Eppeltone Engineers Limited IPO

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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:

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: 1. Working Capital Requirements of the Company (3 cr) 2. Funding Capital Expenditure towards installation of additional machinery at the factory (50 Lakh) 3. General Corporate Purposes 4. Issue Expenses

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:

1. Rohit Chowdhary – Managing Director: Rohit Chowdhary holds a B.E. from Nagpur University and an M.E. in Electrical Engineering from Delhi College of Engineering. With over 20 years of experience in electronics manufacturing, he joined Eppeltone in 2004 and has been instrumental in its growth. Under his leadership, the company established a NABL-approved R&D lab and significantly expanded its high-precision product portfolio. 2. Deven Chowdhary – Whole-time Director: Deven Chowdhary, a B.E. graduate, joined Eppeltone in 2009. With 15 years of industry experience, he has contributed to enhancing operational efficiency and delivering high-quality metering products, ensuring strong client satisfaction. 3. Reshu Chowdhary – Chairperson & Non-Executive Director: Reshu Chowdhary holds a B.E. from Maharishi Dayanand University and an M.Tech from Delhi College of Engineering. She has over two years of academic experience as a Lecturer in Electrical Engineering. At Maharaja Agrasen Institute of Technology, she contributed to curriculum enhancement, organized national conferences, and helped establish advanced labs.

Financials of Eppeltone Engineers Limited IPO:

Company Financials in crores
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

Lead Manager of Eppeltone Engineers Limited IPO:

  1. Expert Global Consultants Private Limited

Registrar of Eppeltone Engineers Limited IPO:

  1. Skyline Financial Services Private Ltd

Discussion on Eppeltone Engineers Limited IPO:

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