HPL Electric & Power has scheduled its 34th Annual General Meeting for September 24, 2026. The meeting will be conducted via video conferencing or other audio-visual means.

The company fixed September 17, 2026, as the record date for determining shareholders eligible for any dividend declared at the meeting.

Meeting Details

The AGM is scheduled to begin at 11:30 am on Thursday, September 24, 2026. The event will comply with circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India.

Shareholder Communication

The Notice of AGM and the Annual Report for FY26 are being sent electronically to members with registered email addresses with the company, Registrar and Transfer Agent, or Depository Participants.

Shareholders without registered email addresses will receive a letter containing a web link to access the complete Annual Report details.

Regulatory Compliance

The disclosure was made pursuant to Regulations 30, 34, and 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Vivek Kumar, Company Secretary, signed the intimation on September 1, 2026.

HPL Electric & Power reported a record quarterly revenue of ₹515 crore for the quarter ended June 30, 2026, marking a 35% year-on-year increase. This stands as the company’s highest-ever first-quarter revenue, driven by robust performance in its Consumer and Industrial (C&I) segment. While top-line growth was strong, EBITDA margins moderated to 12.26% due to input cost volatility in metals and industrial plastics.

Q1FY27 Financial Performance

Revenue from operations surged to ₹515 crore from ₹383.03 crore in Q1FY26. The standalone entity saw revenue rise 29.2% to ₹512.86 crore. Net profit attributable to owners reached ₹186.71 crore, compared to ₹184.29 crore in the previous year. Profit before tax stood at ₹240.46 crore, up 5.7% year-on-year.

Segment-wise Analysis

The Consumer and Industrial segment emerged as the primary growth engine, delivering its highest-ever quarterly revenue of ₹278 crore, a 55% jump year-on-year. This segment contributed approximately 54% of total revenue. Key drivers included:

• Wire and Cable: Revenue grew 79% to ₹146 crore, achieving more than 40% of its full FY26 revenue in the first quarter alone.
• Lighting: Grew 78% to ₹56 crore.
• Industrial Switchgear: Increased 19%.

The Metering, Systems & Services segment grew 17% year-on-year to ₹234 crore. Management noted that the smart metering business is entering a stable execution-led phase with improving visibility.

Margin Dynamics and Cost Pressures

EBITDA grew during the quarter but margins compressed to 12.26%, down from historical levels around 16-17%. Management attributed this decline to:

• Input Cost Volatility: Rising prices of metals (copper, aluminium) and industrial plastics due to geopolitical disruptions in West Asia.
• Higher Depreciation: Resulting from capacity investments made over the last two to three years.
• Manpower Costs: A ~40% increase in minimum wages in Haryana and neighboring states since May.

Management stated that pricing actions have been initiated in the C&I segment, with price increases passed on to consumers, albeit with a time lag. For metering, long-term contracts provide some protection, but design changes and alternative materials are being explored to mitigate costs.

Order Book and Outlook

The company’s order book stands at ₹3,200 crore as on August 7, 2026, with metering and systems accounting for more than 96% of total orders. This provides strong medium-term visibility. Management expressed confidence in the next 12-18 months for the C&I segment, citing channel expansion through over 900 authorized dealers and 85,000 retailers.

Regarding future capex, management indicated that most major capacity investments are complete. Future spending will focus on maintenance capex, automation (such as new MCB manufacturing lines), and potential backward integration for components like relays. The company is also exploring opportunities in water and gas metering as long-term growth vectors beyond electricity.

What the Numbers Show

The divergence between the 35% revenue growth and the moderation in EBITDA margins highlights the immediate impact of global supply chain disruptions on HPL’s cost structure. While the C&I segment demonstrates successful diversification beyond wires and cables, the margin compression in both segments suggests that operating leverage has not yet fully offset input cost inflation. The robust order book of ₹3,200 crore, dominated by metering, ensures revenue visibility, but the realization of profitability improvements depends on the company’s ability to pass on costs and stabilize raw material prices in the coming quarters.