HPL Electric & Power is a two-engine electrical equipment company that has spent five decades turning a family brand into a one-stop shop for low-voltage products - from the smart meters that power utilities buy in million-unit tenders to the switches and wires that electricians install in homes every day. Incorporated in 1992 but tracing its brand back to 1975, the company is run by promoters with over 53 years in the industry and a senior team averaging more than 31 years of experience. The recurring approach is to build both engines together - the long-cycle utility business provides scale and multi-year visibility, while the faster consumer business provides market reach, brand recall, and shorter cash cycles - so that neither side carries the company alone. # Business segments Two engines at different rhythms - a tender-driven metering business that supplies India's power-grid upgrade and a channel-led consumer business that reaches 85,000 retail counters - each built on the same seven factories and five decades of electrical-industry know-how. ## 1. Metering and systems: the utility-scale engine **Smart meters sold to state power utilities under multi-year government contracts, where the order book stretches past ₹3,200 crore and the national rollout has barely begun.** - **Paid by competitive tender** - HPL bids for contracts from power utilities and government agencies, winning on a mix of past experience, technical credentials, quality certifications, and price; for its metering business, it is empanelled as an AMI Service Provider under the DBFOOT (Design, Build, Finance, Own, Operate, Transfer) framework within the RDSS scheme. - **A 20% share of a market being rewired** - the company holds roughly a fifth of India's domestic electric-meter market and has supplied most state and central utilities for two decades, while the government's ₹3.03 trillion smart-metering programme targets 25 to 30 crore installations, of which only about 4.7 crore have been completed so far. - **The order book is almost entirely smart meters** - more than 97% of the total order book sits in metering, and 99% of that is dedicated to smart meters, giving the company a concentrated bet on one of the largest infrastructure rollouts in the power sector. - **In-house R&D cuts the cost of connectivity** - two R&D centres with over 100 engineers developed India's first in-meter RF gateway, eliminating the need for standalone communication gateways and reducing implementation costs for utilities. - **Eleven million meters a year, with room to run** - installed capacity of 1.1 crore meters per annum across three locations is fungible between conventional and smart meters, and lines running at 70-75% utilisation on two shifts can scale to three. ## 2. Consumer and industrial: the everyday-electric brand **Wires, switches, lights and fans sold through a network of 900 dealers and 85,000 retailers, where the same distribution muscle carries a growing basket of products into homes, factories and telecom towers.** - **A basket that fills the electrician's van** - the portfolio spans wires and cables, industrial and domestic switchgear, LED lighting, fans, solar accessories and modular switches, so a single dealer can supply a builder or homeowner with most of the low-voltage electrical items on a bill of materials. - **Wires and cables is the breakout performer** - demand flows from five distinct channels - real estate, industrial OEMs, solar OEMs, telecom and 5G, and institutions - and the category grew 50% in FY26, reaching ₹340 crores. - **Half the market in changeover switches** - HPL commands roughly 50% of the domestic on-load changeover-switch market, a niche where its manufacturing depth and testing credentials create a barrier that is hard for smaller players to cross. - **The network is the moat** - over 900 authorised dealers and 85,000 retailers, supported by 90 branch offices and six master warehouses, took decades to build; the same network now carries new launches like the KYRO modular-switch range and HPL-branded fans with no additional fixed cost. - **Cash cycles that fund the long game** - the consumer business turns working capital in about three months, generating higher returns on capital and free cash flow that complement the longer-cycle metering contracts. # Group structure and partners **A listed parent with one manufacturing subsidiary, two unincorporated joint ventures, and strategic technology tie-ups that fill specific gaps in relays and communication software.** - The listed entity, HPL Electric & Power Limited, holds a 97.15% stake in Himachal Energy Private Limited, which manufactures energy-saving meters and related products. - Two Associations of Persons - one with Shriji Designs (97% ownership) and one with Trimurthi Hitech and Shriji Designs (94% ownership) - operate as joint ventures without being registered under the Companies Act. - A partnership with Wirepas Oy of Finland supplies the RF mesh communication technology embedded in HPL's smart meters, while an MoU with China's Guangxi Ramway Technology targets local assembly of magnetic latching relays, a critical meter component. - A November 2025 settlement with Havells India Limited resolved all long-running disputes over the use of the word "HAVELLS", and two promoter companies were subsequently renamed to HPL Holdings and HPL Electronics, with no change in management control.