HPL Electric & Power

HPL · NSE · Small Cap

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Smart Metering·Listed·Directness 38/100

HPL Electric & Power

Smart meters and electrical equipment; rising metering order intake.

Smart Metering
Hold
Last price
₹377.00
52W: ₹256 – ₹640
-41.1% from 52W high
Mkt Cap
₹2.42K Cr
P/E
24.0x
EV/EBITDA
12.0x
ROCE
14.5%
ROE
10.8%
Book Value
₹149.0
Promoter
72.7%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

C
Fundamental (30%)
67
Valuation (20%)
89
Technical (20%)
51
Solar exposure (10%)
38
Policy beneficiary (7.5%)
80
Project pipeline (5%)
75
Governance safety (7.5%)
80

52-week position

Real snapshot from Screener

₹256Current: ₹377₹640
P/E
24.0x
P/B
2.5x
Div Yield
0.26%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. HPL Electric & Power: RDSS smart-meter rollout + PM Surya Ghar deliver high-visibility multi-year order book.

Bull case

Bull case for HPL Electric & Power: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for HPL Electric & Power: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover

Solar exposure

Directness · policy linkage · BOM

Primary segmentSmart Metering
Directness38/100
ALMM eligible—
PLI beneficiary—
Imported BOM—

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)24.0x—
Forward P/E——
EV/EBITDA12.0x—
EV/Sales1.8x—
P/B2.5x—
FCF Yield2.8%—

Project pipeline

0 tracked projects

No tracked projects.

Financials

Source: Screener.in (consolidated) · ticker HPL · last updated 2026-05-11

Open on Screener.in
Market Cap
₹2.42K Cr
Price
₹377.00
Stock P/E
24.0x
Book Value
₹149.0
ROCE
14.5%
ROE
10.8%
Div Yield
0.26%
52W Range
₹256 – ₹640

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y16.4%
Sales 3Y CAGR18.8%
Sales 5Y CAGR18.1%
PAT 1Y113.6%
PAT 3Y CAGR127.3%
PAT 5Y CAGR75.1%
Profitability
OPM latest15.0%
PAT margin latest5.5%
PAT margin 3Y avg3.6%
ROE10.8%
ROCE14.5%
Asset turnover0.81x
Leverage & cash
D / E0.70x
Net Debt / EBITDA2.51x
Borrowings / Assets30.5%
CFO / EBITDA0.54x
CFO / PAT1.47x
FCF (TTM proxy)₹68 Cr
Valuation
P/E24.0x
EV/EBITDA12.0x
EV/Sales1.80x
P/B2.53x
FCF Yield2.81%
Div Yield0.26%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Sales8751,0141,2621,4611,700
Operating Profit119125157193255
OPM %14%12%12%13%15%
Net Profit108304494
EPS (₹)1.551.214.696.7714.58

Quarterly results · last 4 quarters

₹ Crore.

MetricQ1Q2Q3Q4
Sales424393422474
OPM %13%14%14%15%
Net Profit14172220

Balance sheet · 5 years

₹ Crore.

ItemMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital6464646464
Reserves694700729764851
Borrowings582597600627639
Fixed Assets—————
Total Assets1,5901,6381,7011,8742,095

Cash flow · 5 years

₹ Crore.

ActivityMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating85101104100138
Investing-8-41-40-39-70
Financing-71-58-74-72-66
Net Cash Flow62-10-112

Shareholding pattern

Latest disclosed

Promoters
72.66%
FII
0.51%
DII
0.10%
Public
26.74%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

No direct policy linkages tracked.