{"id":303442,"date":"2026-10-13T09:24:46","date_gmt":"2026-10-13T03:54:46","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=303442"},"modified":"2026-10-13T09:24:46","modified_gmt":"2026-10-13T03:54:46","slug":"smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/","title":{"rendered":"3 Smart Meter, City Gas and Thermal Power Stocks With a Strong Future Roadmap: HPL Electric &#038; Power, IRM Energy and Adani Power"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>HPL Electric Rs 258.45, P\/E 18.03. IRM Energy Rs 257.10, P\/E 14.46. Adani Power Rs 185.90, P\/E 24.93. Closing prices of 12 Oct 2026.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Smart meter, city gas and thermal power stocks with the clearest long-term roadmaps today include HPL Electric in smart meters, switchgear, lighting and wiring products, IRM Energy in piped and compressed natural gas distribution and Adani Power in thermal power generation from large plants. P\/E stands at 18.03 for HPL Electric (industry 47.09), 14.46 for IRM Energy (industry 14.54) and 24.93 for Adani Power (industry 22.17). Demand cycles, input costs and valuation decide how much of that growth the market keeps paying for, so each company&#8217;s risks need equal attention.<\/p>\n<\/p><\/div>\n<p>Smart meter, city gas and thermal power stocks give investors exposure to meters, gas connections and electricity that homes and industries need every day. Volumes, tariffs and plant utilisation decide how much of that demand turns into profit.<\/p>\n<p>This list covers three smart meter, city gas and thermal power stocks: HPL Electric &amp; Power for smart meters, switchgear, lighting and wiring products, IRM Energy for piped and compressed natural gas distribution and Adani Power for thermal power generation from large plants. Every figure comes from the latest reported financials and the 12 October 2026 market close. Companies without complete current figures were left out.<\/p>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/#What_Are_Smart_Meter_City_Gas_and_Thermal_Power_Stocks\" title=\"What Are Smart Meter, City Gas and Thermal Power Stocks?\">What Are Smart Meter, City Gas and Thermal Power Stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/#Smart_Meter_City_Gas_and_Thermal_Power_Stocks_at_a_Glance\" title=\"Smart Meter, City Gas and Thermal Power Stocks at a Glance\">Smart Meter, City Gas and Thermal Power Stocks at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/#Why_Do_Smart_Meter_City_Gas_and_Thermal_Power_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Smart Meter, City Gas and Thermal Power Stocks Have a Strong Roadmap in India?\">Why Do Smart Meter, City Gas and Thermal Power Stocks Have a Strong Roadmap in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/#HPL_Electric_Power_Smart_Meters_and_Switchgear_Anchor_the_Roadmap\" title=\"HPL Electric &amp; Power: Smart Meters and Switchgear Anchor the Roadmap\">HPL Electric &amp; Power: Smart Meters and Switchgear Anchor the Roadmap<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/#IRM_Energy_City_Gas_Networks_Build_the_Next_Leg\" title=\"IRM Energy: City Gas Networks Build the Next Leg\">IRM Energy: City Gas Networks Build the Next Leg<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/#Adani_Power_Thermal_Power_Capacity_Anchors_the_Roadmap\" title=\"Adani Power: Thermal Power Capacity Anchors the Roadmap\">Adani Power: Thermal Power Capacity Anchors the Roadmap<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/#Best_Smart_Meter_City_Gas_and_Thermal_Power_Stocks_in_India_HPL_Electric_vs_IRM_Energy_vs_Adani_Power_on_Key_Financials\" title=\"Best Smart Meter, City Gas and Thermal Power Stocks in India: HPL Electric vs IRM Energy vs Adani Power on Key Financials\">Best Smart Meter, City Gas and Thermal Power Stocks in India: HPL Electric vs IRM Energy vs Adani Power on Key Financials<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/#How_to_Evaluate_Smart_Meter_City_Gas_and_Thermal_Power_Stocks_to_Buy_Before_You_Invest\" title=\"How to Evaluate Smart Meter, City Gas and Thermal Power Stocks to Buy Before You Invest\">How to Evaluate Smart Meter, City Gas and Thermal Power Stocks to Buy Before You Invest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/#Risks_to_Consider_Before_Investing_in_Smart_Meter_City_Gas_and_Thermal_Power_Stocks\" title=\"Risks to Consider Before Investing in Smart Meter, City Gas and Thermal Power Stocks\">Risks to Consider Before Investing in Smart Meter, City Gas and Thermal Power Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/#Final_Take_Which_Stock_Has_the_Strongest_Roadmap\" title=\"Final Take: Which Stock Has the Strongest Roadmap?\">Final Take: Which Stock Has the Strongest Roadmap?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/#FAQs_on_Smart_Meter_City_Gas_and_Thermal_Power_Stocks\" title=\"FAQs on Smart Meter, City Gas and Thermal Power Stocks\">FAQs on Smart Meter, City Gas and Thermal Power Stocks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/#Which_are_the_best_smart_meter_city_gas_and_thermal_power_stocks_in_India_with_a_strong_roadmap\" title=\"Which are the best smart meter, city gas and thermal power stocks in India with a strong roadmap?\">Which are the best smart meter, city gas and thermal power stocks in India with a strong roadmap?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/#Is_HPL_Electric_Power_a_good_stock_to_buy_now\" title=\"Is HPL Electric &amp; Power a good stock to buy now?\">Is HPL Electric &amp; Power a good stock to buy now?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/#What_is_the_PE_ratio_of_HPL_Electric_IRM_Energy_and_Adani_Power\" title=\"What is the P\/E ratio of HPL Electric, IRM Energy and Adani Power?\">What is the P\/E ratio of HPL Electric, IRM Energy and Adani Power?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/#Which_of_these_smart_meter_city_gas_and_thermal_power_stocks_has_the_highest_return_on_equity\" title=\"Which of these smart meter, city gas and thermal power stocks has the highest return on equity?\">Which of these smart meter, city gas and thermal power stocks has the highest return on equity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/#What_are_the_risks_of_investing_in_smart_meter_city_gas_and_thermal_power_stocks\" title=\"What are the risks of investing in smart meter, city gas and thermal power stocks?\">What are the risks of investing in smart meter, city gas and thermal power stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/#How_did_HPL_Electric_IRM_Energy_and_Adani_Power_perform_in_Q1_FY27\" title=\"How did HPL Electric, IRM Energy and Adani Power perform in Q1 FY27?\">How did HPL Electric, IRM Energy and Adani Power perform in Q1 FY27?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/#Do_smart_meter_city_gas_and_thermal_power_stocks_pay_dividends\" title=\"Do smart meter, city gas and thermal power stocks pay dividends?\">Do smart meter, city gas and thermal power stocks pay dividends?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-city-gas-and-thermal-power-stocks-forward-growth-shortlist\/#How_can_I_invest_in_smart_meter_city_gas_and_thermal_power_stocks_in_India\" title=\"How can I invest in smart meter, city gas and thermal power stocks in India?\">How can I invest in smart meter, city gas and thermal power stocks in India?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Smart_Meter_City_Gas_and_Thermal_Power_Stocks\"><\/span><strong>What Are Smart Meter, City Gas and Thermal Power Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Smart meter, city gas and thermal power stocks are shares of companies that make power equipment, distribute gas or generate electricity. Results depend on volumes, tariffs and plant utilisation, so tariffs and utilisation separate the stronger names.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Smart_Meter_City_Gas_and_Thermal_Power_Stocks_at_a_Glance\"><\/span><strong>Smart Meter, City Gas and Thermal Power Stocks at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table compares size, valuation, return on equity and debt for the three smart meter, city gas and thermal power stocks as of the 12 Oct 2026 close.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">CMP (Rs)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Market Cap (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Industry P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">ROE<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Debt to Equity<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/hpl\/hpl-electric-power-ltd-share-price-today\">HPL Electric &amp; Power<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">258.45<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,649<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18.03<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">47.09<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.10%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.75<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/irmenergy\/irm-energy-ltd-share-price-today\">IRM Energy<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">257.10<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,057<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.46<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.54<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5.33%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.07<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/adanipower\/adani-power-ltd-share-price-today\">Adani Power<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">185.90<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">362,552<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">24.93<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">22.17<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19.76%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.84<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Among power and gas stocks, Adani Power trades at a premium to the industry P\/E, while HPL Electric trades at a discount.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Smart_Meter_City_Gas_and_Thermal_Power_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Smart Meter, City Gas and Thermal Power Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Smart meter, city gas and thermal power stocks have a strong roadmap in India because rising electricity use, smart metering programmes and the spread of city gas networks keep adding demand for power and gas firms. Three drivers stand out.<\/p>\n<ul>\n<li><strong>Power demand:<\/strong> Homes and factories keep using more electricity.<\/li>\n<li><strong>Smart metering:<\/strong> Utilities replace old meters with digital ones.<\/li>\n<li><strong>Gas networks:<\/strong> New cities add piped and compressed gas customers.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"HPL_Electric_Power_Smart_Meters_and_Switchgear_Anchor_the_Roadmap\"><\/span><strong>HPL Electric &amp; Power: Smart Meters and Switchgear Anchor the Roadmap<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>HPL Electric&#8217;s roadmap rests on smart meters, switchgear, lighting and wiring products, with the smart meter rollout supporting orders.<\/p>\n<p>Revenue grew from Rs 1,018.15 crore in FY22 to Rs 1,815.93 crore in FY26, a 78.4% rise, and FY26 revenue was 6.5% higher than FY25. FY26 net profit was Rs 91.25 crore. In Q1 FY27, revenue grew 34.7% to Rs 517.40 crore, and net profit rose 1.1% to Rs 18.69 crore. Operating margin was 15.51% in FY26.<\/p>\n<p>Debt to equity is 0.75 and return on equity is 9.10%. FY26 operating cash flow was Rs 226.48 crore against capital expenditure of Rs 182.81 crore. HPL Electric paid a dividend of Rs 1 per share for FY26, a yield of 0.39%. At a P\/E of 18.03 against an industry P\/E of 47.09, the stock trades below its industry multiple.<\/p>\n<p>What to watch: The P\/E of 18.03 against an industry P\/E of 47.09 leaves valuation less stretched, so the next quarters&#8217; growth is the figure to follow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"IRM_Energy_City_Gas_Networks_Build_the_Next_Leg\"><\/span><strong>IRM Energy: City Gas Networks Build the Next Leg<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>IRM Energy&#8217;s roadmap rests on city gas distribution of piped and compressed natural gas, with a growing customer base supporting volumes.<\/p>\n<p>Revenue grew from Rs 510.19 crore in FY22 to Rs 1,092.11 crore in FY26, a 114.1% rise, and FY26 revenue was 8.1% higher than FY25. FY26 net profit rose 13.1% to Rs 53.21 crore. In Q1 FY27, revenue grew 22.6% to Rs 360.03 crore.<\/p>\n<p>Debt to equity is 0.07 and return on equity is 5.33%. The dividend yield is 0.58%. At a P\/E of 14.46 against an industry P\/E of 14.54, the stock trades in line with its industry multiple.<\/p>\n<p>What to watch: Return on equity of 5.33% is modest, and net profit margin is only 4.9%, so small cost changes move earnings.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Adani_Power_Thermal_Power_Capacity_Anchors_the_Roadmap\"><\/span><strong>Adani Power: Thermal Power Capacity Anchors the Roadmap<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Adani Power&#8217;s roadmap rests on thermal power generation from large plants supplying power across India, with long-term power purchase agreements supporting revenue.<\/p>\n<p>Revenue grew from Rs 31,686.47 crore in FY22 to Rs 57,865.28 crore in FY26, an 82.6% rise. FY26 net profit rose 1.7% to Rs 12,971.08 crore. Over four years, net profit rose from Rs 4,911.58 crore in FY22 to Rs 12,971.08 crore. In Q1 FY27, revenue grew 32.6% to Rs 19,322.30 crore, and net profit rose 47.2% to Rs 4,866.60 crore. Operating margin was 43.20% in FY26 and 44.90% in Q1 FY27 against 43.59% a year earlier.<\/p>\n<p>Debt to equity is 0.84 and return on equity is 19.76%. FY26 operating cash flow was Rs 20,513.65 crore against capital expenditure of Rs 23,350.09 crore. At a P\/E of 24.93 against an industry P\/E of 22.17, the stock trades above its industry multiple.<\/p>\n<p>What to watch: Q1 FY27 operating margin was 44.90% against 43.20% for FY26, so margin stability is the figure to follow as volumes grow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Best_Smart_Meter_City_Gas_and_Thermal_Power_Stocks_in_India_HPL_Electric_vs_IRM_Energy_vs_Adani_Power_on_Key_Financials\"><\/span><strong>Best Smart Meter, City Gas and Thermal Power Stocks in India: HPL Electric vs IRM Energy vs Adani Power on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the best smart meter, city gas and thermal power stocks in India, HPL Electric leads on Q1 FY27 revenue growth; IRM Energy leads on the lowest P\/E and the lowest debt to equity; Adani Power leads on return on equity. The table puts the numbers side by side.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Metric<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">HPL Electric<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">IRM Energy<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Adani Power<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,815.93<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,092.11<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">57,865.28<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 net profit (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">91.25<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">53.21<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12,971.08<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Q1 FY27 revenue growth (YoY)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">34.7%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">22.6%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">32.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Return on equity<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.10%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5.33%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19.76%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">P\/E ratio<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18.03<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.46<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">24.93<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Debt to equity<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.75<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.07<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.84<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Dividend yield<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.39%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.58%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.00%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Power and gas earnings follow volumes, tariffs and plant utilisation, so full-year numbers and quarterly trends together give a better view.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Evaluate_Smart_Meter_City_Gas_and_Thermal_Power_Stocks_to_Buy_Before_You_Invest\"><\/span><strong>How to Evaluate Smart Meter, City Gas and Thermal Power Stocks to Buy Before You Invest<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A short checklist keeps the research consistent when you screen smart meter, city gas and thermal power stocks and shortlist smart meter, city gas and thermal power stocks to buy.<\/p>\n<ol>\n<li>Compare each stock&#8217;s P\/E with its industry P\/E, which differs by company here.<\/li>\n<li>Check operating margin, debt and cash flow together.<\/li>\n<li>Check whether revenue growth is turning into profit growth, not only sales.<\/li>\n<li>Read operating cash flow against capital expenditure to see how growth is funded.<\/li>\n<li>Watch debt to equity and interest cover before sizing a position.<\/li>\n<li>Spread exposure across companies and business lines instead of one demand cycle.<\/li>\n<\/ol>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Check the Univest Screener for live data on these smart meter, city gas and thermal power stocks<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Consider_Before_Investing_in_Smart_Meter_City_Gas_and_Thermal_Power_Stocks\"><\/span><strong>Risks to Consider Before Investing in Smart Meter, City Gas and Thermal Power Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Fuel costs:<\/strong> Coal and gas price moves can affect margins.<\/li>\n<li><strong>Regulation:<\/strong> Tariff and policy changes can affect earnings.<\/li>\n<li><strong>Quarterly trends:<\/strong> A single weak quarter can change near-term earnings, so track results every quarter.<\/li>\n<\/ul>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track HPL Electric, IRM Energy and Adani Power live.<\/em><\/p>\n<p>Annual reports and quarterly result presentations are the most reliable places to verify the numbers quoted here, because they show segment details, management commentary and the notes behind each figure.<\/p>\n<p>Comparing a quarter with the same quarter of the previous year gives a cleaner reading than comparing it with the preceding quarter, since seasonal patterns affect many businesses in India.<\/p>\n<p>The shareholding pattern published every quarter shows whether promoters, mutual funds and foreign investors are raising or trimming their holdings, which adds useful context to the financial numbers.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Take_Which_Stock_Has_the_Strongest_Roadmap\"><\/span><strong>Final Take: Which Stock Has the Strongest Roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>These three power and gas stocks cover smart meters, city gas distribution and thermal power generation. HPL Electric leads on Q1 FY27 revenue growth; IRM Energy leads on the lowest P\/E and the lowest debt to equity; Adani Power leads on return on equity.<\/p>\n<p>Across smart meter, city gas and thermal power stocks, each roadmap still has to turn growth into steady profit, so independent research and position sizing matter. Investors should consult a SEBI-registered advisor before acting on any of the smart meter, city gas and thermal power stocks to buy discussed here.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_on_Smart_Meter_City_Gas_and_Thermal_Power_Stocks\"><\/span><strong>FAQs on Smart Meter, City Gas and Thermal Power Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_are_the_best_smart_meter_city_gas_and_thermal_power_stocks_in_India_with_a_strong_roadmap\"><\/span><strong>Which are the best smart meter, city gas and thermal power stocks in India with a strong roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> HPL Electric &amp; Power, IRM Energy and Adani Power stand out for their roadmaps in smart meters, city gas distribution and thermal power generation. Return on equity ranges from 5.33% to 19.76%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_HPL_Electric_Power_a_good_stock_to_buy_now\"><\/span><strong>Is HPL Electric &amp; Power a good stock to buy now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> HPL Electric &amp; Power has a debt to equity ratio of 0.75, a return on equity of 9.10% and a P\/E of 18.03 against an industry P\/E of 47.09. Valuation, fuel costs and regulation move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_PE_ratio_of_HPL_Electric_IRM_Energy_and_Adani_Power\"><\/span><strong>What is the P\/E ratio of HPL Electric, IRM Energy and Adani Power?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The P\/E ratio is 18.03 for HPL Electric (industry 47.09), 14.46 for IRM Energy (industry 14.54) and 24.93 for Adani Power (industry 22.17). Only Adani Power trades at or above the industry multiple.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_of_these_smart_meter_city_gas_and_thermal_power_stocks_has_the_highest_return_on_equity\"><\/span><strong>Which of these smart meter, city gas and thermal power stocks has the highest return on equity?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Adani Power has the highest return on equity at 19.76%, followed by HPL Electric &amp; Power at 9.10% and IRM Energy at 5.33%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_of_investing_in_smart_meter_city_gas_and_thermal_power_stocks\"><\/span><strong>What are the risks of investing in smart meter, city gas and thermal power stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The main risks are fuel costs, regulation and quarterly trends. Coal and gas price moves can affect margins.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_did_HPL_Electric_IRM_Energy_and_Adani_Power_perform_in_Q1_FY27\"><\/span><strong>How did HPL Electric, IRM Energy and Adani Power perform in Q1 FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> HPL Electric &amp; Power reported revenue of Rs 517.40 crore, up 34.7% year on year, and net profit rose 1.1% to Rs 18.69 crore. IRM Energy reported revenue of Rs 360.03 crore, up 22.6% year on year. Adani Power reported revenue of Rs 19,322.30 crore, up 32.6% year on year, and net profit rose 47.2% to Rs 4,866.60 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_smart_meter_city_gas_and_thermal_power_stocks_pay_dividends\"><\/span><strong>Do smart meter, city gas and thermal power stocks pay dividends?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> HPL Electric and IRM Energy pay dividends. The dividend yield is 0.39% for HPL Electric and 0.58% for IRM Energy, based on dividends declared for FY26.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_can_I_invest_in_smart_meter_city_gas_and_thermal_power_stocks_in_India\"><\/span><strong>How can I invest in smart meter, city gas and thermal power stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> You can buy smart meter, city gas and thermal power stocks through a demat and trading account on NSE or BSE after checking each company&#8217;s financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which are the best smart meter, city gas and thermal power stocks in India with a strong roadmap?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"HPL Electric & Power, IRM Energy and Adani Power stand out for their roadmaps in smart meters, city gas distribution and thermal power generation. Return on equity ranges from 5.33% to 19.76%.\"}},{\"@type\":\"Question\",\"name\":\"Is HPL Electric & Power a good stock to buy now?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"HPL Electric & Power has a debt to equity ratio of 0.75, a return on equity of 9.10% and a P\/E of 18.03 against an industry P\/E of 47.09. Valuation, fuel costs and regulation move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.\"}},{\"@type\":\"Question\",\"name\":\"What is the P\/E ratio of HPL Electric, IRM Energy and Adani Power?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The P\/E ratio is 18.03 for HPL Electric (industry 47.09), 14.46 for IRM Energy (industry 14.54) and 24.93 for Adani Power (industry 22.17). Only Adani Power trades at or above the industry multiple.\"}},{\"@type\":\"Question\",\"name\":\"Which of these smart meter, city gas and thermal power stocks has the highest return on equity?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Adani Power has the highest return on equity at 19.76%, followed by HPL Electric & Power at 9.10% and IRM Energy at 5.33%.\"}},{\"@type\":\"Question\",\"name\":\"What are the risks of investing in smart meter, city gas and thermal power stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The main risks are fuel costs, regulation and quarterly trends. Coal and gas price moves can affect margins.\"}},{\"@type\":\"Question\",\"name\":\"How did HPL Electric, IRM Energy and Adani Power perform in Q1 FY27?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"HPL Electric & Power reported revenue of Rs 517.40 crore, up 34.7% year on year, and net profit rose 1.1% to Rs 18.69 crore. IRM Energy reported revenue of Rs 360.03 crore, up 22.6% year on year. Adani Power reported revenue of Rs 19,322.30 crore, up 32.6% year on year, and net profit rose 47.2% to Rs 4,866.60 crore.\"}},{\"@type\":\"Question\",\"name\":\"Do smart meter, city gas and thermal power stocks pay dividends?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"HPL Electric and IRM Energy pay dividends. The dividend yield is 0.39% for HPL Electric and 0.58% for IRM Energy, based on dividends declared for FY26.\"}},{\"@type\":\"Question\",\"name\":\"How can I invest in smart meter, city gas and thermal power stocks in India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"You can buy smart meter, city gas and thermal power stocks through a demat and trading account on NSE or BSE after checking each company's financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>HPL Electric &#038; Power, IRM Energy and Adani Power compared on growth, margins, debt and valuation, with the roadmap and risks investors should track.<\/p>\n","protected":false},"author":28,"featured_media":303441,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[4288,11496,11497,7504,11495],"class_list":["post-303442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-adani-power","tag-city-gas-and-thermal-power-stocks","tag-city-gas-and-thermal-power-stocks-to-buy","tag-irm-energy","tag-smart-meter"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["303441"],"rank_math_title":["Smart Meter, City Gas and Thermal Power Stocks"],"rank_math_description":["Smart meter, city gas and thermal power stocks with a strong roadmap: HPL Electric, IRM Energy and Adani Power compared on growth, margins, valuation and risks."],"rank_math_focus_keyword":["smart meter, city gas and thermal power stocks"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/3-smart-meter-city-gas-and-thermal-power-stocks-with-a-strong-future-roadmap-hpl.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/303442","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=303442"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/303442\/revisions"}],"predecessor-version":[{"id":303443,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/303442\/revisions\/303443"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/303441"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=303442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=303442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=303442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}