5 Smart Meter Stocks to Track Amid Rapid Growth in India's Power Sector
India's power sector transformation includes a USD 3.03 trillion investment opportunity with smart meter deployment as a key component. Five companies are well-positioned to benefit: Techno Electric with Rs 1891 Cr smart meter orders, Adani Energy Solutions showing 2000% revenue growth, RMC Switchgears with Rs 800 Cr order book, Genus Power commanding 27% market share with Rs 28,758 crore orders, and HPL Electric with 99% smart metering focus in its Rs 3300 Cr order book.
*this image is generated using AI for illustrative purposes only.
India's power sector is experiencing a transformative phase with the government estimating a massive USD 3.03 trillion investment opportunity across generation, grid expansion, distribution transformation and smart meter deployment. This strategic initiative aims to meet surging electricity demand and modernise the grid infrastructure. The nationwide rollout of smart meters represents a significant component of this transformation, replacing conventional analog meters to enable real-time usage tracking, accurate billing, and better grid management while reducing losses and improving operational efficiency. Developers are currently adding around 4-5 GW of new power capacity every month as part of this broader expansion.
Leading Smart Meter Companies
Techno Electric & Engineering Company Ltd
Techno Electric stands as an Indian EPC leader in power transmission, distribution and related infrastructure with growing focus on advanced metering and data center businesses. The company leverages decades of execution experience to deliver substations, smart meter infrastructure and digital solutions across the power sector. It undertakes Advanced Metering Infrastructure (AMI)–based smart metering projects across multiple states, delivering end-to-end operations and maintenance under DBFOT (Design, Build, Finance, Own, Operate, Transfer) and TOTEX (Total Expenditure) models.
| Parameter: | Details |
|---|---|
| Order Book (Q2FY26): | Rs 9956 Crore |
| Smart Meter Orders: | Rs 1891 Cr (19% of total) |
| 3 Year Profit CAGR: | 13% |
| TTM Profit Growth: | 41% |
| 3 Year Sales CAGR: | 31% |
| TTM Sales Growth: | 78% |
| 3 Year Stock Returns: | 38% |
Adani Energy Solutions Ltd
Adani Energy Solutions, formerly Adani Transmission, operates the largest private transmission network in India across 16 states, serving over 3 million customers. The company integrates smart grid solutions, builds high‑capacity substations, HVDC facilities and manufactures smart meters. As of H1FY26, the company has installed 73.7 lakh smart meters and expects to surpass 1 crore mark by the end of FY26.
| Metric: | H1FY25 | H1FY26 | Growth |
|---|---|---|---|
| Smart Meter Revenue: | Rs 14 Cr | Rs 294 Cr | 2000% |
| Smart Meter Capex: | Rs 511 Cr | Rs 1927 Cr | 277% |
The company maintains a strong smart meter order book with 2.46 crore smart metres orders placed, providing substantial revenue visibility.
RMC Switchgears Ltd
Incorporated on August 23, 1994, and headquartered in Jaipur, Rajasthan, RMC Switchgears designs and manufactures energy meter enclosures, LT/HT distribution boxes, panels, and power distribution switchgears. In smart metering, it supplies smart enclosures, multi-meter boxes, and theft-resistant IoT-enabled components.
| Parameter: | Details |
|---|---|
| Order Book (Q2FY26): | Rs 800 Crore |
| Tender Participation: | Rs 1,500 crore |
| Order Conversion Ratio: | 30% to 35% |
| Electrical Products Revenue: | 22% (includes Smart Meter Enclosures) |
| 3 Year Profit CAGR: | 278% |
| 3 Year Sales CAGR: | 97% |
Market Leaders in Smart Metering
Genus Power Infrastructures Ltd
Genus Power Infrastructures, incorporated in 1992 and headquartered in Jaipur, Rajasthan, provides comprehensive smart metering solutions including single/three-phase, CT-operated, prepaid, gas and water meters, data concentrators, and AMI systems on a DBFOOT basis. The company has established a dominant market position with over 80 million meters installed and commands a 27% market share.
| Metric: | Value |
|---|---|
| Annual Smart Meter Capacity: | 1.8 crore units |
| Order Book (Q2FY26): | Rs 28,758 crore |
| 3 Year Revenue CAGR: | 53% |
| TTM Revenue Growth: | 130% |
| 3 Year Profit CAGR: | 126% |
| 3 Year Stock Returns: | 45% |
HPL Electric & Power Ltd
HPL Electric & Power, incorporated in 1992 and headquartered in New Delhi, manufactures low-voltage electrical products including smart meters, switchgears, LED lighting, wires, and fans. The company holds a 20% market share in India's metering systems and offers end-to-end AMI solutions, including WBSEDCL projects.
| Parameter: | Details |
|---|---|
| Total Metering Order Book: | Rs 3300 Cr |
| Smart Metering Orders: | 99% of total |
| 3 Year Sales CAGR: | 19% |
| 3 Year Profit CAGR: | 130% |
| 3 Year Stock Returns: | 49% |
Market Outlook
The smart meter deployment initiative represents a crucial component of India's power sector modernisation strategy. These programs aim to enhance financial sustainability of discoms and enable technologies such as prepaid metering and remote monitoring across millions of electricity connections nationwide. The substantial order books and strong revenue growth demonstrated by these companies reflect the robust demand environment created by government initiatives and the ongoing digital transformation of India's power infrastructure.
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