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Shankar Nath's avatar

While analyzing HPL Electric, one aspect that had both Priyam & me a bit puzzled was the lack of client-specific disclosures in their exchange filings

Nowhere did the company mention who was awarding them those smart meter contracts — be it DISCOMs, electricity boards, AMISPs or private players

To get clarity, Priyam reached out to the company's Investor Relations team. After a gentle follow-up, here’s the response we received:

Dear Priyam,

Thank you for your patience and your keen interest in HPL Electric & Power and for your detailed research on the industry and our company’s performance.

As a policy, we maintain confidentiality regarding specific contract details, including the sources of our order inflows. However, we can share that we work with leading AMISPs and continue to secure contracts across key market segments. Any marquee contracts will be duly communicated to stakeholders through appropriate disclosures.

In the meantime, we encourage you to review publicly available information, including our exchange filings and investor communications, for updates on our business progress

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Lesson: when in doubt, write to the company's Investor Relations

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Amit's avatar

Great article Shankar & Priyam. Given your analysis this seems like a potential multibagger esp if they bag more orders for the remaing 22cr units.

Few questions:

1. Target 700 at 30 PE would indicate 27% CAGR right as per your table, not 38%. Typo?

2. FII & DII holding is <1% in HPL at this time. Any reason why? As a high potential small cap wouldn't this be on every AMCs smallcap fund radar? Perhaps that might change if they are subbed to you :)

3. Any indication if HPL is going to increase meter production capacity to bag higher share of the 22cr pending units? If not then wouldn't Tata or Adani grab the lion share?

Thanks and you guys rock!

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