HPL Electric & Power LimitedCapital Goods & EngineeringHPL
Q1 FY27 concall · 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.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | 515 crores | 35% | |
| EBITDA | 63 crores | 9% | |
| PAT | 19 crores | — | |
| Consumer & Industrial Revenue | 278 crores | 55% | |
| Wires & Cables Revenue | 146 crores | 79% | |
| Metering & Systems Revenue | 234 crores | 17% | |
| EBITDA Margin | 12.26% | — | |
| Order Book | 3,200 crores | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net 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.”
From the Q&A
| Topic | What management said |
|---|---|
| Margin Pressure and Recovery Actions | Analysts 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 Competition | When 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 Expansion | Management 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 Verticals | Management 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 Plans | Management 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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