diff --git a/platform/mellanox/hw-management.mk b/platform/mellanox/hw-management.mk
index a12bd9b32a..e8484dc611 100644
--- a/platform/mellanox/hw-management.mk
+++ b/platform/mellanox/hw-management.mk
@@ -16,7 +16,7 @@
 #
 # Mellanox HW Management
 
-MLNX_HW_MANAGEMENT_VERSION = 7.0020.4104
+MLNX_HW_MANAGEMENT_VERSION = 7.0020.4301
 
 export MLNX_HW_MANAGEMENT_VERSION
 
diff --git a/platform/mellanox/hw-management/hw-mgmt b/platform/mellanox/hw-management/hw-mgmt
index 9c3f6b2d6a..c036e38b39 160000
--- a/platform/mellanox/hw-management/hw-mgmt
+++ b/platform/mellanox/hw-management/hw-mgmt
@@ -1 +1 @@
-Subproject commit 9c3f6b2d6ac4be2eda936522f369ff8920deb4e2
+Subproject commit c036e38b3969e1b0eebbf36ef367bb14cd52bcfb