HPL Electric & Power Ltd

HPL

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Market Cap

₹ 2,534 Cr

P/E

26.42

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Performance

STEADY PERFORMER

Valuation

UNDERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

HIGH RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

HPL Electric & Power Limited is a leading player in India's electrical equipment sector, offering a diverse range of products including metering solutions, switchgears, lighting, wires & cables, and fans.

The company enjoys a dominant position in the domestic meters and on-load change-over switches market with substantial market shares, underpinned by strong R&D and integrated manufacturing operations.

The recently expanded smart meter manufacturing capacity highlights HPL's robust order book and strategic planning to capitalize on the smart metering boom and digitalization wave in India.

While the metering segment faced temporary execution challenges, the Consumer & Industrial segment displayed resilience with notable growth driven by wires, cables, and lighting.

HPL's alignment with the Internet of Things (IoT) through innovative smart metering solutions positions it uniquely to benefit from India's increasing focus on smart infrastructure and energy efficiency.

Sector

Capital Goods - Electrical Equipment

Industry

Electric Equipment - General - Large

Market Cap

2,534 Cr

Volatility

High Risk

P/E Ratio

26.4

Industry P/E

59.5

PEG Ratio

0.9

P/B Ratio

2.7

52W High

639.50

52W Low

338.75

Sales CAGR

16.39%

18.81%

12.73%

10Y

3.43%

Profit CAGR

115.43%

130.15%

39.04%

10Y

9.92%

ROE

TTM

10.04%

6.59%

4.55%

10Y

4.51%

ROCE

TTM

12.96%

17.72%

14.67%

10Y

14.61%

Technicals

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Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BBL	2820.60	3,193 Cr	21.71	1.45	1.24	6.70	8.77	4.73
MARINE	204.21	2,817 Cr	60.42	6.55	0.15	10.86	16.11	6.13
HPL	394.50	2,534 Cr	26.42	2.65	0.25	10.04	12.96	4.25
WEL	167.35	2,245 Cr	124.07	26.48	0.12	17.99	15.88	5.98
ALPEXSOLAR	861.50	2,201 Cr	14.31	4.65	0.00	32.49	34.29	16.42
SERVOTECH	80.17	1,811 Cr	77.09	6.99	0.06	8.75	9.11	4.23
SOLEX	1478.90	1,598 Cr	38.01	9.95	0.04	47.11	31.42	5.79

Financial Statements

AI Powered Summary

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	321	350	366	424	393	422	392	493	383	434
Expenses	281	303	316	369	337	362	337	410	325	369
Operating Profit	40	47	50	55	56	61	56	82	58	66
OPM %	12.48	13.46	13.60	13.02	14.29	14.34	14.20	16.70	15.14	15.17
Other Income	0.95	0.96	0.57	1.73	0.79	0.75	0.95	2.39	1.18	0.83
Interest	22	22	22	24	24	22	21	23	23	24
Depreciation	8.66	9.14	9.28	12	10	11	11	11	12	13
Profit Before Tax	11	17	19	21	23	29	24	51	25	30
Tax %	35.62	34.95	37.06	35.89	25.99	25.86	25.89	27.04	26.14	26.70
Net Profit	6.94	11	12	14	17	22	18	37	18	22
EPS in Rs	1.08	1.71	1.86	2.13	2.65	3.35	2.81	5.78	2.87	3.46

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,105	1,061	1,158	977	875	1,014	1,262	1,461	1,700	1,690
Expenses	862	926	1,025	852	756	889	1,105	1,269	1,446	1,434
Operating Profit	243	135	134	125	119	125	157	192	255	257
OPM %	21.98	12.71	11.53	12.79	13.60	12.34	12.43	13.15	14.98	15.18
Other Income	5.42	4.43	4.70	4.58	4.07	4.20	3.56	4.23	4.88	5.27
Interest	68	51	58	61	64	68	75	90	90	89
Depreciation	24	23	32	37	45	47	38	39	42	44
Profit Before Tax	37	40	48	31	14	14	47	68	128	130
Tax %	29.75	31.89	31.91	28.40	26.95	43.99	35.21	35.94	26.37	26.40
Net Profit	26	28	33	22	10	7.80	30	44	94	95
EPS in Rs	4.61	4.27	5.06	3.39	1.56	1.21	4.69	6.78	14.59	14.92
Dividend Payout %	32.26	23.42	3.95	4.42	9.68	12.40	21.32	14.75	6.86	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	46	64	64	64	64	64	64	64	64	64
Reserves	308	624	640	664	684	694	700	729	764	851
Borrowings	548	375	480	518	574	552	597	600	627	639
Other Liabilities	436	363	337	275	247	280	276	307	419	540
Total Liabilities	1,338	1,427	1,521	1,521	1,569	1,590	1,638	1,701	1,874	2,095
Fixed Assets	335	399	425	453	494	464	447	451	461	498
CWIP	2.75	0.00	0.15	7.15	3.38	1.66	10	8.72	10	7.62
Investments	54	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	947	1,028	1,095	1,060	1,072	1,124	1,181	1,241	1,403	1,589
Total Assets	1,338	1,427	1,521	1,521	1,569	1,590	1,638	1,701	1,874	2,095

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	103	3.47	20	83	63	85	101	104	100	138
Cash from Investing Activity	-92	-51	-59	-57	-60	-8.14	-41	-40	-39	-70
Cash from Financing Activity	-14	49	40	-29	-2.94	-71	-58	-74	-72	-66
Net Cash Flow	-2.78	1.45	2.24	-2.82	-0.33	5.82	1.71	-9.93	-11	2.36

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	72.66%	72.66%	72.66%	72.66%	72.66%	72.66%	72.66%	72.66%	72.66%	72.66%	72.66%	72.66%
FIIs	0.43%	0.02%	0.43%	0.00%	0.00%	0.24%	0.74%	0.51%	0.58%	0.31%	0.70%	0.34%
DIIs	0.82%	0.31%	0.24%	0.23%	0.23%	0.32%	0.23%	0.23%	0.23%	0.26%	0.30%	0.19%
Public	26.09%	27.01%	26.68%	27.11%	27.11%	26.78%	26.38%	26.60%	26.54%	26.77%	26.34%	26.81%
Total Shareholders	66,124	65,656	64,215	73,575	78,511	1,15,826	1,25,085	1,42,907	1,45,225	1,47,603	1,40,916	1,39,631

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jul 12, 2024	Hrti private limited	Bulk	Buy	636.06	26.03 Cr	4,09,168	0.63
Jul 12, 2024	Qe securities llp	Bulk	Buy	640.48	25.81 Cr	4,02,967	0.62
Jul 12, 2024	Hrti private limited	Bulk	Sell	639.54	25.13 Cr	3,92,984	0.61
Jul 12, 2024	Qe securities llp	Bulk	Sell	641.95	26.10 Cr	4,06,565	0.63
Jul 11, 2024	Qe securities llp	Bulk	Sell	542.18	19.08 Cr	3,51,952	0.54
Jul 11, 2024	Qe securities llp	Bulk	Buy	541.63	17.35 Cr	3,20,244	0.49
Jul 18, 2023	Setu securities pvt ltd	Bulk	Buy	227.36	7.81 Cr	3,43,360	0.53
Jul 18, 2023	Setu securities pvt ltd	Bulk	Sell	230.90	6.60 Cr	2,85,907	0.44
Jul 05, 2023	Qe securities	Bulk	Buy	175.68	5.66 Cr	3,22,400	0.50
Jul 05, 2023	Qe securities	Bulk	Sell	175.45	6.03 Cr	3,43,669	0.53

Projection

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BBL	2820.60	3,193 Cr	21.71	1.45	1.24	6.70	8.77	4.73
MARINE	204.21	2,817 Cr	60.42	6.55	0.15	10.86	16.11	6.13
HPL	394.50	2,534 Cr	26.42	2.65	0.25	10.04	12.96	4.25
WEL	167.35	2,245 Cr	124.07	26.48	0.12	17.99	15.88	5.98
ALPEXSOLAR	861.50	2,201 Cr	14.31	4.65	0.00	32.49	34.29	16.42
SERVOTECH	80.17	1,811 Cr	77.09	6.99	0.06	8.75	9.11	4.23
SOLEX	1478.90	1,598 Cr	38.01	9.95	0.04	47.11	31.42	5.79

Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	321	350	366	424	393	422	392	493	383	434
Expenses	281	303	316	369	337	362	337	410	325	369
Operating Profit	40	47	50	55	56	61	56	82	58	66
OPM %	12.48	13.46	13.60	13.02	14.29	14.34	14.20	16.70	15.14	15.17
Other Income	0.95	0.96	0.57	1.73	0.79	0.75	0.95	2.39	1.18	0.83
Interest	22	22	22	24	24	22	21	23	23	24
Depreciation	8.66	9.14	9.28	12	10	11	11	11	12	13
Profit Before Tax	11	17	19	21	23	29	24	51	25	30
Tax %	35.62	34.95	37.06	35.89	25.99	25.86	25.89	27.04	26.14	26.70
Net Profit	6.94	11	12	14	17	22	18	37	18	22
EPS in Rs	1.08	1.71	1.86	2.13	2.65	3.35	2.81	5.78	2.87	3.46

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,105	1,061	1,158	977	875	1,014	1,262	1,461	1,700	1,690
Expenses	862	926	1,025	852	756	889	1,105	1,269	1,446	1,434
Operating Profit	243	135	134	125	119	125	157	192	255	257
OPM %	21.98	12.71	11.53	12.79	13.60	12.34	12.43	13.15	14.98	15.18
Other Income	5.42	4.43	4.70	4.58	4.07	4.20	3.56	4.23	4.88	5.27
Interest	68	51	58	61	64	68	75	90	90	89
Depreciation	24	23	32	37	45	47	38	39	42	44
Profit Before Tax	37	40	48	31	14	14	47	68	128	130
Tax %	29.75	31.89	31.91	28.40	26.95	43.99	35.21	35.94	26.37	26.40
Net Profit	26	28	33	22	10	7.80	30	44	94	95
EPS in Rs	4.61	4.27	5.06	3.39	1.56	1.21	4.69	6.78	14.59	14.92
Dividend Payout %	32.26	23.42	3.95	4.42	9.68	12.40	21.32	14.75	6.86	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	46	64	64	64	64	64	64	64	64	64
Reserves	308	624	640	664	684	694	700	729	764	851
Borrowings	548	375	480	518	574	552	597	600	627	639
Other Liabilities	436	363	337	275	247	280	276	307	419	540
Total Liabilities	1,338	1,427	1,521	1,521	1,569	1,590	1,638	1,701	1,874	2,095
Fixed Assets	335	399	425	453	494	464	447	451	461	498
CWIP	2.75	0.00	0.15	7.15	3.38	1.66	10	8.72	10	7.62
Investments	54	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	947	1,028	1,095	1,060	1,072	1,124	1,181	1,241	1,403	1,589
Total Assets	1,338	1,427	1,521	1,521	1,569	1,590	1,638	1,701	1,874	2,095

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	103	3.47	20	83	63	85	101	104	100	138
Cash from Investing Activity	-92	-51	-59	-57	-60	-8.14	-41	-40	-39	-70
Cash from Financing Activity	-14	49	40	-29	-2.94	-71	-58	-74	-72	-66
Net Cash Flow	-2.78	1.45	2.24	-2.82	-0.33	5.82	1.71	-9.93	-11	2.36

Overview

Detailed Summary

The recently expanded smart meter manufacturing capacity highlights HPL's robust order book and strategic planning to capitalize on the smart metering boom and digitalization wave in India.

While the metering segment faced temporary execution challenges, the Consumer & Industrial segment displayed resilience with notable growth driven by wires, cables, and lighting.

Sector

Capital Goods - Electrical Equipment

Industry

Electric Equipment - General - Large

Market Cap

2,534 Cr

Volatility

High Risk

P/E Ratio

26.4

Industry P/E

59.5

PEG Ratio

0.9

P/B Ratio

2.7

52W High

639.50

52W Low

338.75

Sales CAGR

16.39%

18.81%

12.73%

10Y

3.43%

Profit CAGR

115.43%

130.15%

39.04%

10Y

9.92%

ROE

TTM

10.04%

6.59%

4.55%

10Y

4.51%

ROCE

TTM

12.96%

17.72%

14.67%

10Y

14.61%