HPL Electric: revenue jumps 35% YoY but consolidated PAT nearly flat as margins compress

HPL Electric & Power posted consolidated Q1 FY27 revenue of ₹515.24 Cr, up 34.5% YoY (₹383.03 Cr) though down 0.9% sequentially from a seasonally strong Q4 FY26 (₹519.70 Cr). Consolidated PAT was ₹18.69 Cr, up just 1.2% YoY (₹18.48 Cr) — profit growth trailed revenue growth by a wide margin — and fell 39.5% QoQ from ₹30.90 Cr, though the QoQ drop is largely a seasonality artifact given Q4 is typically the strongest billing quarter for this business. Standalone PAT was slightly lower at ₹17.91 Cr on ₹512.86 Cr revenue.

The gap between revenue and profit growth traces to margin compression on both lines: OPM fell to 12.3% from 15.1% a year ago and 16.5% last quarter, while NPM slipped to 3.6% from 4.8% YoY. By segment, Consumer & Industrial (C&I) revenue surged 55.0% YoY to ₹277.59 Cr, but segment margin fell to 8.4% from 11.3% YoY (and from 9.1% in Q4 FY26), consistent with the higher-share wires-and-cables mix and elevated commodity costs management had flagged. The Metering, Systems & Services segment grew revenue a more modest 16.5% YoY to ₹237.65 Cr, but its segment result fell 6.5% YoY as margin compressed to 14.2% from 17.7%.

The stock went into the print at ₹340.8, down 4.5% over the past month of trading.

EPS ₹2.90 (consolidated) vs ₹2.87 YoY and ₹4.80 QoQ

Standalone PAT ₹17.91 Cr on revenue ₹512.86 Cr — sole subsidiary Himachal Energy added ₹0.78 Cr PAT on ₹14.50 Cr revenue

Management's June 2026 concall guidance had projected margin recovery in "coming quarters" as commodity inflation eased and price adjustments took hold — that recovery did not show up this quarter; C&I margin instead extended its decline, so the print reads as a miss against that specific guidance line even as the broader growth themes tracked. The C&I revenue run-rate (₹277.59 Cr in Q1, annualising above ₹1,000 Cr) remains consistent with management's FY27 target of crossing ₹1,000 Cr in that segment. No press release or analyst consensus for this specific quarter was available to benchmark against street expectations, and the filing carries no company-specific corporate developments this quarter beyond the routine board meeting, an unclaimed-dividend reminder and the insider trading window closure — none of which bear on the operating numbers.