{"id":310146,"date":"2026-10-15T11:34:24","date_gmt":"2026-10-15T06:04:24","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=310146"},"modified":"2026-10-15T11:34:24","modified_gmt":"2026-10-15T06:04:24","slug":"smart-meter-power-financier-and-gearbox-stocks-roadmap-pathway-list","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/smart-meter-power-financier-and-gearbox-stocks-roadmap-pathway-list\/","title":{"rendered":"3 Smart Meter, Power Financier and Gearbox Stocks With a Strong Future Roadmap: HPL Electric &#038; Power, REC Limited and Elecon Engineering Company"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>HPL Electric Rs 264.15, P\/E 18.03. REC Rs 311.80, P\/E 4.82. Elecon Engineering Rs 486.90, P\/E 39.59. Closing prices of 14 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, power financier and gearbox stocks with the clearest long-term roadmaps today include HPL Electric in smart meters, switchgear, lighting and wiring products, REC in financing for power and infrastructure projects across generation, transmission and distribution and Elecon Engineering in industrial gearboxes and material handling equipment for steel, cement, power and port users. FY26 revenue growth was 6.5% at HPL Electric, 5.7% at REC and 7.3% at Elecon Engineering. P\/E stands at 18.03 for HPL Electric (industry 47.09), 4.82 for REC (industry 17.72) and 39.59 for Elecon Engineering (industry 47.18). 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, power financier and gearbox stocks give investors exposure to meters, project funding and gearboxes for utilities and heavy industry. Order flow, loan growth and execution decide how much of that demand turns into profit.<\/p>\n<p>This list covers three smart meter, power financier and gearbox stocks: HPL Electric &amp; Power for smart meters, switchgear, lighting and wiring products, REC Limited for financing for power and infrastructure projects across generation, transmission and distribution and Elecon Engineering Company for industrial gearboxes and material handling equipment for steel, cement, power and port users. Every figure comes from the latest reported financials and the 14 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-power-financier-and-gearbox-stocks-roadmap-pathway-list\"><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-power-financier-and-gearbox-stocks-roadmap-pathway-list\/#What_Are_Smart_Meter_Power_Financier_and_Gearbox_Stocks\" title=\"What Are Smart Meter, Power Financier and Gearbox Stocks?\">What Are Smart Meter, Power Financier and Gearbox 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-power-financier-and-gearbox-stocks-roadmap-pathway-list\/#Smart_Meter_Power_Financier_and_Gearbox_Stocks_at_a_Glance\" title=\"Smart Meter, Power Financier and Gearbox Stocks at a Glance\">Smart Meter, Power Financier and Gearbox 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-power-financier-and-gearbox-stocks-roadmap-pathway-list\/#Why_Do_Smart_Meter_Power_Financier_and_Gearbox_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Smart Meter, Power Financier and Gearbox Stocks Have a Strong Roadmap in India?\">Why Do Smart Meter, Power Financier and Gearbox 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-power-financier-and-gearbox-stocks-roadmap-pathway-list\/#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-power-financier-and-gearbox-stocks-roadmap-pathway-list\/#REC_Limited_Power_Sector_Financing_Anchors_the_Roadmap\" title=\"REC Limited: Power Sector Financing Anchors the Roadmap\">REC Limited: Power Sector Financing Anchors the Roadmap<\/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-power-financier-and-gearbox-stocks-roadmap-pathway-list\/#Elecon_Engineering_Company_Gearboxes_and_Material_Handling_Build_the_Next_Leg\" title=\"Elecon Engineering Company: Gearboxes and Material Handling Build the Next Leg\">Elecon Engineering Company: Gearboxes and Material Handling 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-7\" href=\"https:\/\/univest.in\/blogs-2\/smart-meter-power-financier-and-gearbox-stocks-roadmap-pathway-list\/#Best_Smart_Meter_Power_Financier_and_Gearbox_Stocks_in_India_HPL_Electric_vs_REC_vs_Elecon_Engineering_on_Key_Financials\" title=\"Best Smart Meter, Power Financier and Gearbox Stocks in India: HPL Electric vs REC vs Elecon Engineering on Key Financials\">Best Smart Meter, Power Financier and Gearbox Stocks in India: HPL Electric vs REC vs Elecon Engineering 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-power-financier-and-gearbox-stocks-roadmap-pathway-list\/#How_to_Evaluate_Smart_Meter_Power_Financier_and_Gearbox_Stocks_to_Buy_Before_You_Invest\" title=\"How to Evaluate Smart Meter, Power Financier and Gearbox Stocks to Buy Before You Invest\">How to Evaluate Smart Meter, Power Financier and Gearbox 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-power-financier-and-gearbox-stocks-roadmap-pathway-list\/#Risks_to_Consider_Before_Investing_in_Smart_Meter_Power_Financier_and_Gearbox_Stocks\" title=\"Risks to Consider Before Investing in Smart Meter, Power Financier and Gearbox Stocks\">Risks to Consider Before Investing in Smart Meter, Power Financier and Gearbox 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-power-financier-and-gearbox-stocks-roadmap-pathway-list\/#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-power-financier-and-gearbox-stocks-roadmap-pathway-list\/#FAQs_on_Smart_Meter_Power_Financier_and_Gearbox_Stocks\" title=\"FAQs on Smart Meter, Power Financier and Gearbox Stocks\">FAQs on Smart Meter, Power Financier and Gearbox 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-power-financier-and-gearbox-stocks-roadmap-pathway-list\/#Which_are_the_best_smart_meter_power_financier_and_gearbox_stocks_in_India_with_a_strong_roadmap\" title=\"Which are the best smart meter, power financier and gearbox stocks in India with a strong roadmap?\">Which are the best smart meter, power financier and gearbox 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-power-financier-and-gearbox-stocks-roadmap-pathway-list\/#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-power-financier-and-gearbox-stocks-roadmap-pathway-list\/#What_is_the_PE_ratio_of_HPL_Electric_REC_and_Elecon_Engineering\" title=\"What is the P\/E ratio of HPL Electric, REC and Elecon Engineering?\">What is the P\/E ratio of HPL Electric, REC and Elecon Engineering?<\/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-power-financier-and-gearbox-stocks-roadmap-pathway-list\/#Which_of_these_smart_meter_power_financier_and_gearbox_stocks_has_the_highest_return_on_equity\" title=\"Which of these smart meter, power financier and gearbox stocks has the highest return on equity?\">Which of these smart meter, power financier and gearbox 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-power-financier-and-gearbox-stocks-roadmap-pathway-list\/#What_are_the_risks_of_investing_in_smart_meter_power_financier_and_gearbox_stocks\" title=\"What are the risks of investing in smart meter, power financier and gearbox stocks?\">What are the risks of investing in smart meter, power financier and gearbox 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-power-financier-and-gearbox-stocks-roadmap-pathway-list\/#How_did_HPL_Electric_REC_and_Elecon_Engineering_perform_in_Q1_FY27\" title=\"How did HPL Electric, REC and Elecon Engineering perform in Q1 FY27?\">How did HPL Electric, REC and Elecon Engineering 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-power-financier-and-gearbox-stocks-roadmap-pathway-list\/#Do_smart_meter_power_financier_and_gearbox_stocks_pay_dividends\" title=\"Do smart meter, power financier and gearbox stocks pay dividends?\">Do smart meter, power financier and gearbox 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-power-financier-and-gearbox-stocks-roadmap-pathway-list\/#How_can_I_invest_in_smart_meter_power_financier_and_gearbox_stocks_in_India\" title=\"How can I invest in smart meter, power financier and gearbox stocks in India?\">How can I invest in smart meter, power financier and gearbox stocks in India?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Smart_Meter_Power_Financier_and_Gearbox_Stocks\"><\/span><strong>What Are Smart Meter, Power Financier and Gearbox Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Smart meter, power financier and gearbox stocks are shares of companies that make power equipment, run grids or fund projects. Results depend on order flow, network additions and execution, so execution and margins separate the stronger names.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Smart_Meter_Power_Financier_and_Gearbox_Stocks_at_a_Glance\"><\/span><strong>Smart Meter, Power Financier and Gearbox 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, power financier and gearbox stocks as of the 14 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;\">264.15<\/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\/recltd\/rec-ltd-share-price-today\">REC Limited<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">311.80<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">77,364<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4.82<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.72<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19.17%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.05<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/elecon\/elecon-engineering-company-ltd-share-price-today\">Elecon Engineering Company<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">486.90<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9,345<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">39.59<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">47.18<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.79%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.12<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Among power and engineering stocks, all three trade at a discount to their industry P\/E multiples.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Smart_Meter_Power_Financier_and_Gearbox_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Smart Meter, Power Financier and Gearbox Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Smart meter, power financier and gearbox stocks have a strong roadmap in India because metering programmes, power sector investment and industrial capacity additions keep adding demand for these firms. Three drivers stand out.<\/p>\n<ul>\n<li><strong>Metering push:<\/strong> Utilities roll out smart meters at scale.<\/li>\n<li><strong>Power funding:<\/strong> Generation and grid projects need long-term loans.<\/li>\n<li><strong>Industrial capacity:<\/strong> Steel, cement and ports need gearboxes and handling systems.<\/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=\"REC_Limited_Power_Sector_Financing_Anchors_the_Roadmap\"><\/span><strong>REC Limited: Power Sector Financing Anchors the Roadmap<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>REC&#8217;s roadmap rests on financing for power and infrastructure projects across generation, transmission and distribution, with the build-out of the power grid supporting loan demand.<\/p>\n<p>Revenue grew from Rs 39,339.20 crore in FY22 to Rs 59,628.35 crore in FY26, a 51.6% rise, and FY26 revenue was 5.7% higher than FY25. FY26 net profit rose 2.7% to Rs 16,308.17 crore. Over four years, net profit rose from Rs 10,035.70 crore in FY22 to Rs 16,308.17 crore.<\/p>\n<p>Debt to equity is 6.05 and return on equity is 19.17%. At a P\/E of 4.82 against an industry P\/E of 17.72, the stock trades below its industry multiple.<\/p>\n<p>What to watch: The P\/E of 4.82 against an industry P\/E of 17.72 leaves valuation less stretched, so the next quarters&#8217; growth is the figure to follow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Elecon_Engineering_Company_Gearboxes_and_Material_Handling_Build_the_Next_Leg\"><\/span><strong>Elecon Engineering Company: Gearboxes and Material Handling Build the Next Leg<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Elecon Engineering&#8217;s roadmap rests on industrial gearboxes and material handling equipment for steel, cement, power and port users, with industrial capex and replacement demand supporting orders.<\/p>\n<p>Revenue grew from Rs 1,220.51 crore in FY22 to Rs 2,447.22 crore in FY26, a 100.5% rise, and FY26 revenue was 7.3% higher than FY25. FY26 net profit was Rs 341.15 crore. In Q1 FY27, revenue grew 4.9% to Rs 542.47 crore. Operating margin was 24.68% in FY26.<\/p>\n<p>Debt to equity is 0.12 and return on equity is 14.79%. FY26 operating cash flow was Rs 314.22 crore against capital expenditure of Rs 119.51 crore. Elecon Engineering paid a dividend of Rs 2 per share for FY26, a yield of 0.48%. At a P\/E of 39.59 against an industry P\/E of 47.18, the stock trades below its industry multiple.<\/p>\n<p>What to watch: The P\/E of 39.59 against an industry P\/E of 47.18 leaves valuation less stretched, so the next quarters&#8217; growth is the figure to follow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Best_Smart_Meter_Power_Financier_and_Gearbox_Stocks_in_India_HPL_Electric_vs_REC_vs_Elecon_Engineering_on_Key_Financials\"><\/span><strong>Best Smart Meter, Power Financier and Gearbox Stocks in India: HPL Electric vs REC vs Elecon Engineering on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the best smart meter, power financier and gearbox stocks in India, HPL Electric ranks second on FY26 revenue growth and the lowest P\/E; REC leads on return on equity and the lowest P\/E; Elecon Engineering leads on FY26 revenue growth and the lowest debt to 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;\">REC<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Elecon Engineering<\/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;\">59,628.35<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,447.22<\/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;\">5.7%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">7.3%<\/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;\">16,308.17<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">341.15<\/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;\">19.17%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.79%<\/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;\">4.82<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">39.59<\/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;\">6.05<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.12<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Power and engineering earnings follow order flow, network additions 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_Smart_Meter_Power_Financier_and_Gearbox_Stocks_to_Buy_Before_You_Invest\"><\/span><strong>How to Evaluate Smart Meter, Power Financier and Gearbox 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, power financier and gearbox stocks and shortlist smart meter, power financier and gearbox 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 loan growth against funding costs to see how growth is financed.<\/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, power financier and gearbox stocks<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Consider_Before_Investing_in_Smart_Meter_Power_Financier_and_Gearbox_Stocks\"><\/span><strong>Risks to Consider Before Investing in Smart Meter, Power Financier and Gearbox Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Order timing:<\/strong> Delays in customer projects can shift revenue between quarters.<\/li>\n<li><strong>Government spending:<\/strong> Changes in public budgets can affect orders.<\/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, REC and Elecon Engineering 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 engineering stocks cover smart meters, power financing and industrial gearboxes. HPL Electric ranks second on FY26 revenue growth and the lowest P\/E; REC leads on return on equity and the lowest P\/E; Elecon Engineering leads on FY26 revenue growth and the lowest debt to equity.<\/p>\n<p>Across smart meter, power financier and gearbox 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, power financier and gearbox 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_Power_Financier_and_Gearbox_Stocks\"><\/span><strong>FAQs on Smart Meter, Power Financier and Gearbox Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_are_the_best_smart_meter_power_financier_and_gearbox_stocks_in_India_with_a_strong_roadmap\"><\/span><strong>Which are the best smart meter, power financier and gearbox 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, REC Limited and Elecon Engineering Company stand out for their roadmaps in smart meters, power financing and industrial gearboxes. FY26 revenue growth was 6.5% at HPL Electric, 5.7% at REC and 7.3% at Elecon Engineering, and return on equity ranges from 9.10% to 19.17%.<\/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, order flow and execution 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_REC_and_Elecon_Engineering\"><\/span><strong>What is the P\/E ratio of HPL Electric, REC and Elecon Engineering?<\/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), 4.82 for REC (industry 17.72) and 39.59 for Elecon Engineering (industry 47.18). All of them trade below the industry multiple.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_of_these_smart_meter_power_financier_and_gearbox_stocks_has_the_highest_return_on_equity\"><\/span><strong>Which of these smart meter, power financier and gearbox stocks has the highest return on equity?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> REC Limited has the highest return on equity at 19.17%, followed by Elecon Engineering Company at 14.79% and HPL Electric &amp; Power at 9.10%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_of_investing_in_smart_meter_power_financier_and_gearbox_stocks\"><\/span><strong>What are the risks of investing in smart meter, power financier and gearbox stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The main risks are order timing, government spending and quarterly trends. Delays in customer projects can shift revenue between quarters.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_did_HPL_Electric_REC_and_Elecon_Engineering_perform_in_Q1_FY27\"><\/span><strong>How did HPL Electric, REC and Elecon Engineering 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. REC Limited reported . Elecon Engineering Company reported revenue of Rs 542.47 crore, up 4.9% year on year.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_smart_meter_power_financier_and_gearbox_stocks_pay_dividends\"><\/span><strong>Do smart meter, power financier and gearbox stocks pay dividends?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> HPL Electric and Elecon Engineering pay dividends. The dividend yield is 0.39% for HPL Electric and 0.48% for Elecon Engineering, based on dividends declared for FY26.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_can_I_invest_in_smart_meter_power_financier_and_gearbox_stocks_in_India\"><\/span><strong>How can I invest in smart meter, power financier and gearbox stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> You can buy smart meter, power financier and gearbox 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, power financier and gearbox stocks in India with a strong roadmap?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"HPL Electric & Power, REC Limited and Elecon Engineering Company stand out for their roadmaps in smart meters, power financing and industrial gearboxes. FY26 revenue growth was 6.5% at HPL Electric, 5.7% at REC and 7.3% at Elecon Engineering, and return on equity ranges from 9.10% to 19.17%.\"}},{\"@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, order flow and execution 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, REC and Elecon Engineering?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The P\/E ratio is 18.03 for HPL Electric (industry 47.09), 4.82 for REC (industry 17.72) and 39.59 for Elecon Engineering (industry 47.18). All of them trade below the industry multiple.\"}},{\"@type\":\"Question\",\"name\":\"Which of these smart meter, power financier and gearbox stocks has the highest return on equity?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"REC Limited has the highest return on equity at 19.17%, followed by Elecon Engineering Company at 14.79% and HPL Electric & Power at 9.10%.\"}},{\"@type\":\"Question\",\"name\":\"What are the risks of investing in smart meter, power financier and gearbox stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The main risks are order timing, government spending and quarterly trends. Delays in customer projects can shift revenue between quarters.\"}},{\"@type\":\"Question\",\"name\":\"How did HPL Electric, REC and Elecon Engineering 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. REC Limited reported . Elecon Engineering Company reported revenue of Rs 542.47 crore, up 4.9% year on year.\"}},{\"@type\":\"Question\",\"name\":\"Do smart meter, power financier and gearbox stocks pay dividends?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"HPL Electric and Elecon Engineering pay dividends. The dividend yield is 0.39% for HPL Electric and 0.48% for Elecon Engineering, based on dividends declared for FY26.\"}},{\"@type\":\"Question\",\"name\":\"How can I invest in smart meter, power financier and gearbox stocks in India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"You can buy smart meter, power financier and gearbox 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, REC Limited and Elecon Engineering Company compared on growth, margins, debt and valuation, with the roadmap and risks investors should track.<\/p>\n","protected":false},"author":38,"featured_media":310145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[10558,12321,12322,11236,11495],"class_list":["post-310146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-elecon-engineering-company","tag-power-financier-and-gearbox-stocks","tag-power-financier-and-gearbox-stocks-to-buy","tag-rec-limited","tag-smart-meter"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["310145"],"rank_math_title":["Smart Meter, Power Financier and Gearbox Stocks"],"rank_math_description":["Smart meter, power financier and gearbox stocks with a strong roadmap: HPL Electric, REC and Elecon Engineering compared on growth, valuation and risks."],"rank_math_focus_keyword":["smart meter, power financier and gearbox 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-power-financier-and-gearbox-stocks-with-a-strong-future-roadmap.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/310146","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\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=310146"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/310146\/revisions"}],"predecessor-version":[{"id":310148,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/310146\/revisions\/310148"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/310145"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=310146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=310146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=310146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}