In a year marked by aggressive infrastructure expansion, energy transition initiatives, and digital transformation of India’s power sector, Eppeltone Engineers is set to make its debut on the NSE EMERGE platform through an IPO that is attracting serious investor attention. With strong fundamentals, a niche in the manufacturing of smart metering systems, and significant government contracts under its belt, the IPO presents a unique opportunity to gain insight into India’s B2B power electronics landscape. Let’s dig deeper into Eppeltone Engineers IPO review:
Table of Contents
IPO Snapshot: Dates, Pricing, and Key Metrics
- Issue Open Dates: 17 – 19 June 2025
- IPO Price Band: INR 125 – 128 per share
- Total Issue Size: 34,34,000 shares aggregating up to INR 42.93 – 43.96 crore
- Type of Issue: 100% Fresh Issue (no Offer for Sale)
- Lot Size: 1,000 shares (Minimum investment INR 1,28,000)
- Retail Allocation: 35%
- Listing Date: 24 June 2025
- Listing Platform: NSE EMERGE
- Lead Managers: Expert Global Consultants
- Registrar: Skyline Financial Services
This IPO is purely for capital infusion into the business, with proceeds earmarked for working capital (INR 30 crore) and capital expenditure for machinery (INR 5 crore)—a strong signal of growth-driven intent.
The Business: Four Decades of Evolution
Founded in 1977 as a proprietorship, Eppeltone Engineers started by manufacturing Switch Mode Power Supply (SMPS) units for computers. Over nearly five decades, it has evolved into a robust player in the electronic metering and energy management sector. The company’s journey mirrors India’s power sector reforms—from producing static energy meters in 1999, to smart meters and IoT-integrated systems in recent years.
Today, the company operates a 36,000 sq. ft. manufacturing facility in Greater Noida, backed by an in-house NABL-approved R&D lab, automatic SMT lines, and moulding units, enabling it to meet large-scale government and private sector demand with precision.
Financial Performance: From Modest to Momentum
| FY 2023 | FY 2024 | FY 2025 | |
| Revenue | 72.64 | 78.46 | 124.34 |
| Net Profit | 1.09 | 8.16 | 11.23 |
| Margin (%) | 1.50 | 10.40 | 9.03 |
| EPS | 1.36 | 10.19 | 11.98 |
| EBITDA Margin (%) | 4.01 | 16.66 | 14.30 |
| ROCE (%) | 9.08 | 33.51 | 23.37 |
| RONW (%) | 9.45 | 40.00 | 28.08 |
| Debt/Equity | 1.10 | 0.80 | 0.76 |
This dramatic uptick in performance—particularly the nearly 11x jump in profits from FY 2023 to FY 2025—speaks volumes about the company’s operational leverage and scale-up in project execution. With a Price to Earnings (P/E) ratio of 10.43–10.68, Eppeltone Engineers stands as a value bet compared to listed peers like Akanksha Power (P/E 79.20) and Genus Power (P/E 114.67).
Business Model: Targeting India’s Power Backbone
Eppeltone’s business is 100% B2B, primarily serving government utilities and DISCOMs. It supplies:
- Smart and static energy meters
- Water meters, CT meters
- UPS systems, battery chargers
- LED lighting and power conditioning equipment
The product line supports efforts to reduce AT&C losses, a cornerstone goal of India’s Ujwal DISCOM Assurance Yojana (UDAY). Eppeltone Engineers also plays a key role in Rural Power Distribution Franchise operations—providing, installing, and maintaining smart meters while assisting utilities in real-time monitoring.
Eppeltone Engineers’ customized solutions, data analytics capability, and IoT integration elevate it above traditional hardware manufacturers.
Project Experience: A Proven Execution Track Record
Major supply contracts completed over the past few years include:
| Customer | Quantity Supplied | Value (INR Cr.) |
| Customer 3 | 72,300 units | 5.91 |
| Customer 5 | 95,000 units | 7.05 |
| Customer 8 | 1,28,000 units | 11.33 |
Ongoing projects worth INR 484.83 crore span states like Assam, Chhattisgarh, Gujarat, Maharashtra, and Uttar Pradesh. Notably, a single order from Uttar Pradesh is valued at INR 137 crore—a testimony to both scale and trust.
Manufacturing Capacity: Ready for Scale
| Product | Installed Capacity (FY 2025) | Utilization (%) |
| Single Phase Meter | 20,00,000 units | 55.53 |
| Three Phase Meter | 1,00,000 units | 49.59 |
This spare capacity leaves room for an immediate scale-up—especially relevant given the large ongoing contracts and anticipated future demand. The shift from outsourcing to in-house moulding will further drive efficiencies and protect margins.
Revenue Breakdown: Electrifying Growth
Revenue from Meters rose from INR 45.79 crore in FY 2023 to INR 124.33 crore in FY 2025, with smart metering systems and single-phase meters dominating.
| Product | FY 2023 | FY 2024 | FY 2025 |
| 1 Phase Meter | 34.49 | 58.48 | 97.61 |
| 3 Phase Meter | 1.08 | 11.26 | 8.84 |
| Spares | 10.33 | 8.33 | 13.86 |
| Other Goods/Services | ~26.74 (Securities) | – | – |
Geographically, the top markets in FY 2025 were Chhattisgarh (INR 35.64 crore), Madhya Pradesh (INR 21.96 crore), and Uttar Pradesh (INR 19.76 crore)—regions where government metering projects are peaking.
Strategic Positioning vs Peers
| EPS | PE ratio | RoNW (%) | NAV | Revenue (Cr.) | |
| Eppeltone Engineers | 11.98 | 10.43 – 10.68 | 28.08 | 42.00 | 124.34 |
| Akanksha Power | 1.82 | 79.20 | 5.90 | 24.35 | 53.26 |
| Rishabh Instruments | 10.61 | 34.97 | 11.00 | 146.32 | 689.75 |
| Genus Power Infrastructures | 3.59 | 114.67 | 5.60 | 35.49 | 1,200.58 |
Eppeltone Engineers’ superior RoNW and low P/E suggest significant undervaluation, offering potential for re-rating post listing.
Investment Rationale: Why Consider Eppeltone Engineers?
✅ Robust Order Book: With nearly INR 484 crore in ongoing projects, future revenue visibility is strong.
✅ Strong Margins and RoNW: FY 2025 RoNW at 28.08% and EBITDA margin of 14.3% reflect solid operational health.
✅ Sectoral Tailwinds: Smart metering is being heavily pushed under UDAY and RDSS schemes, which will boost demand over the next decade.
✅ Low Valuation: With a P/E ratio under 11, Eppeltone Engineers is significantly undervalued relative to peers.
✅ Technology and Certification Edge: With CMMI Level III certification, ISO accreditation, in-house NABL lab, and BIS-marked products, it stands out in quality.
Eppeltone Engineers IPO Review: Risk Factors
- Revenue Concentration Risk: Top 5 states contributed INR 108.47 crore (87.24%) of meter revenue in FY 2024-25; loss from these may impact profits.
- Cash Flow Risk: Negative operating cash flow of INR (6.00) crore in FY 2024-25; earlier years showed INR 4.65 crore (2023-24) and INR 0.35 crore (2022-23).
- Legal Proceedings: Ongoing criminal and tax proceedings involve INR 2.21 crore; includes one case filed by the company and three tax cases against it.
- Contingent Liabilities: Bank guarantees total INR 21.88 crore as of 31 March 2025; income tax demand of INR 0.54 crore nullified by ITAT order.
- Loan Recall Risk: Outstanding loans of INR 10.89 crore may be recalled anytime; refinancing may not be feasible on favorable terms or at all.
- Equity Issuance Risk: Company issued equity shares in past 12 months at a price lower than the IPO issue price.
Final Take: Should You Subscribe?
From an investor’s perspective, Eppeltone Engineers’ IPO presents a rare mix of solid fundamentals, high-growth potential, attractive valuation, and sectoral alignment. The financials tell a story of operational momentum, while the strategic roadmap, manufacturing capabilities, and government linkages make it a long-term compounder candidate.