HPL Electric & Power Ltd
NSE:HPL
HPL Electric & Power Ltd
HPL Electric & Power Ltd. engages in the manufacture of electrical equipment. The company is headquartered in Noida, Uttar Pradesh. The company went IPO on 2016-10-04. The firm is engaged in manufacturing of electrical and power distribution equipment. The firm operates in four segments: Metering, Switchgears, Lighting, and Wires & Cables. The company offers a range of products from Industrial and Domestic Circuit Protection Switchgears, Cables, Energy Saving Meters, compact fluorescent lamp (CFL) & light-emitting diode (LED) Lamps, and Luminaires for Domestic, Commercial, and Industrial applications, Modular Switches covering the entire range of household, commercial and industrial electrical needs. The firm offers generation equipment, such as boilers, turbines, generators, transmission and distribution (T&D), and allied equipment such as transformers, cables, instrument transformers, insulators, insulating material, industrial electronics, indicating instruments, winding wires. The firm exports its products across south-east Asia, the Middle East, Europe, and Africa.
HPL Electric & Power Ltd. engages in the manufacture of electrical equipment. The company is headquartered in Noida, Uttar Pradesh. The company went IPO on 2016-10-04. The firm is engaged in manufacturing of electrical and power distribution equipment. The firm operates in four segments: Metering, Switchgears, Lighting, and Wires & Cables. The company offers a range of products from Industrial and Domestic Circuit Protection Switchgears, Cables, Energy Saving Meters, compact fluorescent lamp (CFL) & light-emitting diode (LED) Lamps, and Luminaires for Domestic, Commercial, and Industrial applications, Modular Switches covering the entire range of household, commercial and industrial electrical needs. The firm offers generation equipment, such as boilers, turbines, generators, transmission and distribution (T&D), and allied equipment such as transformers, cables, instrument transformers, insulators, insulating material, industrial electronics, indicating instruments, winding wires. The firm exports its products across south-east Asia, the Middle East, Europe, and Africa.
Strong Revenue Growth: Q3 revenue grew about 21% year-on-year to roughly INR 475 crores, with EBITDA up around 29% to nearly INR 72 crores.
Order Book Visibility: The smart metering order book stands at over INR 3,000 crores, providing strong multiyear visibility.
Consumer & Industrial Momentum: The Consumer and Industrial segment's share of revenue has risen from 37% to 44% over the last 9 months, driven by robust growth across product categories.
New Product Launch: HPL launched Neeram Pulse smart water meters, entering a new segment with significant long-term potential, though near-term revenue impact is expected in the second half of next year.
Margins Impacted by Raw Materials: Gross margins have eased from 38% to 36-37%, mainly due to higher copper prices, especially in wires and cables, but price increases are being passed through with some lag.
Exports and FTAs: HPL sees export growth opportunities, with new FTAs with the UK and Europe expected to boost competitiveness in those markets.
Guidance Reaffirmed: Management expects a strong Q4 and is aiming to come close to the previously mentioned full-year revenue target of INR 1,900–2,000 crores.
Long-term Growth Outlook: Management believes 20–25% annual revenue growth is achievable over the next few years, supported by both the smart metering and Consumer & Industrial businesses.
