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Swing Capital

HPL Electric & Power Ltd

NSE: HPL BSE: 540136Energy

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]

₹343
52W: ₹256 — ₹640
PE 24.2 · Book ₹146 · +135% vs book
Market Cap₹2,205 Cr
Stock P/E24.2Price to Earnings
ROCE13.9%Return on Capital
ROE10.2%Return on Equity
Div. Yield0.29%Face Value ₹10

Strengths

  • +Company has delivered good profit growth of 38.4% CAGR over last 5 years

Weaknesses

  • −Company has a low return on equity of 6.44% over last 3 years.
  • −Company has high debtors of 151 days.

Shareholding Pattern

Promoters72.66%
FIIs0.51%
DIIs0.1%
Public26.74%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters72.66%72.66%72.66%72.66%72.66%72.66%72.66%72.66%
FIIs0.74%0.51%▼0.20.58%▲0.10.31%▼0.30.7%▲0.40.34%▼0.40.28%▼0.10.51%▲0.2
DIIs0.23%0.23%0.23%0.26%▲0.00.3%▲0.00.19%▼0.10.1%▼0.10.1%
Public26.38%26.59%▲0.226.53%▼0.126.77%▲0.226.33%▼0.426.81%▲0.526.96%▲0.226.74%▼0.2

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales338358413390401385508397488461
Expenses294310361336346331434343427394
Operating Profit44475354565374546167
OPM %13%13%13%14%14%14%15%14%13%14%
Net Profit10121317191833172017
EPS ₹1.561.792.052.613.032.775.082.633.152.67

AI Insights

Revenue Trend

TTM revenue at ₹1,855Cr, up 10.2% YoY. OPM at 14%.

Debt Position

Borrowings at ₹721Cr. Debt-to-equity ratio: 0.83x. Moderate leverage.

Capex Cycle

CWIP at ₹47Cr (9% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.1% (-0.14pp change). FIIs: 0.51% (+0.08pp change). Promoters hold 72.66%.

Margin & Efficiency

ROCE improving from 14% (Mar 2014) to 14% (Mar 2025). Working capital days: 81.

Valuation

PE 24.2x with 13.9% ROCE. Price is 135% above book value of ₹146. Dividend yield: 0.29%.

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