HPL Electric & Power Limited conducted its Q2 & H1FY27 earnings webinar on November 6, 2026, at 12:00 PM IST. The transcript was submitted to the stock exchanges on November 12, 2026, as a regulatory disclosure.

Financial Performance Highlights

Q2 FY27 Performance:

  • Revenue from operations reached ₹608 crore, representing 40% year-on-year growth and marking the highest-ever quarterly revenue, crossing the ₹600 crore level for the first time.
  • EBITDA grew 8% year-on-year to ₹71 crore with an EBITDA margin of 11.74%.
  • PAT increased to ₹23 crore.

H1 FY27 Performance:

  • Revenue stood at ₹1,124 crore, up 37% year-on-year.
  • EBITDA reached ₹135 crore, up 9% year-on-year.

Segment-wise Performance

Consumer & Industrial (C&I) Segment:

  • Q2 revenue grew 64% year-on-year to ₹337 crore, contributing approximately 55% of total quarterly revenue.
  • H1 revenue reached ₹615 crore, up 60% year-on-year.
  • Wires & cables led growth with 159% year-on-year increase to ₹178 crore in Q2, and H1 revenue of ₹324 crore (equivalent to 95% of FY26 full-year revenue).
  • Lighting grew 59% year-on-year, domestic switchgear grew 43%, and industrial switchgear recorded 29% sequential growth.
  • Demand is coming from diversified customer base including builders, industrial and solar OEMs, telecom, and institutional customers.

Metering & Systems Segment:

  • Q2 revenue grew 18% year-on-year to ₹271 crore with 14% sequential improvement.
  • H1 revenue grew 17% to ₹509 crore.
  • Order book stood at ₹2,700 crore as of November 2, 2026, with Metering & Systems accounting for more than 96% of total order book.

Margin Performance and Outlook

  • Q2 EBITDA margin declined to 11.74% from 12.26% in Q1 FY27 due to input cost volatility from geopolitical situation affecting material costs (metals, industrial plastics, electronics).
  • In metering business, cost increases cannot be passed through due to fixed contracts, but R&D efforts are underway to compensate through better design and manufacturing.
  • In C&I segment, some price increases were passed in Q2, with more increases planned post-Diwali. Management expects margins to stabilize around 12% in H2 FY27.

Capacity Utilization

  • Metering capacity utilization is approximately 70% with flexibility to scale up if government pushes implementation.
  • Wires & cables capacity utilization is approximately 80%, with 7-8 new machines added in last 6 months and more machines ordered on staggered basis.

Growth Strategy and Future Plans

Product Development:

  • New cable products for data centers, infrastructure, and EVs under development, with commercial production expected by end of Q1 FY28 (June 2027).
  • Lighting segment revamp with new smart lighting range planned for launch in February 2027 during ELECRAMA exhibition.
  • Fans segment is relatively new with low base, expecting meaningful figures from summer 2027.
  • Smart water meter pilots underway with testing and approval process ongoing, expecting meaningful numbers next year.

Channel Expansion:

  • Current network includes 900 authorized dealers and 90,000 retailers.
  • Targeting 100,000 retail outlets by March 2027, with plans to double this in next 3 years.
  • Focus on quality dealers over quantity, with enhanced sales team and geo-tagged field force.

Export Opportunities:

  • Free Trade Agreements expected to help push products internationally.
  • Received first good order from Africa with advance payment, manufacturing ongoing.

Restructuring Evaluation

  • Board granted in-principle approval to evaluate restructuring proposal involving segregation of one or more businesses into separate entities through scheme of arrangement.
  • Objective is to increase focus across product verticals and unlock shareholder value.
  • Proposal is at evaluation stage with no specific timeline or structure finalized.

Market Outlook and Guidance

  • Management expects H2 FY27 to be better than H1, with C&I segment comfortably exceeding ₹1,000 crore guidance (already at ₹615 crore in H1).
  • Smart metering order pipeline remains strong with 15-20% growth expected to continue.
  • Focus areas for remainder of year include improving margin quality, disciplined execution, and tighter working capital management.