On September 13, shares of HPL Electric jumped more than 2 percent to Rs 613 each after the company secured a new order worth Rs 144 crore for smart and conventional meters. The company has yet to provide details on the order’s timeline or location.

This year, the stock of the electrical equipment manufacturer has more than doubled, rising over 140 percent, significantly outperforming the Nifty 50’s 15 percent gain. It previously reached a 52-week high of Rs 694 on August 22, 2024.

In July, HPL Electric received a letter of award for smart meters valued at Rs 2,000.71 crore from its regular leading customers.

HPL Electric & Power, a prominent electrical equipment manufacturer, has built a solid reputation over the past 40 years, focusing on five main product categories: metering solutions, modular switches, switchgears, LED lighting, and wires and cables.

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The company operates seven manufacturing plants and two research and development (R&D) centers across India, supported by an effective supply chain and a broad distribution network of over 900 dealers and 45,000 retailers. HPL is ambitiously aiming to expand its retailer network to 100,000 by March 2025.

In the recently concluded June quarter, HPL Electric’s net sales surged 25 percent year-on-year (YoY) to Rs 390 crore, while net profit soared 159 percent YoY to Rs 16 crore. Operationally, the company’s EBITDA grew by 42 percent YoY to Rs 54 crore in Q1FY25.

Currently, only one brokerage covers HPL Electric’s stock, and it has given it a ‘buy’ rating. At its current market price, the stock trades at a price-to-book ratio of 4.5x, which is notably lower compared to peers such as Crompton Greaves, at 9x, and Havells India, at 16.8x.

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