Secure Meters is foraying into PCB manufacturing: Sanjiv Dhal

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Secure Meters is foraying into PCB manufacturing: Sanjiv Dhal

Secure Meters is foraying into PCB manufacturing: Sanjiv Dhal

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Mar 27,25

In this interview with Rakesh Rao, Sanjiv Dhal, CEO - APAC, Secure Meters Ltd, elaborates on the company's growth plans focusing on its diversification strategies.

Secure Meters is foraying into PCB manufacturing: Sanjiv Dhal

Secure Meters Ltd, an Indian multinational, is a specialist in smart meters and electricity meters along with providing revenue management, power quality and energy efficiency solutions to its customers. With demand for electronics growing strongly in India, the company is gearing up for a foray into printed circuit board (PCB) manufacturing with ?10 billion investment. Speaking to Rakesh Rao during Elecrama 2025, Sanjiv Dhal, CEO - APAC, Secure Meters Ltd, elaborates on the company's growth plans focusing on its diversification strategies.

Can you provide an overview of Secure Meters Limited?

Secure Meters Ltd is an India-based multinational company and a leading manufacturer of smart meters, electricity meters, and gas meters. Our goal is to help utilities and consumers manage energy efficiently by addressing issues related to revenue, comfort, and convenience. We have a strong presence in both domestic and international markets.

What are the key highlights of Elecrama 2025 for Secure Meters?

One of the major highlights for us at Elecrama 2025 is the launch of our new product, eWatch Online. This is specifically designed for small and medium enterprises (SMEs) where energy costs are a significant factor. However, these enterprises often lack skilled personnel or adequate IT infrastructure to monitor their energy consumption effectively.

This solution allows business owners, who often juggle multiple roles, to monitor their factory’s energy consumption in real-time through a mobile device. This enables them to make informed decisions even when they are not physically present at their facility.

Apart from this, our product portfolio spans from power generation to transmission and distribution. We cater to residential and commercial developers, as well as OEMs. We also provide solutions for machine manufacturers, panel builders, and switchboard manufacturers.

Secure Meters is known for its commitment to quality. Can you elaborate on this?

At Secure, we firmly believe that quality is not an expense but an investment that pays off. We pioneered a 10-year product life warranty, which we introduced at Elecrama 2019. This is unprecedented in the electrical industry, where most manufacturers—whether in LV switchgear, MV switchgear, cables, transformers, or conductors—typically offer warranties ranging from 12 to 18 months. Even utilities generally provide a maximum warranty of five years.

Our no quibbles warranty policy sets us apart. Unlike traditional warranties that cover only manufacturing defects often leaving customers with little choice, we guarantee performance without conditions. Today, 95 per cent of our products carry the 10-year product life warranty.

What are your growth plans?

India’s power sector is experiencing massive growth, driven by the rise in renewable energy and expansion in transmission networks. Smart metering is also gaining momentum. At Secure, we have always been patient, focusing on long-term impact rather than short-term gains.

We pioneered smart metering in India, starting with rural electrification projects in Bihar. Today, smart meters are advancing further with prepaid models that allow consumers to monitor and recharge their electricity usage via mobile phones. This innovation benefits both consumers and distribution companies (Discoms) by improving payment recovery and reducing losses.

Looking ahead, we see immense potential in the global market. The world is increasingly looking to India for quality electrical products, and Indian manufacturers must step up to meet these expectations. Many companies from India have not yet made a significant global mark, but we are determined to change that narrative.

How significant is the export market?

Exports are a major component of our business, contributing approximately 65 per cent of our total revenue. Our primary export markets include the UK, Australia, Europe, and the Middle East. However, we do not have a strong presence in North and South America, and while we do sell in Africa, it is not a key focus area.

We see substantial opportunities for growth in our existing markets. The demand for high-quality, reliable smart metering solutions is increasing, and Secure Meters is well-positioned to capitalise on this trend. Our focus on quality and long-term performance gives us a competitive advantage in international markets.

How many manufacturing units do you currently operate?

We have four manufacturing facilities, one in Sanand (Gujarat), one in Udaipur (Rajasthan), one in Himachal Pradesh, and another in Italy. These plants are equipped with advanced technology to ensure high-quality production standards.

Are there plans to expand your manufacturing capacity?

Yes, we are expanding our business with a significant new initiative, an advanced PCB (Printed Circuit Board) manufacturing plant in Sehore, near Bhopal. This will be India’s largest PCB manufacturing facility by a huge margin. The capacity we are building is nearly ten times larger than the next biggest PCB facility in India.

Why is Secure Meters entering PCB manufacturing?

India currently imports nearly 80 per cent of its PCB requirements, primarily from China. PCBs are crucial components in various industries, including consumer electronics, electric vehicles, and industrial automation. By setting up a domestic PCB manufacturing plant, we aim to reduce reliance on imports and strengthen India’s self-sufficiency in this critical segment.

What is the scale of investment in the new PCB plant?

The total investment for this project, across multiple phases, will be close to ?10 billion. Currently, we have acquired the land and completed ground levelling work. We are also constructing a water reservoir, as PCB manufacturing is highly water-intensive.

When is the expected commercial launch of the PCB plant?

The first phase is scheduled to be operational by January 2026. In this phase, we plan to produce approximately 50,000 sq m of PCBs. In the later phases, we intend to integrate backward into laminate manufacturing. Typically, PCBs are made from laminates, so by producing laminates in-house, we can enhance our control over quality and cost while further reducing reliance on imports.

How does this expansion align with India's semiconductor and electronics manufacturing push?

The semiconductor industry is critical, but PCB manufacturing itself represents a massive opportunity. Without high-quality PCBs, the electronics ecosystem cannot function effectively. Our entry into this space is part of the broader vision to make India a global hub for electronics manufacturing.

With increasing demand from the electric vehicle (EV) sector, industrial automation, and telecommunications, the need for reliable PCB production within India has never been more urgent. We believe that this initiative will significantly contribute to the country’s Make in India mission and position Secure Meters as a key player in the electronics supply chain.

What are your thoughts on the future of the electrical industry in India?

India is at a turning point where quality, reliability, and global competitiveness must take centre stage. The electrical and electronics industry has great potential, but we need to move beyond low-cost manufacturing and focus on innovation and quality.

The world is watching India, and we must rise to the occasion. Secure Meters is committed to leading this transformation, whether through smart metering, high-quality electrical components, or cutting-edge PCB manufacturing. We believe that by focusing on long-term value creation, we can contribute to making India a global leader in the power and electronics sector.