Whalesbook
EESL Ka Debt Sabse Bada Reason
Asal mein scene yeh hai ki EESL, jo IntelliSmart mein 49% stake rakhti hai, uske sar ₹6,045 crore ka bada loan hai (March 2025 tak). Is debt ko kam karne ke liye EESL apna stake bech rahi hai. Unka partner, National Investment and Infrastructure Fund (NIIF) jo 51% stake hold karta hai, woh bhi saath mein sell kar raha hai. Owners ka target hai company ko lagbhag $700 million se $723 million mein bechna. IntelliSmart ne toh government ki RDSS scheme ke andar 20 million se zyada smart meters ka order bhi pakad rakha hai.
Market Mein Dum Hai, Par Hurdles Bhi Hain
India ka smart meter market kaafi attractive hai, aur government bhi RDSS scheme se 250 million smart meters lagana chahti hai, jiske liye ₹3 lakh crore ka funding bhi hai. Isi wajah se Brookfield, Macquarie, KKR, Actis jaise bade international players aur Adani Energy Solutions bhi is sector mein ruchhi dikha rahe hain. Lekin, kaam mein kaafi delays aa rahi hain. Zameen milne mein dikkat, logon mein awareness ki kami, operations mein problems aur inspections late hone se installation slow ho raha hai. Crisil ki report kehti hai ki RDSS ke under jitni speed se meters lagne chahiye the, utni nahi lag rahe. February 2026 tak 37 million meters lage hain, jabki target bada tha.
Valuation Ka Game
Ab IntelliSmart ki valuation $700-$723 million ke aas-paas maangi ja rahi hai. Isko compare karein toh Adani Energy Solutions market mein ₹1.1 trillion value karti hai aur Genus Power Infrastructures ₹7,000 crore ke aas-paas hai. IntelliSmart ke paas >20 million meters ka order book hai, jo ki bahut bada hai, par ab tak sirf ~5 million meters install hue hain. Fir bhi, itni demand ki wajah se valuation premium lag rahi hai. Overall, smart meter market mein 34.12% CAGR se growth ka chance hai 2031 tak.
Kya Risks Hain?
Sabse bada risk toh EESL ki financial condition hai. Unke losses badh rahe hain aur revenue kam ho raha hai. Dusra, IntelliSmart ke order book aur install kiye hue meters mein kaafi difference hai. RDSS projects mein delays aur competition bhi ek challenge hai. Dekhna hoga ki ye deal finally kaise hoti hai aur kya valuation buyers ko sahi lagti hai.