India’s smart meter market is growing quickly, with huge potential for investment and innovation. In 2024, the market was worth about USD 288.30 million and is expected to grow to over USD 1,014.20 million by 2033. This shows a strong compound annual growth rate (CAGR) of 15% from 2025 to 2033.
The Indian government is playing a big role in this growth, with Rs. 97,631 crore (around USD 11.35 billion) allocated under the Revamped Distribution Sector Scheme (RDSS) for smart metering. Overall, the total opportunity for smart meters in India is estimated to be around USD 20 billion, targeting 250 million meter installations.
Smart meters are electronic devices used to measure electricity, gas, or water usage in real time. They allow two-way communication between the user and utility companies, which helps in accurate billing, monitoring, and better control of usage. There are different types of smart meters, including smart electric meters, gas meters, and water meters.
Smart electric meters send electricity usage data directly to utility companies through a secure network. Smart gas meters help gas companies track consumption remotely and send accurate bills. India’s smart gas meter market is also expected to grow from USD 129.75 million in 2024 to USD 198.75 million by 2035, growing at a rate of about 3.95%.
Similarly, smart water meters offer more accurate data and real-time updates compared to traditional meters. The smart water meter market in India is also growing steadily, from USD 187.50 million in 2024 to an expected USD 306.18 million by 2033, with a CAGR of 5.60%.
Technologies used in smart metering include AMR (Automatic Meter Reading), which offers one-way data communication, and AMI (Advanced Metering Infrastructure), which supports two-way communication and real-time control.
The government has launched key initiatives like the Smart Meter National Programme (SMNP), which aims to replace 250 million traditional meters with smart prepaid meters by 2025–2027, showing strong growth opportunities ahead.
Here are a few smart meter stocks in focus after the industry is expected to surpass USD 1 billion by 2033
With a market capitalization of Rs. 11,357.79 crore, the shares of Genus Power Infrastructures Limited are currently trading at Rs. 373.70 per equity share. Genus Power Infrastructures Limited’s revenue has increased from Rs. 420 crore in Q4 FY24 to Rs. 937 crore in Q4 FY25, which is a growth of 123.10 percent. The net profit has also grown by 412.5 percent, from Rs. 24 crore in Q4 FY24 to Rs. 123 crore in Q4 FY25.
With a market capitalization of Rs. 3,477.05 crore, the shares of HPL Electric and Power Limited are currently trading at Rs. 540.75 per equity share. The company has a strong production capacity in manufacturing 1.1 crore electronic meters, 2.6 crore lighting equipment units, and 1.6 crore switchgear units annually. As of May 20, 2024, the company’s order book exceeds Rs. 3500 crore, with 99 percent of orders coming from Metering, Systems & Services
HPL Electric and Power Limited’s revenue has increased from Rs. 424 crore in Q4 FY24 to Rs. 493 crore in Q4 FY25, which is a growth of 16.27 percent. The net profit has also grown by 164.29 percent, from Rs. 14 crore in Q4 FY24 to Rs. 37 crore in Q4 FY25.
With a market capitalization of Rs. 8,192.02 crore, the shares of GMR Power and Urban Infra Limited are currently trading at Rs. 114.60 per equity share. GMR Power and Urban Infra Limited’s revenue has increased from Rs. 1,634 crore in Q4 FY24 to Rs. 1,737 crore in Q4 FY25, which is a growth of 6.30 percent. The net profit has decreased by 71.18 percent, from Rs. 170 crore in Q4 FY24 to Rs. 49 crore in Q4 FY25.
With a market capitalization of Rs. 1,611.25 crore, the shares of Salzer Electronics Limited are currently trading at Rs. 911.20 per equity share. The capex for smart meter manufacturing is complete, and the company is ready to scale up operations. It has an installed capacity to produce smart meters worth Rs. 1,000 crore annually.
Salzer Electronics Limited’s revenue has increased from Rs. 327 crore in Q4 FY24 to Rs. 376 crore in Q4 FY25, which is a growth of 14.98 percent. The net profit has decreased by 15.38 percent, from Rs. 13 crore in Q4 FY24 to Rs. 11 crore in Q4 FY25.
With a market capitalization of Rs. 1,06,139.33 crore, the shares of Salzer Electronics Limited are currently trading at Rs. 883.55 per equity share. By the end of FY25, it had installed 3.13 million smart meters. The company aims to add 60-70 lakh more meters and reach a cumulative target of 1 crore smart meters by the end of FY26.
Adani Energy Solutions Limited’s revenue has increased from Rs. 4,707 crore in Q4 FY24 to Rs. 6,375 crore in Q4 FY25, which is a growth of 35.44 percent. The net profit has increased by 87.40 percent, from Rs. 381 crore in Q4 FY24 to Rs. 714 crore in Q4 FY25.
Written By Nikhil Naik
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