diff --git a/platform/mellanox/hw-management.mk b/platform/mellanox/hw-management.mk
index cab5e2ecf7df..6255e17cef33 100644
--- a/platform/mellanox/hw-management.mk
+++ b/platform/mellanox/hw-management.mk
@@ -16,7 +16,7 @@
 #
 # Mellanox HW Management
 
-MLNX_HW_MANAGEMENT_VERSION = 7.0040.1008
+MLNX_HW_MANAGEMENT_VERSION = 7.0040.1011
 
 export MLNX_HW_MANAGEMENT_VERSION
 
diff --git a/platform/mellanox/hw-management/hw-mgmt b/platform/mellanox/hw-management/hw-mgmt
index cc3c0e00e8e0..164c9ef66b10 160000
--- a/platform/mellanox/hw-management/hw-mgmt
+++ b/platform/mellanox/hw-management/hw-mgmt
@@ -1 +1 @@
-Subproject commit cc3c0e00e8e03bf2edcffaaf356777292ad8d22b
+Subproject commit 164c9ef66b10eb88bad20225d200c048449033cb