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    Genus Power

    GENUSPOWER
    Capital Goods·19 May 2026
    Management Summary

    Genus Power reported strong Q4 and FY26 results, driven by robust execution in smart metering projects, leading to significant revenue and profit growth. The company's order book provides substantial long-term visibility, and working capital management has improved. However, future margin guidance is tempered by raw material price volatility, and cash flow is expected to turn positive only by FY28 due to ongoing project investments.

    Highlights

    7

    • Q4 FY26 standalone revenue stood at ₹1,524 crores, representing a strong growth of 63% YoY and 36% sequentially.

    • FY26 standalone revenue grew 94% YoY to ₹4,738 crores, driven by accelerated project implementation.

    • FY26 EBITDA grew 104% YoY to ₹960 crores, with EBITDA margin improving by 102 bps to 20.3%.

    • FY26 PAT grew 106% YoY to ₹605 crores, with PAT margins at 12.8%.

    • Crossed installation of more than 1 crore meters under the RDSS program, reinforcing market leadership.

    • Total order book, including SPV and GIC platform, stands at approximately ₹25,173 crores, providing strong long-term revenue visibility.

    • Debtors days reduced from 187 days (Mar 2025) to 89 days (Mar 2026), and total working capital days reduced from 343 to 274 days.

    Concerns

    4

    • Q4 FY26 saw moderation in gross margins due to a change in product mix (higher contribution from project business with elevated raw material consumption) and exchange rate fluctuations.

    • Net debt increased by ₹968 crores YoY to ₹1,573 crores as of March 31, 2026, primarily from short-term loans.

    • FY27 EBITDA guidance reduced to 18% (from 20.3% in FY26) due to anticipated surge in raw material prices and fixed-price contracts.

    • Cash flow is expected to be 'a little negative' for FY27, with positive cash flow only projected by Q1/Q2 FY28.

    Key financials

    Metrics

    10

    Periods

    3

    Headline

    2
    • Debtors Days
      89 days
    • Working Capital Days
      274 days

    Q4 FY26

    3
    • Revenue
      ₹1,524 Cr
      YoY+63%QoQ+36%
    • EBITDA
      ₹284 Cr
      YoY+36%
    • PAT
      ₹181 Cr
      YoY+41%

    FY26

    5
    • Revenue
      ₹4,738 Cr
      YoY+94%
    • EBITDA
      ₹960 Cr
      YoY+104%
    • EBITDA Margin
      20.3%
    • PAT
      ₹605 Cr
      YoY+106%
    • PAT Margin
      12.8%

    Order Book

    high confidence

    Total Value

    ₹ 25,173 crores

    as of 2026-03-31

    quantified

    Execution

    Concession periods extending over 8 to 9 years for AMISP projects.

    Composition

    Mix3 contract types
    • Platform (AMISP projects)91.4%
    • Platform Capex63.6%
    • Platform Opex27.8%

    Share of order book by contract type · partial disclosure (182.7% of book)

    Pipeline

    qualified rfp

    Tenders for 9 crore meters expected in FY27, with 4 crore meters in pipeline. Total market opportunity of 31-32 crore smart meters, with 15 crore tendered so far.

    "Genus Power maintains a strong order book with long-term revenue visibility, driven by AMISP projects and a growing pipeline in smart metering, gas, and water meters."

    Source:
    Prepared remarks

    Capital allocation

    4
    high confidence
    CategoryHeadline
    Capex

    ₹20 crores

    Debt

    Net ₹1,573 crores

    M&A

    Joint Venture Platform and SPVs with GIC

    joint venture · Other · Consideration ₹NaN (mixed)

    Liquidity

    Cash ₹719 crores

    Cash and cash equivalents in the form of fixed deposits and other current investments.

    Guidance & targets

    10
    CategoryTargetPriority
    Revenue
    Standalone Revenue
    ₹6,000-6,500 crores
    		High
    Revenue
    Export Revenue
    ₹500 crores
    		Medium
    Revenue
    O&M Revenue
    ₹800-900 crores per year
    		Medium
    Profitability
    EBITDA Margin
    18%
    		High
    Capex
    Regular Capex
    ₹10-20 crores
    		High
    Volume
    Meter Installations
    >1 crore meters
    		High
    Market Opportunity
    Gas Metering Market Size
    ₹35,000-36,000 crores
    		High
    Working Capital
    Working Capital Days
    50-75 days reduction
    		Medium
    Cash Flow
    Operating Cash Flow
    Positive
    		High
    Debt
    Peak Net Debt
    ₹1,900-2,000 crores
    		High

    Working Capital Days Improvement

    FY27
    Current274 days (Mar 2026)
    TargetReduction by 50-75 days

    Why it matters

    Improvement in working capital days is crucial for enhancing cash flow and reducing the company's debt burden.

    We expect improvement of another 50 to 75 days in this current year.

    How to verify

    key_financials.metrics[label='Working Capital Days']

    Risks & concerns

    3
    RiskSeverity

    Raw Material Price Volatility

    Anticipated surge in raw material prices (due to war, petroleum prices, chips) will impact margins as contracts are fixed-price, leading to a reduction in FY27 EBITDA guidance. — Management acknowledged

    high

    Working Capital Intensity

    Rapid growth and simultaneous execution of multiple large-scale projects require elevated working capital investments, particularly in inventory and field deployment, leading to negative operating cash flow in FY26. — Management acknowledged

    medium

    Project Execution Delays

    The RDSS program timeline has been extended till 2028, requiring adherence to the revised schedule for project completion. — Management acknowledged

    low

    Q&A highlights

    7

    “So overall market is understood well. So as on date, we expect 31 crores to 32 crores consumer base of meters in the country, out of which around 15 crores has already been tendered and 7 crores has been installed. So there are more than 24 crores to 25 crores smart meters to be installed in this country, which is remaining. And 15 crores has been already tendered and further, there are tenders of around 5 crores which are already out and more than 4 crore tenders are in the pipeline. So we expect in this financial year tenders of 9 crore meters will be out and remaining quantities will come in the subsequent years. So this is how we see the whole market. And when it comes to market share, we are confident that whatever the market share we have been maintaining till today, we will definitely be able to maintain our market share.”

    Clarifies the remaining market opportunity for smart meters in India and management's confidence in maintaining its market share amidst future tendering.

    asked by Aditya Welekar, Axis Securities

    2 min read6 chapters

    Detailed Narrative

    01

    Robust FY26 Performance Driven by Smart Metering

    Genus Power delivered a strong performance in FY26, with standalone revenue surging 94% year-on-year to ₹4,738 crores. This growth was underpinned by accelerated project implementation in smart metering, with the company crossing 1 crore meter installations under the RDSS program. EBITDA for FY26 grew 104% to ₹960 crores, resulting in a 102 basis points expansion in EBITDA margin to 20.3%, while PAT increased 106% to ₹605 crores.

    02

    Significant Order Book and Long-Term Visibility

    As of March 31, 2026, Genus Power's total order book, including its SPV and GIC platform, stood at ₹25,173 crores. This substantial order book provides strong long-term revenue visibility, with concession periods extending over 8 to 9 years for AMISP projects. The order book composition includes ₹16,000 crores for capex and ₹7,000 crores for opex from the platform, alongside ₹2,000 crores from regular meter orders.

    03

    Improving Working Capital and Cash Flow Outlook

    The company demonstrated significant improvements in working capital management, with debtors days reducing from 187 days in March 2025 to 89 days in March 2026. Total working capital days also decreased from 343 to 274 days. While rapid project execution led to elevated working capital investments and negative operating cash flow in FY26, management expects working capital intensity to normalize, projecting positive cash flow by the first half of FY28.

    04

    FY27 Guidance Reflects Margin Pressures

    For FY27, Genus Power has guided for standalone revenue between ₹6,000-6,500 crores. However, the EBITDA margin guidance has been moderated to 18% from FY26's 20.3%. This adjustment accounts for an anticipated surge in raw material prices and exchange rate fluctuations, which the company will absorb due to its fixed-price contracts. No major capex is planned for FY27, with only ₹10-20 crores allocated for regular maintenance.

    05

    Strategic Investments in JV Platform and New Market Opportunities

    Genus Power continues to strategically invest in its joint venture platform with GIC, having already invested ₹487 crores and planning an additional ₹600-700 crores over the next two years. Beyond smart electricity meters, the company is actively exploring adjacent growth opportunities in smart gas meters, a market estimated at ₹35,000-36,000 crores over the next 3-4 years, and smart water meters, which are seen as a significant long-term opportunity.

    06

    R&D Focus and Technological Leadership

    The company highlights its strong R&D capabilities, with dedicated teams of over 300 in device R&D and 250 in software development. This focus enables the development of proprietary RF mesh solutions and integrated AMISP capabilities, positioning Genus Power as a technology-driven solutions provider. This strategic emphasis on R&D is crucial for leveraging smart meter data to create value-added services and maintain a competitive edge in the evolving energy sector.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.