Prepaid smart meters, feeder and transformer meters, and the AMISP companies that install and run them for discoms under RDSS.
Unlisted AMISP joint venture of EESL and NIIF, among the largest smart-meter rollouts in India
Compiled from public reporting — not exchange-listed.
Advanced Metering Infrastructure Service Providers (AMISPs) win discom tenders, buy and install smart meters, run the head-end software and communications, and are paid a monthly fee per meter for 7-10 years. Meter makers supply them or act as AMISPs themselves.
RDSS (₹3.04L Cr outlay) sanctioned 19.79 crore consumer meters plus feeder and transformer meters to cut discom losses. Only 5.73 crore were installed by 30 Jun 2026, so the remaining work is concentrated in FY27-FY28 before the Mar 2028 sunset - a large, deadline-driven volume opportunity.
Meter manufacturing earns mid-teens EBITDA at scale; the AMISP model turns that into an annuity but needs debt and equity up front (often with partners such as GIC). Value depends on how fast discoms pay the monthly fees.