Detailed Narrative
Strong Financial Performance in FY25
Genus Power reported a landmark FY25, with standalone revenue more than doubling to ₹2,442 crores from ₹1,201 crores in the previous year. EBITDA surged 247% YoY to ₹470 crores, expanding the margin by 797 basis points to 19.2%. Profit after tax for the year grew nearly 4 times to ₹298 crores, reflecting robust financial performance and strategic execution strength.
Robust Order Book and Revenue Visibility
As of March 31, 2025, the company's order book stood at ₹30,110 crores (net of taxes), covering projects across multiple SPVs and the GIC Platform. These concessions span 8 to 10 years, providing clear multi-year revenue visibility. Management indicated that approximately 60% of this order book's revenue will be realized in the next 3 years, with the remainder over the 8-10 year period.
Strategic Focus on Smart Metering and RDSS Scheme
The strong performance was primarily driven by tailwinds from the nationwide smart metering rollout under the RDSS scheme. The company's end-to-end model, from in-house manufacturing to software integration, has been validated. Genus Power is positioned as a forward-integrated technology-enabled AMISP, leading India's smart grid revolution.
Working Capital Management and Operational Efficiency
The working capital position experienced temporary elongation during the ramp-up phase, a trend management had foreseen. However, with more projects moving into stable operational phases, gradual normalization is expected over the coming quarters. Management anticipates an improvement in debtors days by 20-30 days, contributing to positive cash flows.
Capacity Expansion and Technology Investments
The company's manufacturing capacity has reached 15 million meters. FY25 capex was approximately ₹150 crores, allocated to capacity increase, automation, and in-house software development. For FY26-FY27, capex is projected to be around ₹25 crores, focusing on technology and automation rather than pure capacity enhancement.
Demerger and Value Creation
The Honorable NCLT, Allahabad Bench, sanctioned the Scheme of Arrangement for the demerger of the Strategic Investment Business into Genus Prime Infra Limited. This strategic move is expected to enhance focus, improve capital allocation, and unlock value for shareholders. Management clarified that promoter pledge shares reflect a commitment to the GIC Platform, not actual encumbrance.
Outlook and Guidance for FY26
For FY26, Genus Power is targeting a top line of ₹4,000 crores, representing almost 60% YoY growth, with an EBITDA margin of 18%. The company expects to install 7 million to 8 million meters in FY26. New tender activity, which had moderated, is expected to resume, with ₹27,300 crores worth of tenders currently open for bidding in the next 3-4 months.