HPL Electric posts 35% revenue growth in Q1 FY27 as consumer business expands
HPL Electric & Power Limited reported its highest-ever first-quarter revenue in Q1 FY27, with consolidated revenue from operations rising 34.52% year-on-year to Rs 515.24 crore for the quarter ended June 30, 2026.
Revenue remained above the Rs 500 crore level recorded in Q4 FY26 despite the first quarter typically being seasonally weaker.
Consumer business
The Consumer & Industrial segment recorded its highest-ever quarterly revenue of Rs 277.59 crore, up 55% year-on-year. Its contribution to consolidated revenue increased to around 54% from 47% in Q1 FY26.
Wires & Cables revenue rose 78.6% year-on-year to Rs 145.75 crore, while Lighting & Electronics revenue increased 78.1%. Industrial Switchgear grew 19% and Domestic Switchgear increased 6.9%.
The Metering, Systems & Services segment generated Rs 237.65 crore, up 16.53% from Rs 203.94 crore in Q1 FY26. The segment also recorded a strong sequential improvement from Q4 FY26.
Margins
Gross profit increased 7.21% year-on-year to Rs 156.15 crore. EBITDA rose 8.94% to Rs 63.18 crore, although the EBITDA margin declined to 12.26% from 15.14% a year earlier.
HPL Electric attributed the margin pressure to volatility in metal and industrial plastic input costs, along with changes in the revenue mix.
Profit after tax (PAT) increased 1.15% to Rs 18.69 crore despite depreciation rising 56.55%. Finance costs declined 2.32% year-on-year to Rs 22.08 crore.
Order book
The company’s order book stood at more than Rs 3,200 crore as of August 7, 2026. The Metering, Systems & Services segment accounted for more than 96% of the order book.
Commenting on the performance, Mr. Gautam Seth, Joint Managing Director and CFO, said: “Q1 FY27 represents a strong start to the year, with revenue growing 34.5% to our highest-ever first-quarter level. More importantly, the quarter demonstrates increasing breadth in HPL’s growth profile.”
He added: “Consumer & Industrial delivered its highest-ever quarterly revenue of 277.59 crore, up 55.00% YoY. Importantly, the scale-up was broad-based across the segment. Wires & Cables revenue grew 78.6% YoY to 145.75 crore, achieving more than 40% of its full FY26 revenue of 340.74 crore in a single quarter.”
On the metering business, Seth said: “The Smart Metering market is progressively moving towards a more mature execution phase, with quarterly revenue influenced by AMISP procurement and dispatch schedules. HPL continues to view the segment as a long-duration opportunity.”
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