Genus Power — Q3 FY26 earnings call

Call held 11 Feb 2026

Management summary

Genus Power reported a strong Q3 and nine-month FY26 performance, driven by robust execution of its AMISP portfolio. The company achieved significant revenue and profit growth, supported by expanding EBITDA margins and a substantial order book of INR 27,000 crores. While Q3 saw slight sequential moderation due to festive seasons, management remains confident in accelerated rollout and achieving its FY26 and FY27 targets, including becoming cash flow positive by FY27.

Highlights

  • Strong Q3 FY26 standalone revenue growth of 86% YoY to INR 1,122 crores, driven by execution momentum.

  • EBITDA nearly doubled YoY to INR 232 crores with a healthy margin of 20.7%, reflecting operating leverage and cost management.

  • Nine-month FY26 revenue grew 114% YoY to INR 3,214 crores, with PAT up 157% YoY to INR 424 crores.

  • Order book of INR 27,000 crores as of December 31, 2025, provides 8-10 years of revenue visibility, with 80% accruing directly to Genus.

  • Achieved Operational Go-Live (OGL) for 16 AMISP projects covering 2.5 crore smart meters, enhancing long-term cash flow visibility.

Concerns

  • Q3 FY26 revenue saw marginal sequential moderation due to festive season-related factors slowing installation activity.

  • Inventory days increased by 10 days, though debtor days improved, keeping overall working capital days similar to the previous quarter.

  • Finalization of large tenders like Tamil Nadu (3 crore meters) is dependent on elections and may take 4-6 months.

Key financials

2 periods

Q3 FY26

  • Standalone Revenue
    ₹1,122 Cr
    YoY +86%
  • EBITDA
    ₹232 Cr
  • EBITDA Margin
    20.7%
  • PAT
    ₹148 Cr
    YoY +117%

9M

  • FY26 Revenue
    ₹3,214 Cr
    YoY +114%
  • FY26 EBITDA
    ₹676 Cr
    YoY +159%
  • FY26 EBITDA Margin
    21.3%
  • FY26 PAT
    ₹424 Cr
    YoY +157%

What they filed

Q1 FY27: revenue up 44.9%, net profit up 43.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue487 604 937 942 1,149 +136%1,122 +86%1,537 +64%1,365 +45%
EBITDA81 93 196 199 234 +189%212 +128%267 +36%260 +31%
Net profit83 57 123 137 143 +72%140 +146%172 +40%197 +44%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Order book

high confidence

Total value

₹27,000 Cr

as of 2025-12-31 quantified

Execution

multi-year execution and annual revenue visibility over 8 to 10 years concession periods.

Composition

  • AMISP Smart Meters (product)

Pipeline

L1 awaiting loa

Total live tenders (out, quoted, or to be quoted) for 50 million meters, including 3 crore from Tamil Nadu, 5 million from BSES, and 5 million from MP.

The company has a strong order book providing long-term revenue visibility and is actively monitoring upcoming tender opportunities under RDSS, while also developing new markets in gas, water meters, and exports.

Source: Prepared remarks

Capital allocation

high confidence
  • Capex ₹1,000 Cr
    • Investment in GIC Platform ₹223 Cr
    So recently I told that as on 31st December, the total investment in the Platform is INR223 crores, and we again confirmed that it won't go more than INR1,100 crores till '28.
  • Debt Gross ₹1,975 Cr
    And you asked about the total gross debt. It is INR1,975 as on 31st December 2025.
  • Liquidity Liquidity disclosed Debtor days improved by 10-15 days, inventory days increased by 10 days, resulting in overall working capital days similar to the previous quarter. Cash reserves are not very high as most cash is deployed in working capital.
    So I recently confirmed that it is almost at the same level - because there is a reduction in debtor days but there is a increase in inventory days. So, debtor days is reduced by 10 to 15 days but inventory days is up by 10 days. So the number of days is same as it was on 30th of September.

Guidance & targets

Volume

  • Smart Meters Commissioned Volume · FY26 · High confidence 80-90 lakh
    Building on this trajectory, we expect to commission approximately 80 to 90 lakh smart meters during FY26

    — Kailash Agarwal

  • Smart Meters Installed (own AMISP) Volume · FY27 · High confidence at least 1 crore
    Next financial year, we will be installing at least 1 crore meters, which is the guidance we have been giving we have given in the last con call also. We maintain the same.

    — Jitendra Agarwal

Revenue

  • Revenue Revenue · FY27 · High confidence INR 6,000 crores
    And in revenue guidance, we gave a guidance of INR6,000 crores. So we maintain the same.

    — Jitendra Agarwal

Capex

  • Investment in GIC Platform Capex · FY26-FY28 · High confidence INR 1,000-1,100 crores
    So recently I told that as on 31st December, the total investment in the Platform is INR223 crores, and we again confirmed that it won't go more than INR1,100 crores till '28.

    — Kailash Agarwal

Debt

  • Peak Gross Debt Debt · FY27 · High confidence INR 2,100-2,200 crores
    Peak debt number we will reach is around INR2,200 crores, INR2,100 crores.

    — Kailash Agarwal

Growth

  • Continuous Growth Growth · next 5 years · High confidence Continuous growth
    So next five years, we see a continuous growth of the company with the existing business itself.

    — Kailash Agarwal

Capacity

  • Manufacturing Capacity Utilization Capacity · next financial year · High confidence 80%
    So I expect this 18 million capacity will be sufficient and I would say 80% of the capacity surely should be utilized in next financial year.

    — Jitendra Agarwal

Market context

  • Cash Flow Positive Cash Flow · by end of FY27 · High confidence Positive
    And we are very sure that there will be a positive cash flow by the end of FY '27.

    — Kailash Agarwal

What to watch in Q4 FY26

Smart Meter Installation Pace

next quarter
Current 23.3 lakh meters installed in Q3 FY26
Target Acceleration from Q4 FY26 onwards

Why it matters

To verify the company's ability to meet its FY26 commissioning target of 80-90 lakh smart meters.

the pace of installation will accelerate from Q4 onwards as several large RDSS contracts have moved into active rollout.

Risks & concerns

  • ED raid in December 2024

    low

    Management stated no further development, no notice, and no impact on operations since the raid.

    Analyst downplayed

Q&A highlights

7 direct
Tendering pipeline update and timelines for new orders Direct
So as on date, tenders which are already out, quoted, or to be quoted is to the tune of 50 million meters. ... the biggest tender is from Tamil Nadu, which is 30 million meters and we expect that to be finalized only after the elections and all, because Tamil Nadu is having an election very soon. So it may take some more time, maybe four to six months.

Clarified the current unsigned tender pipeline and potential delays for large orders due to political factors, impacting future order book conversion.

Asked by Aditya

Development of gas, water meter, and export markets Direct
In India, the total addressable market for the gas meter is 12 crore meters as per the current data. So these 12 crore meters, we see them happening in next six to seven years. So it will give a reasonable market size. Water meter is in the very nascent stage. Right now the order book is just INR15-INR20 crores for gas meters and around INR15 crores for water meters, which is very small, but it is picking up. ... you will see a very reasonable market of around INR500 crores happening after two to three financial years.

Provided specific market sizes and current order book figures for new diversification areas, indicating future growth drivers beyond electricity meters.

Asked by Aditya

Confidence in long-term growth beyond FY28 Direct
So, here we have to understand that still a business of almost INR1,20,000 crores has to come, in next two years. Almost 15 crore meters business has still to come. Tendering has still to happen or the tenders is live. And Genus is confident of keeping its market share.

Reiterated strong confidence in sustained growth for the next five years, citing the large remaining market potential and the company's ability to maintain market share.

Asked by Vaibhav Mishra

Margins of new tenders Partial
So that's very difficult to say. It is difficult to comment on that. It's a tendering business. How the things move, will work on that. We give a estimates of margin every year.

Management was cautious about providing specific margin guidance for future tenders, highlighting the competitive and dynamic nature of the tendering business.

Asked by Vaibhav Mishra

Smart meter production, installation, and OGL numbers for Q3 and 9M FY26 Direct
So in quarter three, we have installed 23.3 lakh meters. ... Production in nine months we have done 1.3 crore meters, and because this includes non-AMISP meters also... So in total in nine months we've produced 1.3 crore meters. ... in this 1.3 crore meters, 98 lakh meters are smart meters. ... Till 31st Jan, 16 projects out of 24 have gone live. In total order book, it covers around 2.5 crore meters, but in terms of number of meters which are already installed and operational go-live (OGL), it covers around 70 lakh meters.

Provided detailed operational metrics for the quarter and nine months, including installation, production, and OGL status, which are key indicators of execution pace.

Asked by Bhavin Chheda

Update on the ED raid from December 2024 Direct
Regarding your second question, basically, company was searched in December '24. And after that, there is no further development to the company. Company has cleared in the press release also that company has not received any notice or show cause notice or any summons from the department yet. And if anything happens, we will inform to the investors surely. And company is well compliant, and it is not affecting any of the operations of the company, that you can see with the results also.

Addressed a significant regulatory concern, stating no adverse developments and no impact on operations, which is crucial for investor confidence.

Asked by Niraj

Working capital management and target to become cash flow positive by FY27 Direct
So, we are very well placed on that. Every quarter we are seeing the improvements and all and we have still five quarters in our hand for all these improvements. And we are very sure that there will be a positive cash flow by the end of FY '27.

Reaffirmed the commitment to achieve positive cash flow by FY27 and highlighted ongoing improvements in working capital, addressing a key financial health metric.

Asked by Rishikesh

Comparison of smart meter installations with Adani Energy Solutions Direct
Yes, Genus is releasing the press note today only. We have also crossed the 1 crores meter mark. So we are neck to neck with Adani in terms of number of installations.

Indicated the company's competitive position in smart meter installations, matching a major player like Adani.

Asked by Rajesh Vora

2 min read 7 chapters

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.

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