Detailed Narrative
Q3 & 9M FY26 Performance Overview
Genus Power delivered a strong Q3 FY26, with standalone revenue reaching INR 1,122 crores, an 86% YoY increase. EBITDA nearly doubled to INR 232 crores, achieving a 20.7% margin. For the nine months ended December 31, 2025, revenue stood at INR 3,214 crores (up 114% YoY), EBITDA at INR 676 crores (up 159% YoY with a 21.3% margin), and PAT at INR 424 crores (up 157% YoY).
Robust Order Book & Market Opportunity
The company's order book as of December 31, 2025, is INR 27,000 crores, primarily from AMISP projects, offering 8-10 years of revenue visibility with 80% directly accruing to Genus. The total addressable market for electricity meters in India is 30-31 crore, with 25 crore still remaining. Additionally, new tenders for 50 million meters are currently live or awaiting quotation, including a significant 3 crore meter tender from Tamil Nadu.
Accelerated Smart Meter Rollout & OGL Status
Genus installed 23.3 lakh meters in Q3 FY26, contributing to 98 lakh smart meters produced in 9M FY26. The company achieved Operational Go-Live (OGL) status for 16 AMISP projects covering 2.5 crore smart meters, with 70 lakh meters under OGL as of January 31, 2026. This milestone enables invoicing and reinforces cash flow visibility, with monthly rental revenue from these 70 lakh meters expected to start from April.
Diversification into New Growth Avenues
Beyond electricity meters, Genus is actively developing gas and water meter markets. The gas meter market has a potential of 12 crore meters, with current orders of INR 15-20 crores, while the nascent water meter market has INR 15 crores in orders. The company also anticipates INR 500 crores from export markets within the next 2-3 financial years, indicating a strategic focus on expanding its product and geographic footprint.
Capital Allocation & Debt Management
Genus has invested INR 223 crores in its Platform as of December 31, 2025, with a total commitment of INR 1,000-1,100 crores for FY26-FY28. Gross debt stood at INR 1,975 crores as of December 31, 2025, with a projected peak gross debt of INR 2,100-2,200 crores in FY27. Management expects to manage debt effectively while scaling operations.
Working Capital & Cash Flow Outlook
While inventory days increased by 10 days, debtor days improved by 10-15 days, maintaining overall working capital days similar to the previous quarter. Management is confident in achieving positive cash flow by the end of FY27, driven by improved operating leverage and disciplined cost management. The company aims for continuous improvements in its working capital cycle.
Regulatory & Operational Updates
The company addressed the December 2024 ED raid, confirming no further developments or notices, and asserting that operations remain unaffected. Management expects the pace of installation to accelerate from Q4 FY26, driven by seasonally favorable conditions, a larger base of OGL-enabled projects, and accelerated rollout across key states.