3 Smart Meter, City Gas and Thermal Power Stocks With a Strong Future Roadmap: HPL Electric & Power, IRM Energy and Adani Power

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.

This list covers three smart meter, city gas and thermal power stocks: HPL Electric & 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.

Click Here – Get Free Investment Predictions

What Are Smart Meter, City Gas and Thermal Power Stocks?

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.

Smart Meter, City Gas and Thermal Power Stocks at a Glance

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.

Among power and gas stocks, Adani Power trades at a premium to the industry P/E, while HPL Electric trades at a discount.

Why Do Smart Meter, City Gas and Thermal Power Stocks Have a Strong Roadmap in India?

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.

• Power demand: Homes and factories keep using more electricity.
• Smart metering: Utilities replace old meters with digital ones.
• Gas networks: New cities add piped and compressed gas customers.

HPL Electric & Power: Smart Meters and Switchgear Anchor the Roadmap

HPL Electric's roadmap rests on smart meters, switchgear, lighting and wiring products, with the smart meter rollout supporting orders.

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.

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.

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' growth is the figure to follow.

IRM Energy: City Gas Networks Build the Next Leg

IRM Energy's roadmap rests on city gas distribution of piped and compressed natural gas, with a growing customer base supporting volumes.

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.

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.

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.

Adani Power: Thermal Power Capacity Anchors the Roadmap

Adani Power's roadmap rests on thermal power generation from large plants supplying power across India, with long-term power purchase agreements supporting revenue.

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.

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.

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.

Best Smart Meter, City Gas and Thermal Power Stocks in India: HPL Electric vs IRM Energy vs Adani Power on Key Financials

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.

Power and gas earnings follow volumes, tariffs and plant utilisation, so full-year numbers and quarterly trends together give a better view.

How to Evaluate Smart Meter, City Gas and Thermal Power Stocks to Buy Before You Invest

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.

1. Compare each stock's P/E with its industry P/E, which differs by company here.
2. Check operating margin, debt and cash flow together.
3. Check whether revenue growth is turning into profit growth, not only sales.
4. Read operating cash flow against capital expenditure to see how growth is funded.
5. Watch debt to equity and interest cover before sizing a position.
6. Spread exposure across companies and business lines instead of one demand cycle.

Check the Univest Screener for live data on these smart meter, city gas and thermal power stocks

Risks to Consider Before Investing in Smart Meter, City Gas and Thermal Power Stocks

• Fuel costs: Coal and gas price moves can affect margins.
• Regulation: Tariff and policy changes can affect earnings.
• Quarterly trends: A single weak quarter can change near-term earnings, so track results every quarter.

Download the Univest iOS App or Univest Android App to track HPL Electric, IRM Energy and Adani Power live.

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.

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.

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.

Final Take: Which Stock Has the Strongest Roadmap?

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.

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.

FAQs on Smart Meter, City Gas and Thermal Power Stocks

Which are the best smart meter, city gas and thermal power stocks in India with a strong roadmap?

Ans. 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%.

Is HPL Electric & Power a good stock to buy now?

Ans. 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.

What is the P/E ratio of HPL Electric, IRM Energy and Adani Power?

Ans. 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.

Which of these smart meter, city gas and thermal power stocks has the highest return on equity?

Ans. 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%.

What are the risks of investing in smart meter, city gas and thermal power stocks?

Ans. The main risks are fuel costs, regulation and quarterly trends. Coal and gas price moves can affect margins.

How did HPL Electric, IRM Energy and Adani Power perform in Q1 FY27?

Ans. 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.

Do smart meter, city gas and thermal power stocks pay dividends?

Ans. 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.

How can I invest in smart meter, city gas and thermal power stocks in India?

Ans. 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.