Betting on the surge in smart meters in the country, Polaris Smart Metering has committed close to Rs 4,500 crore in capital by 2027 across manufacturing, project execution and a new battery energy storage business, while also exploring an IPO as part of its next growth phase. The company is set to commission a new 250,000 square feet manufacturing facility — Polaris Nova — in Rajasthan by December 2026, doubling annual smart meter production capacity from 5 million units to 10 million units — positioning it as the largest single metering plant in India.