HPL order book tops ₹2,700 crore with 2.5-year visibility

HPL reported an order book above ₹2,700 crore on 2 November 2026, about 96% in Metering, Systems & Services and equal to roughly two-and-a-half years of segment revenue at the current run rate. The backlog accompanies Q2 FY27 metering revenue of ₹270.85 crore, up 18.17% year on year.

How much revenue visibility does HPL's order book provide?

HPL’s order book of more than ₹2,700 crore provides roughly two-and-a-half years of Metering, Systems & Services revenue coverage at the current run rate. The company disclosed the backlog position as of 2 November 2026 and said it underpins the structural long-term opportunity in smart metering.

The order book is tied to a multi-year Advanced Metering Infrastructure Service Provider, or AMISP, pipeline. HPL stated that AMISP dispatch schedules drive quarter-to-quarter variation, so the disclosed coverage indicates longer-cycle visibility rather than a fixed schedule for revenue recognition in every quarter.

HPL recorded consolidated revenue from operations of ₹608.31 crore in Q2 FY27, up 40.02% year on year from ₹434.45 crore and its first quarter above ₹600 crore. H1 FY27 consolidated revenue was ₹1,123.55 crore, up 37.44% year on year, while the order book is overwhelmingly related to the metering vertical rather than spread evenly across the business.

What share of HPL's order book is in smart metering?

Around 96% of HPL’s ₹2,700+ crore order book is in Metering, Systems & Services, making smart metering the main source of its disclosed multi-year revenue visibility. HPL described the market as having moved from a high-growth, policy-uncertain phase to a more mature and stable growth trajectory.

The company operates two growth engines: utility-led smart metering and Consumer & Industrial, or C&I, products. In Q2 FY27, metering generated ₹270.85 crore of revenue, while C&I generated ₹337.46 crore, showing that the larger quarterly revenue contributor differed from the business that accounted for most of the backlog.

Is HPL's smart-metering revenue still growing?

HPL’s Metering, Systems & Services revenue grew 18.17% year on year to ₹270.85 crore in Q2 FY27 and 17.40% to ₹508.50 crore in H1 FY27. It also rose 13.97% sequentially in Q2 FY27 from Q1 FY27, which HPL linked to the timing of AMISP dispatch schedules.

Management characterised growth of around 15% as healthy for an industry of this scale. That description distinguishes the current phase from the earlier rapid expansion period, while the ₹2,700+ crore order book supplies a stated long-term base for the segment.

Metering represented about 45% of Q2 FY27 revenue, compared with C&I’s approximately 55% share. This mix means HPL’s utility-facing business retained the bulk of order-book coverage even as the channel-led C&I business delivered the higher quarterly revenue figure.

How are C&I growth and margins affecting HPL?

C&I revenue rose 64.42% year on year to ₹337.46 crore in Q2 FY27, outpacing the 18.17% increase in metering revenue and accounting for about 55% of total revenue. H1 FY27 C&I revenue reached ₹615.05 crore, up 60.03% year on year from ₹384 crore in H1 FY26.

Within C&I, Wires & Cables revenue increased 159.46% year on year to ₹177.99 crore in Q2 FY27. Lighting & Electronics revenue rose 59.43% to ₹60.79 crore, Domestic Switchgear increased 43.23% to ₹33.33 crore, and Industrial Switchgear was 29.18% higher sequentially at ₹65.34 crore against an exceptionally strong Q2 FY26 base.

Higher revenue did not translate into equivalent profit growth in Q2 FY27. Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 8.37% year on year to ₹71.42 crore, while EBITDA margin declined to 11.74% from 15.14%; gross margin also declined to 28.6% from 36.6%.

C&I earnings before interest and tax, or EBIT, margin was 8.90% in Q2 FY27, compared with 10.98% in Q2 FY26. HPL attributed the change to input-cost volatility in metals and industrial plastics, and said pricing actions initiated in H1 FY27 were being extended across Wires & Cables, Lighting and Switchgear, with benefits expected progressively from H2 FY27.

Conclusion

HPL’s Q2 FY27 results combine a ₹2,700+ crore order book that is around 96% metering-linked with a C&I business that generated ₹337.46 crore of quarterly revenue and grew 64.42% year on year. The two businesses therefore serve different roles in the reported profile: AMISP projects provide longer-duration metering visibility, while C&I delivered the faster increase in Q2 revenue.

The next disclosures to watch are the timing of AMISP dispatches, which HPL says affects quarterly metering revenue, and the planned progressive effect of H2 FY27 pricing actions. Management’s stated FY27 focus includes restoring margins after EBITDA margin fell to 11.74% in Q2 FY27 from 15.14% a year earlier.