Rs 3,100+ Crore Order Book: Smart Meter Manufacturing Delivers 29% YoY EBITDA Growth in Q3FY26
Kiran DSIJ / 06 Feb 2026 / Categories: Multibaggers, Trending
The stock gave multibagger returns of 230 per cent in just 3 years and a whopping 700 per cent in 5 years.
HPL Electric & Power Ltd. has reported a strong financial performance for Q3 FY26, highlighted by a 21 per cent year-on-year (YoY) increase in consolidated revenue to Rs 473.9 crore. The company demonstrated significant operating leverage as EBITDA grew by 28.8 per cent YoY to Rs 71.7 crore, resulting in a margin expansion of 94 basis points to reach 15.1 per cent. This profitability was mirrored in the bottom line, with Profit After Tax (PAT) rising 7.9 per cent YoY to Rs 19.5 crore. These results underscore a disciplined execution strategy and an improving business mix that balances scale with sustainable margins.
The Consumer & Industrial (C&I) segment emerged as a primary growth engine during the quarter, surging 39 per cent YoY to Rs 186.4 crore. This expansion was broad-based, with the wires and cables division recording an impressive 58 per cent YoY growth, while the switchgear segment climbed 33 per cent. Additionally, the lighting and electronics division returned to a steady growth trajectory of 20 per cent YoY, signalling a successful revival after several softer quarters. Management attributes this momentum to deeper market penetration, channel expansion, and a rising consumer preference for premium, value-added products.
In the Metering, Systems & Services division, HPL achieved a notable 25 per cent sequential recovery from Q2 FY26, overcoming previous seasonal slowdowns. While quarterly revenue stood at Rs 287.5 crore due to specific dispatch timings, the segment's outlook remains robust with an Order Book exceeding Rs 3,100 crore. This substantial backlog, driven largely by smart metering projects under the AMISP program, provides the company with clear long-term revenue visibility. Supported by procurement efficiencies and a healthy project pipeline, HPL is well-positioned to maintain its growth trajectory into the final quarter of the fiscal year.
About the Company
HPL Electric & Power Ltd. (NSE: HPLE) is a prominent Indian manufacturer established in 1975, specialising in two key verticals: Metering & Systems and Consumer & Industrial products. Holding a 20 per cent domestic market share in meters and an annual capacity of 1.1 crore units, the company is a major player in India's smart meter transition, supported by a robust order book that provides clear multi-year revenue visibility. Beyond its leadership in power and water metering, HPL maintains an extensive distribution network of over 85,000 retailers for its range of switchgear, lighting, and cables, leveraging in-house R&D and state-of-the-art manufacturing to serve both Indian and international markets across 40 countries.
The company has a market cap of over Rs 2,000 crore. The company’s order book exceeds Rs 3,100+ crore as of December 31, 2025. The stock gave multibagger returns of 230 per cent in just 3 years and a whopping 700 per cent in 5 years.
Disclaimer: The article is for informational purposes only and not investment advice.