HPL Electric & Power Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript HPL Electric & Power Ltd filed with BSE on 17 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
HPL Electric & Power reported Q1 FY27 revenue from operations up 35% year-on-year to Rs 515 crore, with EBITDA up 9% to Rs 63 crore and PAT rising to Rs 19 crore. Consumer and industrial revenue grew 55% to Rs 278 crore led by wires and cables, while metering and systems revenue grew 17% to Rs 234 crore on an order book of Rs 3,200 crore. Management attributed EBITDA margin moderation to 12.26% to rising input costs in metals and industrial plastics linked to geopolitical disruptions.
Numbers mentioned
Revenue from operations: 515 crores (Q1 FY27)
p. 2
“Revenue from operations grew 35% year-on-year to 515 crores.”
Gautam Seth, page 2 of the filed PDF · View the filing
EBITDA: 63 crores (Q1 FY27)
p. 2
“EIA grew 9% to 63 crores while PAT increased to 19 crores.”
Gautam Seth, page 2 of the filed PDF · View the filing
Consumer and industrial revenue: 278 crores (Q1 FY27)
p. 2
“Consumer and industrial delivered its highest ever quarterly revenue of 278 crores growing 55% year on year and contributed approximately 54% of the revenue during the quarter.”
Gautam Seth, page 2 of the filed PDF · View the filing
Wire and cable revenue: 146 crores (Q1 FY27)
p. 2
“Wire and cable continues its strong momentum with revenue growing 79% to 146 crores.”
Gautam Seth, page 2 of the filed PDF · View the filing
Lighting growth: 78% (Q1 FY27)
p. 2
“Lighting grew 78%.”
Gautam Seth, page 2 of the filed PDF · View the filing
Industrial switchgear growth: 19% (Q1 FY27)
p. 2
“56 crores industrial switch gear grew 19%.”
Gautam Seth, page 2 of the filed PDF · View the filing
Metering and systems revenue: 234 crores (Q1 FY27)
p. 2
“Metering and system grew close to 17% year-on-year to 234 crores.”
Gautam Seth, page 2 of the filed PDF · View the filing
Order book: 3,200 crores (as on 7th August 2026)
p. 2
“Our order book stands at 3,200 CRS as on 7th August 26 with metering and systems accounting for more than 96% of the total orders.”
Gautam Seth, page 2 of the filed PDF · View the filing
EBITDA margin: 12.26% (Q1 FY27)
p. 2
“On profitability, EBITDA grew during the quarter although EBITDA margins moderated to 12.26%.”
Gautam Seth, page 2 of the filed PDF · View the filing
Cash profit growth: 21% (Q1 FY27)
p. 2
“Cash profit increased to 21% increased by 21%.”
Gautam Seth, page 2 of the filed PDF · View the filing
Gross margin: 30% (from 38% last year) (Q1 FY27 vs Q1 FY26)
p. 3
“gross margins have compressed from 38% last year to 30% and that was probably driven by the raw material inflation”
Viraj Mahadevia, page 3 of the filed PDF · View the filing
Smart meters installed nationally: 7 cr meters
p. 8
“almost 7 cr meters are right now installed as we talk today because it was 6.9 the last official figure”
Gautam Seth, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
C&I segment margins — Q3
stated conditionally by Gautam Seth
p. 11
“yeah hopefully we look at that because there certain costs are getting passed on for sure and certain changes we can do immediately.”
Gautam Seth, page 11 of the filed PDF · View the filing
Metering margin baseline — an extra quarter
stated conditionally by Gautam Seth
p. 11
“currently the levels what we are I think that would be you know like a baseline right now for us to pursue although efforts are there to increase enhance them further”
Gautam Seth, page 11 of the filed PDF · View the filing
Data center specific cable range — full range of data center cables with international certifications · May-June of next year
stated firmly by Gautam Seth
p. 7
“hopefully by May-June of next year we should be having those kind of cables with the international certifications what are required”
Gautam Seth, page 7 of the filed PDF · View the filing
Consumer and industrial revenue growth — high double digit growth · next 12 to 18 months
stated as an aspiration by Gautam Seth
p. 12
“when you look at consumer and industrial there I would say the next 12 to 18 months will be very strong”
Gautam Seth, page 12 of the filed PDF · View the filing
Margins returning to 16-17% — 16 17% margins
stated conditionally by Gautam Seth
p. 13
“Yes, I think if that happens for sure we can do that but right now you know these are out of our control but whatever best we can do to still get back our margins so already the teams are doing that”
Gautam Seth, page 13 of the filed PDF · View the filing
Capex for next year or two — 50 to 100 crores · next year or two
stated conditionally by Gautam Seth
p. 13
“it depending on the project but okay as the time comes you'll hear about it but there will be definitely certain natural progression from our existing products.”
Gautam Seth, page 13 of the filed PDF · View the filing
Smart meter order execution timeline — one and a half two years
stated as an aspiration by Gautam Seth
p. 14
“Typically one and a half two years they should get executed but again sometimes yeah typically they should get executed but only it's the execution speed also matters but normally the visibility would be two years let's say”
Gautam Seth, page 14 of the filed PDF · View the filing
Smart meter market duration — 10-15 years
stated as an aspiration by Gautam Seth
p. 11
“It's not a 5 seven year it's going to be even more maybe 10 15 years as long as we see electricity consumption and households using it.”
Gautam Seth, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said growth is broadening across wire and cable, switchgear, lighting and switches, supported by channel expansion.
Answered by Gautam Seth
Asked: How is C&I segment growth expected to progress over the next two quarters?
p. 3
“C&I has seen a growth for the last five quarters now and each time the the absolute value of sales and the the percentage of growth are getting larger.”
Gautam Seth, page 3 of the filed PDF · View the filing
Management attributed the compression to rising raw material costs from geopolitical disruption and described pricing pass-through, design changes and alternate materials as mitigation.
Answered by Gautam Seth
Asked by Viraj Mahadevia: Why have gross margins compressed and what steps are being taken to restore them?
p. 4
“there's a lot of work happening in our R&D especially when we look at the smart metering where the contracts are fixed the sales prices are fixed and then the the variable part is the cost factor”
Gautam Seth, page 4 of the filed PDF · View the filing
Management said pricing is being highlighted to AMISPs and expects to secure price increases in future orders given competitive positioning.
Answered by Gautam Seth
Asked by Viraj Mahadevia: Will the company be able to pass on cost increases in future metering tenders?
p. 5
“maybe in future definitely as a company we would be hopeful that certain price increases would be given in the further orders as they're getting finalized and we are already asking them and highlighting the same”
Gautam Seth, page 5 of the filed PDF · View the filing
Management said it is studying the segment and plans to launch data-center-specific cable products with international certifications next year.
Answered by Gautam Seth
Asked by Kunal Dubey: Is HPL positioning for AI/data center cable demand like other cable companies?
p. 7
“we are coming into certain like certain new cables which would be more specific to the data centers so we don't have the full range right now”
Gautam Seth, page 7 of the filed PDF · View the filing
Management said the consolidation is positive since HPL was already an approved vendor to both entities and it is not dependent on any single AMISP.
Answered by Gautam Seth
Asked by Chandresh Chamalpani: How does Adani's acquisition of Intellismart affect HPL's order flow with AMISPs?
p. 8
“I think that has been a very positive for us because we were preferred vendors and approved in both of them.”
Gautam Seth, page 8 of the filed PDF · View the filing
Management said backward integration efforts are underway on select components but there is no manufacturing setup yet.
Answered by Gautam Seth
Asked by Chandresh Chamalpani: Is HPL manufacturing relays captively for smart meters as per the earlier MOU with a Chinese player?
p. 9
“No not as on today but yes there are you know in a probably in a different you know the way we structure the thing that's how we will be we are working on that but there definitely there is work on the particular components work on the technology is going on definitely.”
Gautam Seth, page 9 of the filed PDF · View the filing
Management said the current margin level is a conservative baseline for now, with efforts underway to improve it over the coming quarters.
Answered by Gautam Seth
Asked by Ankur Golati: Is the current quarter's EBIT margin the new baseline going forward?
p. 11
“currently the levels what we are I think that would be you know like a baseline right now for us to pursue although efforts are there to increase enhance them further”
Gautam Seth, page 11 of the filed PDF · View the filing
Management said smart metering has strong multi-year revenue visibility while margins could recover to prior levels if the Middle East situation eases and input costs fall.
Answered by Gautam Seth
Asked by Dia: What is the revenue and margin outlook for coming years, and can margins return to 16-17%?
p. 13
“the smart metering should see steady revenue growth what we are seeing since the last four quarters”
Gautam Seth, page 13 of the filed PDF · View the filing
Management confirmed the order book is largely smart-meter driven since C&I orders are placed on a shorter, month-to-month basis.
Answered by Gautam Seth
Asked by Dia: Is the order book of Rs 3,000 crore about 90% from smart meters?
p. 14
“because you know consumer and industrial does not have long orders like that.”
Gautam Seth, page 14 of the filed PDF · View the filing
Risks flagged
Input cost volatility in metals and industrial plastics due to geopolitical disruption
p. 3
“This reflected an input cost volatility volatility particularly across metals and industrial plastics due to the geographical disruptions.”
Gautam Seth, page 3 of the filed PDF · View the filing
Metering margins dropped sharply due to sudden price increases in industrial plastics and metals
p. 4
“there's been almost a 50% drop in the margins on the metering side which is mainly because of the sudden price heights especially on the industrial plastics which have gone up and which are more crude dependent”
Gautam Seth, page 4 of the filed PDF · View the filing
Higher depreciation from recent capacity investments moderating PAT growth
p. 3
“Higher depreciation following our capacity investments also moderated the translation of operating growth into PAT.”
Gautam Seth, page 3 of the filed PDF · View the filing
Rise in minimum wages in Haryana and neighboring states increasing manpower costs
p. 13
“there has been almost a 40% increase in the minimum wages by the Hana government in May.”
Gautam Seth, page 13 of the filed PDF · View the filing
Execution pace dependent on AMISP customers, who have faced execution challenges
p. 13
“time and again we have seen certain execution challenge not faced by us but by the AMISP so typically they are our customers so it's dependent on that”
Gautam Seth, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.