Kaynes - Scaling Up The Smart Meter Business Amid Growing Market Demand: Motilal Oswal

Motilal Oswal Report

Smart meters are gaining momentum due to India's RDSS scheme, which aims to replace 250 million conventional meters by CY25. As of September 2024, only 14.5 million meters have been installed, but the installation rates are projected to rise, presenting a substantial Rs 632.8 billion opportunity for Advanced Metering Infrastructure Service Providers and System Integrators.

While Kaynes Technology India Ltd. already manufactures smart meters for clients such as Iskraemeco and L&T from its Mysore facility, it has recently opened a large Hyderabad plant with a capacity of 4m meters annually.

The company has also acquired Iskraemeco India (AMISPs/SI) for Rs 492.86 million, enhancing its manufacturing and customer service capabilities. This acquisition enables Kaynes to offer installation and after-sales services while expanding into smart meters for other utilities (gas or water). 

Kaynes has launched a fully automated facility in Hyderabad, producing 3,000 smart meters daily (4m meters p.a.). The company’s plans to add another building next year thereby increasing the capacity to 10m meters annually, supporting future expansions.

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