5 Smart Meter Stocks Down up to 40% from 52-Week Highs

Electricity is an essential part of daily life, with payments traditionally made after usage. However, power companies are now shifting to prepaid smart meters, improving cash flow and collection efficiency.

This transformation goes beyond billing, it provides deeper insights into consumer usage, helps identify peak demand periods, and enables smarter energy distribution through demand response programs.

Even though the sector is set for strong growth, several smart meter stocks are currently trading at up to a 40% discount, making them worth watching.

Here are five such stocks to keep on your radar.

#1 Genus Power Infrastructure

First on the list is Genus Power Infrastructure.

The company is a leading player in India's electricity metering solutions industry, holding approximately a 27% market share.

Genus Power Infrastructures Limited specializes in the manufacture and supply of metering and metering systems, as well as turnkey engineering, building, and contracting. It delivers end-to-end smart metering solutions and is diversifying into smart gas and water meters.

The stock hit its 52-week high of Rs 485.8 on 3 December 2024. However, as of 24 March 2025, it had declined to Rs 290, a 40.2% drop.

The stock has been in the news for all the wrong reasons. The sharp decline in price followed a search operation conducted by the Directorate of Enforcement at the company's corporate office and the Chairman's residence.

The management stated that business operations remain unaffected, assuring full cooperation with authorities and promptly providing all necessary clarifications. The company reiterated its FY25 revenue guidance of Rs 25 billion (bn) and anticipation of 30-40% revenue growth in FY26.

Meanwhile, mutual funds trimmed their stake in the stock to 3.2% in the December 2024 quarter.

Genus Power's order book remains strong at Rs 313 billion (bn), a 55% YoY growth, with approximately Rs 180 bn allocated for smart meter supply and installation.

While execution has been slower than expected, momentum is expected to pick up in the coming quarters, supported by robust tendering activity projected for FY26 and FY27.

For more details, see the Genus Power company fact sheet and quarterly results.

#2 HPL Electric & Power

Next on the list is HPL Electric & Power.

It is a HPL Electric and Power Limited was established in 1992 and is a prominent Indian manufacturer of in low-voltage electrical equipment.

Based in Sonipat, the company produces a wide range of products, including metering solutions, switchgear, lighting equipment, and wires and cables, serving both domestic and international markets.

It is a prominent player in the Indian smart metering market, with a significant order book that is dominated by smart meters.

On 13 March 2025, the company secured orders worth Rs 3.7 bn (including taxes) from its regular customers for the supply of smart meters.

The stock reached a 52-week high of Rs 694.3 on 22 August 2024 but has since corrected, trading at Rs 443.3 as of 24 March 2025, a 36.1% decline.

One of the primary reasons for this downturn was its steep valuation. On 22 August 2024, the stock was trading at a PE ratio of 80.5, significantly higher than the industry average of 62.

Additionally, between 1 January 2024, and 22 August 2024, the stock delivered multibagger returns of about 115%, making it susceptible to profit booking.

Further, foreign institutional investors (FIIs) reduced their stake in the September 2024 quarter, lowering their holding from 0.7% to 0.5%.

Looking ahead, the company is focused on its consumer business by expanding distribution networks, strengthening its brand presence, and introducing innovative products.

For more details, see the HPL Electric & Power company fact sheet and quarterly results.

#3 GMR Power & Urban Infra

Next on the list is GMR Power & Urban Infra.

GMR Power & Urban Infra Ltd. is a diversified infrastructure company engaged in the development and operation of energy and urban infrastructure projects.

As a part of the GMR Group, the company focuses on providing innovative solutions across power generation, distribution, urban development, and smart city initiatives.

It's involved in large-scale projects that include power plants, smart meters, and urban infrastructure.

The stock hit its 52-week high of Rs 169.2 on 26 September 2024 but has since declined 32.5% to Rs 114.5 as of 24 March 2025.

In the December 2024 quarter, revenue surged 46.1% YoY to Rs 16.1 bn from Rs 11 bn.

However, the company reported a net loss of Rs 1 bn compared to a profit of Rs 0.4 bn a year earlier.

The sharp decline in profitability raised concerns about operational efficiency and cost management.

Additionally, the company's debt to equity ratio rose to 12.72, indicating a heavy reliance on borrowings to sustain operations, which has raised liquidity concerns.

Further weighing on sentiment, promoters reduced their stake by 9% in the September 2024 quarter, bringing their holding down from 59.8% to 50.5%.

The combination of these factors has led to the stock's decline.

Going forward, the company aims to expand its market presence and strengthen its position in the smart metering and urban infrastructure space.

For more details, see the GMR Power & Urban company fact sheet and quarterly results.

#4 Tata Power

Next on the list is Tata Power.

Tata Power is a major player in the Indian smart metering space.

Tata Power Delhi Distribution Limited (TP-DDL) and Tata Power Mumbai Distribution are spearheading smart meter deployments, aiming for 100% smart metering coverage in their respective areas.

The stock reached its 52-week high of Rs 494.9 on 27 September 2024 but has since declined 22.5%, trading at Rs 383.3 as of 24 March 2025.

One of key reasons for the decline is the weakness in power stocks since the beginning of 2025.

As the Indian economy faces signs of a slowdown, multiple sectors, including power, have come under pressure. The decline in power company stocks, including Tata Power, reflects broader investor caution amid slowing economic growth.

Given that the power sector heavily relies on industrial and commercial consumption, any downturn in economic activity directly impacts electricity demand.

During economic slowdowns, industries often scale back production, and businesses postpone expansion plans, leading to reduced energy consumption. This lower demand can affect revenue growth, making power companies more susceptible to market fluctuations.

Meanwhile, Tata Power Mumbai Distribution is targeting the installation of smart meters for all its 7.5 lakh customers by FY25 and has already deployed over 1.25 lakh meters.

For more details, see the Tata Power company fact sheet and quarterly results

#5 Power Grid Corporation of India

Last on the list is Power Grid Corp of India.

PGCIL, a "Maharatna" public sector enterprise, is playing a key role in India's smart grid and smart metering initiatives, aiming to modernize the power distribution sector.

PGCIL has initiated a procurement process for end-to-end smart metering solutions for a volume of 10 million smart meters, with a focus on deployment in Gujarat.

The company's stock touched a 52-week high of Rs 366.2 on 25 September 2024 but has since declined 20%, trading at Rs 291.9 as of 24 March 2025.

This decline can largely be attributed to its weak Q3 performance.

In the December 2024 quarter, revenue from operations stood at Rs 115.5 bn, reflecting a modest 3% increase from Rs 112.3 bn in the same period last year.

However, the company's overall income declined 1% to Rs 117.4 bn from Rs 118.2 bn in FY24. Additionally, net profit fell 4% YoY to Rs 38.6 bn, compared to Rs 40.3 bn in the previous year's corresponding quarter.

Investor sentiment was further dampened by continued selling pressure from institutional investors.

Mutual funds reduced their holdings slightly from 12.3% to 12.1%. FIIs have been on a selling spree for the past 6 quarters, bringing their stake down from 32% to 28.1% by the December 2024 quarter.

Going forward, PowerGrid aims to transition into a net-zero organization by 2047, with a target of meeting 50% of its internal energy needs through renewable sources by 2025.

The company is also focusing on expanding its infrastructure, particularly in inter-state transmission networks, smart metering, and renewable energy projects.

For more details, see the Power Grid company fact sheet and quarterly results.

Conclusion

India is moving forward with an ambitious plan to deploy 250 million smart meters.

As of 2 October 2024, approximately 117.7 million meters have been awarded, with 14.5 million installed under the Advanced Metering Infrastructure Service Provider (AMISP) initiative, which is projected to grow at a compounded annual rate of 25% over the next three to four years.

The adoption of smart meters is expected to accelerate, aiming to enhance the reliability, efficiency, and affordability of India's power supply.

However, challenges remain, with installation progress lagging behind the awarded contracts. Despite this, the nationwide rollout presents significant growth opportunities, positioning smart meter companies to benefit from the sector's expansion.

Investors should evaluate the company's fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.

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