How did HPL's full-year financials look?

Revenue grew 6.5% to ₹1,811 crore. EBITDA rose 10.5% to ₹281.4 crore, with the margin rising 56 basis points to 15.54%. Cash profit grew 13.4% year-on-year.

Which part of the business is driving growth?

The consumer and industrial segment, which includes wires, cables, and switchgear. Its revenue grew 25.6% to ₹784.7 crore, accounting for 43% of total revenue. It is now a second core growth engine alongside smart metering.

Why did net profit decline?

Reported PAT declined slightly because of higher depreciation from new capacity additions. This was offset by the growth in cash profit, which rose 13.4%.

What happened in the smart metering business?

Revenue fell for the full year due to an industry-wide execution disruption. However, it recovered sequentially in the fourth quarter, posting its strongest quarter of the year.

Earnings · Electric Equipment · Small cap

HPL posts record Q4, passes ₹1,800 cr annual revenue

The consumer-and-industrial segment grew 25.6% and now makes up 43% of sales, offsetting a weak year in smart metering. Cash profit grew 13.4% even as net profit slipped.

— 3 earlier stories on HPL Electric & Power Ltd. →

HPL By Tipsheet Editorial 27 May 2026 · 4:39 PM IST Verify on BSE · NSE

Mkt cap₹2,441 cr

P/E26.82×

ROE10.25%

Debt / eq.0.69

Div yld0.26%

₹1,811 cr Full-year revenue, up 6.5% YoY, crossing the ₹1,800 cr mark for the first time.

What's new

HPL's Q4 revenue of ₹519.7 cr is its highest-ever quarterly figure.
Consumer and industrial segment revenue jumped 25.6% to ₹784.7 cr, now 43% of total sales.
Smart metering revenue fell for the year but recovered sequentially in Q4.

Why this matters

HPL is executing a classic pivot. The consumer-and-industrial business is growing fast enough to mask a tough year for smart metering, which accounts for the rest of the business. The margin story is improving, but higher depreciation from new capacity is still hitting the bottom line.

What we're watching

Whether the Q4 smart metering recovery sustains into Q1 FY27.
How much new capacity is driving the higher depreciation charge.
The pace of margin improvement as the product mix shifts.

The full read

HPL Electric crossed ₹1,800 crore in annual sales for the first time, powered by a record ₹519.7 crore quarter. The headline number, though, is the 25.6% growth in consumer and industrial products to ₹784.7 crore, now 43% of revenue. That business is carrying the load. Smart metering revenue shrank for the year amid an industry-wide slowdown, though it recovered sequentially in Q4. Gross margin improved 97 bps, while EBITDA margin rose 56 bps to 15.54%. But higher depreciation from new capacity weighed on reported profit. Cash profit, which strips that out, grew 13.4%. The results show HPL is less dependent on smart meters than it was two years ago. That diversification is the story.

Questions answered

How did HPL's full-year financials look?: Revenue grew 6.5% to ₹1,811 crore. EBITDA rose 10.5% to ₹281.4 crore, with the margin rising 56 basis points to 15.54%. Cash profit grew 13.4% year-on-year.
Which part of the business is driving growth?: The consumer and industrial segment, which includes wires, cables, and switchgear. Its revenue grew 25.6% to ₹784.7 crore, accounting for 43% of total revenue. It is now a second core growth engine alongside smart metering.
Why did net profit decline?: Reported PAT declined slightly because of higher depreciation from new capacity additions. This was offset by the growth in cash profit, which rose 13.4%.
What happened in the smart metering business?: Revenue fell for the full year due to an industry-wide execution disruption. However, it recovered sequentially in the fourth quarter, posting its strongest quarter of the year.

Mentioned: ₹519.7 cr Q4 revenue · ₹784.7 cr consumer segment · Smart metering recovery in Q4

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.

Company snapshot

HPL Electric & Power Ltd.

Engineering & Capital Goods

₹2,496 cr

P/E 27.42×

Latest quarter · Mar 2026

Sales₹520 cr

Net profit₹31 cr

Op. margin+16.5%

EPS₹4.80

Strength & growth

Debt / equity0.69×

Current ratio1.39×

Sales CAGR+7.1%

EPS CAGR+13.2%

Story so far

All notes on HPL →

27 May 2026 · 4:39 PM IST HPL posts record Q4, passes ₹1,800 cr annual revenue
2d ago HPL transcript confirms growth trajectory, smart meter TAM expands
7d ago HPL targets ₹1K cr C&I revenue as smart meter market widens
28d ago HPL Electric & Power's investor presentation adds no new information.