5 Smart Meter Stocks to Track Amid Rapid Growth in India’s Power Sector

Synopsis: The Indian smart meter market is set to pose a robust growth in the coming years with a massive capital of more than Dollar 3 trillion in the power and energy sector by the Indian government. This space includes major conglomerates and some companies which have seen a sales CAGR of upto 97 percent since the start of this fiscal year.

The Indian power sector is poised for a massive investment boom, with the government estimating a potential USD 3.03 trillion investment opportunity across generation, grid expansion, distribution transformation and smart meter deployment to meet surging electricity demand and modernise the grid. A significant thrust of this strategy is the nationwide rollout of smart meters to replace conventional analog meters, enabling 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. These programs are aimed at enhancing financial sustainability of discoms and enabling technologies such as prepaid metering and remote monitoring across millions of electricity connections nationwide. Following are the stocks that could benefit from this boost:

1) Techno Electric & Engineering Company Ltd

Techno Electric is 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.

As of Q2FY26, The company’s order book stands at Rs 9956 Crore out of which 19 percent are smart meter orders making it Rs 1891 Cr orders in the DBFOT and TOTEX smart meter space. This provides a strong multi‑year revenue visibility for the company. 

Techno Electric & Engineering Company Ltd has a 3 year profit CAGR of 13 while the TTM for the same is at 41 percent. The 3 year sales CAGR is at 31 percent while the TTM value is at 78 percent. The company stock has given a compounded return of 38 percent in the last 3 years.

2) Adani Energy Solutions Ltd

Adani Energy Solutions, formerly Adani Transmission, is a major Indian power transmission and distribution firm operating the largest private transmission network in India across 16 states, serving over 3 million customers and integrating smart grid solutions, the company builds high‑capacity substations, HVDC facilities and also manufactures smart meters. 

As of H1FY26 the company has installed 73.7 lakh smart meters, and also expects to surpass 1 crore mark by the end of FY26 along with a strong smart meter order book that says that there are 2.46 crore smart metres orders placed. 

The company saw its revenue from smart meters go from Rs 14 Cr in H1FY25 to Rs 294 Cr in H1FY26 witnessing a 2000 percent growth. As of the latest half the company has done a capex of Rs 1927 Cr in the smart metering segment, this grew by 277 percent from H1FY25’s Rs 511 Cr. 

The company has a 3 year profit CAGR of 25 percent, while the TTM stands at 52 percent. The sales CAGR for 3 months stands at 28 percent while the TTM is at 23 percent. The company’s stock has given a compounded return of 13 percent in the last one year. 

3) RMC Switchgears Ltd

RMC Switchgears Ltd designs and manufactures energy meter enclosures, LT/HT distribution boxes, panels, and power distribution switchgears, along with turnkey contracts and solar equipment. In smart metering, it supplies smart enclosures, multi-meter boxes, and theft-resistant IoT-enabled components. Incorporated on August 23, 1994, it is headquartered in Jaipur, Rajasthan. 

The company as of Q2FY26 has its Order book standing at Rs 800 Crore and has even participated in  tenders worth Rs 1,500 crore with an order conversion ratio of 30 percent to 35 percent. 

The company gets 22 percent of its revenue from its Electrical Products segment which also includes Smart Meter Enclosures. The company has a 3 year profit CAGR of 278 percent while TTM is at 138 percent. The 3 year sales CAGR is at 97 percent while TTM is at 114 percent.

4) Genus Power Infrastructures Ltd

Genus Power Infrastructures Ltd provides end-to-end smart metering solutions, including single/three-phase, CT-operated, prepaid, gas and water meters, data concentrators, and AMI systems on a DBFOOT basis. It has installed over 80 million meters with a 27  percent market share. Incorporated in 1992, it is headquartered in Jaipur, Rajasthan. The company has an annual smart meter capacity of around 1.8 crore unit as of Q2FY26

Order book stands at approximately Rs. 28,758 crore tied to long‑term smart metering contracts; The company has a 3 year revenue CAGR of 53 percent while the TTM is at 130 percent. The stock has given a compounded return of 45 percent in the past 3 years, moreover in the last 3 years, the 3 year profit CAGR is at 126 percent while the TTM for the same is at 233 percent.

5) HPL Electric & Power Ltd

HPL Electric & Power Ltd manufactures low-voltage electrical products such as smart meters, switchgears, LED lighting, wires, and fans, with metering systems contributing significantly and  20  percent market share in India. It offers end-to-end AMI solutions, including WBSEDCL projects. Incorporated in 1992, it is headquartered in New Delhi.

Out of all the company’s metering order book of value Rs 3300 Cr,  99 percent is for smart metering. The company’s sales CAGR is at 6 percent for the TTM while 19 percent for the 3 years. The profit CAGR is at 49 percent for TTM and 130 percent for 3 years.  The stock has given a 49 percent compounded return for the past 3 years while the TTM is at negative 35 percent.

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