Depth bar: MEDIUM. [~] = estimate, [!] = unverified. HPL is listed, so BRSR energy data is real; the rupee bill bands are modelled from it.

1. Company overview & snapshot

1.0 The connection — Bahadur Singh Rathore

• Title: Head of Mechanical Design & Development, HPL Electric & Power, Gurugram, since October 2025.
• Background: ~28 years in metering mechanical design. Previously at Landis+Gyr and Polaris Grids; holds 7 patents on meter enclosure design. That’s credibility with HPL’s smart-meter business and with DISCOM-facing teams.
• Function: enclosure, terminal-block and mechanical design for meters (and likely the new smart water meters); works closely with tool rooms and injection-moulding shops.
• Email: bahadurrathore@hplindia.com, which he published himself in a January 2026 LinkedIn post (hiring/collaboration context). Treat it as verified, public.
• Authority: design and NPD, not the plant bill. He’s senior and new enough (joined Oct 2025) to want visible wins, and he sits one step from the MD’s office on smart-meter product strategy.
• Connection status: 1st-degree LinkedIn connection.
• How to use him: two asks. (1) An intro to Kundli operations (Anand Tiwari) for a plant pilot. (2) A pointer to whoever owns smart-metering/AMISP partnerships, for a “meter data to factory action” partnership.

1.1 Legal identity & corporate structure

• HPL Electric & Power Ltd, listed on NSE/BSE (IPO 2016). Registered office: 1/20 Asaf Ali Road, New Delhi. Promoters: the Seth family.
• Board/KMP: Lalit Seth, Chairman & Whole-time Director (DIN 00312007); Rishi Seth, Managing Director (DIN 00203469); Gautam Seth, Joint MD & CFO.
• Smart-metering via AMISP (Advanced Metering Infrastructure Service Provider) contracts under RDSS, which means long-tail service revenue and DISCOM exposure.
• Havells trademark dispute: settled 8 November 2025, with Havells paying ₹129.60 Cr to the HPL Group (reported by Ventura and market press).

1.2 What they make & where money comes from

• Metering & systems: electromechanical, static and smart electricity meters; AMI/AMISP services; new smart water meters (Gurugram facility). Largest segment.
• Consumer & industrial (C&I): switchgear (MCB, RCCB, MCCB), LED lighting, wires & cables.
• Energy management: HPL markets its own EMS (integrated meters, web software and mobile app) to commercial and industrial customers. Stamped must treat HPL as a partner and a potential competitor.

1.2a Scale, MSME status & trade

Revenue range (all figures found)

Working revenue range: ₹1,700–1,811 Cr (FY25–FY26 actuals). Confidence: high.

1.3 Plants, addresses & footprint

Reconciling the brief: seven plants confirmed; product split per plant is partly inferred [~]. Recommended pilot site: Kundli (named head of engineering & operations, maintenance team being hired, UHBVN tariff). Gurugram is the alternative because Rathore sits there and Hemant Agrawal runs operations.

1.4 Leadership & CRM map

Generic inbox: sales@hplindia.com (verified). Email pattern: firstlast@hplindia.com (confirmed by Rathore’s own address and another public example).

Decision path (pilot): Rathore → Anand Tiwari (Kundli) → maintenance manager executes → Gautam Seth (CFO) signs → Rishi Seth for multi-plant. Decision path (partner): Rathore → smart-metering / EMS head → Rishi Seth.

1.5 Recent news (24 months) & timing for Stamped

• May 2026: FY26 results: revenue ₹1,811 Cr (+6.5%), EBITDA margin 15.5%; wires & cables +50%. Growing capacity in cables, an energy-intensive line.
• Nov 2025: Havells trademark settlement, ₹129.60 Cr received. Cash cushion this year.
• Oct–Nov 2025: new operations heads at Gurugram (Hemant Agrawal) and Kundli (Anand Tiwari), plus Rathore in design. A new team that wants visible wins in year one.
• 2025–26: smart water meter facility in Gurugram; ongoing AMISP rollouts.
• Apr 2026: Kundli Maintenance Manager vacancy advertised.

2. Energy profile

DISCOM / supply: UHBVN (Kundli, Sonipat, Gharaunda); DHBVN (Gurugram); HPSEBL (Jabli).

2.1 Bill band, tariff & demand

• BRSR FY25 (reported): grid electricity 55,793 GJ ≈ 15.5 GWh/yr; fuel 4,406 GJ (DG/furnace); total 60,200 GJ; renewable share 0.
• Company-wide bill: ~₹95 L–1.1 Cr/month [~] at an all-in ₹7.5–8.5/kWh across Haryana and HP tariffs.
• Largest single plant (Kundli or Gurugram): ₹25–40 L/month [~], near the ₹30 L ICP floor. Confirm with bills.
• PF is held at 0.97–0.99 per the annual report, so PF isn’t the lever; demand and idle hours are.

2.2 Generation, fuel & renewables

• The annual report says rooftop solar is being implemented at all plants. BRSR FY25 still shows 0 renewables, so it’s mostly not yet commissioned. Once solar arrives, daytime ToD shifting matters more.
• BRSR flags DG sets and furnaces as an energy-intensive risk; fuel 4,406 GJ suggests meaningful DG running (Haryana grid interruptions) [~].

2.3 EnMS, PAT, ISO, BRSR

Listed, so BRSR is filed (energy disclosure above). No PAT designation. ISO 50001 not found publicly. HPL’s own EMS product may already be installed in its plants, which could be an easy Path A data source.

2.4 Likely ₹ leak categories (hypothesis)

1. Injection moulding (meter covers, bases, MCB housings): heater bands and hydraulic pumps idling between shots and during mould changes.
2. Press shop / sheet metal for meter and switchgear parts: air and motors left running.
3. Cable extrusion / drawing / annealing (Gharaunda [~]): extruder heaters and annealers; large continuous loads.
4. SMT reflow and burn-in/calibration racks for meters: constant-on test benches.
5. DG running during grid outages without load trimming.
6. Compressed air across assembly lines.

3. Operations, equipment & digital stack

3.1 Process flow & critical loads

Meters: moulding of enclosures → PCB SMT and reflow → assembly → calibration and burn-in → sealing and testing. Switchgear: moulding, press, assembly, testing. Cables: wire drawing, annealing, extrusion, cooling, testing. Critical electrical loads: moulding machines, extruders, reflow, test racks, compressors, HVAC.

3.1a Machine inventory

3.2 Shifts, seasonality, production pattern

Smart-meter volumes follow DISCOM RDSS rollout tenders, which are lumpy. Plants likely run two to three shifts during rollout peaks [~].

3.3 Automation, metering, SCADA/EMS/DCS

A meter company with its own EMS product is very likely to have plant sub-metering [~]. Path A via HPL meters / EMS exports is likely the fastest anywhere in this batch.

3.4 Capex / tech projects affecting energy

Rooftop solar at all plants (in progress), smart-water-meter facility, cable capacity growth.

4. Stamped Energy fit analysis

4.1 ICP scorecard

4.2 Fit score rationale

5/10. As a prospect, HPL’s plants are mid-sized (~₹1 Cr/month across seven sites). As a partner it’s interesting but complicated: HPL already sells an EMS, so the partnership must position Stamped as the action and verification layer on top of HPL meters, not a rival dashboard. Connection quality is good (senior, has published his email, in a meter-design role).

4.3 Wedge (parser-critical)

The strongest wedge is: a 60-Day Proof at Kundli on HPL’s own meters, read-only, where Stamped finds moulding and test-rack idle hours and DG/UHBVN demand peaks, assigns each fix to the new maintenance team on WhatsApp and verifies the rupee saving with evidence, which then becomes a joint case study for HPL to offer Stamped on top of its meters and EMS to industrial customers.

4.4 Objections & competitors

• “We sell an EMS ourselves.” Yes. Stamped doesn’t replace the dashboard; it decides which three things to do this week, assigns them and proves the rupee result. HPL can resell or bundle that.
• “Our plants are not that energy-intensive.” Possibly; that’s what week 2 of the proof answers.
• “We’d rather build this.” Fair; a joint pilot is a cheap way to find out whether it’s worth building.
• Competitors: Secure Meters, Genus, Elmeasure, Schneider; for plants, local auditors.

4.5 Pilot design

• Scope: Kundli HT incomer plus moulding feeder plus compressor and DG.
• Weeks 1–2: two UHBVN bills, HPL meter exports, DG logs, shift plan.
• Weeks 3–8: 3–4 prescriptions (moulding heater setback, test-rack scheduling, DG load trimming, air pressure).
• Success: ≥ ₹2–4 L/month evidence-verified saving [~] plus a partner conversation with the smart-metering head.
• Kill: no meter export by week 2, or no named owner.

4.6 Concern scores

4.7 Pitch sketches

1. Partner (smart-metering head / Rishi Seth): “Your meters create the data; customers rarely act on it. We turn it into assigned rupee actions with evidence-verified results. Bundle it and your meters earn their place every month.”
2. Plant (Anand Tiwari): “Your moulding and test racks run between jobs. We show which hours, in rupees, from meters already on the wall, and send one action at a time to your team.”
3. Connection (Bahadur): “You’ve spent 28 years designing what goes around a meter. Want to see what a factory does with the data inside them?“

5. Before you reach out

5.1 Discovery checklist

• Which HPL plant has the biggest bill (Kundli, Gurugram or Gharaunda)?
• Two UHBVN/DHBVN bills: contract demand, MD, ToD, units
• Are HPL’s own meters/EMS installed internally, with data export?
• Moulding machine count and type (hydraulic vs servo/electric)
• DG run hours per month at Kundli
• Who owns HPL’s EMS product, and is it a strategic priority?
• Status of the rooftop solar rollout per plant
• Whether Rathore is comfortable making a partnership intro to the MD’s office

5.2 Do not lead with

• Do not lead with Stamped as a “better EMS” or a dashboard; HPL sells one.
• Do not lead with “verified on the next DISCOM bill”; say verified with evidence on our ledger.
• Do not lead with ESG or AI. HPL’s BRSR shows zero renewables, so don’t rub it in.
• Do not mention the Havells dispute.

5.3 Opening hooks

• “You build the meters. We make factories act on them, in rupees.”
• “Kundli’s new maintenance team could get a ready list of rupee actions in week three.”

6. Risks, flags, controversies & sources

6.1 Integrity / controversy / regulatory

• Competitive overlap: HPL sells its own EMS (meters + web + app). A partnership could turn into HPL copying the idea; share architecture carefully and keep the pilot contract tight.
• Havells trademark dispute: long-running dispute settled 8 Nov 2025 with ₹129.60 Cr paid to the HPL Group. Resolved; not a risk.
• Regulatory: BRSR and MGT-7 report nil penalties; no SEBI action found.
• Smart-meter sector risk: RDSS smart-meter rollouts face consumer complaints and DISCOM payment delays industry-wide; HPL’s AMISP receivables could tighten cash [~].
• Environmental / labour: none found (searched: “HPL Electric pollution”, “strike”, “penalty”, “raid”, 2023–2026).

6.2 Data quality flags

• Product allocation per plant is partly inferred.
• Bill bands are modelled from BRSR energy and assumed tariffs.
• Ops heads’ emails are pattern-inferred; Rathore’s is self-published.
• Rooftop solar status per plant unknown (AR says in progress; BRSR FY25 shows 0).

6.3 Sources consulted

• HPL Electric & Power FY26 audited consolidated results and segment note (NSE/BSE filing, May 2026)
• HPL Electric & Power BRSR FY25 (annual report, energy and penalties sections)
• HPL Electric & Power annual report FY25 (plants, solar, PF, EMS product)
• MGT-7 annual return (MCA)
• https://www.hplindia.com/ (plants, contact, sales@ inbox)
• Ventura Securities note on the Havells–HPL trademark settlement, Nov 2025
• HPL Kundli Maintenance Manager job posting, Apr 2026 (LinkedIn)
• https://www.linkedin.com/in/bahadur-rathore-40138418
• https://www.linkedin.com/in/anand-tiwari-665881135
• https://www.linkedin.com/in/hemant-agrawal-65901120
• https://www.linkedin.com/in/sanjay-sachdeva-60481930a