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Revenue
₹475 Cr
verified against source
Revenue YoY
21%
reported change
EBITDA
₹72 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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What the record says.
HPL Electric delivered a strong Q3 FY26 with revenue of ~₹475 crore (+21% YoY) and EBITDA of ~₹72 crore (+29% YoY), driven by robust execution in smart metering and continued momentum in the consumer & industrial (C&I) segment. Smart metering order book remains healthy at ~₹3,000 crore, providing multi-year visibility, while C&I grew 33% YoY in switchgears and 60% YoY in wires & cables. Management guided for 20-25% revenue growth in FY27, supported by policy clarity in smart metering and expansion of distribution network (900+ dealers, 85,000+ retailers). The launch of smart water meters opens a new addressable market, though near-term revenue contribution is expected only from H2 FY27. Key risk: execution delays from AMISPs due to monsoon or last-mile challenges could temper smart metering revenue growth.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects 20-25% topline growth in FY27, driven by smart metering execution and C&I segment momentum.
- Consumer & industrial business is expected to cross or come close to ₹1,000 crore in revenue next fiscal.
- Revenue from smart water meters expected to start in the second half of next fiscal, after approvals and trials.
- Management expects Q4 FY26 to be the strongest quarter of the current year for smart metering supply and installation.
Risks flagged
- Last-mile implementation challenges, monsoon, and manpower issues could delay smart metering deployments, impacting revenue recognition.
- Rising copper prices put pressure on gross margins in C&I segment, especially wires & cables and switchgears, with a lag in passing on costs.
- Increased competition from Chinese and domestic players could limit market share gains and pricing power.
- Smart water meters require regulatory approvals and trials; revenue contribution may take longer than expected.
Key quotes
- We now have two scalable businesses which are smart metering and the consumer and industrial and both are meaningfully growing with meaningful drivers of growth.
- I think the industry is on track to maybe in the next maybe instead of three it may take four years or 5 years or whatever but I think all the meters and many more beyond this will get implemented.
- If you compare one-on-one on the technology, I think India is far above and now with the smart meter in place and probably I would say one of the biggest rollout of smart meters in the world.
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