{"id":304555,"date":"2026-10-13T10:51:20","date_gmt":"2026-10-13T05:21:20","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=304555"},"modified":"2026-10-13T10:51:20","modified_gmt":"2026-10-13T05:21:20","slug":"switchgear-gas-licence-and-power-utility-stocks-forward-view-shortlist","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/switchgear-gas-licence-and-power-utility-stocks-forward-view-shortlist\/","title":{"rendered":"3 Switchgear, Gas Licence and Power Utility Stocks With a Strong Future Roadmap: HPL Electric &#038; Power, Adani Total Gas and CESC"},"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. Adani Total Gas Rs 563.20. CESC Rs 136.27, P\/E 10.48. 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;\">Switchgear, gas licence and power utility stocks with the clearest long-term roadmaps today include HPL Electric in smart meters, switchgear, lighting and wiring products, Adani Total Gas in city gas licences across many cities with CNG stations and CESC in electricity distribution in Kolkata with thermal and renewable generation. FY26 revenue growth was 6.5% at HPL Electric, 17.9% at Adani Total Gas and 8.9% at CESC. P\/E stands at 18.03 for HPL Electric (industry 47.09) and 10.48 for CESC (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>Switchgear, gas licence and power utility stocks give investors exposure to meters, gas connections and electricity that homes and industries need every day. Volumes, tariffs and execution decide how much of that demand turns into profit.<\/p>\n<p>This list covers three switchgear, gas licence and power utility stocks: HPL Electric &amp; Power for smart meters, switchgear, lighting and wiring products, Adani Total Gas for city gas licences across many cities with CNG stations and CESC for electricity distribution in Kolkata with thermal and renewable generation. 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=switchgear-gas-licence-and-power-utility-stocks-forward-view-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\/switchgear-gas-licence-and-power-utility-stocks-forward-view-shortlist\/#What_Are_Switchgear_Gas_Licence_and_Power_Utility_Stocks\" title=\"What Are Switchgear, Gas Licence and Power Utility Stocks?\">What Are Switchgear, Gas Licence and Power Utility 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\/switchgear-gas-licence-and-power-utility-stocks-forward-view-shortlist\/#Switchgear_Gas_Licence_and_Power_Utility_Stocks_at_a_Glance\" title=\"Switchgear, Gas Licence and Power Utility Stocks at a Glance\">Switchgear, Gas Licence and Power Utility 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\/switchgear-gas-licence-and-power-utility-stocks-forward-view-shortlist\/#Why_Do_Switchgear_Gas_Licence_and_Power_Utility_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Switchgear, Gas Licence and Power Utility Stocks Have a Strong Roadmap in India?\">Why Do Switchgear, Gas Licence and Power Utility 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\/switchgear-gas-licence-and-power-utility-stocks-forward-view-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\/switchgear-gas-licence-and-power-utility-stocks-forward-view-shortlist\/#Adani_Total_Gas_Multi-City_Gas_Licences_Build_the_Next_Leg\" title=\"Adani Total Gas: Multi-City Gas Licences Build the Next Leg\">Adani Total Gas: Multi-City Gas Licences 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\/switchgear-gas-licence-and-power-utility-stocks-forward-view-shortlist\/#CESC_Kolkata_Power_Distribution_Drives_the_Pipeline\" title=\"CESC: Kolkata Power Distribution Drives the Pipeline\">CESC: Kolkata Power Distribution Drives the Pipeline<\/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\/switchgear-gas-licence-and-power-utility-stocks-forward-view-shortlist\/#Best_Switchgear_Gas_Licence_and_Power_Utility_Stocks_in_India_HPL_Electric_vs_Adani_Total_Gas_vs_CESC_on_Key_Financials\" title=\"Best Switchgear, Gas Licence and Power Utility Stocks in India: HPL Electric vs Adani Total Gas vs CESC on Key Financials\">Best Switchgear, Gas Licence and Power Utility Stocks in India: HPL Electric vs Adani Total Gas vs CESC 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\/switchgear-gas-licence-and-power-utility-stocks-forward-view-shortlist\/#How_to_Evaluate_Switchgear_Gas_Licence_and_Power_Utility_Stocks_to_Buy_Before_You_Invest\" title=\"How to Evaluate Switchgear, Gas Licence and Power Utility Stocks to Buy Before You Invest\">How to Evaluate Switchgear, Gas Licence and Power Utility 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\/switchgear-gas-licence-and-power-utility-stocks-forward-view-shortlist\/#Risks_to_Consider_Before_Investing_in_Switchgear_Gas_Licence_and_Power_Utility_Stocks\" title=\"Risks to Consider Before Investing in Switchgear, Gas Licence and Power Utility Stocks\">Risks to Consider Before Investing in Switchgear, Gas Licence and Power Utility 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\/switchgear-gas-licence-and-power-utility-stocks-forward-view-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\/switchgear-gas-licence-and-power-utility-stocks-forward-view-shortlist\/#FAQs_on_Switchgear_Gas_Licence_and_Power_Utility_Stocks\" title=\"FAQs on Switchgear, Gas Licence and Power Utility Stocks\">FAQs on Switchgear, Gas Licence and Power Utility 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\/switchgear-gas-licence-and-power-utility-stocks-forward-view-shortlist\/#Which_are_the_best_switchgear_gas_licence_and_power_utility_stocks_in_India_with_a_strong_roadmap\" title=\"Which are the best switchgear, gas licence and power utility stocks in India with a strong roadmap?\">Which are the best switchgear, gas licence and power utility 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\/switchgear-gas-licence-and-power-utility-stocks-forward-view-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\/switchgear-gas-licence-and-power-utility-stocks-forward-view-shortlist\/#What_is_the_PE_ratio_of_HPL_Electric_Adani_Total_Gas_and_CESC\" title=\"What is the P\/E ratio of HPL Electric, Adani Total Gas and CESC?\">What is the P\/E ratio of HPL Electric, Adani Total Gas and CESC?<\/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\/switchgear-gas-licence-and-power-utility-stocks-forward-view-shortlist\/#Which_of_these_switchgear_gas_licence_and_power_utility_stocks_has_the_highest_return_on_equity\" title=\"Which of these switchgear, gas licence and power utility stocks has the highest return on equity?\">Which of these switchgear, gas licence and power utility 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\/switchgear-gas-licence-and-power-utility-stocks-forward-view-shortlist\/#What_are_the_risks_of_investing_in_switchgear_gas_licence_and_power_utility_stocks\" title=\"What are the risks of investing in switchgear, gas licence and power utility stocks?\">What are the risks of investing in switchgear, gas licence and power utility 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\/switchgear-gas-licence-and-power-utility-stocks-forward-view-shortlist\/#How_did_HPL_Electric_Adani_Total_Gas_and_CESC_perform_in_Q1_FY27\" title=\"How did HPL Electric, Adani Total Gas and CESC perform in Q1 FY27?\">How did HPL Electric, Adani Total Gas and CESC 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\/switchgear-gas-licence-and-power-utility-stocks-forward-view-shortlist\/#Do_switchgear_gas_licence_and_power_utility_stocks_pay_dividends\" title=\"Do switchgear, gas licence and power utility stocks pay dividends?\">Do switchgear, gas licence and power utility 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\/switchgear-gas-licence-and-power-utility-stocks-forward-view-shortlist\/#How_can_I_invest_in_switchgear_gas_licence_and_power_utility_stocks_in_India\" title=\"How can I invest in switchgear, gas licence and power utility stocks in India?\">How can I invest in switchgear, gas licence and power utility stocks in India?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Switchgear_Gas_Licence_and_Power_Utility_Stocks\"><\/span><strong>What Are Switchgear, Gas Licence and Power Utility Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Switchgear, gas licence and power utility stocks are shares of companies that make power equipment, distribute gas or distribute electricity. Results depend on volumes, tariffs and execution, so tariffs and execution separate the stronger names.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Switchgear_Gas_Licence_and_Power_Utility_Stocks_at_a_Glance\"><\/span><strong>Switchgear, Gas Licence and Power Utility 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 switchgear, gas licence and power utility 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;\">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;\">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\/atgl\/adani-gas-ltd-share-price-today\">Adani Total Gas<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">563.20<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">61,804<\/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;\">13.48%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.46<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/cesc\/cesc-ltd-share-price-today\">CESC<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">136.27<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17,080<\/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;\">12.31%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.73<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Among power and gas stocks, both trade at a discount to their industry P\/E multiples.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Switchgear_Gas_Licence_and_Power_Utility_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Switchgear, Gas Licence and Power Utility Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Switchgear, gas licence and power utility 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 these 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=\"Adani_Total_Gas_Multi-City_Gas_Licences_Build_the_Next_Leg\"><\/span><strong>Adani Total Gas: Multi-City Gas Licences Build the Next Leg<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Adani Total Gas&#8217; roadmap rests on city gas distribution licences across many cities, along with CNG stations, industrial supply and EV charging, with new geographical areas and a wider station network supporting volumes.<\/p>\n<p>Revenue grew from Rs 3,079.31 crore in FY22 to Rs 5,932.28 crore in FY26, a 92.6% rise, and FY26 revenue was 17.9% higher than FY25. FY26 net profit was Rs 655.72 crore. In Q1 FY27, revenue grew 27.4% to Rs 1,919.77 crore. Operating margin was 19.57% in FY26.<\/p>\n<p>Debt to equity is 0.46 and return on equity is 13.48%. FY26 operating cash flow was Rs 1,148.66 crore against capital expenditure of Rs 987.83 crore. Adani Total Gas paid a dividend of Rs 0.25 per share for FY26, a yield of 0.04%.<\/p>\n<p>What to watch: Return on equity of 13.48% is the figure to follow as growth continues.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"CESC_Kolkata_Power_Distribution_Drives_the_Pipeline\"><\/span><strong>CESC: Kolkata Power Distribution Drives the Pipeline<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>CESC&#8217;s roadmap rests on electricity distribution in Kolkata along with thermal and renewable generation, with a regulated distribution base supporting steady earnings.<\/p>\n<p>Revenue grew from Rs 12,826.70 crore in FY22 to Rs 18,927.29 crore in FY26, a 47.6% rise, and FY26 revenue was 8.9% higher than FY25. FY26 net profit rose 13.2% to Rs 1,617.57 crore. Over four years, net profit rose from Rs 1,404.08 crore in FY22 to Rs 1,617.57 crore. In Q1 FY27, revenue grew 5.2% to Rs 5,559.00 crore, and net profit rose 3.7% to Rs 419.00 crore. Operating margin was 26.27% in FY26.<\/p>\n<p>Debt to equity is 1.73 and return on equity is 12.31%. FY26 operating cash flow was Rs 4,057.49 crore against capital expenditure of Rs 3,916.20 crore. CESC paid a dividend of Rs 6 per share for FY26, a yield of 4.68%. At a P\/E of 10.48 against an industry P\/E of 22.17, the stock trades below its industry multiple.<\/p>\n<p>What to watch: Debt to equity of 1.73 is on the higher side.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Best_Switchgear_Gas_Licence_and_Power_Utility_Stocks_in_India_HPL_Electric_vs_Adani_Total_Gas_vs_CESC_on_Key_Financials\"><\/span><strong>Best Switchgear, Gas Licence and Power Utility Stocks in India: HPL Electric vs Adani Total Gas vs CESC on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the best switchgear, gas licence and power utility stocks in India, HPL Electric leads on Q1 FY27 revenue growth; Adani Total Gas leads on FY26 revenue growth and return on equity; CESC leads on FY26 operating margin and dividend yield. 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;\">Adani Total Gas<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">CESC<\/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;\">5,932.28<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18,927.29<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue growth<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.5%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.9%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">8.9%<\/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;\">655.72<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,617.57<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 operating profit margin<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.51%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19.57%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">26.27%<\/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;\">27.4%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5.2%<\/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;\">13.48%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12.31%<\/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;\">0.46<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.73<\/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;\">0.04%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4.68%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 operating cash flow (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">226.48<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,148.66<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4,057.49<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Power and gas earnings follow volumes, tariffs and execution, so full-year numbers and quarterly trends together give a better view.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Evaluate_Switchgear_Gas_Licence_and_Power_Utility_Stocks_to_Buy_Before_You_Invest\"><\/span><strong>How to Evaluate Switchgear, Gas Licence and Power Utility 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 switchgear, gas licence and power utility stocks and shortlist switchgear, gas licence and power utility 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 switchgear, gas licence and power utility stocks<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Consider_Before_Investing_in_Switchgear_Gas_Licence_and_Power_Utility_Stocks\"><\/span><strong>Risks to Consider Before Investing in Switchgear, Gas Licence and Power Utility Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Debt and cash flow:<\/strong> CESC has debt to equity of 1.73.<\/li>\n<li><strong>Regulation:<\/strong> Tariff and policy changes can affect earnings.<\/li>\n<li><strong>Fuel costs:<\/strong> Gas and coal price moves can affect margins.<\/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, Adani Total Gas and CESC 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<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 switchgear and meters, city gas licences and electricity distribution. HPL Electric leads on Q1 FY27 revenue growth; Adani Total Gas leads on FY26 revenue growth and return on equity; CESC leads on FY26 operating margin and dividend yield.<\/p>\n<p>Across switchgear, gas licence and power utility 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 switchgear, gas licence and power utility 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_Switchgear_Gas_Licence_and_Power_Utility_Stocks\"><\/span><strong>FAQs on Switchgear, Gas Licence and Power Utility Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_are_the_best_switchgear_gas_licence_and_power_utility_stocks_in_India_with_a_strong_roadmap\"><\/span><strong>Which are the best switchgear, gas licence and power utility 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, Adani Total Gas and CESC stand out for their roadmaps in switchgear and meters, city gas licences and electricity distribution. FY26 revenue growth was 6.5% at HPL Electric, 17.9% at Adani Total Gas and 8.9% at CESC, and return on equity ranges from 9.10% to 13.48%.<\/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, tariffs 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_Adani_Total_Gas_and_CESC\"><\/span><strong>What is the P\/E ratio of HPL Electric, Adani Total Gas and CESC?<\/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) and 10.48 for CESC (industry 22.17). All of them trade below the industry multiple.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_of_these_switchgear_gas_licence_and_power_utility_stocks_has_the_highest_return_on_equity\"><\/span><strong>Which of these switchgear, gas licence and power utility stocks has the highest return on equity?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Adani Total Gas has the highest return on equity at 13.48%, followed by CESC at 12.31% and HPL Electric &amp; Power at 9.10%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_of_investing_in_switchgear_gas_licence_and_power_utility_stocks\"><\/span><strong>What are the risks of investing in switchgear, gas licence and power utility stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The main risks are debt and cash flow, regulation, fuel costs and quarterly trends. CESC has debt to equity of 1.73.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_did_HPL_Electric_Adani_Total_Gas_and_CESC_perform_in_Q1_FY27\"><\/span><strong>How did HPL Electric, Adani Total Gas and CESC 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. Adani Total Gas reported revenue of Rs 1,919.77 crore, up 27.4% year on year. CESC reported revenue of Rs 5,559.00 crore, up 5.2% year on year, and net profit rose 3.7% to Rs 419.00 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_switchgear_gas_licence_and_power_utility_stocks_pay_dividends\"><\/span><strong>Do switchgear, gas licence and power utility stocks pay dividends?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Yes, all three companies pay dividends. The dividend yield is 0.39% for HPL Electric, 0.04% for Adani Total Gas and 4.68% for CESC, based on dividends declared for FY26.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_can_I_invest_in_switchgear_gas_licence_and_power_utility_stocks_in_India\"><\/span><strong>How can I invest in switchgear, gas licence and power utility stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> You can buy switchgear, gas licence and power utility 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 switchgear, gas licence and power utility stocks in India with a strong roadmap?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"HPL Electric & Power, Adani Total Gas and CESC stand out for their roadmaps in switchgear and meters, city gas licences and electricity distribution. FY26 revenue growth was 6.5% at HPL Electric, 17.9% at Adani Total Gas and 8.9% at CESC, and return on equity ranges from 9.10% to 13.48%.\"}},{\"@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. 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All of them trade below the industry multiple.\"}},{\"@type\":\"Question\",\"name\":\"Which of these switchgear, gas licence and power utility stocks has the highest return on equity?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Adani Total Gas has the highest return on equity at 13.48%, followed by CESC at 12.31% and HPL Electric & Power at 9.10%.\"}},{\"@type\":\"Question\",\"name\":\"What are the risks of investing in switchgear, gas licence and power utility stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The main risks are debt and cash flow, regulation, fuel costs and quarterly trends. CESC has debt to equity of 1.73.\"}},{\"@type\":\"Question\",\"name\":\"How did HPL Electric, Adani Total Gas and CESC 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. 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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, Adani Total Gas and CESC compared on growth, margins, debt and valuation, with the roadmap and risks investors should track.<\/p>\n","protected":false},"author":36,"featured_media":304552,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[6178,8318,11588,11589,11587],"class_list":["post-304555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-adani-total-gas","tag-cesc","tag-gas-licence-and-power-utility-stocks","tag-gas-licence-and-power-utility-stocks-to-buy","tag-switchgear"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["304552"],"rank_math_title":["Switchgear, Gas Licence and Power Utility Stocks"],"rank_math_description":["Switchgear, gas licence and power utility stocks with a strong roadmap: HPL Electric, Adani Total Gas and CESC compared on growth, margins, valuation and risks."],"rank_math_focus_keyword":["switchgear, gas licence and power utility 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-switchgear-gas-licence-and-power-utility-stocks-with-a-strong-future-roadmap.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/304555","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\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=304555"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/304555\/revisions"}],"predecessor-version":[{"id":304556,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/304555\/revisions\/304556"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/304552"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=304555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=304555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=304555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}