.20 pp while the public added +0.17 pp. The shareholder count shrank 13% to 1,22,523.

Promoters
72.7%
FIIs
0.8%
DIIs
0.1%
Public
26.5%

Since Jun 2025

  • DIIs −0.20 pp
  • Public +0.17 pp
  • FIIs +0.05 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 72.7%, DIIs 0.2%, Public 27.1%.Dec '23: Promoters 72.7%, DIIs 0.2%, Public 27.1%.Mar '24: Promoters 72.7%, FIIs 0.2%, DIIs 0.3%, Public 26.8%.Jun '24: Promoters 72.7%, FIIs 0.7%, DIIs 0.2%, Public 26.4%.Sep '24: Promoters 72.7%, FIIs 0.5%, DIIs 0.2%, Public 26.6%.Dec '24: Promoters 72.7%, FIIs 0.6%, DIIs 0.2%, Public 26.5%.Mar '25: Promoters 72.7%, FIIs 0.3%, DIIs 0.3%, Public 26.8%.Jun '25: Promoters 72.7%, FIIs 0.7%, DIIs 0.3%, Public 26.3%.Sep '25: Promoters 72.7%, FIIs 0.3%, DIIs 0.2%, Public 26.8%.Dec '25: Promoters 72.7%, FIIs 0.3%, DIIs 0.1%, Public 27.0%.Mar '26: Promoters 72.7%, FIIs 0.5%, DIIs 0.1%, Public 26.7%.Jun '26: Promoters 72.7%, FIIs 0.8%, DIIs 0.1%, Public 26.5%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of HPL Electric & Power Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Hpl India Limited 27.33%unchanged
Hpl Electronics Private Limited 18.12%unchanged
Lalit Seth 12.49%unchanged
Hpl Holdings Private Limited 4.42%unchanged
Gautam Seth 3.47%unchanged
Rishi Seth 3.47%unchanged
Praveen Seth 3.32%unchanged
Jesons Impex Pvt Ltd 0.04%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹292, this stock must grow earnings at 12% every year for 7 years. Our analysis caps realistic growth at ~44%. At that growth it is worth ₹1422 — upside of 387%.

Growth the price implies
12.3% a year
for 7 years, fading to 4%
It has actually compounded at
46.4% a year
net profit, FY23–FY26 · EPS 44.4%
The gap
-0.3 pp
387% downside if it only repeats history
Price today ₹292 Value at the reference growth ₹1,421.62

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse HPL Electric & Power Limited

Guides on how to read this kind of business and the numbers that matter.