HPL Electric & Power Limited, one of India’s established electrical equipment manufacturers across metering solutions, switchgear, lighting, wires & cables and fans, today announced its consolidated financial results for the quarter and year ended 31 March 2026.
HPL delivered its highest-ever quarterly revenue in Q4 FY26, with revenue from operations crossing ₹500 crore for the first time to reach ₹519.70 crore, up 5.52% YoY. For FY26, revenue from operations stood at ₹1,811.10 crore, up 6.52% YoY.
The Company’s operating performance remained resilient. FY26 EBITDA grew 10.52% YoY to ₹281.43 crore, with EBITDA margin expanding 56 bps to 15.54%. Gross margin improved 97 bps to 36.01%, reflecting product mix actions, pricing discipline and continued operating focus. Cash profit increased 13.43% YoY to ₹155.51 crore, with cash EPS at ₹24.15.
Reported PAT stood at ₹91.25 crore in FY26, compared with ₹93.99 crore in FY25, primarily reflecting higher depreciation following capacity additions and temporary input-cost timing. However, revenue, gross profit, EBITDA and cash profit continued to grow, underscoring the underlying operating strength of the business.
Commenting on the performance, Mr. Gautam Seth, Joint Managing Director & CFO, HPL Electric & Power Limited, said: “FY26 marks a clear transition in HPL’s growth profile. Revenue crossed Rs.1,800 crore for the year and Q4 revenue crossed Rs.500 crore for the first time, while EBITDA and cash profit expanded faster than revenue. The year also validated the emergence of Consumer & Industrial as a second core growth engine, led by Wires & Cables, product expansion and deeper channel engagement. Smart Metering witnessed an industry-wide execution disruption earlier in the year; however, Q4 reflected a clear sequential recovery as AMISP procurement and installation activity resumed. Reported PAT moderated mainly due to higher depreciation following capacity additions and temporary input-cost timing, but the underlying operating trajectory remains strong. Our FY27 focus is to scale both growth engines while protecting margins through pricing discipline, product mix improvement, R&D-led differentiation and calibrated capacity expansion.”
HPL’s FY26 performance was driven by four key factors. The company achieved record scale, with quarterly revenue exceeding ₹500 crore and annual revenue crossing ₹1,800 crore. Operating quality strengthened as EBITDA outpaced revenue growth and both gross and EBITDA margins improved on a yearly basis. The Consumer & Industrial segment emerged as a second growth engine, with revenue increasing 25.62% YoY to ₹784.67 crore and its share rising to 43% from 37% in FY25. Meanwhile, the smart metering business showed signs of recovery in the final quarter after earlier execution challenges.
The Consumer & Industrial segment delivered strong growth, supported by robust performance in wires and cables, improving lighting demand, stable switchgear demand and continued channel expansion. Segment revenue grew 25.62% YoY to ₹784.67 crore, with Q4 FY26 revenue reaching ₹213.96 crore, marking its strongest quarterly performance.
Within this segment, wires and cables remained the standout performer, with revenue rising 50.0% YoY to ₹340.74 crore. Growth was driven by demand from real estate, industrial OEMs, solar OEMs, telecom, 5G and institutional channels.
The Smart Metering segment, comprising Metering, Systems & Services, reported revenue of ₹1,026.43 crore in FY26 compared to ₹1,075.58 crore in FY25, reflecting industry-wide execution disruptions during the year. However, recovery trends strengthened progressively, with Q4 FY26 revenue reaching ₹305.74 crore, the highest quarterly figure for the segment during the year.
The company continues to maintain strong long-term demand visibility in smart metering, with this segment accounting for over 97% of its order book exceeding ₹3,200 crore as of May 22, 2026.
Heading into FY27, HPL Electric & Power Limited will focus on scaling its two primary growth engines—Smart Metering and Consumer & Industrial. In the smart metering business, priorities include execution of the existing order book, AMISP-led deployments, receivables management and technology-driven differentiation, along with expansion into adjacent segments such as smart water metering.
During FY26, the company strengthened this vertical with the launch of ‘Neeram Pulse’, its smart water meter, and the inauguration of a dedicated panel meter and AMI water meter manufacturing facility in Gurugram, with commercial scale-up aligned to approvals and pilot progress.
In the Consumer & Industrial segment, the company plans to further expand its wires and cables, switchgear and lighting businesses through channel expansion, brand investments and continued product innovation. HPL also enhanced its product portfolio through focused R&D across switchgear, lighting, solar and wiring solutions, while expanding its distribution footprint to over 90 branch and representative offices, 900 authorised dealers and more than 85,000 retailers nationwide.
Across both segments, the company will maintain its focus on disciplined growth, margin protection and calibrated capacity expansion.
