HPL Electric & Power (NSE:HPL) filed its Q1 FY27 earnings conference call transcript with the National Stock Exchange on 17 August 2026. The transcript, covering the call held on 11 August 2026, shows revenue from operations rose 35% year-on-year to Rs 515 crore, the company's highest-ever first-quarter revenue.
Key Highlights
- Revenue from operations for Q1 FY27 reached Rs 515 crore, growing 35% year-on-year, marking the highest-ever quarterly revenue for a first quarter in the company's history.
- The Consumer and Industrial segment posted its highest-ever quarterly revenue of Rs 278 crore, up 55% year-on-year, contributing approximately 54% of total revenue for the quarter.
- EBITDA grew year-on-year to Rs 63 crore, while PAT came in at Rs 19 crore; EBITDA margin moderated to 12.26% due to input cost pressures across metals and industrial plastics.
- The smart metering order book stood at Rs 3,200 crore as on 7 August 2026, with metering and systems accounting for more than 96% of total orders, providing medium-term revenue visibility.
About the Company
HPL Electric & Power Limited (NSE:HPL), headquartered in New Delhi, manufactures and markets a broad range of electrical products including energy meters, switchgear, circuit breakers, wires and cables, lighting solutions, and fans. The company operates across two primary business segments: Consumer and Industrial products, and Metering and Systems, serving utilities, industrial clients, and retail consumers across India.
Announcement in Detail
In the Q1 FY27 earnings call held on 11 August 2026 and moderated by Shankhini Saha of Dickinson, Joint Managing Director and CFO Gautam Seth outlined financial and operational performance. Wire and cable revenue grew 79% year-on-year to Rs 146 crore, lighting grew 78% to Rs 56 crore, and industrial switchgear grew 19%. The Metering and Systems segment grew approximately 17% year-on-year to Rs 234 crore.
Management attributed EBITDA margin compression, from approximately 38% gross margin in the prior year to around 30%, primarily to geopolitical disruptions affecting raw material costs from February 2026 onward, particularly across metals and industrial plastics. Responses included long-term supplier contracts, design modifications enabling use of alternative materials within the same specifications, and selective price increases passed through to customers in wire and cable.
Impact on Investors
Investors will note that while revenue growth across both segments was strong, EBITDA margins moderated to 12.26% in Q1 FY27 due to input cost volatility. The filing shows that higher depreciation, following recent capacity investments, further reduced the conversion of operating profit into PAT, which stood at Rs 19 crore for the quarter.
The disclosed order book of Rs 3,200 crore provides medium-term revenue visibility predominantly through the metering and systems segment. Shareholders will observe that margin recovery is contingent on the pace of raw material cost stabilisation, the effectiveness of design-led cost optimisation currently underway in R&D, and the ability to sustain price increases in consumer-facing product categories.
Sector / Market Context
India's smart metering programme, driven by the Revamped Distribution Sector Scheme (RDSS), targets installation of approximately 250 million smart prepaid meters across state distribution companies. According to the Ministry of Power, cumulative smart meter installations have been accelerating, creating sustained order pipelines for metering manufacturers. Simultaneously, India's residential wiring and cable market continues to benefit from construction activity and infrastructure spending, supporting demand in the Consumer and Industrial segment where HPL Electric competes with established domestic and multinational players.