HPL Electric & Power reported a strong Q3 FY26. **Business Performance:** Revenue jumped 21% YoY to ₹473.92 crore.

Metering & Systems grew 11.21% YoY to ₹287.55 crore.

The Consumer & Industrial segment surged 39% YoY to ₹186.37 crore, emerging as a consistent growth engine.

Wires & Cables saw robust 58% YoY growth, and Switchgear increased 33%. **Growth Drivers or Strategy:** The company is well-positioned for the smart metering opportunity, backed by a ₹3,100+ crore order book.

Strategic expansion into smart water metering with 'Neeram Pulse' and a new Gurugram facility signals future growth.

The Consumer & Industrial segment, with its shorter working capital cycle, is crucial for higher ROCE, driven by brand building and network expansion. **Recent Developments:** HPL launched the 'Neeram Pulse' smart water meter and an automated smart meter manufacturing line in Jabli.

Credit ratings were upgraded to A by CRISIL and A+/Stable by India Ratings. **Key Financial Metrics:** Q3 FY26 EBITDA rose 28.76% YoY to ₹71.73 crore (margin 15.14%), and Profit After Tax grew 7.87% YoY to ₹19.51 crore, with EPS at ₹3.02. **Management Commentary / Outlook:** Management anticipates further acceleration in smart meter deliveries and expects a strong Q4 for the C&I segment, driven by deeper market penetration.