Polaris Smart Metering is committing nearly ₹4,500 crore in capital by 2027 to expand manufacturing, project execution, and enter the battery energy storage business. The company is also preparing for a potential initial public offering (IPO) as it moves into its next phase of growth.
New Mega Manufacturing Facility in Rajasthan
Polaris will commission a new 250,000 square feet manufacturing facility, named Polaris Nova, in Rajasthan by December 2026. The plant will double the company’s annual smart meter production capacity from 5 million units to 10 million units, making it the largest single metering plant in India.
Backed by I Squared Capital
Polaris is majority-owned by US-based private equity firm I Squared Capital, which has invested $150 million in the platform to scale manufacturing, technology, and large AMISP (Advanced Metering Infrastructure Service Provider) projects.
Founder and Chief Executive Yashraj Khaitan told FE that the company’s total capital commitment for India’s smart metering programme including facilities, digital platforms, manpower, and execution stands at around ₹4,500 crore.
Market Share and Growth Targets
Polaris currently holds about 10% market share in India’s smart electricity metering sector. The company aims to increase this to 20% over the next three to five years, equivalent to around 50 million meters, as installations accelerate under the Revamped Distribution Sector Scheme (RDSS).
Entry into Battery Energy Storage
Alongside smart metering, Polaris is entering battery energy storage manufacturing with a planned capacity of at least 5 GWh, to be rolled out in phases starting with 1 GWh. The company is in discussions with global technology partners for collaborations in the storage segment. Industry estimates suggest such manufacturing could involve multi-thousand-crore investments over time.
IPO Plans and Sector Outlook
Khaitan confirmed that Polaris is working toward an IPO as long-term utility contracts improve financial visibility.
He highlighted early success stories, saying, “Assam’s power utility has reported revenue improvements of nearly 30% following smart meter deployment, while losses in fully converted regions such as Ladakh’s Kargil district have fallen sharply.”
With only 50 million of the targeted 250 million smart meters installed so far, Polaris believes the sector is entering a sustained growth phase, expanding into grid digitalisation, demand response, and energy storage.
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