Eppeltone Engineers Limited IPO
Eppeltone Engineers Limited, originally incorporated as a private limited company in 2002 and converted to a public limited company in 2024, has its roots in the legacy of Eppeltone Engineers, a proprietorship founded in 1977 by Late Harish Chandra Chowdhary. The business is now spearheaded by his successors, Mr. Rohit Chowdhary and Mr. Deven Chowdhary.
Eppeltone is a company engaged in the design, manufacturing, and supply of a wide range of high-quality electronic and power conditioning devices. Over the decades, the company has evolved from producing Switch Mode Power Supplies (SMPS) to a diversified portfolio that includes:
– Smart energy meters (single-phase, three-phase, LTCT, HTCT)
– Water meters, CT meters, and multifunction meters
– UPS systems, battery chargers, and battery packs
– LED lighting solutions
– IoT-enabled monitoring systems
– Railway and industrial components like section insulators and modular cantilevers
Manufacturing & Infrastructure
Eppeltone operates two manufacturing plants in Greater Noida, Uttar Pradesh, with a combined space of 36,000 sq. ft., and maintains supporting facilities in Noida and Okhla, New Delhi. The company also owns a NABL-accredited R&D testing laboratory, equipped for developing and testing innovative, high-performance products.
Business Model & Market
Eppeltone functions in the B2B segment, primarily serving:
a) Government power utilities
b) DISCOMs (Distribution Companies)
c) Turnkey contractors and AMISPs
d) Non-government institutional clients
Its key offering—smart metering systems—helps utilities reduce Aggregate Technical & Commercial (AT&C) losses, improve efficiency, and enhance billing transparency. The company also supports DISCOMs in managing energy distribution networks, especially in rural areas, through initiatives like:
a) UDAY (Ujwal DISCOM Assurance Yojana)
b) RDSS (Revamped Distribution Sector Scheme)
Services
Eppeltone provides:
– Customized smart metering solutions
– Remote monitoring and analytics through IoT-enabled meters
– Asset management and preventive maintenance
– Call center-based breakdown services
– Support for bill generation and payment collection in rural power distribution
Key Strengths
i) Over 25 years of industry experience
ii) Strong presence in the smart meter and power conditioning segment
iii) Proven expertise in government-focused utility contracts
iv) Scalable, modern infrastructure and in-house R&D
v) Long-standing credibility with state and central PSUs
Objects of the Eppeltone Engineers Limited IPO:
Eppeltone Engineers Limited IPO Details:
Open Date: | Jun 17 2025 |
Close Date: | Jun 19 2025 |
Total Shares: | 34,34,000 |
Face Value: | ₹ 10 Per Equity Share |
Issue Type: | Book Building |
Issue Size: | 43.96 Cr. |
Lot Size: | 1000 Shares |
Issue Price: | ₹ 125-128 Per Equity Share |
Listing At: | NSE Emerge |
Promoters And Management:
Financials of Eppeltone Engineers Limited IPO:
Particulars | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Revenue from Operations | 124.33 | 78.45 | 72.64 |
EBITDA | 17.78 | 13.06 | 2.91 |
EBITDA Margins | 14.30% | 16.66% | 4.01% |
PAT | 11.23 | 8.15 | 1.08 |
PAT Margins | 9.03% | 10.40% | 1.49% |
ROCE | 23.37% | 33.51% | 9.08% |
Debt-Equity Ratio | 0.76 | 0.80 | 1.10 |
CFOA | -5.99 | 4.65 | 0.35 |
Comparison With Peers:
Companies | Revenue | EBITDA Margins | PAT Margins | D/E Ratio | MCap | P/E |
Eppeltone Engineers (FY 2025) | 124.33 Cr. | 14.30% | 9.03% | 0.76 | 165.87 Cr. | 14.77 |
Akanksha Power and Infrastructure (FY 2025) | 77.69 Cr. | 10.41% | 5.52% | 0.41 | 206 Cr. | 47.80 |
Rishabh Instruments (FY 2025) | 720 Cr. | 7% | 2.92% | 0.16 | 1,166 Cr. | 55 |
Genus Power Infrastructures (FY 2025) | 2,442 Cr. | 19% | 12.20% | 0.74 | 11,040 Cr. | 37.70 |
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