The smart metering business of HPL Electric & Power Ltd staged an impressive recovery during the fourth quarter (Q4: January to March) of FY26, the company said in a release.
HPL Electric observed that smart metering remains the company’s long-cycle growth opportunity. In an investor presentation, the company said that Q1FY26 saw an industry-wide execution disruption that affected metering OEMs across the sector. Sequential recovery began in Q2 and continued through each of the subsequent quarter, HPL Electric said.
The recovery culminated in the company’s Q4FY26 smart metering revenue touching Rs.306 crore, the highest in any quarter of FY26. “AMISP procurement and installation activity has resumed, and the medium-term opportunity remains intact,” the presentation noted.
As of May 22, 2026, HPL Electric has an outstanding order book of over Rs.3,200 crore, out of which smart metering accounted for 97 per cent.
HPL Electric has estimated that India has installed around 4.7 crore smart meters with another 20 crore sanctioned. This creates a large, long-term demand pipeline.
HPL Electric commands a market share of around 20 per cent in the domestic electric smart meter market. The company has a combined smart meter manufacturing capacity of around 11 million units per year.
In smart metering, the company will focus on order book execution, AMISP-led deployments, receivables management and technology-led differentiation, while building long-duration adjacencies such as smart water metering, a company release said.
Clear transition
Commenting on the company’s performance, Gautam Seth, Joint Managing Director & CFO, HPL Electric & Power Ltd, said, “FY26 marks a clear transition in HPL’s growth profile. Revenue crossed Rs.1,800 crore for the year and Q4 revenue crossed Rs.500 crore for the first time, while EBITDA and cash profit expanded faster than revenue. The year also validated the emergence of Consumer & Industrial as a second core growth engine, led by Wires & Cables, product expansion and deeper channel engagement.
Smart Metering witnessed an industry-wide execution disruption earlier in the year; however, Q4 reflected a clear sequential recovery as AMISP procurement and installation activity resumed. Reported PAT moderated mainly due to higher depreciation following capacity additions and temporary input-cost timing, but the underlying operating trajectory remains strong. Our FY27 focus is to scale both growth engines while protecting margins through pricing discipline, product mix improvement, R&D-led differentiation and calibrated capacity expansion.”
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Featured photograph a smart meter testing facility of HPL Electric & Power Ltd.