HPL Electric & Power / Q4-FY26

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Positive2026-05-22Back to HPL

Revenue

₹520 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

Pending

latest reported figure

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Actual signal trajectory

Where this quarter sits.

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Revenue (₹ Cr)PositiveWatchNegative
2 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q3 FY26: 475 · Positive source sentiment · 2026-02-10Q3 FY26Q4 FY26: 520 · Positive source sentiment · 2026-05-22Q4 FY26520475
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

HPL Electric delivered a strong FY26 with revenue crossing 1,800 crores and Q4 revenue exceeding 500 crores for the first time. The CNI segment grew 26% to 784 crores, led by wire & cables which surged 50% to 340 crores. Smart metering order book stands at 3,200 crores, providing multi-year visibility. Management guided CNI revenue to cross 1,000 crores in FY27 and expects similar growth momentum. Capex will be limited to maintenance, with debt remaining stable. Key risk: execution delays in smart metering due to state-level disruptions or policy shifts.

Colored figures show movement against the previous available record.

Guidance to track

  • Management expects CNI segment revenue to exceed 1,000 crores in FY27, driven by continued growth in wire & cables and other products.
  • After substantial capex in prior years, FY27 capex will be limited to maintenance, with no major expansion planned.
  • Management expects debt to stay at current levels as revenue grows, with no immediate reduction.

Risks flagged

  • State-level disruptions (elections, policy changes) could slow meter installations and revenue recognition.
  • Analyst raised concern about concentration risk with large AMISPs like Adani; management acknowledged supplying to all major players but did not quantify exposure.
  • Rising commodity prices (metals, plastics) have compressed CNI margins; price pass-through is lagged and may not fully offset.

Key quotes

  • Revenue crossed 1,800 crores and Q4 revenue crossed 500 crores for the first time.
  • HPL electric is now visibly a two engine electrical equipment and solutions company.
  • Our order book continues to provide visibility with metering accounting for more than 97% of the order book of over rupees 3,200 crores.

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