* HPL Electric & Power Limited held an investor/analyst conference call on November 18, 2025, at 12:30 p.m. (IST). * The Consumer & Industrial segment contributes 47% of total revenue, growing 30% in Q2 and 23% in H1. * Order book of over ₹3,300 crore, with roughly 99% being smart meters. * Smart meter uptake improved by over 12% sequentially in Q2; deliveries are expected to increase from November to March FY26. * Segment EBIT margins improved to around 17.5% due to pricing discipline and procurement efficiency. * Wires and cables grew by around 24% in Q2, with lighting and electronics recording growth in the low-20s. * In H1 FY26, 2% of C&I sales were invested in advertising and promotion, with plans to increase this in H2 FY26. * The company expects growth to progressively pick up, with foundations in metering and C&I segments. * A settlement with Havells has been reached, resolving long-standing disputes. * The company expects Q3 to be better than Q2, and Q4 to show much stronger growth, aiming for revenue between ₹1,900 crore and ₹2,000 crore for the year. * The company has added two new AMISPs and is expecting breakthroughs from existing and newer AMISP players. * Capex for metering is mostly done, with future capex mainly for maintenance. * HPL is targeting strong double-digit growth in the C&I segment and aims to double the C&I business in three years. * The company is planning to start in the Indian market in December and then building up into June–July of FY26 for Fans segment.
