HPL Electric & Power Ltd witnessed recovery in its smart metering business during the third quarter (Q3: October to December) of FY26, both on sequential and year-on-year basis.
In a release, HPL Electric said that the company’s Metering & Systems division continued to pick up with 25 per cent sequential growth from Q2FY26 to Q3FY26, reflecting recovery momentum from the monsoon season, with offtake improving 11.2 per cent year-on-year.
The company’s smart metering order book currently stands at over Rs.3,100 crore under AMISP and related programmes, providing multi-year revenue visibility.
The company is executing its order book on a fast-track basis, supporting healthy conversion of the over the short to medium term, a company presentation said.
The management of HPL Electric & Power expects a further step-up in deliveries from November to March.
The enquiry base for metering tenders remains healthy, and pipeline capacity for smart-meter manufacturing – including key components – has been expanded to support the next leg of scale-up, the company said.
Fast-track execution
According to Gautam Seth, Joint Managing Director, HPL Electric & Power Ltd, “Our Q3 and nine-month performance reflects steady execution and a clear improvement in the quality of our earnings. In Smart Metering, we continue to execute our order book on a fast-track basis, supported by a healthy tender pipeline and improving offtake and recovery from the monsoon season with 25.45 per cent sequential growth from the previous quarter. Execution is picking up, keeping the metering growth story intact.”
Also read: HPL Electric & Power Ltd: Robust order book ensures long-term execution visibility
Featured photograph (source: HPL Electric) is for representation only