HPL Electric Q2 FY27 Results (NSE: HPL)
Signal: Growth reaccelerated
The read
The growth engine broadened sharply—C&I revenue rose 64.42% to ₹337.46 crore and Wires & Cables rose 159.46% to ₹177.99 crore—but earnings quality weakened: revenue grew 40.02%, while gross profit rose 9.42%, EBITDA 8.37% and PAT 4.68%, leaving EBITDA margin at 11.74%. The key second-half test is whether stated pricing and mix actions can reverse the margin pressure.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹608.31 Cr | 40.02% | N/A |
| Net profit | ₹23.4 Cr | 4.68% | |
| EBIT margin | 11.74% |
P&L walk
Revenue rose 40.02% YoY to ₹608.31 crore, led by C&I growth of 64.42%, but gross profit increased only 9.42% and EBITDA 8.37% as input-cost volatility and the changing mix weighed on margins; PAT rose 4.68% to ₹23.40 crore.
Segments
Consumer & Industrial was the main growth engine, with revenue up 64.42% to ₹337.46 crore versus Metering, Systems & Services growth of 18.17% to ₹270.85 crore; however, C&I EBIT margin fell to 8.90% from 11.11% and Metering EBIT margin fell to 12.28% from 17.59%.
Key positives
- Revenue reached a record ₹608.31 crore, up 40.02% YoY, and H1 FY27 revenue reached ₹1,123.55 crore, up 37.44%.
- Consumer & Industrial revenue grew 64.42% to ₹337.46 crore, with Wires & Cables up 159.46% to ₹177.99 crore and Lighting & Electronics up 59.43%.
- The ₹2,700+ crore order book as of 2 November 2026, with over 96% from Metering, Systems & Services, provides disclosed medium-term visibility.
- The business mix shifted toward C&I, which represented 55% of Q2 revenue versus 47% in Q2 FY26, broadening the growth platform beyond metering.
Key concerns
- Gross profit grew only 9.42% to ₹173.79 crore against revenue growth of 40.02%, indicating substantial margin dilution.
- EBITDA margin was 11.74% and EBITDA grew 8.37%, well below revenue growth of 40.02%; management cited input-cost volatility and changing mix.
- Both reported segment margins weakened: Metering EBIT margin fell to 12.28% from 17.59%, while C&I fell to 8.90% from 11.11%.
- PAT rose only 4.68% to ₹23.40 crore despite 40.02% revenue growth, showing limited conversion of top-line momentum into bottom-line growth.
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