HPL Electric & Power Q4 FY26: Revenue Crosses ₹1,800 Crore, Smart Meter Order Book Over ₹3,200 Crore
HPL Electric & Power's FY26 revenue crossed ₹1,800 crore, with Q4 revenue exceeding ₹500 crore. The C&I segment grew 26% to ₹784 crore, and is projected to surpass ₹1,000 crore in FY27. The smart metering order book stands over ₹3,200 crore. The company is expanding into smart water metering with marginal revenues expected in H2 FY27.
The announcement details significant revenue growth, a strong order pipeline in smart metering, and strategic expansion into new areas like water metering, all of which have a material impact on the company's financial performance and market position.
The company reported strong revenue growth, exceeding targets in key segments, and has a substantial order book, indicating positive future prospects.
HPL Electric & Power Limited reported strong performance for FY26, with revenue crossing ₹1,800 crore and Q4 revenue surpassing ₹500 crore for the first time. The company highlighted its strategic positioning as a two-engine electrical equipment and solutions provider, focusing on smart metering and the Consumer & Industrial (C&I) segment.
The C&I segment demonstrated robust growth, with revenue increasing by 26% to ₹784 crore, now constituting 43% of total revenue. Wires and cables were a standout performer within this segment, growing 50% to ₹340 crore, driven by demand from real estate, industrial, solar, and telecom sectors.
Smart metering remains a key growth engine, with the business recovering from earlier execution disruptions. As of May 22, 2026, the order book stood at over ₹3,200 crore, with smart metering accounting for more than 97% of this. The company has also inaugurated a dedicated panel meter and AMI water meter manufacturing facility in Gurugram, marking its entry into smart water infrastructure.
Looking ahead to FY27, HPL Electric & Power's priorities include executing the smart metering order book, scaling the C&I segment with a focus on quality and margin protection, managing receivables, and strengthening its position as a trusted electrical equipment platform. The company anticipates crossing ₹1,000 crore in C&I revenue in FY27. Marginal revenues from the Neeram Pulse smart water meter are expected in the second half of FY27, with meaningful contributions anticipated in the next 1-2 years.
During the Q4 and FY26 earnings webinar, management confirmed that the C&I business is on track to cross ₹1,000 crore in FY27. Demand for smart metering is intact, and the company is well-positioned to cater to increased execution ramp-ups, with government targets extended to 2028. The company also addressed promoter share pledges, stating they are expected to reduce in coming quarters. While not providing exact customer details for competitive reasons, HPL Electric confirmed it is a preferred vendor for all major Active Meter Infrastructure Providers (AMISPs), including Adani and IntelliSmart.
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HPL Electric & Power Limited filed this with the NSE as a statutory disclosure, categorised under other company updates. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by HPL Electric & Power Limited. Read the original for the full detail.