HPL Electric & Power Limited reported a consolidated net profit of ₹9,125.25 lakh for the financial year ended March 31, 2026, compared to ₹9,398.71 lakh in the previous year. Total income from operations for the year increased to ₹181,109.67 lakh from ₹170,024.40 lakh in FY25. The board has recommended a final dividend of ₹1.00 per equity share for the financial year 2025-26, subject to shareholder approval.

The standalone net profit for the year stood at ₹8,306.16 lakh, down from ₹8,679.60 lakh in the corresponding period last year. Standalone total income from operations was recorded at ₹185,799.68 lakh, a decrease from ₹188,440.50 lakh in the previous year. The company recognized an incremental liability of ₹724.68 lakhs as an exceptional item during the quarter ended December 31, 2025, due to the reassessment of employee benefit obligations under the New Labour Codes.

For the quarter ended March 31, 2026, the consolidated net profit was ₹3,090.12 lakh, while total income from operations was ₹51,970.32 lakh. On a standalone basis, the company reported a net profit of ₹2,868.71 lakh and total income from operations of ₹51,176.99 lakh for the same quarter. The exceptional items for the quarter ended December 31, 2025, included a charge of ₹724.68 lakhs for employee benefit obligations and a receipt of ₹180.00 lakhs from the settlement of old litigation.

The financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 27, 2026. The statutory auditors conducted an audit under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and expressed an unmodified report on the results.

Financial Performance

The following table summarizes the key financial metrics for the company for the quarter and year ended March 31, 2026:

HPL Electric & Power Limited reported its highest-ever quarterly revenue in Q4 FY26, with revenue from operations crossing ₹500 crore for the first time to reach ₹519.70 crore, up 5.52% year-on-year. For the full financial year ended March 31, 2026, revenue from operations stood at ₹1,811.10 crore, a 6.52% increase from the previous year. The company’s operating performance remained resilient, with FY26 EBITDA growing 10.52% year-on-year to ₹281.43 crore and EBITDA margin expanding 56 basis points to 15.54%. However, reported profit after tax for FY26 stood at ₹91.25 crore, compared to ₹93.99 crore in FY25, primarily due to higher depreciation following capacity additions and temporary input-cost timing. The Board has recommended a final dividend of ₹1.00 per equity share for the financial year 2025-26, subject to shareholder approval.

Q4 Performance Highlights

In Q4 FY26, HPL delivered strong operational metrics despite a year-on-year decline in reported net profit. EBITDA for the quarter rose to ₹85.81 crore from ₹82.24 crore in the corresponding period last year. While the EBITDA margin was 16.51%, slightly lower than the 16.70% recorded in Q4 FY25, gross margin improved to 35.65% from 34.54%. The following table summarises the key Q4 metrics:

Annual Financial Performance

The consolidated financial results for FY26 show total revenue from operations at ₹1,811.10 crore, up from ₹1,700.24 crore in FY25. Gross profit for the year increased 9.48% to ₹652.09 crore, with gross margin improving 97 basis points to 36.01%. Cash profit, a key indicator of underlying business strength, increased 13.43% to ₹155.51 crore, with cash EPS at ₹24.15. The key annual financials are presented below:

Segment Results

Revenue from the Metering, Systems & Services segment for FY26 was ₹1,026.43 crore, a decline of 4.57% year-on-year due to industry-wide execution disruptions. However, the segment showed sequential recovery, with Q4 revenue of ₹305.74 crore marking the strongest quarter of the fiscal year. The Consumer, Industrial & Services segment emerged as a key growth driver, with revenue rising 25.62% to ₹784.67 crore. Wires & Cables was a standout performer within this segment, growing 50.0% to ₹340.74 crore.

Strategic Outlook

HPL enters FY27 with two clear growth engines: Smart Metering and Consumer & Industrial. The company continues to benefit from strong long-term smart metering demand visibility, with an order book of over ₹3,200 crore as of May 22, 2026. In the Consumer & Industrial segment, the company plans to scale Wires & Cables, Switchgear and Lighting through channel expansion and product innovation, supported by a network of 90+ branch offices and 85,000+ retailers.