HPL Electric & Power Limited — Investor Meet, 22-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

HPL Electric & Power’s C&I segment now contributes 47% of revenue, growing 30% in Q2 and 23% in H1, driven by wires, cables, switchgear, and lighting. The metering order book exceeds ₹3,300 crore, mostly smart meters, offering multi-year visibility. Management projects annual revenue of ₹1,900-₹2,000 crore, with robust smart meter execution expected in H2 FY26. Metering EBIT margins improved to ~17.5%, while C&I EBIT margins are ~11%. The company is expanding channels and branding, aiming to double C&I business within three years. Capex for metering is largely complete. Working capital improved, with debtor days around 125 days. Management expresses an upbeat outlook on sustained growth.