HPL Electric & Power Limited has received a significant credit rating upgrade from CRISIL Ratings Limited, with its long-term bank loan facilities upgraded to 'CRISIL A+/Stable' from 'CRISIL A/Stable'. The company announced this development through a regulatory filing dated April 16, 2026, stating that it received the rating communication on April 15, 2026.

Rating Upgrade Details

The rating action covers total bank loan facilities worth Rs 1614 crore, with the upgrade reflecting CRISIL's expectation of continued improvement in the company's overall business risk profile.

Business Performance and Growth Drivers

The rating upgrade is primarily driven by steady revenue growth and improved business mix. Operating income is expected to grow steadily, with projections to exceed Rs 1800 crore in fiscal 2026 from Rs 1700 crore in fiscal 2025. The company achieved revenue of Rs 1291 crore in the first nine months of fiscal 2026 compared to Rs 1208 crore in the corresponding period of the previous fiscal.

The meters segment has emerged as a key growth driver, contributing approximately 56% of overall revenue during the first nine months of fiscal 2026, significantly up from 39% in fiscal 2022. This shift toward smart meters has positively impacted operating margins, which are expected to improve to 15-16% in fiscal 2026 from 15% in fiscal 2025.

Order Book and Market Position

HPL maintains a robust order book of Rs 3177 crore as of February 2026, representing 1.9 times the fiscal 2025 revenue and providing strong revenue visibility in the near term. The company holds an established market position in the metering segment with approximately 20% market share, supported by complete backward integration and quality controls.

Financial Risk Profile Improvement

The company's financial metrics show continued strengthening. Networth is expected to reach Rs 1000-1050 crore as of March 31, 2026, compared to Rs 917 crore a year ago, backed by healthy reserve accretion. The interest coverage ratio is projected to improve to nearly 3.2 times in fiscal 2026 from 2.8 times in fiscal 2025.

Working capital management has also improved, with Gross Current Assets (GCAs) expected to be around 320-325 days as of March 31, 2026, compared to 328 days in the previous year and 434 days as of March 31, 2021.

Strategic Focus Areas

HPL's strategic positioning in the smart meters segment aligns with government initiatives for smart meter installation. The company operates through a diversified product portfolio serving both B2B (meters) and B2C (lighting, switchgears, wires and cables) segments. The group maintains an established pan-India network of over 900 authorized dealers and distributors and over 80,000 retailers.

The rating agency noted that the company's three R&D facilities have enabled consistent innovation and product development, particularly in smart meters, positioning HPL to capitalize on the government's indication to install 25 crore smart meters over the medium term.

HPL Electric & Power Limited has filed its quarterly compliance certificate under SEBI Regulation 74(5) for the quarter ended March 31, 2026. The submission was made to both the National Stock Exchange of India Limited and BSE Limited on April 7, 2026.

Regulatory Compliance Certificate

The certificate was issued by KFin Technologies Limited, serving as the company's registrar and share transfer agent. The document confirms compliance with SEBI (Depositories and Participants) Regulations, 2018, specifically under Regulation 74(5) requirements.

Certificate Details and Scope

KFin Technologies Limited certified that details of securities dematerialized and rematerialized during the quarter ended March 31, 2026 have been furnished to all stock exchanges where HPL Electric & Power Limited shares are listed. The certification covers compliance requirements under SEBI regulations for depositories and participants.

The certificate was issued to both major depositories:

• Central Depository Services (India) Limited (CDSL)
• National Securities Depository Limited (NSDL)

Company Secretary Submission

Vivek Kumar, Company Secretary of HPL Electric & Power Limited, submitted the certificate to the stock exchanges with digital signature authentication. The submission included the complete certificate documentation received from the registrar.

Corporate Information

HPL Electric & Power Limited operates from its corporate office located at 76-B, Phase-IV, Sector-57, HSIIDC Industrial Estate, Kundli-131028, Sonipat, Haryana. The company maintains its listing on both NSE (Symbol: HPL) and BSE (Scrip Code: 540136).

This quarterly filing represents standard regulatory compliance, ensuring transparency in the dematerialization and rematerialization processes of the company's securities during the fourth quarter of FY26.