HPL Electric & Power financials: balance sheet, profit and loss, cash flow

NSE: HPLBSE: 540136Industrial ManufacturingSmall Cap

HPL Electric & Power Limited · Face value ₹10 · Listed Oct 2016 · Issue price ₹202

₹236.00₹0.60 (0.25%)BSE ₹235.55

Share price at the NSE close on 28 Oct 2026. Previous close ₹235.40.

28 Oct: open ₹233.10, high ₹239.40, low ₹231.20

52-week range of traded prices to 28 Oct 2026

₹223.60Low, 26 Oct 2026₹479.90High, 17 Nov 2025

Market cap: ₹1,517 Cr1,119th largest listed
P/E: 16.63
P/B: 1.52
Dividend yield: 0.42%
ROE: 9.5%
ROCE: 12.4%
Debt to equity: 0.75
Volume, NSE: 1,46,89921.5% delivered

HPL Electric & Power's financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.HPL Electric & Power annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹1,811 Cr, year to Mar 2026; lowest ₹875 Cr, year to Mar 2021

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.2% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,811
Materials and goods−1,159
Employee costs−214
Other expenses−157
Operating profit281
Depreciation−63
Other income+4.8
One-off items−5.4
Finance costs−94
Profit before tax123
Tax−32
Net profit91

What the company owns

Plant, investments and other assets₹803 Cr
Receivables₹765 Cr
Inventory₹749 Cr
Cash and bank₹81 Cr

What pays for it: net worth and liabilities

Net worth₹1,003 Cr
Borrowings₹750 Cr
Owed to suppliers₹536 Cr
Other liabilities₹110 Cr

HPL Electric & Power business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.HPL Electric & Power segment results by quarter

Revenue by segment

₹1,811 CrTotal

Metering, System & Services₹1,026 Cr56.7% of total
Consumer, Industrial & Services₹785 Cr43.3% of total

Profit by segment

Metering, System & Services₹180 Cr69.2% of total
Consumer, Industrial & Services₹80 Cr30.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Metering, System & Services
Revenue, ₹ crore
670
853
1,076
1,026
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
91
125
183
180
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Consumer, Industrial & Services
Revenue, ₹ crore
592
608
625
785
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
70
69
72
80
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,158	977	875	1,014	1,262	1,461	1,700	1,811
Company revenue, as in its results	1,158	977	875	1,014	1,262	1,461	1,700	1,811
Revenue	–	–	–	–	670	853	1,076	1,026
Revenue growth	–	–	–	–	–	27.2%	26.2%	−4.6%
Profit	–	–	–	–	91	125	183	180
Profit growth	–	–	–	–	–	36.8%	46.6%	−1.7%
Margin	–	–	–	–	13.6%	14.6%	17.0%	17.5%
Return on capital	–	–	–	–	13.8%	15.6%	18.2%	15.8%
Assets	–	–	–	–	866	1,105	1,318	1,529
Liabilities	–	–	–	–	205	303	310	393
Capital employed	–	–	–	–	662	802	1,007	1,136
Revenue	–	–	–	–	592	608	625	785
Revenue growth	–	–	–	–	–	2.7%	2.7%	25.6%
Profit	–	–	–	–	70	69	72	80
Profit growth	–	–	–	–	–	−1.2%	3.4%	12.0%
Margin	–	–	–	–	11.8%	11.4%	11.4%	10.2%
Return on capital	–	–	–	–	10.1%	11.2%	12.8%	13.2%
Assets	–	–	–	–	812	753	763	857
Liabilities	–	–	–	–	122	134	206	250
Capital employed	–	–	–	–	691	619	557	607
Revenue	610	511	380	404	–	–	–	–
Revenue growth	–	−16.2%	−25.7%	6.5%	–	–	–	–
Profit	92	76	55	55	–	–	–	–
Profit growth	–	−17.4%	−27.9%	0.8%	–	–	–	–
Margin	15.1%	14.9%	14.4%	13.6%	–	–	–	–
Return on capital	19.3%	12.7%	9.9%	9.7%	–	–	–	–
Assets	650	756	711	748	–	–	–	–
Liabilities	173	157	159	176	–	–	–	–
Capital employed	477	598	552	572	–	–	–	–
Revenue	227	190	161	206	–	–	–	–
Revenue growth	–	−16.5%	−14.8%	27.7%	–	–	–	–
Profit	43	35	27	31	–	–	–	–
Profit growth	–	−18.0%	−23.9%	17.2%	–	–	–	–
Margin	18.9%	18.6%	16.6%	15.2%	–	–	–	–
Return on capital	15.3%	10.8%	8.4%	9.8%	–	–	–	–
Assets	375	381	384	383	–	–	–	–
Liabilities	94	54	63	62	–	–	–	–
Capital employed	281	327	321	321	–	–	–	–
Revenue	212	210	251	260	–	–	–	–
Revenue growth	–	−0.9%	19.7%	3.7%	–	–	–	–
Profit	24	23	24	24	–	–	–	–
Profit growth	–	−3.8%	4.4%	−1.7%	–	–	–	–
Margin	11.4%	11.0%	9.6%	9.1%	–	–	–	–
Return on capital	9.8%	10.8%	9.9%	9.6%	–	–	–	–
Assets	257	252	299	298	–	–	–	–
Liabilities	11	39	54	50	–	–	–	–
Capital employed	246	213	245	248	–	–	–	–
Revenue	110	66	83	143	–	–	–	–
Revenue growth	–	−39.9%	26.0%	72.3%	–	–	–	–
Profit	5	3	2	5	–	–	–	–
Profit growth	–	−44.5%	−13.0%	112.9%	–	–	–	–
Margin	4.4%	4.0%	2.8%	3.4%	–	–	–	–
Return on capital	2.7%	2.0%	1.6%	3.4%	–	–	–	–
Assets	185	142	160	176	–	–	–	–
Liabilities	8	7	16	33	–	–	–	–
Capital employed	176	134	144	143	–	–	–	–
Revenue	0	1	0	0	–	–	–	–
Profit	0	0	0	0	–	–	–	–
Margin	−100.5%	−14.8%	–	–	–	–	–	–
Return on capital	−10.1%	−8.9%	–	–	–	–	–	–
Assets	5	2	2	2	–	–	–	–
Liabilities	1	1	3	3	–	–	–	–
Capital employed	4	1	0	−1	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.HPL Electric & Power quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023Filed 29 May	Mar 2024	Mar 2025Filed 22 May	Mar 2026Filed 27 May	Jun 2026Twelve monthsFiled 10 Aug
Revenue from operations	986	1,061	1,158	977	875	1,014	1,262	1,461	1,700	1,811	1,943
	863	951	1,025	852	756	889	1,105	1,269	1,446	1,530	1,657
Materials and goods bought	654	683	760	612	552	653	842	961	1,105	1,159	1,281
Employee costs	112	–	138	135	112	124	144	179	199	214	219
Other expenses	96	–	127	105	92	112	120	129	142	157	157
Operating profit before depreciation	124	110	134	125	119	125	157	192	255	281	287
Operating margin	12.5%	10.4%	11.5%	12.8%	13.6%	12.3%	12.4%	13.2%	15.0%	15.5%	14.7%
Materials, % of revenue	66.3%	–	65.6%	62.6%	63.1%	64.4%	66.7%	65.8%	65.0%	64.0%	65.9%
Employee costs, % of revenue	11.4%	–	11.9%	13.8%	12.8%	12.2%	11.4%	12.2%	11.7%	11.8%	11.3%
Other expenses, % of revenue	9.8%	–	11.0%	10.8%	10.6%	11.1%	9.5%	8.8%	8.3%	8.7%	8.1%
Depreciation and amortisation	24	23	32	37	45	47	38	39	42	63	70
Operating profit after depreciation	100	87	101	87	74	78	119	154	212	218	217
Other income	5	4	5	5	4	4	4	4	5	5	6
Finance costs	66	51	58	61	64	68	75	90	90	94	94
Profit before one-off items and tax	39	40	48	31	14	14	47	68	128	129	129
One-off items	0	0	0	0	0	0	0	0	0	−5	−5
Profit before tax	39	40	48	31	14	14	47	68	128	123	124
	11	13	15	9	4	6	16	24	34	32	32
Current tax	–	9	10	5	3	3	9	12	33	31	32
Deferred tax	–	4	5	3	1	3	8	12	1	1	0
	28	28	33	22	10	8	30	44	94	91	91
Belonging to the company's shareholders	–	28	33	22	10	8	30	44	94	91	91
Belonging to outside owners of subsidiaries	–	–	0	0	0	0	0	0	0	0	0
Other comprehensive income	–	–	0	0	1	−1	0	−2	0	0	1
Total comprehensive income	–	–	33	22	11	7	30	41	94	92	92
Net margin	2.9%	2.6%	2.8%	2.2%	1.1%	0.8%	2.4%	3.0%	5.5%	5.0%	4.7%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023Filed 29 May	Mar 2024	Mar 2025Filed 22 May	Mar 2026Filed 27 May
	730	750	760	766	795	830	917	1,003
	728	749	758	764	794	828	915	1,000
Share capital	64	64	64	64	64	64	64	64
Reserves	664	684	694	700	729	764	851	936
Belonging to outside owners of subsidiaries	2	2	2	2	2	2	2	2
	518	574	552	565	598	623	633	750
Repayable after a year	25	51	44	58	47	90	21	100
Repayable within a year	492	523	508	506	551	533	612	650
	745	742	760	791	822	915	1,128	1,262
Trade payables	216	174	190	229	230	305	430	536
Other financial liabilities	25	31	45	48	24	59	54	47
Other liabilities	5	7	10	4	11	12	22	21
Provisions	7	8	7	4	6	7	7	9
Tax owed	–	–	–	–	–	–	3	–
	46	77	70	81	84	129	50	134
Other financial liabilities	12	17	17	15	29	27	16	15
Provisions	9	9	10	7	8	12	13	19
Total assets	1,521	1,569	1,590	1,638	1,701	1,874	2,095	2,398
	520	548	511	502	497	490	523	685
Plant in use, after depreciation	424	465	446	438	450	461	492	608
Plant being built	7	3	2	10	9	10	8	41
Intangible assets	0	28	18	9	2	0	6	5
Intangible assets being developed	30	–	–	–	–	–	–	–
Investments	0	0	0	0	0	0	0	10
Loans given	3	3	3	3	2	3	2	3
Other financial assets	–	–	–	13	–	–	0	18
Deferred tax	37	34	33	29	22	11	10	–
Other assets	19	14	10	–	13	6	6	–
	1,001	1,021	1,079	1,135	1,203	1,384	1,571	1,713
Inventories	414	439	443	507	486	573	697	749
Trade receivables	471	463	513	505	603	697	714	765
Cash and cash equivalents	27	30	34	39	33	26	27	33
Other bank balances	40	37	38	41	37	33	34	48
Loans given	0	0	0	1	1	1	2	2
Other financial assets	15	14	15	16	13	14	16	80
Tax paid in advance	2	3	1	2	0	2	0	–
Other assets	32	35	35	25	30	39	82	36
Net debt	451	507	479	484	528	564	572	669

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023Filed 29 May	Mar 2024	Mar 2025Filed 22 May	Mar 2026Filed 27 May
	85	101	104	100	138	226
	85	108	114	114	166	261
	−34	−22	−47	−79	−90	−15
Receivables	−49	8	−97	−92	−17	−51
Inventories	−4	−64	21	−87	−124	−52
Payables	16	39	1	75	125	106
Other working capital	3	−5	29	25	−74	−18
Tax paid	−1	−3	−7	0	0	−35
Interest paid	0	0	0	−14	−28	0
Capital spending	10	43	42	42	74	213
Free cash flow	75	58	62	58	65	13
	−8	−41	−40	−39	−70	−223
Plant and property sold	0	0	0	0	1	0
Interest received	4	3	3	0	0	4
Dividends received	0	0	0	4	5	0
	−71	−58	−74	−72	−66	16
Borrowings raised	10	13	15	42	−49	79
Borrowings repaid	−15	−2	−13	−18	79	38
Interest paid	−64	−68	−75	−89	−89	−93
Lease payments	0	0	0	0	−1	−1
Dividends paid	1	1	1	6	6	6
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	6	2	−10	−11	2	20

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.HPL Electric & Power dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023Filed 29 May	Mar 2024	Mar 2025Filed 22 May	Mar 2026Filed 27 May
Earnings per share	₹5.14	₹4.27	₹5.06	₹3.39	₹1.55	₹1.21	₹4.69	₹6.78	₹14.58	₹14.15
Diluted earnings per share	₹5.14	₹4.27	₹5.06	₹3.39	₹1.55	₹1.21	₹4.69	₹6.78	₹14.58	₹14.15
Dividend per share	₹1.50	₹1.00	₹0.20	₹0.15	₹0.15	₹0.15	₹1.00	₹1.00	₹1.00	₹1.00
Book value per share	–	–	₹113.29	₹116.44	₹117.93	₹118.89	₹123.41	₹128.81	₹142.32	₹155.55
Dividend payout	–	23.3%	4.0%	4.4%	9.7%	12.4%	21.3%	14.8%	6.9%	7.1%
Shareholder yield	–	–	–	–	0.3%	0.2%	0.2%	0.3%	0.2%	0.4%
Market cap at the year end (₹ crore)	765	814	359	139	310	412	545	2,035	2,655	1,653

Ratios

Consolidated, years to March.HPL Electric & Power PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023Filed 29 May	Mar 2024	Mar 2025Filed 22 May	Mar 2026Filed 27 May
Revenue growth	–	7.6%	9.2%	−15.7%	−10.4%	15.9%	24.5%	15.7%	16.4%	6.5%
Operating profit growth	–	−11.0%	21.5%	−6.5%	−4.7%	5.1%	25.4%	22.5%	32.5%	10.5%
Net profit growth	–	−2.6%	18.6%	−33.0%	−54.3%	−22.1%	287.6%	44.2%	115.4%	−2.9%
Earnings per share growth	–	−16.9%	18.5%	−33.0%	−54.3%	−21.9%	287.6%	44.6%	115.0%	−2.9%
	–	–	4.5%	2.9%	1.3%	1.0%	3.9%	5.4%	10.8%	9.5%
	–	–	–	−1.5 pts	−1.6 pts	−0.3 pts	2.9 pts	1.5 pts	5.4 pts	−1.3 pts
From the net margin	–	–	–	−0.9 pts	−1.4 pts	−0.4 pts	2.2 pts	1.0 pts	4.6 pts	−1.0 pts
From asset turnover	–	–	–	−0.6 pts	−0.2 pts	0.1 pts	0.6 pts	0.4 pts	0.5 pts	−0.6 pts
From borrowing	–	–	–	0.0 pts	0.0 pts	0.0 pts	0.0 pts	0.1 pts	0.3 pts	0.3 pts
Return on capital employed	–	–	8.1%	6.6%	5.6%	5.9%	8.5%	10.6%	13.7%	12.5%
Cash conversion	–	–	–	–	843.6%	1,294.8%	342.8%	229.9%	147.0%	248.2%
Interest cover	1.5	1.7	1.7	1.4	1.1	1.1	1.6	1.7	2.4	2.3
Debt to equity	–	–	0.71	0.76	0.73	0.74	0.75	0.75	0.69	0.75
Receivable days	–	–	148	173	214	182	174	174	153	154
Inventory days	–	–	199	262	293	283	211	218	230	236
Payable days	–	–	104	104	126	128	100	116	142	169
Cash conversion cycle, days	–	–	244	332	381	337	285	276	241	221
Working capital days	–	–	215	275	315	277	249	236	214	206
Asset turnover	–	–	0.76	0.63	0.55	0.63	0.76	0.82	0.86	0.81
Assets per rupee of net worth	–	–	2.09	2.09	2.10	2.12	2.14	2.20	2.28	2.35
Sales per rupee of plant	–	–	2.74	2.10	1.96	2.32	2.81	3.17	3.46	2.98
Capital spending to depreciation	–	–	–	–	0.21	0.92	1.09	1.09	1.74	3.37
Plant being built, % of plant in use	–	–	1.7%	0.7%	0.4%	2.3%	1.9%	2.2%	1.5%	6.7%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.1%
Cash from operations against operating profit: 80.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	15.7%	12.8%
Profit growth, yearly rate	–	55.6%	44.5%
Return on equity, average	–	6.1%	8.5%
Return on capital employed, average	–	10.2%	12.2%
Operating margin, average	12.9%	13.7%	14.6%
Net margin, average	2.8%	3.3%	4.5%
Asset turnover, average	–	0.77	0.83
Cash conversion cycle, days, average	–	272	246
Interest cover, average	1.7	1.8	2.1
Debt to equity, average	–	0.74	0.73

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	670	465	226
Cash from investing	−413	−332	−223
Cash from financing	−254	−122	16
Capital spending	414	329	213
Dividends paid	21	19	6
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	198	170	79
Borrowings repaid	149	135	38

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	6	8	8	8	5
Altman Z-scorePublished threshold 1.81	–	–	2.08	1.74	1.79	1.92	2.21	3.10	3.33	2.54
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.67	−2.74	−2.54	−2.67	−2.58	−2.37
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−4.20	−3.22	−2.01	−0.97	1.31	3.89
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	6.02	3.73	2.04	2.03
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	13.96	21.15	−17.38	−5.16	−0.16	−13.95	0.71
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	25.61	10.58	−3.88	−33.06	3.72	6.64	2.52
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.35	−0.15	−0.80	0.06	0.79	2.55	1.01
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.04	0.06	0.26	0.17	0.21	0.10	0.23
Effective tax ratePublished threshold 17.16 per cent	27.65	31.89	31.91	28.40	26.95	43.99	35.21	35.94	26.37	26.10
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	20.82	20.02	35.94	26.37	−2.23

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
26 Jun 2026	India Ratings and Research Private Limited	Bank loan facilities	IND A+; IND A1Review, Re-affirm	Stable	1,840
9 Apr 2026	CRISIL Ratings Limited	Bank Facilities	Crisil A1Review, Re-affirm		908
9 Apr 2026	CRISIL Ratings Limited	Bank Facilities	Crisil A+Review, Upgrade	Stable	2.26

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.