Waaree Subsidiary Acquires 24.21% in Eppeltone Engineers

Date: August 07, 2026

Acquisition / Strategic Actions

Waaree Smart Meters Private Limited (formerly known as Racemosa Energy (India) Private Limited), a step-down subsidiary of Waaree Energies Limited, has acquired 24.21% of the equity share capital of Eppeltone Engineers Limited. The acquisition was executed on August 07, 2026, as an off-market transaction for a cash consideration of approximately ₹21.78 crores.

Eppeltone Engineers Limited was incorporated on September 18, 2002, and has its registered office in Delhi. The company specializes in manufacturing electronic energy meters, including smart meters, alongside various power conditioning devices. The acquisition is not a related party transaction.

The strategic objective of the acquisition is to integrate smart meters to strengthen Waaree's presence across the energy value chain.

Financial performance of Eppeltone Engineers Limited for the last three years:

• FY 2023-24: Turnover of ₹78.45 crores
• FY 2024-25: Turnover of ₹124.33 crores
• FY 2025-26: Turnover of ₹134.74 crores

No governmental or regulatory approvals were required for this acquisition, and no indicative time period for completion was specified.