NSE: HPL · BSE: 540136 · ISIN INE495S01016
HPL Electric & Power Limited stock analysis
HPL Electric & Power Limited ranks #2068 in the TickerSutra evidence-ranked universe with a score of 49/100 and 95% data confidence. The latest captured fundamentals show ROCE of 13.5%, quarterly sales growth of 34.5% and quarterly profit growth of 1.3%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Strong CFO/EBITDA of 0.8×
- CWIP indicates an active capacity pipeline
Risks and constraints
- Debt/equity is above 0.5×
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹1,014cr | ₹125cr | ₹8cr | 12.0% |
| 2023 | ₹1,262cr | ₹157cr | ₹30cr | 12.0% |
| 2024 | ₹1,461cr | ₹193cr | ₹44cr | 13.0% |
| 2025 | ₹1,700cr | ₹255cr | ₹94cr | 15.0% |
| 2026 | ₹1,811cr | ₹282cr | ₹91cr | 16.0% |
| TTM | ₹1,943cr | ₹287cr | ₹91cr | 15.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
RoutineTrading WindowNSE · 25 Sept 2026 · Structured filingHPL Electric & Power Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
HPL Electric & Power Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
Open original XBRL sourceMANAGEMENT COMMENTARY
Signals from filed documents
Business Model Strengthening During FY26, HPL strengthened its two-engine operating model, comprising Metering & Systems and Consumer & Industrial, with dedicated product management, R&D, manufacturing, marketing and sales capabilities supporting the growth of each engine. At the same time, shared capabilities and a focus on financial discipline enabled the Company to improve operating leverage across the businesses w
The Switchgear business also witnessed healthy momentum, with 11.10% YoY growth, supported by sustained infrastructure and development activities. Meanwhile, the Lighting business returned to growth, delivering 12.8% YoY growth, supported by reduced industry-wide pricing pressure, expanding distribution channels and an improving product mix. In FY26, the C&I segment accounted for 43% of overall revenue, against 37% i
Our priorities are well-aligned with national objectives, including increasing investments in power infrastructure, rising electrification, expanding digital connectivity, and growing demand for organized electrical brands. To seize this momentum, we continue to invest in capacity expansion, automation, R&D capabilities and technological advancements. These investments not only enhance our ability to develop different
With two complementary growth engines, differentiated capabilities and strong market fundamentals, we are strategically placed to capitalize on India’s evolving electrical and energy infrastructure landscape while delivering enduring value to all stakeholders. Across our operations, we continued to invest in automation, manufacturing efficiency, backward integration and process improvements to enhance quality, respons
The Company inaugurated a dedicated Panel Meter & AMI Water Meter manufacturing facility at Gurugram with scalable production capability for ultrasonic and multi-jet smart water meters. During FY26, the product received BIS certification while international certifications, pilot deployments, utility integration and product approvals progressed, leveraging the Company’s existing metering R&D, manufacturing and communica
Evaluate currency sensitivities before undertaking borrowing and financing decisions. Customer Concentration Risk Dependence on a limited customer base or changes in customer sourcing strate- gies could affect revenue visibility. Expand the customer base through a strong pan-India presence across multiple industries.
To seize this momentum, we continue to invest in capacity expansion, automation, R&D capabilities and technological advancements. These investments not only enhance our ability to develop differentiated products, drive operational excellence and scale efficiently, but also strengthen our competitiveness as we expand our presence across domestic and global markets, creating sustainable value for all stakeholders. Warm
The Company is also evaluating product take-back initiatives and EPR preparedness. Positive: Growth in revenue from innovative offerings, sustained market leadership and mitigation of regulatory non-compliance risks. 4 Human Capital Development O As manufacturing operations evolve with automation and digital technologies, workforce upskilling and talent retention are essential to building future- ready capabilities a
Our Products are tested as per respective IEC Standards in third party Labs like CPRI, ERDA, TUV, INTERTEK. We have approval from Dekra –Netherlands for CB Certificate and KEMA for multiple Product ranges which will be a global gateway for International Markets. Recently, the Kundli plant laboratory has been NABL accredited, which shows HPL’s efforts in further strengthening its R&D work in the field of Switchgear & Li
During FY26, HPL introduced several new products, including ATS CME 330, ATS CME 360, Smart Starter Panel, NUVIA Diamond Panel, Glass Distribution Boards, a new range of modular switches and multiple energy-efficient LED lighting solutions, further strengthening its offerings across industrial, domestic and consumer electrical segments. HPL Electric & Power Limited 50 Annual Report 2025-26 Statutory Reports Internatio
Together, they create a more balanced growth and cash-flow profile across utility, industrial and consumer demand cycles. HPL distinguishes itself through its backwards-integrated manufacturing ecosystem, comprising seven state-of-the-art manufacturing facilities that encompass product design, development, component engineering, tool making and commercial production. This integrated capability underpins the Company's c
Intense Industry Competition: Increasing competition from organised domestic and global players may exert pressure on pricing, margins and market share. Policy and Regulatory Changes: Changes in government policies, procurement frameworks or implementation timelines for infrastructure projects may influence business performance. Financial Market Volatility: Volatile interest rates, foreign exchange movements and tight
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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