HPL Electric & Power Ltd (BOM:540136) Q4 2026 Earnings Call Highlights: Record Revenue and ...

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• Total Revenue:Crossed INR 1800 crores for FY26.

• Q4 Revenue:Exceeded INR 500 crores for the first time.

• EBITDA:Grew ahead of revenue.

• Gross Margins:Improved during the fiscal year.

• Cash Profit:Expanded despite higher depreciation.

• Consumer and Industrial Revenue:Grew 26% to INR 784 crores, increasing its share of total revenue from 37% to 43% in FY26.

• Q4 Consumer and Industrial Revenue:Reached INR 214 crores, the strongest quarter on record.

• Wire and Cables Revenue:Increased 50% to INR 340 crores in FY26.

• Order Book:Metering accounts for over 97% of the order book, totaling more than INR 3,200 crores as of May 22, 2026.

• Distribution Network:Over 900 authorized dealers and 85,000 retailers.

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Release Date: June 17, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript .

Positive Points

• HPL Electric & Power Ltd ( BOM:540136 ) achieved a significant milestone with revenue surpassing INR 1800 crores for FY26 and Q4 revenue exceeding INR 500 crores for the first time.

• The company's EBITDA grew ahead of revenue, indicating improved operational efficiency and profitability.

• The Consumer and Industrial (C&I) segment showed robust growth, with revenue increasing by 26% to INR 784 crores, and its share of total revenue rising from 37% to 43%.

• The wire and cables division was a standout performer, growing 50% in FY26 to INR 340 crores, driven by demand from diverse sectors such as real estate, industrial, solar, telecom, and domestic channels.

• HPL Electric & Power Ltd ( BOM:540136 ) has a strong order book, with smart metering accounting for more than 97% of the order book valued at over INR 3,200 crores, providing visibility and growth potential.

Negative Points

• The reported PAT was affected by higher depreciation due to capacity additions, impacting net profitability.

• The smart metering segment faced industry-wide execution disruptions earlier in the year, although it recovered by Q4.

• There is a 2.5% pledge on promoter shares, raising concerns about financial leverage and potential risks.

• C&I margins were lower despite strong growth, attributed to the increased share of wire and cables and rising commodity prices.

• The company faces challenges in the smart metering segment due to government delays in meeting targets, affecting demand consistency.

Q & A Highlights

Q: Can you provide more insight into how both segments, smart metering and Consumer & Industrial (C&I), strengthen HPL's business model? A: Gautam Seth, CFO and Joint Managing Director, explained that HPL Electric focuses on both smart metering and C&I segments. Smart metering is a long-term growth area with government traction, while C&I has seen recent growth, particularly in wires and cables. Both segments are expected to grow aggressively in the coming years.