Waaree Energies Subsidiary Acquires 24.21% Stake in Eppeltone Engineers for Rs. 21.78 Crore

Waaree Smart Meters Private Limited, a step-down subsidiary of Waaree Energies Limited, has acquired a 24.21% equity stake in Eppeltone Engineers Limited for approximately Rs. 21.78 crore through an off-market transaction.

According to a regulatory filing by Waaree Energies, the acquisition was completed on August 7, 2026, through cash consideration. The transaction is not a related-party transaction. Eppeltone Engineers is engaged in the manufacturing of electronic energy meters, including smart meters, along with various power conditioning devices.

Waaree Energies said the acquisition is aimed at integrating smart meters and strengthening its presence across the energy value chain. Waaree Smart Meters acquired the stake from Eppeltone Engineers at an approximate cost of Rs. 21.78 crore, resulting in a 24.21% shareholding in the company.

Eppeltone Engineers was incorporated on September 18, 2002, and has its registered office in Delhi. The company manufactures smart meters and reported turnover of Rs. 78.45 crore in FY2023-24, Rs. 124.33 crore in FY2024-25 and Rs. 134.74 crore in FY2025-26, according to the filing.

The acquisition marks Waaree’s expansion into the smart-meter segment as it seeks to strengthen its presence across different segments of the energy value chain.