A smart meter is an advanced type of utility meter that digitally tracks and records the consumption of electricity, gas, or water in real time (or near real time), and automatically sends this data to the utility provider.
India’s smart meter industry is seeing strong momentum. As of 2024, the market was valued at around $288.3 million. According to forecasts from the IMARC Group, this number is expected to soar to ~$1,014.2 million by 2033, growing at an impressive compound annual growth rate (CAGR) of 15 percent between 2025 and 2033.
Several factors are fueling this growth. The push for more accurate billing, improved energy efficiency, and reduced power loss is driving demand. This shift is also supported by increasing investments in smart grid technologies, the broader move toward digital transformation in utilities, and the wider adoption of next-generation metering solutions.
Following are a few smart meter stocks with high net profit CAGR up to 214 percent to add to your watchlist:
Syrma SGS Technology Limited
With a market cap of Rs. 9,045 crores, the stock moved down by 0.6 percent on BSE to close in the red at Rs. 507.7 on Friday. In Q4 FY25, Syrma SGS reported around 58 percent YoY growth in its net profit to Rs. 71 crores, as compared to Rs. 45 crores witnessed in Q4 FY24. Further, the company reported a PAT of Rs. 184 crores, growing at a 3-year CAGR of around 48 percent between FY22 and FY25.
Syrma SGS Technology Limited is engaged in different verticals including automotive, telecom, industrial, IT, healthcare, railways and defence. It manufactures for a wide range of applications, including HVAC, renewable energy, power supplies, power tools, fire detectors and smart meters.
It manufactures various electronic sub-assemblies, assemblies, and box builds, disk drives, memory modules, power supplies/adapters, fibre optic assemblies, magnetic induction coils and RFID products and other electronic products.
Genus Power Infrastructures Limited
With a market cap of Rs. 10,667.8 crores, the stock closed flat at Rs. 351 on BSE, marginally up from its previous closing price of Rs. 350.95 on Friday. In Q4 FY25, Genus Power reported around 412 percent YoY growth in its net profit to Rs. 123 crores, as compared to Rs. 24 crores witnessed in Q4 FY24. Further, the company reported a PAT of Rs. 311 crores, growing at a 3-year CAGR of around 76 percent between FY22 and FY25.
Genus Power Infrastructures Limited is engaged in the business of manufacturing and providing metering and metering solutions, and undertaking engineering, construction and contracts on a turnkey basis (core business division).
HPL Electric & Power Limited
With a market cap of Rs. 3,413 crores, the stock moved up by nearly 3 percent on BSE to close in the green at Rs. 530.8 on Friday. In Q4 FY25, HPL Electric reported around 164 percent YoY growth in its net profit to Rs. 37 crores, as compared to Rs. 14 crores witnessed in Q4 FY24. Further, the company reported a PAT of Rs. 94 crores, growing at a 3-year CAGR of around 127 percent between FY22 and FY25.
HPL Electric & Power Limited is one of the leading players in electrical and power distribution equipment manufacturer with products ranging from Industrial and domestic circuit protection switchgears, cables, energy saving meters, LED lamps and luminaries for domestic, commercial and industrial applications, modular switches covering the entire range of household, commercial and industrial electrical needs.
RMC Switchgears Limited
With a market cap of Rs. 795 crores, the stock moved down by nearly 1.5 percent on BSE to close in the green at Rs. 755.15 on Friday. In H2 FY25, RMC Switchgears reported around 250 percent YoY growth in its net profit to Rs. 21 crores, as compared to Rs. 6 crores witnessed in H2 FY24. Further, the company reported a PAT of Rs. 31 crores, growing at a 3-year CAGR of around 214 percent between FY22 and FY25.
RMC Switchgears Limited is primarily engaged in the business of Switchgear Engineering, EPC contracts for the power distribution/transmission sector.
Written by Shivani Singh
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