HPL Electric & Power Ltd
HPL Electric & Power Limited is a leading electrical equipment manufacturer in India operating for the past 40 years. The Company has significant presence across five key product verticals of electric equipment – metering solutions, modular switches, switchgears, LED lighting and wires
and cables. It caters to a wide spectrum of customer segments, such as power utilities, government agencies, and retail and institutional customers, with a strong brand recall as a trusted electrical brand. [1]
It exports its finest engineering goods to more than 42 countries in regions of Asia, Africa, Europe, UK and Indian Sub-continent through the overseas logistic partners. [2]
- Market Cap ₹ 2,865 Cr.
- Current Price ₹ 446
- High / Low ₹ 640 / 339
- Stock P/E 30.1
- Book Value ₹ 142
- Dividend Yield 0.22 %
- ROCE 14.5 %
- ROE 10.8 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 33.5% CAGR over last 5 years
Cons
- Stock is trading at 3.13 times its book value
- Company has a low return on equity of 6.85% over last 3 years.
- Company has high debtors of 153 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Manufacturing Industrial Products
Part of BSE SmallCap BSE Allcap BSE Industrials
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1,011 | 1,047 | 1,116 | 986 | 1,036 | 1,158 | 977 | 875 | 1,014 | 1,262 | 1,461 | 1,700 | 1,690 | |
906 | 922 | 975 | 862 | 926 | 1,025 | 851 | 756 | 889 | 1,105 | 1,268 | 1,445 | 1,434 | |
Operating Profit | 105 | 125 | 141 | 124 | 110 | 134 | 126 | 119 | 125 | 157 | 193 | 255 | 257 |
OPM % | 10% | 12% | 13% | 13% | 11% | 12% | 13% | 14% | 12% | 12% | 13% | 15% | 15% |
5 | 5 | 5 | 5 | 4 | 4 | 4 | 4 | 4 | 4 | 3 | 4 | 5 | |
Interest | 59 | 70 | 78 | 68 | 51 | 58 | 61 | 64 | 68 | 75 | 90 | 90 | 89 |
Depreciation | 13 | 16 | 19 | 24 | 23 | 32 | 37 | 45 | 47 | 38 | 39 | 42 | 44 |
Profit before tax | 38 | 44 | 48 | 37 | 40 | 48 | 31 | 14 | 14 | 47 | 68 | 128 | 130 |
Tax % | 25% | 21% | 24% | 30% | 32% | 32% | 28% | 27% | 44% | 35% | 36% | 26% | |
28 | 35 | 37 | 26 | 28 | 33 | 22 | 10 | 8 | 30 | 44 | 94 | 95 | |
EPS in Rs | 15.28 | 18.64 | 7.89 | 4.01 | 4.27 | 5.06 | 3.39 | 1.55 | 1.21 | 4.69 | 6.77 | 14.58 | 14.81 |
Dividend Payout % | 1% | 1% | 1% | 37% | 23% | 4% | 4% | 10% | 12% | 21% | 15% | 7% |
Compounded Sales Growth | |
---|---|
10 Years: | 5% |
5 Years: | 12% |
3 Years: | 19% |
TTM: | 10% |
Compounded Profit Growth | |
---|---|
10 Years: | 11% |
5 Years: | 33% |
3 Years: | 130% |
TTM: | 77% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 71% |
3 Years: | 84% |
1 Year: | -19% |
Return on Equity | |
---|---|
10 Years: | 5% |
5 Years: | 5% |
3 Years: | 7% |
Last Year: | 11% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 19 | 19 | 46 | 64 | 64 | 64 | 64 | 64 | 64 | 64 | 64 | 64 |
Reserves | 291 | 300 | 308 | 624 | 640 | 664 | 684 | 694 | 700 | 729 | 764 | 851 |
424 | 514 | 579 | 376 | 486 | 526 | 586 | 582 | 597 | 600 | 627 | 639 | |
252 | 308 | 405 | 363 | 331 | 266 | 234 | 250 | 276 | 307 | 419 | 540 | |
Total Liabilities | 986 | 1,141 | 1,338 | 1,427 | 1,521 | 1,521 | 1,569 | 1,590 | 1,638 | 1,701 | 1,874 | 2,095 |
277 | 307 | 335 | 399 | 425 | 453 | 494 | 464 | 447 | 451 | 461 | 498 | |
CWIP | 29 | 0 | 3 | 0 | 0 | 7 | 3 | 2 | 10 | 9 | 10 | 8 |
Investments | 15 | 15 | 54 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
664 | 819 | 947 | 1,028 | 1,095 | 1,060 | 1,072 | 1,124 | 1,181 | 1,241 | 1,403 | 1,589 | |
Total Assets | 986 | 1,141 | 1,338 | 1,427 | 1,521 | 1,521 | 1,569 | 1,590 | 1,638 | 1,701 | 1,874 | 2,095 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
46 | 27 | 103 | 3 | 20 | 83 | 63 | 85 | 101 | 104 | 100 | 138 | |
-49 | -39 | -92 | -51 | -59 | -57 | -60 | -8 | -41 | -40 | -39 | -70 | |
-2 | 20 | -14 | 49 | 40 | -29 | -3 | -71 | -58 | -74 | -72 | -66 | |
Net Cash Flow | -6 | 8 | -3 | 1 | 2 | -3 | -0 | 6 | 2 | -10 | -11 | 2 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 118 | 140 | 168 | 174 | 165 | 148 | 173 | 214 | 182 | 174 | 174 | 153 |
Inventory Days | 132 | 157 | 156 | 211 | 227 | 199 | 262 | 293 | 283 | 211 | 218 | 230 |
Days Payable | 98 | 125 | 164 | 148 | 154 | 104 | 104 | 126 | 128 | 100 | 116 | 142 |
Cash Conversion Cycle | 152 | 173 | 160 | 236 | 237 | 244 | 332 | 381 | 337 | 285 | 276 | 241 |
Working Capital Days | 139 | 24 | 22 | 76 | 63 | 60 | 79 | 103 | 95 | 90 | 103 | 82 |
ROCE % | 14% | 15% | 14% | 11% | 8% | 9% | 7% | 6% | 6% | 9% | 11% | 14% |
Documents
Announcements
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 1d
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
1d - EESL Work Order amended: value increased from INR 65.72 Cr to INR 92.00 Cr for smart meters.
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Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
29 Sep - AGM on 29-09-2025: FY2025 financials adopted; final dividend Rs.1/share; director reappointed; auditors ratified.
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Shareholder Meeting / Postal Ballot-Outcome of AGM
29 Sep - AGM Sep 29, 2025: adopted FY2024-25 financials; final dividend Rs.1.00/share; director reappointed; auditors ratified.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
25 Sep - HPL received INR 65.72 Crore work order for smart meters from regular customers on Sept 25, 2025.
Annual reports
Concalls
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Market Share
The company is the largest manufacturer of on-load change-over switches with a 50% market share in India. It also has a market share of 20% in the domestic electric meters market and a 5% market share in the Low-voltage Switchgear Market. It is the 5th largest LED manufacturer in India. [1]