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HPL Electric reported Q1FY27 revenue performance

ICICIdirect Research 11 Aug 2026 DISCLAIMER

News: HPL Electric reported Q1FY27 revenue performance, with revenue from operations increasing 34.5% YoY to ₹515 crore, supported by broad-based growth across its businesses. EBITDA declined 9.4% YoY, with EBITDA margin contracting 283 bps YoY to 12.3% from 15.1%. PAT declined 2.4% YoY to ₹18.9 crore, with net profit margin declining 115 bps YoY to 3.7%. Consumer & Industrial revenue grew 55.0% YoY to ₹278 crore, while Metering, Systems & Services revenue increased 16.5% YoY to ₹238 crore. The order book stood at ₹3,200+ crore, with ~96% from Metering

View: HPL delivered strong topline growth, led by C&I, with Wires & Cables and Lighting & Electronics growing 78.6% and 78.1% YoY, respectively. However, the strong revenue growth was not reflected in profitability, with EBITDA declining 9.4% YoY and margins contracting sharply due to input-cost volatility and an adverse revenue mix. With a healthy ₹3,200+ crore order book providing revenue visibility, recovery in margins and improvement in profitability will remain key monitorables.

Impact: Negative

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