Everyone Knows About Genus Power, HPL Electric & Schneider Electric. But Here are 5 Smart Meter Stocks Flying Under the Radar

A quiet revolution is lighting up India's power sector, one smart meter at a time.

While everyone is busy chasing EVs, green hydrogen, and semiconductor dreams, a less glamorous but massively transformative shift is happening on our electricity poles and household walls.

The government's Smart Meter National Programme (SMNP) plans to install over 250 million (m) smart meters across the country by 2025-26. That's not merely a policy goal but an opportunity of Rs 1,500 billion (bn).

L&T and Genus Power earn all the headlines, meanwhile, a set of lesser-known players are quietly grabbing orders, ramping up production, and developing an edge in a sector that is just beginning to boom.

In this article, we look into 5 under-the-radar smart meter stocks that stand to benefit from India's energy digitization push across manufacturing, communications technology, and system integration.

#1 Shivalik Bimetal Controls

Incorporated in 1984, Shivalik Bimetal Controls is a niche materials technology company specializing in the manufacturing of thermostatic bimetal and trimetal strips, shunt resistors, and clad metals.

It is one of the very few domestic players with the expertise to join dissimilar metals, aiding the production of components used in smart meters, EVs, energy storage systems, medical devices, etc.

Its export footprint spans over 38 countries, and it holds the distinction of having the world's largest capacity and output in strip electronic beam welding.

The company has already invested Rs 750 m in capex between FY21 and FY23, with another Rs 200-300 m planned through FY24 to FY26 for capacity optimization and productivity enhancement. Once fully scaled, the company estimates a sales potential of approximately Rs 16 bn.

Financially, FY25 saw a modest revenue decline of 2.7%, but operational resilience remained intact. The EBITDA margin held firm at 22.3%, while profit before tax stood at Rs 847 m.

Return on capital employed remained strong at 24.65%, and the company maintained a zero net-debt position.

The board even declared a final dividend of Rs 1.5 per share in the last quarter, bringing the total for FY25 to Rs 2.7.

Looking ahead, Shivalik has guided for double-digit growth in FY26, with room for acceleration as its newer products hit commercialization stages.

#2 Permanent Magnets

Incorporated in 1960, Permanent Magnets Ltd (PML) is part of the Taparia Group and operates in the domain of engineering and current sensing solutions.

The company develops and supplies a wide range of magnetic components and assemblies, with core expertise in technologies like current and speed sensing, magnetic shielding, and magnetic assemblies, crucial elements for the smart metering ecosystem.

Its business is structured into key verticals - magnetic assemblies, shunts and brass terminals, magnetic cores and shields, and magnets used in energy meters.

With three manufacturing facilities in Mira Road, Thane, the company produces over 350 SKUs catering to both domestic and global demand.

In FY25, consolidated revenue rose 2% year-on-year (YoY) to Rs 2.1 bn, despite a challenging Q4 where revenue fell 16% YoY to Rs 450 m due to softening demand in key segments.

EBITDA margin for the year stood at 15%, compared to 17% in FY24, with Q4 margins slipping to 11% due to increased operating and developmental expenses, including one-off charges.

The company expects 5-10% CAGR in exports of its smart metering components over the next 2-3 years, especially as global utilities move towards advanced metering infrastructure.

The management remains confident in the medium-term outlook, supported by ongoing capacity expansion, a diversified product pipeline, and an expanding international customer base.

#3 Vikas Lifecare

Vikas Lifecare Ltd was incorporated in 1995 and operates across four core segments: commodity compounds, environment protection, trading, and FMCG and healthcare.

The company manufactures upcycled polymer compounds such as EVA, PVC, PP, and PE, and is actively involved in recycling plastic waste to meet Extended Producer Responsibility norms. It also acts as a Del-Credere agent for ONGC Petro Additions.

The company has a division engaged in agro products and is empanelled with government bodies like NAFED and HOFED. It has also expanded internationally through its UAE-based entity, Vikas Lifecare LLC, established in Dubai.

A major growth engine is its subsidiary, Genesis Gas Solutions Pvt Ltd, in which Vikas Lifecare holds a 95% stake. Genesis is a leading supplier of smart gas meters to major city gas distribution companies, catering to both domestic and commercial segments.

It holds an estimated 20% market share in India's domestic gas metering space and is also pioneering smart water metering. Its products are exported to countries including Nepal, Bangladesh, Vietnam, UAE, Ghana, Benin, and Mauritius.

For the quarter ending March 2025, Vikas Lifecare held a reported total revenue of Rs 1.56 bn, including operating revenue of Rs 1.35 bn.

Vikas Lifecare has a differentiated opportunity combining sustainability, public sector linkages, and high-potential smart metering exposure.

#4 Eppeltone Engineers

Eppeltone Engineers Ltd, established in 1977, is a key player in India's energy metering ecosystem.

The company designs and manufactures a wide range of products including electronic energy meters, smart meters, solar meters, power conditioning equipment, and industrial electrical components.

It primarily serves the B2B market, supplying to state electricity boards, central public sector units, DISCOMs, and turnkey infrastructure contractors.

Its product portfolio spans single-phase and three-phase meters, smart meters compliant with BIS 16444, battery chargers, LED lighting solutions, etc. The company also provides associated services such as data analytics, rural power distribution support, and smart grid integration.

The manufacturing unit is located in Greater Noida, Uttar Pradesh, whose capacity includes 2 m single-phase meters and one hundred thousand three-phase meters annually.

In FY25, all of the company's revenue came from domestic energy meters. Government projects contributed 82.5% of total revenue. Geographically, Gujarat, Madhya Pradesh, and Uttar Pradesh were the top markets.

The company is currently executing smart metering orders worth Rs 6.54 bn across eight Indian states, with over 30 state DISCOMs and central PSUs as approved clients.

Eppeltone Engineers recently raised Rs 439.6 m through its IPO and was listed on 24 June 2025. The fresh capital is being deployed toward working capital requirements, new machinery, general corporate purposes, and issue-related expenses.

#5 India Power Corporation

Last on the list is India Power.

India Power Corporation, incorporated in 1919, is one of the country's oldest and most established power sector players.

The company operates across three primary domains: power distribution, renewable energy generation, and smart grid development. With over a century of experience, it remains a key utility provider in West Bengal.

The company's operations are divided into two segments. Regulated business accounts for 93% of its activity and includes power distribution under license. The remaining 7% comprises non-regulated businesses. India Power holds the power distribution license for Asansol, covering an area of more than 618 sq. km.

The company is actively investing in infrastructure. It has undertaken capital expenditure of Rs 2.5 bn, aimed at expanding its high voltage and low voltage distribution networks, setting up new substations, and scaling its smart grid footprint.

Through its subsidiary, MP Smart Grid, the company is executing a public-private partnership project involving the rollout of three hundred fifty thousand smart meters across five towns.

Beyond smart metering, India Power is positioning itself to benefit from the evolving energy landscape.

It is exploring new verticals including battery manufacturing, thermal energy storage, pumped hydro projects, and the electric vehicle ecosystem. The company aims to significantly expand its smart meter portfolio in the coming years.

Conclusion

While the spotlight often stays fixed on large-cap giants, these under-the-radar companies are quietly laying the foundation for India's Rs 1.5 trillion smart meter transformation.

Whether through critical components, turnkey metering solutions, or distribution-led innovation, each of these players is plugged into the evolving energy ecosystem.

For investors willing to look beyond the obvious, these stocks offer access to a structural shift that is only just gathering steam.

That said, this is not investment advice. Readers should check the companies' fundamentals thoroughly and also examine the corporate governance practices.

Happy investing.

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