Eppeltone Engineers: share price, financial results, shareholding and management
Eppeltone Engineers makes electricity meters, mostly smart meters, for power distribution companies and the contractors who install meters for them. It has started offering metering services too, and its shares trade on NSE Emerge.
What this page is built from. Read for this page: 3 earnings call transcripts, 3 credit rating notes, 3 press releases, 2 investor presentations, 1 offer document, 1 result filing, 1 annual report. Also 75 exchange announcements, 4 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.
- Market cap
- ₹181 cr at ₹140
- Share price
- ₹140 close on 4 Sept 2026
- 52-week high / low
- ₹233 / ₹91 to the same date
- P/E
- 14.6× on FY26 profit
- Book value
- ₹70 P/B 2.0×
- ROCE
- 19% FY26, average capital
- ROE
- 19% FY26, average equity
- Debt to equity
- 0.43 borrowings ₹39 cr
- Promoter holding
- 61.78% 31 March 2026
- Dividend
- None in the past year
- Face value
- ₹10 lot of 1,000
- IPO price
- ₹128 listed 24 June 2025
Our arithmetic on reported figures; prices run 30 days behind the market, as SEBI's rules for education sites require.
Eppeltone Engineers key points: what to know in 30 seconds
Work in hand at 31 March 2026, which the company says it can carry out over 18 to 24 months; about two and a half times FY26 revenue of ₹134.7 cr.
Investor presentation, May 2026, p.18 and p.24; our arithmeticShare of the yearly capacity of 20 lakh single phase meters that was used in FY25; the three phase line, with capacity of 1 lakh meters, ran at 49.6%.
Offer document, p.128 to 129An automated plant under construction in Greater Noida, planned for 30 lakh single phase and 4 lakh three phase meters a year; the company expects it to start in Q3 FY27.
Press release, May 2026, p.3; Investor presentation, Nov 2025, p.16Share of FY25 revenue from the ten largest customers; the single largest gave 28.7%.
Offer document, p.139Receivables the company wrote off as not recoverable in FY26, equal to 4.6% of the year's revenue.
Investor presentation, May 2026, p.24The company's first order for services on smart metering infrastructure projects, received in April 2026, alongside its meter sales.
Press release, April 2026, p.2Infomerics upgraded the long term bank loan rating in March 2026 from IVR B with a negative outlook, when the company was not cooperating with Infomerics; a separate Crisil rating stayed in the issuer not cooperating category in April 2026.
Credit rating note, Infomerics, March 2026, p.3; Credit rating note, Crisil, April 2026, p.1Revenue growth reported for FY26; in the November 2025 call, Deven Chowdhary had said FY26 revenue would rise 30% to 40% over FY25.
Investor presentation, May 2026, p.24; Earnings call, Nov 2025, p.13Each point is read from the company's documents or worked out from its reported figures, with the source under it.
What does Eppeltone Engineers do? Business, products and customers
Eppeltone Engineers designs and makes electricity meters for state power utilities, power distribution companies and the contractors who carry out government funded metering projects. The business began in 1977 making power supplies for computers and moved into energy meters in 1999. The company says it is approved by more than 36 distribution companies, central public sector units and turnkey contractors, and it shows a presence in 20 states.
All manufacturing happens at a 36,000 sq ft facility in Greater Noida, Uttar Pradesh, with surface mount lines, moulding machines and a NABL approved testing laboratory. Meter designs and software are done in house; the circuit boards are fabricated in China, and imports made up 23.3% of purchases in FY25.
Single phase meters brought in ₹97.6 cr of the ₹124.3 cr of revenue from meters in FY25. Most sales go to government linked buyers, directly or through contractors, and orders are won through tenders.
What is new: a first service order of ₹5.7 cr in April 2026 for smart metering infrastructure projects, water and gas meters and a railway battery charger in approval stages, an own head end software platform called MidasEpp, and a new 60,000 sq ft plant under construction, also in Greater Noida.
From the offer document (June 2025), the November 2025 earnings call, the May 2026 investor presentation and the April 2026 press releases.
Who runs Eppeltone Engineers? Management and board background
Holds a Bachelor of Engineering from Nagpur University and a Master of Engineering in Electrical from Delhi College of Engineering. Joined Eppeltone in 2004 and has over 21 years in electronics manufacturing; the company credits Rohit Chowdhary with setting up its NABL approved R&D testing laboratory.
Offer document, p.163; Investor presentation, May 2026, p.9Holds a Bachelor of Engineering and joined Eppeltone in 2009; 16 years in electronics manufacturing, and oversees operations. The offer document states that Deven Chowdhary is the brother of Rohit Chowdhary. Received a Young Industry Leader Award.
Offer document, p.163 and p.164; Investor presentation, May 2026, p.9 and p.29; Credit rating note, Infomerics, March 2026, p.5Holds a Bachelor of Engineering from Maharishi Dayanand University and an M.Tech from Delhi College of Engineering, and taught Electrical Engineering as a Lecturer at Maharaja Agrasen Institute of Technology for over two years until 2008. On the board since February 2024. The offer document states that Reshu Chowdhary is the spouse of Rohit Chowdhary.
Offer document, p.162 to 164B.Com (Honours) from Shri Ram College of Commerce and LLB from Delhi University, with ICWA (Inter); a practising advocate in the Supreme Court, Delhi High Court and district courts. Joined the board in 2024 and chairs the audit committee and the nomination and remuneration committee.
Offer document, p.164; AGM transcript, Sep 2026, p.4A practising Chartered Accountant with more than 13 years of experience in financial management, auditing and taxation. Joined the board in 2024 and chairs the stakeholder relationship committee.
Offer document, p.164; AGM transcript, Sep 2026, p.4A Chartered Accountant who also holds LL.B and B.Com degrees, with over 6 years in auditing and finance. Appointed Chief Financial Officer in July 2024.
Offer document, p.172 and p.175Eppeltone Engineers order book, guidance and what the company says is coming
The company says its order book was ₹343.9 cr at 31 March 2026, to be carried out over 18 to 24 months, and that it added ₹31.6 cr of orders between 1 April and 20 May 2026. It says the new 60,000 sq ft plant should start operations in Q3 FY27 and that water and gas meter orders are expected in FY27. At the September 2026 AGM, Chairperson Reshu Chowdhary said approval as an AMI service provider was expected shortly and restated a long term aim of ₹500 crore of annual revenue by FY2028.
| What management said | When | What happened |
|---|---|---|
| FY26 revenue up 30% to 40% over FY25 | Nov 2025 call | Up 8.4%, to ₹134.7 cr |
| Approval as an AMI service provider within 30 to 40 days | Nov 2025 call | Still awaited at the September 2026 AGM |
| New plant operational by mid FY27 | Nov 2025 presentation | Moved to Q3 FY27 in May 2026; under construction |
The company's own statements, attributed; not newboard's estimates.
Eppeltone Engineers strengths and things to watch, from the numbers
- Sales have grown fast.
- The promoters own a large part of the company.
- It paid no dividend in the past year.
- The business used more cash than it brought in last year.
Worked out from the reported figures by fixed rules, the same for every company. Facts, not a view on the shares.
Eppeltone Engineers peers and competitors: listed SME companies in electrical equipment
Other SME companies in the same industry are listed on NSE Emerge and BSE SME. By sales, Eppeltone Engineers is number 20 of the 32 listed SMEs in its industry; the ones closest to it in size are below.
| Company | Market cap ₹ cr | P/E | Revenue ₹ cr | Profit ₹ cr | EBITDA margin | D/E |
|---|---|---|---|---|---|---|
| Eppeltone Engineers | 181 | 14.6 | 135 | 12 | 14% | 0.43 |
| Supreme Power Equipment | 556 | 26.5 | 182 | 21 | 18% | 0.42 |
| G V Electricals | 145 | 14.5 | 156 | 10 | 12% | 0.48 |
| Shivalic Power Control | 151 | 12.8 | 155 | 12 | 12% | 0.30 |
| Anawil Wire and Engineering | 956 | 25.8 | 143 | 37 | 43% | 1.42 |
| Trom Industries | 55 | 7.9 | 123 | 7 | 9% | 0.59 |
| Saakshi Medtech and Panels | 560 | 46.7 | 116 | 12 | 19% | 0.23 |
| Vijaypd Ceutical | 123 | 24.6 | 100 | 5 | 5% | 0.70 |
| Akanksha Power and Infrastructure | 268 | 45.7 | 92 | 6 | 12% | 2.06 |
| Avana Electrosystems | 350 | 29.9 | 84 | 12 | 20% | 0.01 |
| Sungarner Energies | 74 | 19.2 | 74 | 4 | 11% | 1.81 |
Each company's latest full year and its price 30 days back; a list of companies in the same line of business, not a comparison of their shares.
Eppeltone Engineers half-yearly results
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Revenue | 50 | 74 | 46.3 | 88.5 |
| Expenses | 43 | 63 | 39.5 | 80 |
| EBITDA | 7 | 11 | 8.5 | 10.8 |
| EBITDA margin | 14% | 15% | 18% | 12% |
| Profit before tax | 6 | 9 | 7.1 | 9 |
| Profit after tax | 4 | 7 | 6.3 | 6.1 |
Eppeltone Engineers profit and loss: revenue, profit and margins (FY21 to FY26)
Sales have grown fast. Last year profit grew roughly in step with sales.
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 38 | 82 | 73 | 78 | 124 | 135 |
| Expenses | 36 | 81 | 70 | 65 | 106 | 120 |
| Operating profit | 2 | 2 | 3 | 13 | 18 | 19.4 |
| OPM | 5% | 2% | 4% | 17% | 14% | 14% |
| Other income | 1 | 0 | 0 | 2 | 1 | 0.8 |
| Interest | 1 | 1 | 1 | 2 | 3 | 2.5 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 1.6 |
| Profit before tax | 1 | 0 | 2 | 12 | 15 | 16 |
| Tax rate | -18% | 36% | 28% | 22% | 29% | 23% |
| Net profit | 1 | 0 | 1 | 9 | 11 | 12.4 |
| EPS ₹ | 2.73 | 0.60 | 2.73 | 21.50 | 11.51 | 10.18 |
₹ crore, consolidated where the company reports it. Growth is compounded a year (our arithmetic).
Eppeltone Engineers balance sheet: assets, borrowings and net worth
The company's own money, its net worth, has grown fast. Its loans are smaller than its own money.
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 4 | 4 | 4 | 4 | 10 | 13 |
| Reserves | 6 | 6 | 8 | 20 | 30 | 77.8 |
| Borrowings | 11 | 11 | 13 | 16 | 31 | 39 |
| Other liabilities | 17 | 12 | 20 | 30 | 53 | 56.8 |
| Total liabilities | 39 | 34 | 44 | 70 | 124 | 186 |
| Fixed assets | 7 | 8 | 9 | 13 | 19 | 32.2 |
| Capital work in progress | 0 | 0 | 0 | 0 | 2 | - |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 32 | 26 | 35 | 57 | 104 | 154 |
| Total assets | 39 | 34 | 44 | 70 | 124 | 186 |
Eppeltone Engineers cash flow: operations, investing and financing
Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares.
Bars below the line are cash going out.
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 1 | 2 | 0 | 3 | -8 | -17.8 |
| Cash from investing | -1 | -2 | -1 | -5 | -8 | -19.3 |
| Cash from financing | 0 | -1 | 1 | 6 | 15 | 36.9 |
| Net cash flow | 0 | -1 | 0 | 4 | -1 | -0.3 |
Eppeltone Engineers ratios: working capital days and returns
Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 179 | 36 | 83 | 127 | 80 | 187 |
| Inventory days | 93 | 56 | 68 | 104 | 205 | - |
| Days payable | 193 | 38 | 93 | 171 | 206 | - |
| Cash conversion cycle | 79 | 54 | 58 | 60 | 79 | - |
| Working capital days | 75 | 30 | 34 | 47 | 54 | - |
| ROCE | - | 5% | 13% | 43% | 32% | 19% |
| ROE | - | 0% | 9% | 50% | 34% | 19% |
Eppeltone Engineers promoters and major shareholders
Everyone holding one per cent or more at 31 March 2026, and how that changed since 31 Dec 2025:
| Holder | Type | Holding | Change |
|---|---|---|---|
| Rohit Chowdhary | Promoter | 39.72% | no change |
| Deven Chowdhary | Promoter | 21.64% | no change |
| Aarth AIF Growth Fund | AIF | 3.40% | +0.39 pts |
| Ava Paisa Growth Private Limited | Body Corporate | 3.10% | no change |
| Vinod Somani | Individual HNI | 1.24% | new |
From the shareholding pattern the company files with the exchange.
Eppeltone Engineers latest news, orders and filings
The company files often, and a good part of its announcements are about orders won.
- Bagging/Receiving of orders/contractsFor Supply of Energy meters
- General UpdatesTranscript of Annual General Meeting held on 30.09.2026
- General UpdatesScrutinizers report of Annual General Meeting held on September 30, 2026
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
- Bagging/Receiving of orders/contractsFor Supply of Energy meters
- Copy of Newspaper PublicationFor Notice of 23rd Annual General Meeting, Intimation of Cut-off Date, E-voting information and Book Closure etc
- Shareholders meetingNotice of Annual General Meeting to be held on September 30, 2026
- Copy of Newspaper PublicationFor 23rd Annual General Meeting through Video Conferencing / Other Audio Visual Means ("VC / OAVM") facility
- AppointmentOf Ms Kabra and Associates as Cost Auditor of the company w.e.f. August 26, 2026
- AppointmentOf Ms Duggal Kundra & Co. as Internal Auditor of the company w.e.f. August 26, 2026
- Outcome of Board MeetingHeld on August 26, 2026
Eppeltone Engineers share split, bonus and dividends
No share split, bonus issue or dividend is on record since listing.
From the corporate actions the company announces on the exchange.
Eppeltone Engineers annual reports, earnings calls and documents
- Offer documentread
- 30 Sept 2026read
- 31 Dec 2025read
- 30 Nov 2025read
- 12 Nov 2025
- 31 May 2026read
- 30 Nov 2025read
- 5 March 2026read
- 14 Feb 2025read
- Credit ratingsread
Every document links to its source; “read” marks those this page is built from.
Checks we ran on Eppeltone Engineers' data
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,29,59,312 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to 4 Sept 2026, 30 days behind the market, from the exchange's daily figures.
Eppeltone Engineers study: what the filings say about the business
Read from 14 of the company's own documents
1Is it a good business?
Eppeltone Engineers earns its money making electricity meters, now mostly smart meters, which it supplies through tenders to power utilities and the contractors working for them.
Its weak spots are a small number of large customers, slow payments and sales that bunch up in the second half of the year.
Prices are set in government tenders that often end in a reverse auction, so the company has little say over them. A shift towards smart meters has kept margins steady so far.
The evidence
The offer document lists government control in pricing as a weakness; orders go through technical and commercial evaluation and then a reverse auction. Gross margin was 34.9% in FY26 against 33.3% in FY25.
Offer document, p.136; Earnings call, Nov 2025, p.24; Investor presentation, May 2026, p.24The market is crowded with larger meter makers, but buyers may only take meters from approved suppliers, and Eppeltone Engineers holds many such approvals.
The evidence
The offer document names HPL Electric, Genus Power, Secure Meters and Schneider Electric as competitors, says there are no entry barriers and that many rivals are larger. The company says it is approved by more than 36 distribution companies, central public sector units and contractors.
Offer document, p.133 to 134; Earnings call, Nov 2025, p.21; Investor presentation, May 2026, p.6A handful of government linked buyers and their contractors bring in most of the sales, and one unpaid account led to a large write off in FY26.
The evidence
The ten largest customers gave 85.7% of FY25 revenue and the largest alone 28.7%. Infomerics names NTPC, Dakshin Gujarat Vij Company, Tata Power and L&T among clients. Bad debts of ₹6.2 cr were written off in FY26.
Offer document, p.139; Credit rating note, Infomerics, March 2026, p.6; Investor presentation, May 2026, p.24Yes. Government buyers rarely pay in advance and take months to pay, so money stays tied up in stock and unpaid bills.
The evidence
Infomerics puts the cash conversion cycle at six to seven months and notes no customer advances. Trade receivables rose to ₹68.9 cr at March 2026 from ₹27.1 cr a year earlier, and short term borrowings to ₹22.5 cr from ₹12.6 cr.
Credit rating note, Infomerics, March 2026, p.7; Investor presentation, May 2026, p.27Work in hand covers well over a year of sales and new orders kept coming after March 2026, though the order book was smaller than six months earlier.
The evidence
Order book of ₹343.9 cr at 31 March 2026 against FY26 revenue of ₹134.7 cr, with ₹31.6 cr added by 20 May 2026. The order book was ₹416.5 cr at September 2025, with bids of about ₹610 cr submitted.
Investor presentation, May 2026, p.18 and p.24; Investor presentation, Nov 2025, p.19Sales depend on tender timing and field work, which stops in the monsoon, so halves and years can differ widely.
The evidence
FY26 revenue was ₹46.3 cr in the first half and ₹88.5 cr in the second. Infomerics notes irregular order inflows from tender driven, government linked revenue.
Investor presentation, May 2026, p.24; Credit rating note, Infomerics, March 2026, p.7; Earnings call, Nov 2025, p.12 to 13Each answer is about that one question, read from the documents; it is not a view on the shares.
2What do the numbers say?
Sales and profit have risen in each of the last three years.
The second half of the latest year brought nearly twice the sales of the first half, but at a thinner margin.
Cash from the business was negative in the latest year, as more money got stuck in unpaid bills and stock, and borrowings went up.
- The new 60,000 sq ft plant in Greater Noida, which the company expects to start in Q3 FY27 (Press release, May 2026, p.3).
- Approval as an AMI service provider: expected in Q1 FY27 in the April 2026 business update and still awaited at the September 2026 AGM (Business update press release, April 2026, p.2; AGM transcript, Sep 2026, p.8).
- Delivery of the ₹343.9 cr order book, which the company says is executable over 18 to 24 months from March 2026 (Investor presentation, May 2026, p.18).
- Collection of trade receivables of ₹68.9 cr at March 2026, after a ₹6.2 cr bad debt write off in FY26 (Investor presentation, May 2026, p.24 and p.27).
Frequently asked questions about Eppeltone Engineers
- What does Eppeltone Engineers do?
- Eppeltone Engineers makes electricity meters, mostly smart meters, for power distribution companies and the contractors who install meters for them. It has started offering metering services too, and its shares trade on NSE Emerge.
- What is the share price of Eppeltone Engineers?
- ₹140 at the close on 4 Sept 2026; prices on newboard run 30 days behind the market.
- What is the market cap of Eppeltone Engineers?
- ₹181 cr at the close on 4 Sept 2026, on 1,29,59,312 shares.
- What is the P/E of Eppeltone Engineers?
- 14.6 times FY26 profit at the close on 4 Sept 2026 (our arithmetic).
- What are Eppeltone Engineers' revenue and profit?
- Revenue ₹135 cr and profit after tax ₹12 cr in FY26.
- Who are the promoters of Eppeltone Engineers?
- Rohit Chowdhary, Deven Chowdhary, Reshu Chowdhary; promoters held 61.78% at 31 March 2026.
- What was the IPO price of Eppeltone Engineers?
- ₹128 a share; it listed on 24 June 2025.
- What is Eppeltone Engineers' website?
- www.eppeltone.in