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1. At a Glance
HPL Electric & Power makes low-voltage electrical equipment, from meters and switchgear to lighting and cable. Revenue for the three months to June 2026 came in at ₹515.24 crore. The same quarter a year earlier brought ₹383.03 crore, so the rise is 34.52%. Management called it the highest-ever first quarter, and said the period is typically seasonally light. A seasonally light quarter that also sets a record is an agreeable sort of contradiction.
Operating profit for the quarter was ₹63.17 crore, against ₹58.00 crore a year earlier. Gross margin, per the company’s own presentation, fell from 38.03% to 30.31%. Profit after tax was ₹18.67 crore, against ₹18.43 crore in the same quarter last year. Earnings per share came to ₹2.90, against ₹2.87. The gap between the top line and the bottom holds raw material costs and ₹18.09 crore of depreciation.
The segment mix turned over. Consumer and industrial revenue was ₹277.59 crore, a rise of 55% on the year. That division is now about 54% of revenue, against about 46% for metering. It is the first quarter in which the consumer half of the house has been the larger one. Wires and cables alone contributed ₹145.75 crore, up 78.6% on the year. Cable revenue for the whole year to March 2026 was ₹340.74 crore, and the quarter delivered over 40% of that.
The order book stood above ₹3,200 crore on 7 August 2026, with metering about 96% of it. The year to March 2026 closed with revenue of ₹1,811 crore and profit after tax of ₹91.01 crore. The other income line for that year reads minus ₹0.62 crore.
2. Introduction
HPL Electric & Power Limited makes low-voltage electrical equipment, and has been doing so for about 40 years. The company was incorporated in 1992, with a registered office on Asaf Ali Road in Delhi. Its corporate office sits at Kundli in Sonipat. The investor presentation describes the brand as 69 years old, which makes the brand older than the company owning it.
Five product verticals sit under the roof: metering solutions, modular switches, switchgears and LED lighting. Wires and cables is the fifth. Customers run from state power distribution companies, known as DISCOMs, down to a man buying a single MCB. An MCB is the small trip switch in a household board that cuts power during a fault. Exports reach more than 42 countries across Asia, Africa, Europe and the UK, moved by 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 records the aftermath in its own quiet way. Havells Electronics Pvt Ltd appears as HPL Electronics Private Limited from December 2025, holding the same 18.12%. Havells Private Limited appears as HPL Holdings Private Limited, holding the same 4.42%. New nameplates, identical stakes.
In September 2025 the company received a smart meter work order of ₹65.72 crore. The following month it was amended upward to ₹92.00 crore. In May 2026 it announced ₹242.24 crore of smart meter orders from GMR-linked and infrastructure customers. The results for the three months to December 2025 carried a labour liability of ₹7.16 crore. Those results also carried a litigation settlement of ₹180 crore.
India Ratings, a credit rating agency, affirmed bank loan facilities of ₹1,840 crore in June 2026. The rating was IND A+ with a stable outlook, alongside IND A1.
In January 2026 the company launched Neeram Pulse, a smart water meter. For a firm that measures electricity for a living, measuring water is a change of fluid. It inaugurated a dedicated Panel Meter and AMI Water Meter facility at Gurugram in the same month.
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3. Business Model: WTF Do They Even Do?
HPL calls itself a one-stop shop for low-voltage electrical equipment. In practice it makes most things between the pole on the street and the switch on the wall, and the switch too.
Two engines drive it. Metering, Systems and Services was 57% of revenue in the year to March 2026, against 63% the year before. It covers conventional meters, smart meters, and panel meters sold under the Emfis brand. Smart meters come in prepaid, net and communication-enabled forms. Buyers are central and state utilities, DISCOMs, and AMISP contractors, the firms that install and run smart meters under long contracts.
Consumer, Industrial and Services was 43% of revenue, against 37% the year before. It carries Osafe circuit breakers of the MCB and RCCB types, plus phase selectors and modular switches. The switchgear range runs to ACBs, MCCBs, automatic transfer switches and arc-fault detection devices. Cables run to fire-resistant, coaxial, solar and networking types. Lighting comes in consumer, street, commercial and outdoor forms, and the fans are table, ceiling and exhaust.
The market positions are lopsided. The company claims 50% of domestic on-load changeover switches and 20% of domestic electric meters. It holds 5% of low-voltage switchgear and ranks fifth among LED lighting manufacturers. Dominant in a product few people have consciously looked at, mid-pack in one hanging from most ceilings.
Seven manufacturing plants sit
