Eppeltone Engineers Limited (EEPL)
Latest quarterly results (H1 FY26)
In its latest reported quarter, H1 FY26, Eppeltone Engineers' revenue was ₹46.3 Cr, and net profit ₹6.3 Cr; the operating margin was 18.4%.
| H1 FY26 (₹ Cr) | Value | YoY | vs prev. half |
|---|---|---|---|
| Revenue | ₹46.3 | — | — |
| Operating profit | ₹8.5 | — | — |
| Net profit | ₹6.3 | — | — |
| EPS (₹) | 5.51 | — | — |
| Operating margin | 18.4% | — | — |
EEPL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the EEPL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 93.64%. That is close to its usual level. Turnover was only ₹11 lakh, so a handful of trades can move this figure. Volume was 0.5 times its average, well below normal. It closed at a price band (circuit) on 4 sessions in about the last 20.
Delivery in the last 5 sessions: 100.0% · 100.0% · 91.7% · 95.3% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Eppeltone Engineers Limited has received a domestic order valued at Rs 70,18,500 (including taxes) for the supply of energy meters. The contract was awarded on October 1, 2026, and is scheduled for execution by January 2027. Relative to the company's Q2 FY26 revenue of Rs 46.28 crore, the order is minor at approximately 1.5%. The transaction does not involve related-party interests.
- Order size is Rs 70,18,500 (including taxes) for the supply of energy meters
- Contract awarded by an undisclosed domestic entity on October 1, 2026
- Execution timeline slated for completion by January 2027
- Order represents approximately 1.5% of the Sep 2025 quarterly revenue of Rs 46.28 crore
Eppeltone Engineers Limited has received an order worth Rs 2,00,60,000 (Rs 2.01 crore, inclusive of taxes) for the supply of energy meters from a domestic customer. The work order was received on September 07, 2026, with no related-party interest involved. The specific execution timeline has not been defined by the awarding entity. Compared to the company's Sep 2025 quarterly revenue of Rs 46.28 crore, this order represents an incremental addition of approximately 4.3%.
- Order value of Rs 2,00,60,000 (inclusive of taxes) for energy meter supply
- Awarded by a domestic entity on September 07, 2026, at 11:03 AM
- No promoter interest or related-party transaction involved
- Execution timeline is not defined by the awarding entity
Eppeltone Engineers Limited has issued the notice for its 23rd Annual General Meeting (AGM) scheduled for September 30, 2026, via video conferencing, with the cut-off date for e-voting set for September 23, 2026. Along with the notice, the company published its FY2025-26 Annual Report detailing full-year performance. For FY26, revenue from operations reached ₹134.74 crore (up 8.4% YoY), EBITDA rose 9.1% to ₹19.41 crore, and PAT grew 12.9% to ₹12.38 crore with a net margin of 9.2%.
- 23rd Annual General Meeting convened for September 30, 2026, at 02:30 p.m. IST via VC/OAVM.
- Cut-off date for remote e-voting entitlement fixed as Wednesday, September 23, 2026.
- FY26 Revenue from Operations reported at ₹134.74 crore, representing an 8.4% YoY increase.
- FY26 PAT stood at ₹12.38 crore (up 12.9% YoY) with PAT margin improving to 9.2% vs 8.8% in FY25.
Eppeltone Engineers Limited has approved the appointment of M/s Kabra and Associates as Cost Auditor and M/s Duggal Kundra & Co. as Internal Auditor for FY 2026-27. The Board also approved the Annual Report for FY 2025-26 and scheduled the company's 23rd Annual General Meeting (AGM) for September 30, 2026, via video conferencing. These appointments are routine statutory compliance measures and do not have an operational or financial impact on performance.
- Appointed M/s Kabra and Associates as Cost Auditor for FY 2026-27 effective August 26, 2026
- Appointed M/s Duggal Kundra & Co. as Internal Auditor for FY 2026-27
- Scheduled the 23rd Annual General Meeting (AGM) on September 30, 2026 at 02:30 PM
- Approved Directors' Report and Annual Report for FY 2025-26
Eppeltone Engineers Limited held a Board meeting on August 26, 2026, approving the Annual Report for FY 2025-26. The Board approved the appointment of M/s Duggal Kundra & Co. as Internal Auditors and M/s Kabra and Associates as Cost Auditors for FY 2026-27. Additionally, the company scheduled its 23rd Annual General Meeting (AGM) for September 30, 2026, via Video Conferencing.
- Appointed M/s Duggal Kundra & Co. as Internal Auditor for FY 2026-27
- Appointed M/s Kabra and Associates as Cost Auditor for FY 2026-27
- Convening 23rd AGM on September 30, 2026, at 02:30 PM IST via VC/OAVM
- Approved Board's Report and Annual Report for FY 2025-26
Eppeltone Engineers Limited held a Board Meeting on August 26, 2026, approving the Annual Report and Directors' Report for FY 2025-26. The Board approved the appointment of M/s Duggal Kundra & Co. as Internal Auditors and M/s Kabra and Associates as Cost Auditors for FY 2026-27. Additionally, the company scheduled its 23rd Annual General Meeting (AGM) for September 30, 2026, at 02:30 PM via Video Conferencing.
- Approved Board of Directors' Report and Annual Report for FY 2025-26
- Appointed M/s Duggal Kundra & Co. (FRN: 011272N) as Internal Auditors for FY 2026-27
- Appointed M/s Kabra and Associates (FRN: 000075) as Cost Auditors for FY 2026-27
- Convened 23rd Annual General Meeting on September 30, 2026, at 02:30 PM
Eppeltone Engineers Limited has received a domestic purchase order valued at ₹90,92,925 (inclusive of taxes) for the supply of energy meters. The order was received on August 22, 2026, and is slated for completion by November 2026. Given the company's single-quarter revenue base of ₹46.28 crore (Sep 2025), this order represents an incremental, routine addition to its existing order book.
- Secured domestic order worth ₹90,92,925 (inclusive of taxes) for energy meters
- Contract execution scheduled for completion by November 2026
- Order received from a domestic entity on August 22, 2026
- Transaction confirmed to have no promoter interest or related-party involvement
Eppeltone Engineers Limited (EEPL) has responded to a surveillance query from the NSE regarding significant movement in its share price as of August 10, 2026. The company confirmed that there is no unpublished price-sensitive information (UPSI), impending corporate actions, or material events that have not been disclosed to the exchange. Management stated the price movement appears to be purely market-driven and influenced by investor sentiment. This clarification comes as the company continues to execute its Rs 416 cr order book and plans for a 50% capacity expansion by FY27.
- Company confirms 0 undisclosed material events or impending announcements as of August 10, 2026.
- Response issued following NSE surveillance query reference NSE/CM/Surveillance/17347.
- Latest quarterly revenue (Sep 2025) stood at Rs 46.28 cr with a PAT of Rs 6.26 cr.
- Company maintains a substantial order book of Rs 416 cr, which is approximately 9x its Sep 2025 quarterly revenue.
- Management attributes recent trading volume and price behavior to external market dynamics beyond company control.
Promoters of Eppeltone Engineers Limited (EEPL), Mr. Deven and Mr. Rohit Chowdhary, have sold a 24.21% stake in the company to Waaree Smart Meters Private Limited. The off-market transaction involved 31,37,000 equity shares and took place on August 7, 2026. Consequently, the total promoter holding has decreased from 61.36% to 37.15%. This entry of a strategic corporate investor aligns with EEPL's stated growth strategy in the Advanced Metering Infrastructure (AMISP) segment.
- Transfer of 31,37,000 equity shares representing 24.21% of the total equity capital.
- Promoter group holding reduced from 61.36% (79,51,540 shares) to 37.15% (48,14,540 shares).
- Acquirer identified as Waaree Smart Meters Private Limited, a strategic player in the metering industry.
- Transaction executed via off-market transfer on August 7, 2026.
- Total equity share capital remains at 1,29,59,312 shares of face value Rs 10 each.
Financial Performance
Revenue Growth by Segment
Overall revenue grew by 58.5% in FY25 to INR 124.34 Cr from INR 78.46 Cr in FY24. H1 FY26 revenue saw a 7.8% YoY dip to INR 46.28 Cr due to prolonged monsoon delaying field execution. The company targets a 30-40% increase in turnover for the full year FY26 compared to FY25.
Geographic Revenue Split
Not disclosed in available documents; however, the company operates across India with approvals for national utility rollouts like the RDSS scheme.
Profitability Margins
Gross Profit Margin improved to 38.8% in H1 FY26 from 36.2% in H1 FY25 (+261 bps). Net Profit Margin increased to 13.5% in H1 FY26 from 8.0% in H1 FY25 (+549 bps) due to optimization of in-house processes and reduced job work.
EBITDA Margin
EBITDA Margin stood at 18.4% in H1 FY26, up from 13.8% in H1 FY25 (+459 bps). Core profitability improved as EBITDA grew 22.9% YoY to INR 8.51 Cr despite lower revenues, driven by a higher share of premium smart meters.
Capital Expenditure
The company is investing in a new 60,000 sq. ft. fully automated facility to complement its existing 36,000 sq. ft. plant. Intangibles under development (R&D) stood at INR 1.92 Cr as of H1 FY26, with 70-80% (INR 1.4-1.5 Cr) being capitalized employee costs.
Credit Rating & Borrowing
Rated by CRISIL Ratings. Interest costs decreased by 22.2% YoY to INR 1.0 Cr in H1 FY26 following IPO proceeds utilization. Total borrowings include Long-term debt of INR 16.31 Cr and Short-term debt of INR 14.03 Cr.
Operational Drivers
Raw Materials
Specific raw material names are not disclosed, but Cost of Goods Sold (COGS) represented 61.2% of revenue in H1 FY26 (INR 28.32 Cr), down from 63.8% in H1 FY25.
Capacity Expansion
Current facility is 36,000 sq. ft. with a revenue potential of INR 300-350 Cr. Planned expansion includes a new 60,000 sq. ft. fully automated plant, targeting a 50% increase in capacity to support top-line growth of 45-50% by FY27.
Raw Material Costs
COGS was INR 28.32 Cr in H1 FY26, a decrease of 11.5% YoY. Procurement strategies have shifted toward in-house manufacturing and reducing job work to capture higher margins.
Manufacturing Efficiency
Capacity utilization was described as 'minimal' recently due to external factors like monsoons, but automation is expected to drive 18% sustainable EBITDA margins.
Strategic Growth
Expected Growth Rate
35-40%
Growth Strategy
Growth will be driven by the AMISP expansion (Advanced Metering Infrastructure Service Provider) with a revenue potential of INR 300-400 Cr, entry into gas and water metering, and the execution of a current INR 416 Cr order book. The company is also bidding for an additional INR 600 Cr in contracts.
Products & Services
Static Watt Hour Energy Meters (Single and Three phase), Smart Meters, eco-friendly emergency lights, MCB, UPS, gas meters, water meters, and railway underslung chargers.
Brand Portfolio
EEPL (Eppeltone Engineers Limited).
New Products/Services
Gas meters (testing ending Q3 FY26), water meters (testing completed), and railway equipment/chargers. These are expected to contribute small revenue in FY26 and scale substantially in FY27.
Market Expansion
Expansion into the AMISP service model under the RDSS scheme (INR 2.5 lakh Cr government outlay) and targeting the smart utility flagship program as a bronze partner.
Market Share & Ranking
Not disclosed, but the company is a major player in the Indian smart meter market, which is projected to reach ~$3,180 Mn by 2032.
Strategic Alliances
Bronze partner with the 'Smart Utility' flagship program of the Government of India.
External Factors
Industry Trends
The Indian smart meter market is growing at a 34.6% CAGR (2024-2032). The industry is shifting from simple energy meters to Advanced Metering Infrastructure (AMI) and service-based models (AMISP).
Competitive Landscape
Operates in a competitive landscape of meter manufacturers and service providers bidding for RDSS tenders; eligibility for AMISP tenders is expected by February 2026.
Competitive Moat
Moat is built on in-house R&D capabilities, DSIR certification, and being an approved supplier for critical PSUs like Power Grid and NTPC, which requires stringent factory approvals.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending, specifically the RDSS scheme and the National Smart Grid Mission.
Consumer Behavior
Shift toward automated billing and smart grids is driving utility demand for smart meters.
Regulatory & Governance
Industry Regulations
Compliance with RDSS (Revamped Distribution Sector Scheme) guidelines and REC (Rural Electrification Corporation) application requirements for AMISP status.
Environmental Compliance
Implemented 'Green Initiative' for electronic delivery of documents; manufactures eco-friendly emergency lights.
Taxation Policy Impact
Tax expense for H1 FY26 was INR 0.81 Cr on PBT of INR 7.07 Cr (effective rate ~11.5%). The company benefits from eligible tax deductions and IPO issue expense offsets.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timing of AMISP approval (expected within 30-40 days of Nov 2025) and the success rate of the INR 600 Cr in pending bids.
Geographic Concentration Risk
Not disclosed, but field execution is subject to regional weather patterns (monsoons).
Third Party Dependencies
Dependency on government clearances and utility approvals for field-level execution of the INR 416 Cr order book.
Technology Obsolescence Risk
Mitigated by in-house R&D focusing on next-gen smart, gas, and water meters to stay ahead of the 34.6% industry CAGR.
Credit & Counterparty Risk
High receivables (99.22% of sales in H1 FY26) indicate significant credit exposure to utility clients, though management expects this to normalize by year-end.
