guidance.fyi
Company, quarter, or anything said on a call

HPL Electric & Power LimitedUnclassifiedHPL

Q1 FY27 earnings callHPL Electric & Power Limited

HPL Electric delivered strong Q1 revenue growth driven by the scaling of both its Consumer & Industrial platform and its smart metering order book, despite margin pressure from input cost volatility.

Positive tone4 min readPublished the day after the call

Numbers
MetricThis quarterChangeFive-quarter trend
Revenue515 crores35%
EBITDA63 crores9%
PAT19 crores—
Consumer & Industrial Revenue278 crores55%
Wires & Cables Revenue146 crores79%
Metering & Systems Revenue234 crores17%
EBITDA Margin12.26%—
Order Book3,200 crores—
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
QuarterRevenueNet profit (PAT)Basic EPS
Q3 FY25₹392.48 Cr+7.4% YoY-7.1% QoQ₹18.09 Cr+51.4% YoY-16.2% QoQ₹2.81+51.1% YoY-16.1% QoQ
Q2 FY25₹422.32 Cr+20.5% YoY+7.5% QoQ₹21.58 Cr+95.8% YoY+26.7% QoQ₹3.35+95.9% YoY+26.4% QoQ
Q1 FY25₹392.91 Cr+22.5% YoY-7.4% QoQ₹17.03 Cr+145.4% YoY+24.1% QoQ₹2.65+145.4% YoY+24.4% QoQ
Q4 FY24₹424.09 Cr+16.9% YoY+16% QoQ₹13.72 Cr+21.7% YoY+14.8% QoQ₹2.13+21.7% YoY+14.5% QoQ
Q3 FY24₹365.57 Cr+21.2% YoY+4.3% QoQ₹11.95 Cr+87.3% YoY+8.4% QoQ₹1.86+87.9% YoY+8.8% QoQ
TL;DR
  • Revenue grew 35% YoY to Rs 515 crore, the highest ever Q1 revenue.
  • Consumer & Industrial revenue grew 55% YoY to Rs 278 crore, with broad-based growth across wires & cables, lighting, and switchgear.
  • Smart metering revenue grew 17% YoY to Rs 234 crore, supported by a Rs 3,200 crore order book.
  • EBITDA margin moderated to 12.26% due to input cost inflation, but management is taking pricing and product mix actions.
  • Management is confident in the near-term outlook for both segments and is focused on improving margin quality.
Said on the call

“Q1 FY27 reinforces our confidence in the direction of the company. Both growth engines are scaling.”

Gautam Seth
From the Q&A
TopicWhat management said
Margin Pressure and Recovery ActionsAnalysts noted a significant drop in gross margins (from 38% to 30%) and EBITDA margins, primarily due to raw material inflation from geopolitical issues. Management explained it is a temporary disruption, with actions underway including design changes, alternative materials, and price pass-throughs (with a lag in C&I). They expect improvement, possibly by Q3, assuming raw material costs stabilize.
Smart Metering Order Flow and CompetitionWhen asked about the impact of a major AMISP potentially acquiring a meter manufacturer, management stated their business is spread across AMISPs and not dependent on one or two. They see industry consolidation benefiting established players like HPL due to their technology and quality, and expect order flow to be continuous rather than in large lumps.
C&I Growth Sustainability and Channel ExpansionManagement affirmed the strong growth in C&I, especially wires & cables, is sustainable. Growth is driven by channel expansion (over 900 dealers, 85,000+ retailers), BTL marketing, and a strategy to cross-sell a full basket of HPL products. They see this momentum continuing for the next 12-18 months.
Long-term Smart Metering Outlook and New VerticalsManagement views smart metering as a long-term story (10-15 years), with a subsequent phase (2.0) expected. They are also exploring international markets (recent Middle East approval) and adjacent verticals like water meters, with gas meters a future possibility.
Capex PlansManagement indicated major capacity capex is behind them. Future capex will focus on maintenance, automation (to offset rising labor costs), and projects for new revenue streams, but specific numbers were not disclosed.
Guidance
  • Near-term outlook for both C&I and smart metering segments is positive.
  • Management is focused on improving margin quality as the year develops, with actions expected to show results, possibly by Q3.
  • Revenue visibility is strong for smart metering for the next 2-3 years and for C&I for the next 12-18 months.
  • Expect high double-digit growth in the C&I segment.
Source

Summary written from the transcript filed by HPL Electric & Power Limited for the call held on 17 Aug 2026; published 18 Aug 2026, 20:13 IST.

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