Eppeltone Engineers Ltd(EEPL)

NSE: EEPL

₹ 124.9-2.04%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 162 crUpdated: 24 Oct 2026

About

Eppeltone Engineers Ltd (EEPL), founded in 1977 and headquartered in Greater Noida, manufactures electronic energy metering solutions including smart electricity meters, static meters, communication modules and power conditioning products. The company reported revenue of Rs 134.74 crore in FY26 and carries a closing order book of Rs 3,439 Mn (approximately 2.6x FY26 revenue), executable over 18 - 24 months. It supplies to 30+ state government utilities, central public sector undertakings and private turnkey contractors across 17 states.^[1][2][3]

Business segments

EEPL operates as a single segment - manufacturing of electronic energy metering solutions and allied products - with no separate segment reporting required under AS-17 as of FY26.^[1]

Products and brands

Product portfolio spans Smart Electricity Meters, Static Energy Meters, LTCT Meters, Multifunction Meters, Communication Modules, Gateways, Solar Metering Solutions, Water Meters, Gas Metering Solutions, Metering Accessories and Power Conditioning Products.^[1]
Flagship Head End System software is branded MidasEpp.^[1]
An Intelligent Communication Module supporting multi-vendor smart metering ecosystems with RF Mesh, cellular communication and edge AI capabilities was introduced in FY26.^[1][4]
Two Design Patents were secured for smart meter products in FY26.^[4]

Manufacturing operations

Existing facility: 36,000 sq ft at G-91, UPSIDC Industrial Area, Site V, Surajpur, Greater Noida, Uttar Pradesh.^[1]
New facility of ~60,000 sq ft under construction at Plot G-98, Site V, Kasna, UPSIDA, Greater Noida; targeted to be operational in Q3 FY27 (Oct - Dec 2026).^[5][3]
Total capex for new facility guided at Rs 12 - 14 crore (structure) plus Rs 5 crore (machinery), funded from internal accruals; combined revenue potential of both plants guided at Rs 500 - 600 crore per year.^[5]
Once the new plant is operational, the existing plant will be repurposed to manufacture gas meters, water meters and railway equipment.^[5]
EEPL has a NABL-approved in-house testing laboratory supporting product development, validation and quality assurance.^[1]

Key operating numbers

Closing order book: Rs 3,439 Mn (excl. GST) as of FY26, executable over 18 - 24 months; an additional Rs 316 Mn was added between 1 April and 20 May 2026.^[3]
Order book as of H1 FY26: ~Rs 416 crore, with total bids of ~Rs 600 crore pending at that date.^[5]
Capacity utilisation in FY25: ~56% for single-phase and ~49% for three-phase; overall utilisation at ~50 - 60% as of H1 FY26.^[5]
Field defect/rejection rate: 0.3% - 0.4% in H1 FY26.^[5]
Gross margin expanded 164 bps to 34.9% in FY26, driven by a shift toward higher-realisation smart meters.^[3]
EBITDA grew 9.1% YoY to Rs 194.1 Mn in FY26, with EBITDA margin at 14.4% (+10 bps YoY); a Rs 62.4 Mn bad-debt write-off (4.6% of FY26 revenue) suppressed the reported margin.^[3]

Customers and distribution

Relationships established with 30+ state government utilities, central public sector undertakings and private turnkey contractors as of FY26.^[1]
Currently empanelled in 17 states for meter supply to DISCOMs/PSUs; seeking approvals in additional states to expand the addressable tender base.^[5]
Trade receivables surged to Rs 689.3 Mn in FY26, up 154% YoY from Rs 271.2 Mn in FY25, reflecting extended receivable cycles on government/utility contracts.^[3]

Expansion and new verticals

Water and gas meter product approvals at advanced stage as of H1 FY27; commercial order inflows expected in FY27.^[4][3]
Railway metering: prototype approvals received and field trials underway; a dedicated team has been established for the installation business.^[1][4]
Entry into the AMISP (Advanced Metering Infrastructure Service Provider) services segment progressing; regulatory approvals anticipated shortly to unlock recurring service revenues. Management guided this stream at Rs 300 - 400 crore of additional revenue potential.^[4][5][3]
Long-term revenue target: Rs 500 crore annual revenue by FY2028.^[4]

Recent developments

October 2026: received a domestic order worth Rs 70,18,500 for supply of energy meters, to be executed by January 2027.^[6]
Q3 FY26: shareholders approved issuance of NCDs of up to Rs 100 crore in one or more tranches, along with preferential issue of warrants and equity shares to promoter/promoter-group and non-promoter entities, all pending in-principal exchange approval.^[7]
FY26: H2 revenue of Rs 884.7 Mn sharply outpaced H1 revenue of Rs 462.8 Mn, reflecting recovery after monsoon-related execution delays in the first half.^[3]
EEPL listed on the NSE EMERGE platform in FY25, strengthening governance and providing access to capital markets.^[1]

Market Cap

₹162 Cr

High / Low

₹233 / 91

Stock P/E

14.6

Price / Book

2.1

Book Value

₹70

EPS

₹9.6

No. of Shares

1.3 Cr

ROCE

14.3%

ROE

13.6%

OPM

13.7%

Debt / Equity

0.43

Sales

₹135 Cr

Net Profit

₹12 Cr

Promoter holding

37.6%

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