HPL Electric & Power reported FY26 revenue of ₹1,800 crore, with Q4 exceeding ₹500 crore. The C&I segment grew 26% to ₹784 crore, driven by Wires & Cables. The order book stands at ₹3,200 crore.
HPL Electric & Power Ltd.
HPL Electric & Power's FY26 revenue reached ₹1,800 crore, with Q4 FY26 revenue crossing ₹500 crore for the first time. The company's total order book stands at ₹3,200 crore as of May 22, 2026.
Reader Takeaway: Strong C&I segment growth balances raw material margin pressures.
What just happened
HPL Electric & Power announced its financial year 2026 (FY26) results, showcasing consolidated revenue of ₹1,800 crore. The fourth quarter of FY26 saw revenue surpassing ₹500 crore. The company also reported a substantial order book of ₹3,200 crore. Key growth drivers included the Consumer and Industrial (C&I) segment, which posted ₹784 crore in revenue for FY26, marking a 26% increase and contributing 43% to total revenue. Within C&I, the Wires & Cables division surged by 50% to ₹340 crore.
Why this matters
This performance highlights HPL Electric's successful execution of its 'two-engine' strategy, balancing smart metering with a rapidly growing C&I business. The strong order book provides revenue visibility, while the C&I segment's increasing contribution diversifies income streams. Resolution of execution bottlenecks in smart metering also indicates improved operational efficiency.
The backstory
For the past three years, HPL Electric has invested significantly in capex. The company operates through two primary business segments: smart metering and the Consumer and Industrial (C&I) segment, which includes electrical appliances, wires, and cables.
What changes now
With execution issues in smart metering addressed, the company expects better performance. The C&I segment is targeted to cross ₹1,000 crore in FY27. Capex in FY27 will focus on maintenance. Marginal revenue from the new 'Neeram Pulse' smart water meter is anticipated in H2 FY27.
Risks to watch
Margins faced pressure due to inflation in raw materials like metals and plastics. While price increases have been implemented, their full impact on normalizing margins remains to be seen. Promoter share pledges, though reduced to 2.42%, are also a point to monitor.
Peer comparison
(No peer comparison data available in the filing.)
Context metrics (time-bound)
- FY26 Consolidated Revenue: ₹1,800 crore
- Q4 FY26 Revenue: ₹500 crore
- Total Order Book (as of May 22, 2026): ₹3,200 crore
- C&I Segment Revenue (FY26): ₹784 crore (26% growth)
- Wires & Cables Revenue (FY26): ₹340 crore (50% growth)
- Promoter Share Pledges: 2.42%
What to track next
Investors should watch the impact of price increases on margins, the growth trajectory of the C&I segment towards its ₹1,000 crore FY27 target, and the successful introduction of the 'Neeram Pulse' smart water meter.