Kundli-based electrical equipment maker HPL Electric & Power Limited reported consolidated revenue from operations of ₹608.31 crore for the quarter ended 30 September 2026, up 40.02% year on year and its highest quarterly figure. Profit after tax (PAT) rose 4.68% to ₹23.40 crore. The company filed its results with the stock exchanges on 5 November 2026. Revenue from its metering, systems and services segment, which supplies smart meters to power distribution utilities, rose 18.17% to ₹270.85 crore.
Key Financials
According to the company’s press release, the consolidated Q2 FY27 figures were:
- Revenue from operations: ₹608.31 crore, up 40.02%
- Gross profit: ₹173.79 crore, up 9.42%, with a gross margin of 28.57%
- Earnings before interest, tax, depreciation and amortisation (EBITDA): ₹71.42 crore, up 8.37%, with a margin of 11.74%
- PAT: ₹23.40 crore, up 4.68%
For the first half of FY27, revenue rose 37.44% to ₹1,123.55 crore, EBITDA rose 8.64% to ₹134.60 crore and PAT rose 3.08% to ₹42.10 crore. The company said margins reflected input-cost volatility and the shift in revenue mix towards consumer products.
Smart Metering
Metering, systems and services revenue was ₹270.85 crore in Q2 FY27, and ₹508.50 crore in the first half, up 17.40%. The investor presentation says segment revenue also rose 13.97% over Q1 FY27. HPL said growth remains execution-led, with quarterly swings tied to dispatch schedules set by advanced metering infrastructure service providers (AMISPs). The segment’s EBIT margin was 12.28% in the quarter, against 17.59% a year earlier.
The company’s order book stood at more than ₹2,700 crore on 2 November 2026, with over 96% from metering, systems and services. The presentation says this covers roughly two and a half years of segment revenue at the current run rate. In August 2026 the company had reported an order book of more than ₹3,200 crore. The release does not name the utilities or AMISPs behind the orders, or explain the fall from the order book reported in August.
Consumer and Industrial
Consumer and industrial revenue rose 64.42% to ₹337.46 crore and overtook metering as the larger segment. Wires and cables revenue grew 159.46% to ₹177.99 crore, and H1 wires and cables revenue of ₹323.74 crore reached about 95% of the full FY26 figure. Lighting and electronics revenue grew 59.43% and domestic switchgear 43.23%, while industrial switchgear rose 29.18% sequentially. The segment’s EBIT margin was 8.90%, against 11.11% a year earlier. The revenue mix moved to 45% metering and 55% consumer and industrial, from 53% and 47% a year earlier.
Management Comment
Joint Managing Director and Chief Financial Officer Gautam Seth said Q2 FY27 built on a strong start to the year, with revenue crossing ₹600 crore for the first time. He said metering maintained steady growth as the smart metering market moves towards a more mature execution phase. Seth said the company sees smart metering as a long-duration opportunity, supported by its manufacturing scale, technology and utility relationships. He said pricing and mix actions were under way to improve margin quality in the second half.
Policy Backdrop
HPL’s presentation cites the Revamped Distribution Sector Scheme (RDSS), which has an outlay of ₹3 lakh crore. It says smart metering worth ₹1,30,671 crore has been sanctioned under the scheme to reduce aggregate technical and commercial (AT&C) losses and improve billing. According to the presentation, 19.79 crore consumer meters, 52.53 lakh distribution transformer meters and 2.05 lakh feeder meters have been sanctioned. It adds that the rollout is now expected to extend to FY28, two to three years beyond the original FY26 target.
About the Company
HPL makes electronic meters, switchgear, lighting, wires and cables and fans. It runs seven manufacturing facilities, including plants at Kundli, Gurugram, Jabli and Gharaunda. Annual capacity is about 11 million electronic meters, 26 million lighting units, 16 million switchgear units and 194 million metres of wires and cables. The company has two research and development (R&D) centres with more than 100 engineers. It says it holds about a 20% share of the domestic meters market and that its meters are certified to IS 16444.
The presentation says HPL’s installed meter capacity of 1.1 crore units a year compares with an estimated national capacity of about 10 crore meters a year, with the top eight to nine manufacturers holding 70–80% of that capacity. Its smart meters use embedded software and RF mesh communication technology. On the consumer side, HPL sells through more than 90 branch and representative offices, 900 authorised dealers and 90,000 retailers.
The Company’s Recent Pipeline
- August 2026: reported Q1 FY27 revenue of ₹515.24 crore, up 34.52% from ₹383.03 crore, with smart metering up 16.5% and an order book of more than ₹3,200 crore.
- November 2026: reported Q2 FY27 revenue above ₹600 crore for the first time, led by consumer and industrial products.
Outlook
HPL’s presentation projects AMISP project awards to grow at a compound annual rate of about 30–40%, which would support new metering orders. The company says it will focus on disciplined execution, R&D-led products, a wider channel network and converting capacity investments into earnings. Seth said pricing and mix actions are under way as the company enters the second half of FY27, with the aim of improving margin quality while scaling both businesses.
Official Sources
- HPL Electric & Power Limited – Press Release on Q2 and H1 FY27 Results (NSE, 5 November 2026): https://nsearchives.nseindia.com/corporate/HPL_05112026174602_SignedPressRelease.pdf
- HPL Electric & Power Limited – Investor Presentation Q2 FY27 (NSE, 5 November 2026): https://nsearchives.nseindia.com/corporate/HPL_05112026174430_SignedInvestorPresentation.pdf
- HPL Electric & Power Limited – Press Release on Q1 FY27 Results (NSE, 10 August 2026): https://nsearchives.nseindia.com/corporate/HPL_10082026185834_SignedPressRelease.pdf
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