Finance and M&A

Waaree Smart Meters Acquires 24.21% Strategic Stake in Eppeltone Engineers Limited

August 20, 2026 By Gaurav Nathani 5 min read
0:00 / 05:42

Waaree Smart Meters Limited, a step-down subsidiary of Waaree Energies (WAAREEENER.NS; Market Cap: ~₹77,638 Cr), has acquired a 24.21% equity stake in Eppeltone Engineers Limited (EEPL.NS; Market Cap: ~₹185 Cr) for ₹21.78 crore in an off-market transaction. The deal, finalized on August 7, 2026, involved the purchase of 31.37 lakh shares from the company’s promoters at an implied price of approximately ₹69.4 per share, marking a strategic expansion of Waaree’s presence in the smart meter manufacturing value chain.

Transaction Framework and Financial Metrics

The acquisition is structured as a cash-settled investment to integrate specialized metering technology into Waaree’s broader energy portfolio.

Key Transaction Metrics

MetricDetailSource Reference Data
Acquiring EntityWaaree Smart Meters LimitedNSE Intimation under Reg 29 (Aug 7, 2026)
Target EntityEppeltone Engineers Limited (EEPL)NSE Emerge Listing Data
Stake Percentage24.21% (31.37 lakh shares)NSE Shareholding Disclosures (Aug 2026)
Total Consideration₹21.78 CroreNSE Intimation under Reg 29 (Aug 7, 2026)
Method of AcquisitionOff-market transaction / Promoter saleEppeltone Business Update (April 2026)

Target Company Profile: Eppeltone Engineers Limited

Eppeltone Engineers Limited, established in 1977 and active in the metering sector since 1999, specializes in the design and manufacture of electronic energy meters and power conditioning devices. The company’s regulatory moats include DSIR certification from the Ministry of Science & Technology and TEC certification from the Ministry of Communications.

Eppeltone operates from its 36,000 sq. ft. manufacturing facility and NABL-approved R&D testing lab located at G-91, UPSIDC Industrial Area, Greater Noida. The company maintains CMMI Level III, ISO 9001, 14001, and 27001 certifications, alongside the ‘S’ Mark safety certification. It is currently empaneled with more than 30 DISCOMs, Central Public Sector Undertakings (CPSUs), and major turnkey contractors.

Product Portfolio and Technological Infrastructure

Eppeltone’s technology stack is centered on Advanced Metering Infrastructure (AMI) and smart grid readiness, as detailed in the company’s April 2026 Business Update:

  • MidasEpp HES Platform: A flagship Head End System for the smart grid segment with a specific focus on End Point Protection and AI integration readiness.
  • Intelligent Communication Modules: Next-generation modules supporting RF Mesh and cellular networks, featuring edge capability for light processing and embedded AI functions.
  • Railway Business: Successful Research Designs and Standards Organisation (RDSO) factory inspection and prototype approval for a new underslung charger product, currently undergoing field trials.
  • Intellectual Property: Recent procurement of two design patents for smart meters, which validate the originality of the company’s in-house R&D designs.

Operational Outlook and Capacity Expansion

The company is currently executing a footprint expansion at Plot No. G-98, Greater Noida, involving a 60,000 sq. ft. automated facility. The capital expenditure for this project is divided into ₹12–13 crore for structural work and ₹5 crore for machinery.

  • Capacity and Revenue: The new facility is expected to be operational by mid-FY27. Upon full utilization, targeted by FY28, the combined manufacturing plants are projected to reach an annual revenue potential of ₹500–600 crore.
  • Regulatory Milestones: Approval under the Advanced Metering Infrastructure Service Provider (AMISP) framework is anticipated in Q1 FY 2026–27.
  • Diversification: The company expects upcoming order inflows in the Water and Gas Meter segments following the completion of current product testing cycles.

Financial Standing of Target Entity

Eppeltone Engineers has demonstrated a trend of margin expansion despite fluctuating volumes.

  • FY 2023 Performance: Operating revenue was reported in the ₹50–75 crore range, featuring a 100.97% year-over-year increase in EBITDA and a Return on Equity (ROE) of 18.9%.
  • H1 FY26 Performance: Net Profit surged 55.3% year-over-year to ₹6.26 crore. While revenue for the period was “temporarily muted” at ₹46.28 crore (a 7.8% decline), gross margins expanded to 38.8%. This profitability surge is attributed to a shift toward high-margin smart meter products.
  • Order Book: As of H1 FY26, the company holds an order book of ₹416 crore, executable over an 18–24 month horizon.

Strategic Positioning of the Parent Entity

The acquisition by Waaree Smart Meters Limited aligns with the operational goals of its parent, Waaree Energies, which is positioned in the industrial electrical equipment sector alongside peers such as Apar Industries and Premier Energies. This transaction facilitates greater vertical integration as India accelerates the “Smart Meter National Programme,” which mandates the installation of over 250 million smart meters to improve grid monitoring and reduce AT&C losses across the country.

OFFICIAL SOURCES AND REGULATORY REFERENCE LIST

1. Stock Exchange Disclosures for Waaree Energies Limited (BSE)

2. Stock Exchange Disclosures for Eppeltone Engineers Limited (NSE Emerge)

3. Company Portals

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