MR. GAUTAM SETH
Q.HPL Electric and Power Ltd. has a rich legacy in the electrical industry. How has the company evolved over the years?
Since its incorporation in 1992, HPL Electric & Power Ltd. has grown into one of India’s leading electrical equipment manufacturers. Our journey began with the production of on-load changeover switches in collaboration with a French partner, marking the foundation of our technical expertise. Over the years, we have expanded our portfolio to include metering solutions, switchgear, lighting products, wires and cables, solar solutions, and modular switches. Today, HPL operates across two core business segments: Metering & Systems and Consumer & Industrial. Our seven state-of-the-art manufacturing facilities in Haryana and Himachal Pradesh, supported by two advanced R&D centres, enable us to deliver high-quality solutions to our customers. Through ongoing improvement and technological advancements, we have strengthened our market presence and leadership in India’s electrical industry.
Q.Can you highlight the company’s most significant achievements or milestones in recent years?
HPL has achieved significant milestones in recent years, reinforcing our growth and market leadership. Our smart metering segment reported a robust 32% YoY growth in H1FY25, driven by strong execution and increasing localization of critical components. As of September 2024, our order backlog stands at over ?3500 crore, with approximately 94% allocated to smart meters. We have successfully diversified our product offerings, backed by backward-integrated manufacturing and R&D capabilities. Today, we hold a 20% market share in the electric meters segment and lead the on-load changeover switches market with a 50% share. Additionally, we rank among the top five players in the LED lighting industry. Financially, HPL has demonstrated sustained growth, with revenue and EPS increasing at a CAGR of 19% and 64%, respectively, over the past three years (FY22-24). Our revenue and EBITDA have grown at a CAGR of 8% and 9% from FY20 to FY24, reflecting our strong operational performance and disciplined financial management.
Q.Are there any upcoming products or technologies you’re particularly excited about in 2025?
Innovation remains central to HPL’s growth strategy. In 2025, we are set to introduce a new range of switchgear, including industrial and solar variants, as well as advanced lighting solutions such as the 2.7W LED Candle and 100W LED Flood Light ECO Model. Furthermore, we are leveraging our R&D capabilities to capitalize on India’s smart meter rollout under the Revamped Distribution Sector Scheme (RDSS). Our planned capacity expansion to 15 million smart meters over the next 2-3 years will enable us to meet increasing market demand. Additionally, we are exploring new product categories within the consumer and industrial segments to enhance business operations and tap into emerging growth opportunities.
Q.HPL is known for its advanced metering solutions. How do your products support energy efficiency and sustainability?
HPL’s smart metering solutions are designed to enhance energy efficiency and support sustainability initiatives. These meters facilitate real-time energy monitoring, reduce transmission losses, and improve grid reliability, ultimately helping consumers and utilities optimize power consumption. Our smart meters also play a pivotal role in integrating renewable energy sources into the grid. With advanced features and seamless connectivity enabled through our partnership with Wirepas in 2023, we continue to drive innovation in energy management, supporting a more efficient and sustainable power infrastructure
Q.With the growing demand for smart cities, how is HPL contributing to smart energy management and infrastructure?
HPL is well-positioned to support the development of smart cities through our advanced metering solutions and energy-efficient products. As India advances toward smart energy management, our smart meters and grid solutions play a critical role in enhancing operational efficiency and infrastructure resilience. By aligning our products with the increasing demand for intelligent energy solutions, we are providing reliable, scalable, and future-ready solutions that contribute to India’s urban transformation.
Q.How does HPL align itself with the government’s vision for initiatives like “Make in India” and “Digital India”?
HPL is deeply aligned with India’s “Make in India” initiative through our backward-integrated manufacturing facilities, which foster domestic production and reduce dependency on imports. Our investments in local manufacturing and R&D have positioned us as a key enabler of the country’s self-reliance in the electrical industry. Our smart metering solutions directly support the “Digital India” mission by enabling advanced data collection, improved grid reliability, and efficient energy distribution. Through continuous innovation and localization efforts, we are driving digital transformation and contributing to India’s technological advancement in the power sector.
Q.After celebrating its 15th glorious edition, Elecrama 2025 is coming up with a bang with its 16th edition so what kind of expectations are you looking for from this mega event?
Elecrama 2025 presents an exciting platform for HPL to showcase our extensive product portfolio and technological advancements across metering solutions, switchgear, lighting, and other electrical products. We anticipate engaging with key industry stakeholders, exploring strategic collaborations, and expanding our market reach. The event is an opportunity to highlight our approach to innovation and sustainability while gaining valuable insights into emerging market trends. We look forward to leveraging Elecrama 2025 to strengthen our brand presence, enhance customer relationships, and demonstrate our leadership in India’s electrical equipment industry
