HPL Electric & Power Ltd

Financial Performance

• Revenue from operations up 35% YoY to 515 crores
• EBITDA 63 crores; margins 12.26%
• PAT 19 crores
• Metering and systems revenue 234 crores; up 17% YoY
• Order book 3,200 crores as on 7 Aug 2026; metering >96% of orders
• C&I revenue 278 crores; up 55% YoY; ~54% of revenue
• Wire and cable revenue 146 crores; up 79% YoY
• Lighting revenue 56 crores; growth 78%
• Authorized dealers ~900; retailers ~85,000+
• Q1 traditionally slow; strong start this year

Segment Trends

• C&I growth across wires, cables, switches and lighting; channel expansion ongoing
• Launched Cairo switches; three August state launches planned
• Smart metering market matures; longer cycle with improved visibility
• Metering revenue grew 17% YoY to 234 crores

Order Book and Channel Reach

• Order book Stand: 3,200 crores as of 7 Aug 2026; metering and systems >96% of orders
• Distribution network: 900 authorized dealers; 85,000+ retailers

Margins and Cost Dynamics

• EBITDA margin 12.26%; input-cost volatility weighing on margins
• Pricing and mix actions underway; pass-through to customers with lag
• Depreciation up due to capacity investments; cash profit growth

Capex and Backward Integration

• MCBS machine commissioned; 7–8 new machines; 18,000 MCB capacity
• Seven factories backward integrated; in-house components; relays under exploration
• Switch gear lab DECA-certified; can sell to 55 countries

Q&A Highlights

• Adani: Intellismart integration strengthens position; diversified AMISP base
• Lead times for plastics: 15 days to 2 months; some parts imported up to 52 weeks
• Data-center cables: new cables under development; target May–June next year; international certifications
• Capex outlook: maintenance capex; automation ROI 3–4 years; potential new projects; 50–100 crore range discussed
• MOU with Chinese relay supplier: not manufacturing relays yet; backward integration progress; updates to come

Meeting Details

• Date/time of the call not disclosed; pertains to Q1 FY27 results (quarter ended June 30, 2026).
• Type/mode: Analyst/investor conference call; mode not specified.
• Event/organiser: Analysts / Institutional Investors Meeting; conducted by HPL Electric & Power Limited.
• Key company participants: not disclosed.
• Purpose: discuss unaudited standalone and consolidated quarterly results for quarter ended June 30, 2026.
• Recording uploaded on August 11, 2026; transcript will be submitted to exchanges and uploaded.

Financial highlights

• Revenue from operations ₹515.24 crore, up 34.5% YoY.
• COGS ₹359.09 crore, up 51.27% YoY.
• Gross profit ₹156.15 crore; gross margin 30.31% vs 38.03% prior year.
• EBITDA ₹63.18 crore; EBITDA margin 12.26%.
• PAT ₹18.69 crore, up 1.15% YoY.
• Finance cost ₹22.08 crore; depreciation rose 56.55%.

Business mix and growth

• C&I revenue ₹277.59 crore, up 55% YoY; ~54% of consolidated revenue.
• Metering, Systems & Services revenue ₹237.65 crore, up 16.53% YoY.
• Order book ₹3,200+ crore; Metering & Services accounts for >96%.
• Segment mix: Metering 46%, C&I 54%.

Outlook and strategic focus

• FY27 outlook: disciplined execution; margin improvement and sustainable earnings growth.
• Pricing and mix actions underway to restore margin quality.

Business Overview

• Core business: integrated low-voltage electrical equipment across metering, switchgear, lighting, wires & cables, fans.
• Two scalable growth engines: Smart Metering and Consumer & Industrial segments.
• FY27 focus: scale verticals while restoring margins amid input-cost volatility.

Operational Highlights

• Q1 FY27 revenue ₹515.24 crore, up 34.5% YoY; highest-ever first-quarter revenue.
• C&I revenue ₹277.59 crore, up 55% YoY; now ~54% of revenue.
• Wires & Cables revenue ₹145.75 crore, up 78.6% YoY; broad-based demand.
• Smart Metering revenue ₹237.65 crore, up 16.53% YoY; order book ₹3,200+ crore.
• Order book ₹3,200+ crore as of 7 Aug 2026; long-term visibility.
• EBITDA ₹63.18 crore; EBITDA margin 12.26%; gross margin 30.31%.
• PAT ₹18.69 crore; EPS ₹2.90; cash profit ₹35.77 crore; cash EPS ₹5.56.
• Depreciation ₹18.09 crore; finance cost ₹22.08 crore; pricing actions undertaken.
• C&I revenue share ~54%, Metering ~46% of total revenue.
• Pan-India distribution: 90+ branches, 900+ dealers, 85,000+ retailers.

Financial Performance

• Revenue from operations ₹515.24 crore; YoY growth 34.5%.
• Gross profit ₹156.15 crore; gross margin 30.31%.
• EBITDA ₹63.18 crore; EBITDA margin 12.26%.
• PAT ₹18.69 crore; PAT margin 3.63%.
• Cash profit ₹35.77 crore; cash EPS ₹5.56.
• EPS ₹2.90.
• Depreciation ₹18.09 crore; finance cost ₹22.08 crore.
• Order book ₹3,200+ crore; multi-year visibility.

Capital Structure & Liquidity

• Finance cost declined 2.32% YoY to ₹22.08 crore.
• Cash profit grew 20.92% YoY to ₹35.77 crore; cash EPS ₹5.56.

Strategic Priorities & Outlook

• FY27 strategy: four growth pillars, anchor metrics, scalable platforms.
• Smart Metering: RDSS/AMISP opportunities; order book ₹3,200+ crore.
• 5G transformation: partnerships to enable end-to-end digital energy solutions.
• KYRO modular switch range launched; focus on safety and automation.
• Consumer segment growth via distribution expansion, brand-building, and product innovation.
• Capacity readiness: seven manufacturing facilities; two R&D centers.
• Pricing actions and cost controls to restore margins.

Risks & Mitigation

• Input-cost volatility in metals and industrial plastics; seen as temporary.
• Pricing actions across Wires, Lighting, and Switchgear to offset cost rises.

Governance & Leadership

• Joint Managing Director & CFO: Gautam Seth.
• Company Secretary: Vivek Kumar.
• R&D: two centers with 100+ engineers.

Board approvals

• Board approves standalone and consolidated Q1 FY27 results; limited review by Sakshi & Associates.

Standalone results

• Revenue from operations: 51,286.21 lakh; PAT: 1,791.33 lakh.

Consolidated results

• Consolidated total income: 51,739.50 lakh; PAT after tax: 1,869.33 lakh.

EPS

• Standalone EPS: 2.79; Consolidated EPS: 2.50 (basic) / 2.90 (diluted).

Auditors

• Cost Auditor: M.K. Singhal & Co; Internal Auditor: PwC for FY27.

Meeting Details

• Date & time: 11 August 2026, 12:00 PM IST.
• Type & mode: Virtual earnings webinar (conference call).
• Event/organiser: Earnings Webinar hosted by Dickenson World.
• Participants: Senior management present.
• Purpose: Discuss Q1FY27 results; investor interaction.
• Agenda: Opening remarks and interactive Q&A session.
• Duration: 12:00 PM to 1:00 PM IST.
• Availability: Presentation and press release to be uploaded on NSE/BSE and the company site.

Compliance status

• Details of dematerialized/rematerialized securities during the period furnished to all stock exchanges.

Unclaimed dividend/IEPF transfer notice

• Purpose: reminder to claim unclaimed FY2018-19 dividend and avoid transfer of shares to IEPF.
• Date: reminder letter issued July 1, 2026; deadline to claim: October 15, 2026.
• Background: dividend for FY2018-19 declared Sept 26, 2019 and remains unclaimed.
• Rule: seven-year unclaimed dividend or shares transfer to IEPF under Companies Act 2013 and IEPF Rules.
• Action: file Application-cum-Undertaking (Form IEPF-5) with KFin Technologies Limited.
• Electronic shareholders: provide self-attested client master list with name, address, Demat and bank details.
• RTA: claims processed by KFin Technologies Limited, with payments to registered bank accounts.
• Amounts unclaimed are shown in the notice; specific figures not disclosed here.