HPL Electric & Power Limited announced its consolidated financial results for the quarter and year ended March 31, 2026, reporting record quarterly performance and annual revenue crossing ₹1,800 crore.

Financial Performance Highlights

Q4 FY26 Performance:

  • Revenue from operations: ₹519.70 crore (up 5.52% YoY from ₹492.54 crore in Q4 FY25)
  • Gross Profit: ₹185.28 crore (up 8.90% YoY)
  • Gross Margin: 35.65% (improved 111 bps YoY)
  • EBITDA: ₹85.81 crore (up 4.34% YoY)
  • EBITDA Margin: 16.51% (declined 19 bps YoY)
  • Profit After Tax: ₹30.90 crore (down 17.12% YoY from ₹37.28 crore)
  • PAT Margin: 5.95% (declined 162 bps YoY)
  • EPS: ₹4.80 (down 16.96% YoY from ₹5.78)
  • Cash Profit: ₹54.69 crore (up 10.26% YoY)
  • Cash EPS: ₹8.50 (up 10.53% YoY)

FY26 Annual Performance:

  • Revenue from operations: ₹1,811.10 crore (up 6.52% YoY from ₹1,700.24 crore)
  • Gross Profit: ₹652.09 crore (up 9.48% YoY)
  • Gross Margin: 36.01% (improved 97 bps YoY)
  • EBITDA: ₹281.43 crore (up 10.52% YoY from ₹254.65 crore)
  • EBITDA Margin: 15.54% (expanded 56 bps YoY)
  • Profit After Tax: ₹91.25 crore (down 2.91% YoY from ₹93.99 crore)
  • PAT Margin: 5.04% (declined 49 bps YoY)
  • EPS: ₹14.15 (down 2.95% YoY from ₹14.58)
  • Cash Profit: ₹155.51 crore (up 13.43% YoY from ₹137.10 crore)
  • Cash EPS: ₹24.15 (up 13.43% YoY from ₹21.29)

Segment Performance

Metering, Systems & Services:

  • FY26 Revenue: ₹1,026.43 crore (down 4.57% from ₹1,075.61 crore in FY25)
  • FY26 EBIT Margin: 17.52% (improved from 17.01% in FY25)
  • Q4 FY26 Revenue: ₹305.74 crore (strongest metering quarter of FY26)
  • The segment experienced industry-wide execution disruption earlier in the year but showed sequential recovery through FY26

Consumer, Industrial & Services:

  • FY26 Revenue: ₹784.67 crore (up 25.62% from ₹624.63 crore in FY25)
  • FY26 EBIT Margin: 10.21% (declined from 11.45% in FY25)
  • Revenue share increased to 43% from 37% in FY25
  • Q4 FY26 Revenue: ₹213.96 crore (strongest C&I quarter on record)
  • Wires & Cables revenue grew 50.0% YoY to ₹340.74 crore in FY26

Strategic Updates and Outlook

The company highlighted the emergence of Consumer & Industrial as a second core growth engine alongside Smart Metering. Key strategic initiatives include:

  • Focus on order book execution in Smart Metering, particularly AMISP-led deployments
  • Receivables management and technology-led differentiation
  • Expansion into smart water metering with the launch of Neeram Pulse smart water meter
  • Inauguration of dedicated Panel Meter and AMI Water Meter manufacturing facility at Gurugram
  • Scaling Wires & Cables, Switchgear and Lighting through channel expansion and product innovation
  • Expanded product portfolio through focused R&D across switchgear, lighting, solar and wiring solutions
  • Distribution network includes 90+ branch and representative offices, 900+ authorized dealers and 85,000+ retailers

Order Book and Business Visibility

  • Order book of over ₹3,200 crore as of May 22, 2026
  • Metering, Systems & Services accounts for more than 97% of the order book
  • Strong long-term smart metering demand visibility

Management Commentary

Mr. Gautam Seth, Joint Managing Director & CFO, stated that FY26 marked a clear transition in HPL's growth profile with revenue crossing ₹1,800 crore and Q4 revenue exceeding ₹500 crore for the first time. He attributed the PAT moderation to higher depreciation following capacity additions and temporary input-cost timing, while emphasizing that the underlying operating trajectory remains strong. The FY27 focus is on scaling both growth engines while protecting margins through pricing discipline, product mix improvement, R&D-led differentiation and calibrated capacity expansion.