This energy-tech microcap went from ₹38 Cr to ₹124 Cr in revenue. But is it truly smart, or just meter-deep?
⚡ At a Glance
Eppeltone Engineers Ltd manufactures smart meters and energy tech gear for DISCOMs and PSUs. In 5 years, revenue tripled and ROE hit 47%, but cash flows and order transparency remain fuzzy. Is this a Bharat Electronics Jr. or just a small-cap hope story?
🏭 1. What Does Eppeltone Actually Do?
Let’s be honest — with a name like “Eppeltone,” you either make military equipment or launch satellites. But nope, they make meters. Smart ones.
📦 Product Portfolio Highlights
- 🔌 Static Energy Meters (Single-phase, Three-phase, Trivector)
- 📱 Smart Meters – BIS 16444 Compliant
- ☀️ Solar Meters
- 🔋 UPS Systems, Battery Chargers
- 💡 LED Luminaires
- 🌐 IoT-Enabled Monitoring Devices
- 💧 Water Meters, BPL Kits
👷♂️ Customer Base:
B2B only — state electricity boards, central PSUs, DISCOMs,
and EPC/turnkey contractors. No B2C drama.
🚀 Services too:
- Data monitoring
- Grid digitization
- Franchisee model implementation in rural power setups
They’re basically the Indian Smart Meter version of Dell + Havells + TCS (if you really stretch it).
📈 2. Financials: What the Screener Numbers Say
Let’s meter-by-meter decode the last 5 years 👇
| FY | Revenue (₹ Cr) | Net Profit (₹ Cr) | OPM % | ROE % | ROCE % |
|---|---|---|---|---|---|
| 2021 | 38 | 1 | 5% | — | — |
| 2022 | 82 | 0 | 2% | — | 6% |
| 2023 | 73 | 1 | 4% | 11% | 11% |
| 2024 | 78 | 8 | 17% | 43% | 43% |
| 2025 | 124 | 11 | 14% | 47% | 44% |
📊 TL;DR:
- Revenue: 3x in 5 years
- Net Profit: 11x from ₹1 Cr to ₹11 Cr
- Margins: Wild jump from 2–5% → 14–17%
- ROE: Insanely high at 47% — rare for any cap
- Sales Growth (3Y CAGR): 15%
- PAT Growth (3Y CAGR): 260% 🚀
🧠 “Watt”-a story. But let’s plug
