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1. At a Glance
Revenue of ₹515.24 crore, up 34.52% year on year from ₹383.03 crore. Management called it the highest-ever first quarter, and noted Q1 is “typically… seasonally light” — a sentence that, in the electrical equipment business, usually precedes an apology rather than a record.
Underneath the headline, the arithmetic gets more interesting. Operating profit came in at ₹63.17 crore against ₹58.00 crore a year ago. Gross margin, per the company’s own presentation, fell from 38.03% to 30.31% — a 772 basis point move. PAT was ₹18.67 crore against ₹18.43 crore, and EPS ₹2.90 against ₹2.87. A third more revenue arrived at the top of the P&L and roughly the same profit walked out the bottom, having been detained en route by raw material costs and ₹18.09 crore of depreciation.
The segment mix flipped. Consumer & Industrial hit ₹277.59 crore, up 55% YoY and now ~54% of revenue against ~46% for Metering — the first time the consumer half of the house has been the bigger half. Wires and cables alone did ₹145.75 crore, up 78.6%, which is over 40% of the entire FY26 cables revenue of ₹340.74 crore delivered in twelve weeks.
The order book stands at ₹3,200+ crore as of 7 August 2026, of which metering is ~96%. FY26 closed with revenue of ₹1,811 crore and PAT of ₹91.01 crore. The FY26 Other Income line reads minus ₹0.62 crore, which is a number we will return to.
2. Introduction
HPL Electric & Power Limited manufactures low-voltage electrical equipment and has been doing so for about 40 years, from a company incorporated in 1992 with a registered office on Asaf Ali Road, Delhi and a corporate office in Kundli, Sonipat. The investor presentation describes the brand as 69 years old, which means the brand is comfortably older than the company that owns it — a fairly common arrangement in Indian industrials, where the trademark often has the longer CV.
Five product verticals: metering solutions, modular switches, switchgears, LED lighting, and wires and cables. Customers run from state DISCOMs to a man buying one MCB. Exports go to more than 42 countries across Asia, Africa, Europe and the UK, moved through overseas logistics partners.
The recent record is dense. In November 2025, HPL and the Havells Group signed a settlement resolving the “HAVELLS” trademark disputes — the shareholding pattern quietly records the aftermath, with Havells Electronics Pvt Ltd appearing as HPL Electronics Private Limited from December 2025 and Havells Private Limited as HPL Holdings Private Limited, same 18.12% and 4.42% stakes, new nameplates. In September 2025 the company received a ₹65.72 crore smart meter work order, amended upward the following month to ₹92.00 crore. In May 2026 it announced ₹242.24 crore of smart meter orders from GMR-linked and infrastructure customers. The Q3 FY26 results carried a ₹715.50 lakh labour liability and an ₹18,000 lakh litigation settlement.
India Ratings affirmed the bank loan facilities of ₹18,400 million at IND A+/Stable/IND A1 in June 2026. In January 2026 the company launched Neeram Pulse, a smart water meter, and inaugurated a dedicated Panel Meter and AMI Water Meter facility at Gurugram — because if you already measure electricity for a living, measuring water is less a pivot than a change of fluid.
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3. Business Model: WTF Do They Even Do?
HPL calls itself a one-stop shop for low-voltage electrical equipment, which in practice means it makes almost everything between the pole outside your building and the switch on your wall, and then makes the switch too.
Two engines. Metering, Systems & Services (57% of FY26 revenue vs 63% in FY25) covers conventional meters, smart meters — prepaid, net, and communication-enabled — and panel meters under the Emfis brand, sold to central and state utilities, DISCOMs and AMISP contractors. Consumer, Industrial & Services (43% vs 37%) is the everything-else division: Osafe MCBs and RCCBs, phase selectors, modular switches, ACBs, MCCBs, ATSs, AFDDs, fire-resistant and coaxial and solar and networking cables, LED lighting in consumer, street, commercial and outdoor flavours, and fans — table, ceiling and exhaust.
The market positions are lopsided in an entertaining way: 50% share in domestic on-load changeover switches, 20% in domestic electric meters, 5% in low-voltage switchgear, and fifth-largest LED lighting manufacturer. Dominant in a product most people have never consciously seen, mid-pack in one sitting in every ceiling in the country.
Seven manufacturing facilities across Gurugram, Kundli, Jabli and Gharaunda. Annual capacity: 11 million electronic meters (including 1.1 crore smart meter capacity), 26 million lighting units, 16 million switchgear units, and 194 million metres of wire and cable — enough cable each year to reach roughly halfway to the moon, assuming anyone wanted a well-earthed moon.
Distribution is the moat management keeps pointing at: 900+ authorised dealers, 85,000+ retailers, 90+ branch and representative offices, 6 master warehouses, and 620+ full-time employees on promotion and brand-building. Backward integration is stated policy — 3 tool rooms, 100+ injection moulding machines, in-house sheet metal and electronics.
