HPL

HPL Electric & Power Limited

Dual-engine electrical equipment maker for utilities and consumer markets

Industrials›Capital Goods›Industrial Manufacturing›Industrial Products

hplindia.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹260.50
Market cap
1,677 Cr
Stock P/E
18.4
P/B
1.67
Dividend yield
0.4%
ROE (FY26)
9.1%
ROCE (FY26)
12.4%
Operating margin (FY26)
12.0%
Debt / equity (FY26)
0.75
OCF / EBITDA (FY26)
80.5%
OCF / EBITDA (3Y)
63.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

HPL (HPL Electric & Power) makes electric meters, including smart meters sold to the companies that run India's power-distribution metering programmes, and everyday electrical products such as switchgear, wires and cables, lighting and fans sold through dealers and retailers.

Company snapshot

41stBy market cap

Ranked among 69 companies in Industrial Products.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 63.1% of revenue

SegmentRevenue shareRevenuePBTAssets
Consumer, industrial & Services
36.9%
446 Cr46 Cr—
Metering, Systems & Services
63.1%
762 Cr124 Cr—

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales350 Cr366 Cr424 Cr393 Cr422 Cr392 Cr493 Cr383 Cr434 Cr474 Cr520 Cr515 Cr
Operating expenses (approx.)303 Cr316 Cr369 Cr337 Cr362 Cr337 Cr410 Cr325 Cr369 Cr402 Cr434 Cr452 Cr
EBITDA47 Cr50 Cr55 Cr56 Cr61 Cr56 Cr82 Cr58 Cr66 Cr72 Cr86 Cr63 Cr
OPM %13.5%13.6%13.0%14.3%14.3%14.2%16.7%15.1%15.2%15.1%16.5%12.3%
Other income0.98 Cr0.57 Cr2 Cr0.79 Cr0.75 Cr0.95 Cr2 Cr1 Cr0.83 Cr0.87 Cr2 Cr2 Cr
Interest22 Cr22 Cr24 Cr24 Cr22 Cr21 Cr23 Cr23 Cr24 Cr26 Cr22 Cr22 Cr
Depreciation9 Cr9 Cr12 Cr10 Cr11 Cr11 Cr11 Cr12 Cr13 Cr15 Cr24 Cr18 Cr
Profit before tax17 Cr19 Cr21 Cr23 Cr29 Cr24 Cr51 Cr25 Cr30 Cr26 Cr42 Cr25 Cr
Tax %34.9%37.0%35.9%26.0%25.9%25.9%27.0%26.1%26.7%25.3%26.1%25.7%
Net profit11 Cr12 Cr14 Cr17 Cr22 Cr18 Cr37 Cr18 Cr22 Cr20 Cr31 Cr19 Cr
EPS (₹)₹1.71₹1.86₹2.13₹2.65₹3.35₹2.81₹5.78₹2.87₹3.46₹3.02₹4.80₹2.90

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,105 Cr1,061 Cr1,158 Cr977 Cr875 Cr1,014 Cr1,262 Cr1,461 Cr1,700 Cr1,811 CrSign in free for the trailing twelve months
Operating expenses (approx.)981 Cr951 Cr1,025 Cr852 Cr756 Cr889 Cr1,105 Cr1,269 Cr1,446 Cr1,530 CrSign in free for the trailing twelve months
EBITDA124 Cr110 Cr134 Cr125 Cr119 Cr125 Cr157 Cr192 Cr255 Cr281 CrSign in free for the trailing twelve months
OPM %11.2%10.4%11.5%12.8%13.6%12.3%12.4%13.2%15.0%15.5%Sign in free for the trailing twelve months
Other income5 Cr4 Cr5 Cr5 Cr4 Cr4 Cr4 Cr4 Cr5 Cr5 CrSign in free for the trailing twelve months
Interest68 Cr51 Cr58 Cr61 Cr64 Cr68 Cr75 Cr90 Cr90 Cr94 CrSign in free for the trailing twelve months
Depreciation24 Cr23 Cr32 Cr37 Cr45 Cr47 Cr38 Cr39 Cr42 Cr63 CrSign in free for the trailing twelve months
Profit before tax37 Cr40 Cr48 Cr31 Cr14 Cr14 Cr47 Cr68 Cr128 Cr123 CrSign in free for the trailing twelve months
Tax %29.8%31.9%31.9%28.4%27.0%44.0%35.2%35.9%26.4%26.1%Sign in free for the trailing twelve months
Net profit26 Cr28 Cr33 Cr22 Cr10 Cr8 Cr30 Cr44 Cr94 Cr91 CrSign in free for the trailing twelve months
EPS (₹)₹4.65₹4.27₹5.06₹3.39₹1.55₹1.21₹4.69₹6.78₹14.58₹14.15Sign in free for the trailing twelve months
Dividend payout %————9.6%12.4%3.2%14.7%6.8%7.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital64 Cr64 Cr64 Cr64 Cr64 Cr64 Cr64 Cr64 Cr64 Cr64 Cr
Reserves624 Cr640 Cr664 Cr684 Cr694 Cr700 Cr729 Cr764 Cr851 Cr936 Cr
Borrowings375 Cr480 Cr518 Cr574 Cr552 Cr565 Cr598 Cr623 Cr633 Cr750 Cr
Other liabilities362 Cr336 Cr273 Cr245 Cr278 Cr307 Cr307 Cr421 Cr544 Cr646 Cr
Total liabilities1,427 Cr1,521 Cr1,521 Cr1,569 Cr1,590 Cr1,638 Cr1,701 Cr1,874 Cr2,095 Cr2,398 Cr
Fixed assets (net)375 Cr403 Cr424 Cr465 Cr446 Cr438 Cr450 Cr461 Cr492 Cr608 Cr
CWIP—0.15 Cr7 Cr3 Cr2 Cr10 Cr9 Cr10 Cr8 Cr41 Cr
Investments——0 Cr0 Cr0 Cr0 Cr0 Cr0.0010 Cr0.0010 Cr10 Cr
Loans & advances——0.41 Cr0.44 Cr0.48 Cr0.63 Cr0.78 Cr0.70 Cr2 Cr2 Cr
Inventories378 Cr424 Cr414 Cr439 Cr443 Cr507 Cr486 Cr573 Cr697 Cr749 Cr
Trade receivables469 Cr467 Cr471 Cr463 Cr513 Cr505 Cr603 Cr697 Cr714 Cr765 Cr
Cash & bank11 Cr7 Cr27 Cr30 Cr34 Cr39 Cr33 Cr26 Cr27 Cr33 Cr
Other assets194 Cr219 Cr177 Cr168 Cr152 Cr138 Cr119 Cr107 Cr156 Cr191 Cr
Total assets1,427 Cr1,521 Cr1,521 Cr1,569 Cr1,590 Cr1,638 Cr1,701 Cr1,874 Cr2,095 Cr2,398 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity3 Cr20 Cr83 Cr63 Cr85 Cr101 Cr104 Cr100 Cr138 Cr226 Cr
Cash from investing-51 Cr-59 Cr-57 Cr-60 Cr-8 Cr-41 Cr-40 Cr-39 Cr-70 Cr-223 Cr
Cash from financing49 Cr40 Cr-29 Cr-3 Cr-71 Cr-58 Cr-74 Cr-72 Cr-66 Cr16 Cr
Net cash flow1 Cr2 Cr-3 Cr-0.33 Cr6 Cr2 Cr-10 Cr-11 Cr2 Cr20 Cr
Free cash flow (OCF − Capex)-52 Cr-43 Cr22 Cr1 Cr75 Cr58 Cr62 Cr58 Cr65 Cr13 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %9.8%7.7%8.5%7.0%6.0%6.2%8.8%10.9%14.0%12.4%
ROE %3.7%3.9%4.5%2.9%1.3%1.0%3.8%5.2%10.2%9.1%
Debtor days155160148173213181174174153154
Inventory days226218196258295286211211207230
Days payable158148102102127129100112128165
Cash conversion cycle222230242329382338285273232219
OCF / EBITDA %2.8%18.6%62.2%50.1%71.0%80.8%66.1%52.2%54.3%80.5%
OCF / EBITDA % (3 years)——29.1%45.1%61.0%67.2%72.1%64.3%56.7%63.8%
Debt / equity0.550.680.710.770.730.740.750.750.690.75
Current ratio1.391.321.341.381.421.441.461.511.391.36
Net debt / EBITDA2.94—3.674.364.354.203.603.112.382.55