Eppeltone Engineers Ltd. (EEPL)
SME CapIndustrials stocks · SME cap · NSE
Eppeltone Engineers, founded in 1977, is a leading Indian metering manufacturer. It operates a 36,000 sq.ft. facility in Greater Noida with a NABL-approved R&D lab. The company holds multiple certifications and is empanelled with 36+ DISCOMs, CPSUs, and contractors, delivering metering solutions for the power sector.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹88 Cr | NDF | +91.3% |
| EBITDA | ₹11 Cr | +0.0% | +22.2% |
| Operating margin | 12.0% | -300 bps | -600 bps |
| PAT | ₹6 Cr | NDF | +0.0% |
| PAT margin | 6.8% | -264 bps | -622 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 revenue grew 8.4% YoY to Rs. 1,347.4 Mn, with H2FY26 showing a robust turnaround. Gross Profit rose 13.7% YoY, and Net Profit increased 12.9% YoY to Rs. 123.8 Mn, despite a Rs. 62.4 Mn bad debt write-off. Margins expanded across Gross, EBITDA, and PAT.
EEPL delivered modest FY26 revenue growth, but H2FY26 showed strong execution. Margin expansion is positive, though the significant bad debt write-off raises concerns about receivables management and underlying profitability. The strategic entry into AMI services and new product approvals are key for future growth.
Order Book Split by State FY26
Latest issuer-disclosed distribution across 6 reported categories.
National Smart Metering Programme
The program's 250-million meter replacement target creates a large addressable market. ~20.33 crore meters sanctioned, 6.13 crore meters installed as of Dec 31, 2025.
AMI Service Segment Entry
Strategic entry into Advanced Metering Infrastructure (AMI) services in FY26 aims to reduce dependence on manufacturing cycles and strengthen revenue resilience.
Water & Gas Meter Segment
Company's products are in advanced approval cycle, with order inflows expected to commence in the forthcoming financial year.
Capacity Expansion & Smart Manufacturing
Expanding production capacity with a new facility and upgrading to IoT-enabled automation to boost output, reduce costs, and enhance efficiency.
New Facility Commissioning
A new production facility will be operational in Q3 FY27, enhancing manufacturing capacity.
Automation Upgrade
Upgrading to IoT-enabled, automation to boost output, reduce costs, and enhance quality and efficiency.
Accelerating Energy Consumption
India's peak load reached 256.1 GW in April 2026, indicating accelerating energy consumption and demand for metering solutions.
Reduced AT&C Losses
Nationwide AT&C losses reduced from 21.91% in FY21 to 15.04% in FY25, underscoring urgency for smart metering investments.
Government Fund-Release Linkage
Government fund-release tied to utility performance metrics (loss reduction, ACS-ARR gap) strengthens demand for qualified meter manufacturers.
Higher Dollar Exchange Rates
Higher dollar exchange rates over the past six months impacted margins, though the company claims to have delivered margin expansion despite this.
Receivables Management
Trade receivables surged to Rs. 689.3 Mn in FY26 from Rs. 271.2 Mn in FY25. An irrecoverable bad debt write-off of Rs. 62.4 Mn (4.6% of FY26 Revenue) was undertaken.
Working Capital Strain
Significant increases in both inventories and trade receivables indicate a potential strain on working capital, which nearly tripled YoY.
Execution Risk for New Segments
Successful transition into AMI services and securing orders for newly ventured water and gas meter segments are critical for future growth.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential for assessing annual growth and overall financial health. QoQ (H2 vs H1) is crucial to understand the sequential momentum and the 'robust turnaround' claimed by management in the second half of the fiscal year.
Order Book
Order Book as on FY26 stood at Rs. 3,439 Mn (excluding GST), executable over 18-24 months. An additional Rs. 316 Mn (excluding GST) was added post-FY26 till May 20, 2026.
Revenue Cover
The FY26 closing order book of Rs. 3,439 Mn provides a revenue cover of approximately 2.55x against FY26 revenue of Rs. 1,347.4 Mn.
Gross Margin
Gross Margin expanded by 164 bps to 34.9% in FY26 from 33.3% in FY25, driven by improved operational efficiencies and a favorable product mix.
EBITDA Margin
EBITDA Margin expanded by 10 bps to 14.4% in FY26 from 14.3% in FY25, reflecting continued focus on operational excellence.
Transition to AMI Service Model
Company is transitioning into a service-led model to reduce dependence on manufacturing cycles and strengthen revenue resilience, capturing opportunities across the smart metering value chain.
New Product Segment Entry
Water & Gas meter products are at an advanced stage of the approval cycle, with order inflows expected to commence in the forthcoming financial year.
Capacity Expansion & Automation
Expanding production capacity with a new facility and upgrading to IoT-enabled automation to boost output, reduce costs, and enhance quality and efficiency, with the new facility operational in Q3 FY27.
HES Platform for Smart Grid
Company's flagship HES platform, MidasEpp, strengthens its position in the growing AMI and smart grid market, supported by AI and cybersecurity readiness.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution | Rs. 3,439 Mn (ex-GST) executable over 18-24 months. | Timely execution of the order book and conversion into revenue, especially given the significant increase in receivables. |
| Trade Receivables & Working Capital | Trade Receivables at Rs. 689.3 Mn (FY26), Inventories at Rs. 585.7 Mn (FY26). | Reduction in receivables days, improved inventory turnover, and better working capital management to alleviate potential cash flow pressures. |
| New Facility Commissioning & Utilization | New facility targeted to be operational in Q3 FY27. | On-time commissioning of the new facility and rapid ramp-up of utilization to achieve projected output and efficiency gains. |
| Water & Gas Meter Order Inflows | Products in advanced approval cycle, orders expected in forthcoming financial year. | Confirmation of first order inflows and their contribution to revenue and profitability in the new segments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
49NeutralSMA20 +35.1% / mo · MACD −
Technical chart
EEPLdaily · 1Y · AUTO+0.3%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 52.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~26.0% over last month) — short-term momentum positive.
- RSI(14) at 52 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 40% off 52W high · 54% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 55 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 55 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 63.1%.
- Growth contributes 25/25 to the score.
- Quality contributes 11/20 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 16/30; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 35th percentile of the scored universe and 32nd percentile within Industrials. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter holding is 61.8%. Key concern: Operating cash flow is negative at ₹-18 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 32nd pctile, median 68 · SME: 41st pctile, median 64
3 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 61.8%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-18 Cr.
- ▸Only 0 years of positive FCF.
- ▸ROCE trend is -12.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 14.30
- P/B
- 1.96
- EV/EBITDA
- 10.29
- Market Cap
- 177.00Cr
Profitability
- ROE
- 18.90%
- ROCE
- 18.50%
- ROA
- 6.45%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 63.00%
- Revenue 3Y
- 23.00%
- EPS 3Y
- 125.00%
Balance Sheet
- Debt/Equity
- 0.43
- Interest Coverage
- 6.33×
- Altman Z
- 2.94
- Book Value
- 70.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -18.00 Cr
- EPS TTM
- 9.55
Shareholding
- Promoter Hold
- 61.78%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 32%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.