Snapshot from AR 20
One of the key growth and focus are called out is Smart Meters, which courtsey covid didn’t take off at all in FY 21, however pace has set in- H1 22 has seen 4500 cr worth tenders coming out and H2 22 to see another 6000 cr worth of tenders work in progress.
A good read on one of key player in smart meter space Genus power here to understand current state - Genus Power - Smart Metering - #16 by Dev_S
Point is that while we have a great deal of discussions on BMS front and shunt resistor scaling well, Smart meters is an equally bigger opportunity which is aggressively pushed by govt as a key reform and FY23 will see real execution on ground. Good details on electricitybill2021 The one sector on the cusp of regulatory transformation
There are only 15 Lac smart meters in India, FY23 target is 10 Cr and opportunity size is 25 cr+. Delayed but gaining traction, massive Opportunity.
selective tenders already shared in thread which has shivalik as reference product
There are only few key players in smart meter space - Genus, Schneider, Secure meters. Current installed base of 15L smart meters have majority from Genus.
Tracking Genus and other players clearly gives an idea about tenders award and execution and on ground situations - FY23 per them will see large scale rollout, Genus Q2 concall is a good listen.
Tenders have been standardized being sponsored by Intellismart ( EESL - central govt entity https://intellismartinfra.in ), Shivalik is part of these standard specification and only local manufacturer among 3 quoted for shunts.
Goes without saying that Shivalik has delivered excellent results in FY21 and H2 22 - without good smart meter contributions, Smart meters optionality has solid potential to aid growth in FY 23 ( possibly H2 22 itself as supplier to Meter manufacturers). Exciting times ahead.