SYNOPSIS: Eppeltone Engineers projects strong multi-year growth with 35-40 percent CAGR guidance, capacity expansion, new AMISP and metering segments, and a Rs. 500 crore FY28 target, supported by a Rs. 416.5 crore order book and robust bid pipeline.
Shares of a company manufacturing electric meters for government and private customers, supporting accurate billing, energy efficiency, and grid modernisation, surged nearly 10 percent on Monday, after management announced a robust outlook, projecting 35-40 percent CAGR revenue growth over the next 3 years and a revenue target of Rs. 500 crore by FY28.
At 03:05 p.m., shares of Eppeltone Engineers Limited were trading in green at Rs. 184 on BSE, up by around 6 percent, compared to its previous closing price of Rs. 173.4, with a market cap of Rs. 238.4 crores.
The stock hit its 52-week high at Rs. 267.9 on 25th June 2025, and is trading at a discount of over 31 percent from its current price levels.
Management Guidance:
The management anticipates revenue to grow at a 35-40 percent CAGR over the next three years. Supported by a strong order backlog and improved operational efficiencies, the company reiterates its FY26 revenue growth guidance of approximately 30-35 percent. Ongoing capacity expansion initiatives are expected to further enhance its ability to meet rising demand.
For FY28, Eppeltone Engineers has set a long-term revenue target of Rs. 500 crore, indicating a substantial increase of nearly 303 percent compared to the Rs. 124 crores revenue reported in FY25.
The company is expanding into the AMISP service model, with its REC application currently under process and approval expected shortly. This will enable participation in RDSS-linked installation and data service projects, creating a new long-term revenue stream combining both supply and installation services.
In addition, Eppeltone Engineers is scaling its presence in new metering categories, including gas and water metering, which have already been launched, and railway equipment, which is preparing for rollout. Product circulation to potential clients has been undertaken to demonstrate capabilities, open new business opportunities, and strengthen customer relationships.
To support future growth, the company is augmenting its manufacturing capacity through a new facility while upgrading to IoT-enabled automated systems. These initiatives aim to enhance production scale, reduce operational costs, and improve quality and efficiency.
Recognising the growing need for comprehensive installation services across the energy ecosystem, the management has strategically planned to forward-integrate into installation solutions for electric, gas, and water metering. This positions the company to capture a larger share of the value chain and address emerging nationwide demand more effectively.
Business Overview
Eppeltone Engineers Limited is engaged in the business of manufacturing static electricity meters and smart electricity meters. It is one of the leading metering companies in India, specialising in Switch Mode Power Supplies (SMPS) for computers and other electronic devices, and has diversified its manufacturing capabilities to encompass a broader portfolio, featuring AVR, UPS, MCBs, and transducers.
The company expanded its business operations and set up state-of-the-art manufacturing facilities to produce energy meters, cementing its position as a multifaceted industry player. Eppeltone serves B2B, B2C, and B2G markets, delivering customised metering and power-electronics solutions tailored to customer requirements.
Manufacturing Capacity
The company’s existing manufacturing facility at Site V, Kasna, Greater Noida, spans ~36,000 sq. ft. and currently offers an installed capacity of 20 lakh single-phase meters and 1 lakh three-phase meters annually. In FY25, the facility achieved a utilisation rate of around 56 percent for single-phase meters with production of 11.1 lakh units, and about 49 percent for three-phase meters with production of 48,588 units. This unit alone carries a revenue potential of Rs. 300-350 crore.
To support future growth, the company is developing a new 60,000 sq. ft. facility, which is expected to become operational by mid-FY27. The proposed capacity for this plant includes 30 lakh single-phase meters and 4 lakh three-phase meters per year. The project involves a structural capex of Rs. 12-13 crore and an additional Rs. 5 crore for advanced machinery.
Once both units are operational, the combined capacity is projected to generate revenue in the range of Rs. 500-600 crore. The upcoming facility will be fully automated for smart meter production, enabling greater scalability, higher efficiency, and improved product quality.
Financials & Order Book
In H1 FY26, Eppeltone Engineers reported a revenue from operations of Rs. 46.3 crores, a decline of around 38 percent HoH and 8 percent YoY. Meanwhile, the company’s net profit for the quarter stood at Rs. 6 crores, representing a decrease of nearly 13 percent HoH but a growth of around 55 percent YoY.
Revenue in H1 FY26 remained subdued due to a prolonged and early monsoon, which delayed the execution of received meter installation contracts. However, net profit saw an improvement, supported by lower finance costs, better optimisation of procurement policies, and the benefit of eligible tax deductions.
As of H1 FY26, the company reported a closing order book of Rs. 416.5 crores, comprising secured contracts scheduled for execution over the next 18-24 months. Additionally, total bids submitted during the period amounted to approximately Rs. 610 crore.
Written by Shivani Singh
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