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HPL Electric & Power Ltd (HPL)

Capital Goods · Capital Goods - Electrical Equipment · NSE · Updated 2 September 2026
By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings
₹299.5 ↓ 36.75% (1Y)

🎯 Key Takeaways

  • HPL Electric & Power is transitioning from a small-scale electrical equipment manufacturer to a diversified, order-driven player in smart metering and industrial segments, supported by a substantial ₹3,200+ crore order backlog. Management is prioritizing the conversion of capacity investments into sustainable earnings growth, with a strategic shift toward maintenance capex and international expansion in Australia and MENA.
  • Revenue declined 0.9% QoQ to ₹515 in Q1FY27.
  • ⚠️ 1) Margin pressure from input cost volatility and shifting revenue mix, as highlighted in filings, poses a risk to profitability despite revenue growt
Market Cap
₹1,926
P/E Ratio
21.1
P/B Ratio
2.10
ROE
10.0%
ROCE
14.0%
Debt/Equity
0.69
Div Yield
0.33%
Promoter
72.7%
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📖 The Story

HPL Electric & Power is transitioning from a small-scale electrical equipment manufacturer to a diversified, order-driven player in smart metering and industrial segments, supported by a substantial ₹3,200+ crore order backlog. Management is prioritizing the conversion of capacity investments into sustainable earnings growth, with a strategic shift toward maintenance capex and international expansion in Australia and MENA. Despite strong top-line growth, margin pressure from input cost volatility and a shift in revenue mix is being managed through disciplined execution and pricing actions.

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📰 What's Happening

In Q1 FY27, HPL reported record revenue of ₹515.24 crore, up 34.52% YoY, driven by 55% growth in Consumer & Industrial revenue and 16.53% growth in Smart Metering. The company highlighted a ₹3,200+ crore order book with 96% from Metering, Systems & Services, and broad-based growth across verticals. Management emphasized converting capacity investments into sustainable earnings, with R&D-led differentiation and disciplined execution as key levers. Earlier filings confirmed a ₹3,200 crore smart metering order book with 97% visibility and extended government targets to 2028, underpinning long-term demand visibility.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

MetricSep 2025Dec 2025Mar 2026Jun 2026
Revenue434474520515
Operating Profit53566245
OPM %12.3%11.9%12.0%8.8%
Net Profit22203119
EPS₹3.46₹3.02₹4.80₹2.90

Revenue has shown consistent quarter-on-quarter growth, rising from ₹434 crore in September 2025 to ₹515 crore in June 2026, reflecting successful execution in both Smart Metering and C&I segments. However, operating margins have fluctuated, peaking at 12.3% in September 2025 before declining to 8.8% in June 2026, indicating sensitivity to input cost pressures and revenue mix shifts. Net profit and EPS also declined in the latest quarter, suggesting that volume growth has not yet translated into proportional profitability improvement, likely due to margin compression.

🔮 Management Outlook & What's Next

Management has indicated a focus on disciplined execution, R&D-led differentiation, and converting capacity investments into sustainable earnings growth for FY27. There is no explicit forward guidance on revenue or margin targets in the latest filing, but the emphasis on maintaining order book resilience and broadening customer relationships suggests confidence in continued demand expansion, particularly in smart metering and international markets.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

ItemMar 2025Mar 2025Mar 2026Mar 2026
Equity Capital64646464
Reserves802851891936
Borrowings651633742755
Total Liabilities1,9762,0952,2642,398
Fixed Assets485498586614
Investments001010
Total Assets1,9762,0952,2642,398

The balance sheet shows stable leverage with borrowings at ₹755 crore as of March 2026, up slightly from ₹633 crore a year ago, while equity and reserves remain relatively flat. Total assets have grown steadily, indicating capital deployment into operations without aggressive leverage increases. Capex is shifting to maintenance-focused spending in FY27, suggesting a maturing capital cycle focused on efficiency rather than expansion, which supports financial stability amid margin pressures.

💰 Cash Flow Statement (₹ Cr)

ItemMar 2025
Operating+138
Investing-70
Financing-66
Net Cash Flow+2

👥 Shareholding Pattern

CategoryQ2FY26Q3FY26Q4FY26Q1FY27
Promoters72.7%72.7%72.7%72.7%
FII0.3%0.3%0.5%0.8%
DII0.2%0.1%0.1%0.1%
Public23.4%23.5%23.3%23.1%
# Shareholders1,39,6311,35,7271,26,7441,22,523

Promoter holding remains stable at 72.66% across all quarters, indicating confidence in long-term prospects. Institutional interest is emerging, with FII ownership increasing from 0.27% in Q3FY26 to 0.75% in Q1FY27, while DII remains negligible. The growing number of public shareholders (down to 1,22,523 from 1,39,631) may reflect retail consolidation, but the rise in FII participation could signal increasing institutional confidence in the company’s turnaround narrative.

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⚖️ Peer Comparison — Capital Goods - Electrical Equipment

Company MCap (₹ Cr) P/E ROCE ROE D/E
ABB 1.57 L Cr 52.4 26.5% 38.1% 0.00
BHEL 1.48 L Cr 61.0 11.6% 9.3% 0.30
POWERINDIA 1.46 L Cr 127.0 29.9% 22.2% 0.00
SIEMENS 1.43 L Cr 43.7 14.2% 23.7% 0.00
CGPOWER 1.39 L Cr 111.5 21.3% 15.6% 0.00
GVT&D 1.11 L Cr 84.8 99.4% 73.6% 0.00
WAAREEENER 74,358 19.5 54.0% 42.2% 0.10
APARINDS 69,893 59.1 33.0% 21.9% 0.16
SUZLON 63,890 20.4 44.5% 51.5% 0.05
THERMAX 46,697 74.4 12.5% 10.6% 0.41

🔗 Peer Stock Analyses

⚠️ Risk Factors

1) Margin pressure from input cost volatility and shifting revenue mix, as highlighted in filings, poses a risk to profitability despite revenue growth. 2) Working capital intensity and modest leverage, noted by India Ratings, could constrain flexibility if order book conversion slows. 3) Customer concentration risk, while currently low, could rise if large contracts are delayed or renegotiated. 4) Execution risk in international expansion into Australia and MENA, where regulatory and operational familiarity may be limited.

📋 Recent Filings

🧠 Analyst's Read

HPL Electric & Power is executing a clear strategic shift toward high-growth segments like smart metering, supported by a strong order backlog and government tailwinds. While margin pressures persist, management’s focus on R&D, pricing discipline, and operational efficiency offers a credible path to sustainable earnings growth. Investors should monitor the pace of margin recovery and international order execution in the coming quarters.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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