HPL Electric & Power Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript HPL Electric & Power Ltd filed with BSE on 23 Jun 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 FY26 revenue crossing Rs 1,800 crore with Q4 revenue exceeding Rs 500 crore for the first time, driven by growth in both its smart metering and consumer & industrial (C&I) segments. C&I revenue grew 26% to Rs 784 crore, with wires and cables up 50% to Rs 340 crore, while the smart metering order book stood at over Rs 3,200 crore as of May 22, 2026. Management said EBITDA grew ahead of revenue and gross margins improved, even as reported PAT reflected higher depreciation from capacity additions.
Numbers mentioned
Revenue: crossed 1,800 crores (FY26)
p. 1
“Revenue crossed 1,800 crores.”
Mr. Gautam Seth, page 1 of the filed PDF · View the filing
Revenue: crossed 500 crores (Q4 FY26)
p. 1
“And Q4 revenue crossed 500 crores for the first time.”
Mr. Gautam Seth, page 1 of the filed PDF · View the filing
C&I segment revenue: 784 crores, 26% growth (FY26)
p. 1
“revenue grew 26% to 784 crores, and its share of total revenue increased from 37% to 43% in FY26”
Mr. Gautam Seth, page 1 of the filed PDF · View the filing
C&I segment revenue: 214 crores (Q4 FY26)
p. 1
“Q4 was the strongest C&I quarter on record at 214 crores.”
Mr. Gautam Seth, page 1 of the filed PDF · View the filing
Wires and cables revenue: 340 crores, 50% growth (FY26)
p. 1
“wires and cables was a standout performer, growing 50% in FY26 to 340 crores”
Mr. Gautam Seth, page 1 of the filed PDF · View the filing
Authorized dealers: more than 900
p. 1
“With more than 900 authorized dealers and 85,000 retailers, HPL has a reach that has been built over many years.”
Mr. Gautam Seth, page 1 of the filed PDF · View the filing
Smart metering order book: over Rs. 3,200 crores (as of 22nd May 26)
p. 1
“with metering, accounting for more than 97% of the order book of over Rs. 3,200 crores as of 22nd May 26”
Mr. Gautam Seth, page 1 of the filed PDF · View the filing
Promoter share pledge: about 2.42%
p. 3
“No, so it is, no, I think it's, by one of the promoter entities, and it is about 2.42%, I think, yeah.”
Mr. Gautam Seth, page 3 of the filed PDF · View the filing
Smart metering EBIT margin: almost 17.5% (Q4 FY26)
p. 8
“If you see even on the Q4 EBIT, it's almost 17.5% on the, on the smart metering part.”
Mr. Gautam Seth, page 8 of the filed PDF · View the filing
Smart meters installed (industry): about 7 crores
p. 3
“already 7 crore meters have been installed of smart meters”
Mr. Gautam Seth, page 3 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 revenue — 1,000 crores · FY27
stated conditionally by Mr. Gautam Seth
p. 3
“So, to answer your question, yes, we should be looking at 1,000 crores of revenue this year, but normally I would not give a specific number, but yes, I think we are moving in that direction, and I think we should be looking to cross that.”
Mr. Gautam Seth, page 3 of the filed PDF · View the filing
Capex — maintenance capex only · FY27
stated firmly by Mr. Gautam Seth
p. 4
“but this year we are expecting the capex to be mainly on, on the maintenance, basically the maintenance capex.”
Mr. Gautam Seth, page 4 of the filed PDF · View the filing
Neeram Pulse (smart water meter) revenue — marginal revenues · second part of the year
stated conditionally by Mr. Gautam Seth
p. 5
“Yeah, we should start seeing some marginal revenues, starting in the second part of the year.”
Mr. Gautam Seth, page 5 of the filed PDF · View the filing
Debt levels — FY27
stated conditionally by Mr. Gautam Seth
p. 8
“I would say that it would remain somewhere in the same levels right now, so... Probably because we have done a sufficient amount of capex in the last 3 years.”
Mr. Gautam Seth, page 8 of the filed PDF · View the filing
C&I margins
stated as an aspiration by Mr. Gautam Seth
p. 10
“Hopefully, we should see the, the margins coming back, and the last one-week events has also made, you know, the inflation, and if you look at the metals, the exchange rate, crude”
Mr. Gautam Seth, page 10 of the filed PDF · View the filing
West Bengal AMISP online billing platform — complete the online part · by Q4
stated conditionally by Mr. Gautam Seth
p. 6
“And we hope that. within the... by the Q4, we should be able to complete the online, part on that.”
Mr. Gautam Seth, page 6 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 yes, they expect to cross 1,000 crores of revenue, though normally they avoid giving a specific number.
Answered by Mr. Gautam Seth
Asked by Kunal Dubey: Will C&I cross 1,000 crores in FY27?
p. 3
“So, to answer your question, yes, we should be looking at 1,000 crores of revenue this year, but normally I would not give a specific number, but yes, I think we are moving in that direction, and I think we should be looking to cross that.”
Mr. Gautam Seth, page 3 of the filed PDF · View the filing
Management said the Q4 trend has largely continued into Q1 and demand remains intact.
Answered by Mr. Gautam Seth
Asked by Kunal Dubey: How is smart metering demand tracking in Q1, given the government pushed its target to FY28?
p. 3
“the smart metering and the trend, what we see in the Q4, we see that almost continue in the Q1 as well.”
Mr. Gautam Seth, page 3 of the filed PDF · View the filing
Management said they supply to practically every AMISP including Adani and IntelliSmart, and are not concentrated on one or two customers.
Answered by Mr. Gautam Seth
Asked by Chandresh Malpani: What is the customer concentration risk given large orders from GMR and Adani entities?
p. 8
“our spread, if you look at from an AMISP, is not concentrated on just one or two, but all the active ones, we are supplying to them.”
Mr. Gautam Seth, page 8 of the filed PDF · View the filing
Management said realizations are moving slightly downward as volumes rise, but margins remain fairly good due to their established position.
Answered by Mr. Gautam Seth
Asked by Chandresh Malpani: How are tender realizations and input costs trending?
p. 9
“The volumes go up, the realizations come down, but you have to also see that, still the, like, us being a very established and a matured player, even in the earlier setup.”
Mr. Gautam Seth, page 9 of the filed PDF · View the filing
Management attributed it to the rising share of lower-margin wires and cables and commodity price increases from February that were passed on only by April-May.
Answered by Mr. Gautam Seth
Asked: Why were C&I margins lower this year despite strong growth?
p. 10
“one, the share of wires and cables has... within the C&I segment has gone up, because wire has seen quite an unprecedented growth.”
Mr. Gautam Seth, page 10 of the filed PDF · View the filing
Risks flagged
State elections could cause slowdowns in smart meter installation in certain states
p. 6
“maybe due to some elections or certain things, certain slowdowns could be there”
Mr. Gautam Seth, page 6 of the filed PDF · View the filing
Supply chain disruptions from geopolitical tensions and exchange rate variations
p. 9
“certain, you know, the... not exactly on the commodity, but let's say the exchange variations, or certain... because of the warlike situation, certain supply chain disruptions may be there”
Mr. Gautam Seth, page 9 of the filed PDF · View the filing
Rising commodity prices (industrial plastics, metals) pressured margins with a lag before pass-through
p. 10
“we have seen the commodity prices go up, we have seen an increase in the industrial plastics, in the metals, all across, that has gone up.”
Mr. Gautam Seth, page 10 of the filed PDF · View the filing
Near-term contribution from Neeram Pulse water meters depends on approvals, pilots and utility adoption cycles
p. 3
“The near-term contribution will depend upon approvals, pilots, and utility adoption cycles, so we are approaching it in a calibrated manner.”
Mr. Gautam Seth, page 3 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.