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HPL Electric & Power Results: Latest Quarterly Results & Analysis

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HPL Electric & Power Ltd. 14 Nov 2025 18:28 PM
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Q2FY26 Quarterly Result Announced for HPL Electric & Power Ltd.

Consumer Electronics company HPL Electric & Power announced Q2FY26 results

  • Revenue for Q2FY26 grew 3% YoY to Rs 434.45 crore, change 2.87% YoY.
  • EBITDA: Rs 65.90 crore against Rs 60.58 crore during Q2FY25, change 8.79%
  • EBITDA margin improvement ( 83 bps YoY to 15.17%).
  • Profit After Tax (PAT) increased 3.58% in Q2FY26 to Rs 22.36 crore, change 3.58% YoY.
  • EPS: Rs 3.46 for Q2FY26.

Gautam Seth, Joint MD & CFO, said: “Our Q2 and H1 FY26 performance underscores the resilience of our model and an unmistakable tilt towards margin-led growth. While revenues were broadly stable, gross and EBITDA margins expanded further, with EBITDA holding above 15 percent and PAT margin around 5 percent. This has been driven by a sharper business mix: the Consumer & Industrial franchise grew 30 percent in Q2 and 23 percent in H1, now accounting for about 47 percent of revenues, with wires & cables and domestic switchgear leading the way and our Lighting portfolio returning to healthy double-digit growth after a softer phase.

Smart metering remains our principal growth engine. We carry an order book of over Rs 3,300 crore, more than 98 percent of which is metering and almost entirely smart meters. The moderation in metering revenues this quarter was largely a function of inspection and dispatch timing rather than demand. Execution has already improved sequentially, and we expect a further step-up between November and March as AMISP-led roll-outs gather pace and our expanded assembly and component capacities are fully utilised.

At the same time, we are steadily strengthening the HPL brand and franchise. In the first half, we invested Rs 7.7 crore in advertising and promotion ( around 2 percent of Consumer & Industrial sales)– across sports partnerships, exhibitions, activations and electrician engagement programmes, and we plan to scale this further in the second half. Our pan-India network of over 900 authorised dealers and 85,000 retailers, underlines the growing depth of our distribution and the strength of our balance sheet. We remain focused on driving profitable growth, improving cash conversion and enhancing the quality and resilience of our earnings.”

Result PDF

Result PDF

Consumer Electronics company HPL Electric & Power announced Q1FY26 results

  • Revenue: Rs 383.03 crore compared to Rs 392.91 crore during Q1FY26, change -2.51%.
  • EBITDA: Rs 57.99 crore compared to Rs 56.13 crore during Q1FY26, change 3.32%.
  • EBITDA Margin: 15.14% for Q1FY26.
  • PBT: Rs 25.02 crore compared to Rs 23.01 crore during Q1FY26, change 8.72%.
  • PAT: Rs 18.48 crore compared to Rs 17.03 crore during Q1FY26, change 8.51%.
  • PAT Margin: 6.53% for Q1FY26.
  • EPS: Rs 2.87 for Q1FY26

Gautam Seth, Joint MD & CFO, said: “Our Q1FY26 performance reflects disciplined execution and our focus on growth. While revenue moderated slightly year on year, profitability improved across the board. The Consumer and Industrial franchise provided the primary uplift, with net revenue up 16.12 % and EBIT up 22.95 %, helped by offtake in domestic switchgear and wires and cables, and tighter operating discipline that widened margins.

I’m pleased to note that our Consumer and Industrial business is coming into its own as a granular, domestically anchored franchise that serves both B2B and B2C electrical demand. Several quarters of channel building, distribution network strengthening and sustained brand investment are now translating into scale and earnings quality. A broader, higher-quality portfolio and stronger quality recognition across trade, institutional and end-user accounts lifted its share of consolidated revenue to 46.8 % in Q1FY26 from 39.3 % a year earlier, and its share of combined segment EBIT to 35.9 % from 29.6 %.

Our network of more than 85,000 retailers and ongoing R&D will be important enablers for the next phase of growth in FY26. Unlike other meter-centric peers, whose performance hinges on rollout milestones, our Consumer and Industrial vertical aligns with India’s real economy across B2B capex and B2C replacement cycles, anchoring a diversified model that participates at the shop-floor and household level, and thereby delivers broader, more granular growth with a stronger, more durable earnings mix. This diversified model is further enhanced by growing contributions from our export operations.

On the metering front, we intend to convert the smart metering opportunity with an order pipeline currently at more than Rs 3,000 crore, remain focused on execution under the AMISP framework, and continue selective cost optimisation and strategic investments to sustain profitability and further strengthen our balance sheet".

Result PDF

Consumer Electronics company HPL Electric & Power announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue: Increased by 16.14% to Rs 492.54 crore from Rs 424.09 crore in Q4FY24.
  • EBITDA: Grew by 48.92% to Rs 82.24 crore from Rs 55.22 crore.
  • EBITDA Margin: Expanded by 368 bps to 16.70%.
  • PAT: Surged by 171.79% to Rs 37.28 crore from Rs 13.72 crore.
  • PAT Margin: Improved by 434 bps to 7.57%.

FY25 Financial Highlights:

  • Revenue from Operations stood at Rs 1,700 crore for FY25 compared to Rs 1,460 crore for FY24
  • EBITDA stood at Rs 254.65 crore for FY25 compared to Rs 192.15 crore for FY24
  • PAT stood at Rs 94 crore for FY25 compared to Rs 43.6 crore for FY24
  • EBITDA Growth (32.5%) and Margin Expansion (182 bps)

Management Commentary – Gautam Seth, CFO & Joint MD, “FY 2025 was a defining year for us. The decisive steps we took to tighten execution are now visible on the bottom line. Fourth-quarter profit after tax more than doubled sequentially and rose 170 percent year-on-year to a high of Rs 37.3 crore, while EBITDA margin widened to 16.7 percent, an uplift of 368 basis points over last year and 251 basis points versus Q3. These gains stem from a richer product mix, sharper procurement, and early automation benefits. For the full year, EBITDA increased 32.5 percent, taking profit after tax to Rs 94 crore.

Beneath those headline numbers each business line is moving decisively in the right direction. Wire and Cable has now delivered three consecutive years of growth, compounding at roughly twenty to twenty five percent, and we continue to see robust traction as national infrastructure spending and a revitalised real estate cycle gather pace. Switchgear too has performed well, even as pockets of domestic industrial demand remain subdued, thanks to our sharper focus on value added ranges and channel expansion. Lighting has turned the corner, posting a thirty one percent surge in the fourth quarter and six point six percent growth for the year, signalling an industry-wide recovery that we are well placed to lead. In Smart Metering, execution momentum is accelerating; with AMISPs eager for deliveries the order inflow remains strong, and our Rs 3,500 crore book, ninety nine percent of which relates to smart meters, gives us multi-year visibility in what is becoming a marathon of nationwide roll-outs.

Our balance sheet remains a source of strength. Net debt to EBITDA stays comfortably below one point five times, giving us room to invest in capacity, automation and technology without straining leverage. As we look to FY 2026 our priorities are clear: scale up manufacturing to meet rising meter demand, deepen automation in relay and switchgear production, and sharpen our product development pipeline."

Result PDF

Consumer Electronics company HPL Electric & Power announced Q3FY25 results

  • Revenue: Rs 392.48 crore compared to Rs 365.57 crore during Q3FY224, change  7.36%.
  • Profit After Tax (Rs crore): Increased by 51.42% from Q3FY24 to Q3FY25
  • Q3FY25: PAT Margin % increased to 4.61% from 3.27% ( 134 bps).
  • EBIDTA Margin % has shown improvement in Q3FY25 ( 60 bps ) and 9M FY25 ( 107 bps), demonstrating enhanced profitability.

Gautam Seth, CFO & Joint Managing Director, HPL Electric & Power, said: “Despite a decelerating pace of economic growth being experienced, we continue to lead India’s smart metering transformation, backed by a robust Rs 3,400 crore order book. Our focus on R&D, capacity expansion, and operational excellence is driving strong financial performance and sustainable growth. Growth in domestic switchgear and wires & cables, along with a growth recovery in LED lighting, reflects our resilience amid industry-wide price pressures. While finance costs and expenses remain areas of focus, we are actively pursuing efficient, cost optimization, and strategic investments to boost profitability.

Key highlights of our Consumer & Industrial segment are 25% growth in 9MFY25 for wires & cables, as well as a pick-up in domestic switchgear in trade markets with growth of 21% for 9MFY25. Looking ahead, strategic investments in advanced smart meter technology and nextgeneration electrical solutions position the company for the next phase of growth, improving our balance sheet and market leadership. HPL's network of 83,000 retailers and commitment to innovation, quality, and efficiency are key enablers of our success in India’s modernizing energy ecosystem.”

Result PDF

Consumer Electronics company HPL Electric & Power announced H1FY25 & Q2FY25 results

  • Revenue Growth: Revenue from operations rose by 20.51% YoY to Rs 422.32 crore in Q2FY25, and by 21.46% in H1FY25 to Rs 815.23 crore, driven by robust demand across Metering, Systems & Services, and Consumer, Industrial & Services segments.
  • EBITDA and Margins: EBITDA increased by 28.40% YoY in Q2FY25 to Rs 60.58 crore, with an EBITDA margin improvement of 88 basis points, reaching 14.34%. For H1FY25, EBITDA rose by 33.81% to Rs 116.71 crore, with a margin expansion of 132 basis points to 14.32%. These improvements underscore the company’s success in optimizing costs and enhancing operational efficiency.
  • Profitability: Profit After Tax (PAT) nearly doubled in Q2FY25, increasing by 95.81% to Rs 21.58 crore, while H1FY25 PAT rose by 114.98% to Rs 38.61 crore. The PAT margin expanded by 197 basis points in Q2 and by 206 basis points in H1, reflecting significant profitability gains due to strategic initiatives.
  • Earnings Per Share: EPS improved significantly, climbing by 95.91% to Rs 3.35 in Q2FY25 and by 114.70% in H1FY25 to Rs 5.99, underscoring HPL's consistent delivery of shareholder value.

Gautam Seth, Joint Managing Director & CFO of HPL Electric & Power, said: "Our Q2 and H1FY25 results are proof positive that HPL is on a powerful growth path, fuelled by solid AMISP faith and sharp operational focus. We’re not just keeping up; we’re setting the pace, with strategic investments in R&D and manufacturing driving strong gains in revenue and profitability.

“Our Q2 and H1FY25 results underscore HPL's dedication to expanding our market reach and driving robust revenue growth, particularly in our Wires & Cables division. With an impressive 57.5% growth in this segment, we’re strengthening our position in the B2C market,” said Mr. Gautam Seth, Joint Managing Director & CFO of HPL Electric & Power Ltd. “Our network expansion to over 83,000 retailers and 900 authorized dealers across India is a testament to our commitment to deepening our market penetration and enhancing product accessibility nationwide. This extensive distribution reach, supported by targeted brand-building efforts, is key to our strategy of sustained growth, ensuring that our high-quality products are readily available to meet the needs of a growing customer base.”

Result PDF

Consumer Electronics company HPL Electric & Power announced Q1FY25 results:

Financial Highlights: 

  • Revenue Growth: The Company’s revenue grew by 22.50% YoY, reaching Rs 392.91 crore in Q1FY25 from Rs 320.74 crore in Q1FY24, driven by positive secular momentum in Metering & Systems and Consumer, Industrial & Services product segments.
  • Gross Margin: Gross profit for the quarter increased by 32.28% YoY to Rs 140.29 crore, reflecting an improved gross margin of 35.71%, up from 33.06% in the previous year. This improvement resulted from the company's e\iciency in managing costs and enhancing product value.
  • EBITDA Growth: HPL saw a significant rise of 40.19% YoY to Rs 56.13 crore, with EBITDA margins expanding by 180 basis points to 14.29% from 12.48%. This robust performance was the outcome of strong operational e\iciency and e\ective cost management.
  • Profit Before Tax (PBT) and Profit After Tax (PAT): PBT more than doubled, registering an increase of 113.40% YoY to Rs 23.01 crore, while PAT surged by 145.45% YoY to Rs 17.03 crore. The PAT margin improved by 217 basis points to 4.33% from 2.16%. This significant increase in profitability was the result of the successful execution of the Company's growth strategies and overall automation and operational improvements.
  • Earnings Per Share (EPS): EPS also showed a marked increase of 145.37%, reaching Rs 2.65 in Q1FY25 from Rs 1.08 in Q1FY24.

Gautam Seth, Joint Managing Director & CFO of HPL Electric & Power, remarked, “Our Q1FY25 results underscore our commitment to growth and innovation. As India advances in smart meter deployment, driven by continued government support through RDSS and AMISP, the demand for reliable and advanced smart metering solutions is paramount. For Q1FY25, our Metering & Systems segment has risen by 35.67% YoY to Rs 238.67 crore up from Rs 175.92 crore in Q1FY24. Our strategic focus on this sector has allowed us to capitalize on emerging opportunities, showcasing our ability to deliver consistent performance.

We are also witnessing positive growth in our channel partners and a stabilisation in our LED lighting segment in Q1FY25, reflecting in the improved performance in the Consumer segment for this quarter. Our growing order book of over Rs 3700 crore provides us with greater stability and visibility for sustained revenue generation.

Looking ahead, we are prepared for a new chapter of growth with our focus remaining on high-quality execution. Our investments in R&D position us well to capture emerging opportunities as India fasttracks to becoming the world’s third-largest economy. We are committed to delivering with consistency and excellence in this financial year.

Result PDF

Consumer Electronics company HPL Electric & Power announced Q4FY24 & FY24 results:

  • Revenue Growth: HPL reported a YoY revenue increase of 17% in Q4FY24, with revenues rising to Rs 42,409.28 lakh from Rs 36,275.30 lakh in Q4FY23. This quarterly increase contributed to an annual revenue growth of 15.74%, reaching Rs 1,460.86 crore in FY24, up from Rs 1,262.21 crore in FY23.
  • Gross Margin: HPL's gross margin improved by 198 basis points YoY in Q4FY24, reflecting a rise to 34.28% from 32.30% in Q4FY23. For the full year, the gross margin increased by 92 basis points to reach 34.23% in FY24 from 33.31% in FY23.
  • EBITDA Growth: For Q4FY24, HPL's EBITDA grew by 23.86% YoY to Rs 5,522.18 lakh, up from Rs 4,458.37 lakh in Q4FY23. This strong quarterly performance led to an annual EBITDA increase of 22.49%, with the amount rising to Rs 192.15 crore in FY24 from Rs 156.87 crore in FY23.
  • Profit After Tax: HPL's PAT increased by 21.74% YoY in Q4FY24, amounting to Rs 1,371.74 lakh compared to Rs 1,126.76 lakh in Q4FY23. Over the fiscal year, PAT rose by 44.22%, reaching Rs 43.63 crore in FY24, which underscores the company's operational efficiency and strategic focus.
  • Earnings per share: HPL's EPS increased by 21.71% YoY in Q4FY24, standing at Rs 2.13 compared to Rs 1.75 in Q4FY23. Over the fiscal year, EPS rose by 44.56%, reaching Rs 6.78 in FY24.

Gautam Seth, Joint Managing Director & CFO, articulated, "This fiscal year highlighted HPL's solid progress as a key player in the electrical equipment industry. FY24 demonstrated our financial growth and strategic expansion both domestically and internationally. Our focus on smart metering technologies and new market entries has established a foundation for sustained growth. We remain committed to advancing innovation and operational efficiency. Our strategy emphasizes market expansion, technological advancement, and strategic partnerships. The strong execution of orders from our extensive order book pipeline and the increase in production capacity have been essential in meeting the rising demand and strengthening our market presence. Additionally, our ongoing investment in R&D is embedded in HPL's culture, driving continuous improvement and keeping us at the forefront of technological developments."

Result PDF

Heavy Electrical Equipment company HPL Electric & Power announced Q3FY24 & 9MFY24 results:

  • Revenue from operations for 9MFY24 reached Rs 1,036.77 crore, showing a YoY growth of 15.27%.
  • Metering & Systems segment witnessed a significant growth of 28% YoY, reaching Rs 215.92 crore in Q3FY24 from Rs 168.79 crore in Q3FY23.
  • Consumer & Industrial segment revenue increased by 13% YoY to Rs 149.65 crore in Q3FY24 from Rs 132.79 crore in Q3FY23.
  • EBITDA for 9MFY24 amounted to Rs 136.93 crore, reflecting a growth of 22% YoY.
  • Reported PAT (Profit After Tax) for 9MFY24 stood at Rs 29.91 crore, showcasing a notable growth of 57.57% YoY.
  • Revenue from Operations in Q3FY24 reached Rs 365.57 crore, indicating a growth of 21.22% YoY.
  • EBITDA for Q3FY24 amounted to Rs 49.71 crore, reflecting a growth of 35.16% from Rs 36.78 crore in Q3FY23. Additionally, EBIDTA margin improved to 13.60% in Q3FY24, showing an enhancement of 140 basis points (bps) from 12.20% in Q3FY23.
  • Reported PAT for Q3FY24 stood at Rs 11.95 crore, showcasing robust growth of 87.14% from Rs 6.38 crore in Q3FY23. Moreover, the PAT margin improved by 3.37% in Q3FY24, up by 115 bps.
  • The company boasts an order book of over Rs 2,400 crore.

Gautam Seth, Joint Managing Director & CFO of HPL Electric & Power, commented on the company's financial performance, saying, “The cornerstone of our success this year so far has been our agile response to the fast-transforming power sector, coupled with secular growth across our metering and consumer and industrial segments. This comprehensive growth is supported by the trust AMISPs have in our metering solutions and products.

Our strategic emphasis on cost competitiveness and innovation continues to be crucial in winning and securing large orders. Our current order book, which stands at over Rs 2,400 crore, is a testament to the market's confidence in our capabilities.

Moreover, our ongoing efforts to expand our channel network are aiding us in reaching new markets and customers, further enhancing our growth prospects and market presence. Looking ahead, we expect a good fourth quarter, setting a solid foundation as we enter into the next financial year.”

Result PDF

Heavy electrical equipment company HPL Electric & Power announced Q1FY24 results:

  • Revenue from operations for Q1FY24 stood at Rs 320.74 crore, indicating a healthy YoY growth of 8.51% compared to Rs 295.59 crore in Q1FY23.
  • In the metering & systems segment, revenue grew by 20% YoY to Rs 176 crore in Q1FY24 from Rs 147 crore in Q1FY23.
  • EBITDA for Q1FY24 reached Rs 40.04 crore, reflecting a commendable growth of 6.36% from Rs 37.64 crore in Q1FY23.
  • PAT for Q1FY24 amounted to Rs 6.94 crore, demonstrating growth of 9.79% from Rs 6.32 crore in Q1FY23.
  • Gross profit for Q1FY24 stood at Rs 106.05 crore, showcasing an upswing of 6.90% from Rs 99.20 crore in Q1FY23.
  • Order book of over Rs 2,000 crore.

Gautam Seth, Joint Managing Director & CFO, of HPL Electric & Power shared, "India's shift towards smart metering and the emerging opportunities in the 5G era create an exciting horizon for HPL. Our Q1FY24 performance is a testament to our commitment to innovation, quality, and customer satisfaction. The Profit After Tax (PAT) has shown significant growth of 9.79% YoY, reflecting our ability to convert operational performance into increased bottom-line profits.

Notably, we are pleased to have acquired a prestigious order valued at Rs 416.84 crore for the deployment of an Advanced Metering Infrastructure (AMI) project that marks our entry into AMISP contracts. This project is supported by the World Bank, in collaboration with West Bengal State Electricity Distribution Company Limited (WBSEDCL). With a strong foundation in electric equipment manufacturing, our growth in the wire and cable segment is also equally promising. As the nation's reliance on electricity and connectivity continues to rise, the demand for high-quality wire and cable products is anticipated to grow steadily.

Moving forward, as we contribute to India's energy transformation, we remain focused on cutting-edge innovation, enhanced operational efficiency, and delivering sustainable growth to our stakeholders."

 

Result PDF

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