Genus Power Infrastructures Ltd(GENUSPOWER)

NSE: GENUSPOWERBSE: 530343

₹ 259-0.25%refreshed 26 Oct, 10:15 am ISTMarket cap: ₹ 7,880 crWebsite: www.genuspower.comUpdated: 24 Oct 2026

About

Genus Power Infrastructures Ltd is India's leading smart metering company, manufacturing electricity meters and executing Advanced Metering Infrastructure Service Provider (AMISP) projects under the government's RDSS programme. In FY26 the company reported standalone revenue of ₹4,738 crore, up 94% year-on-year, and held a total order book of ₹25,173 crore as of March 2026. With a 22 - 23% share of awarded RDSS smart meter volumes in FY26, Genus ranks among the top two AMISP operators in India by cumulative installations.^[1][2]

Order book

Total order book, including all SPVs and the GIC JV platform, stood at ₹25,173 crore net of taxes as of March 2026, down from ₹27,217 crore at December 2025 and ₹29,321 crore at June 2025, as execution consumed backlog.^[1][3][4]
Of the ₹25,173 crore order book at March 2026, ~₹23,000 crore relates to the GIC platform (roughly ₹16,000 crore capex/supply and the remainder opex/O&M); ~₹2,000 crore covers exports, gas meters, water meters, other AMISPs and utility sales.^[1]
All 24 AMISP projects linked to the 3.61 crore awarded meters achieved Operational Go-Live (OGL) status by March 2026, providing long-term cash flow visibility over 8 - 9 year concession periods.^[1]
Order book revenue split: approximately ₹16,000 crore from supply and installation (flowing over ~3 years) and ~₹7,000 crore from O&M over the following 6 - 7 years.^[4]

Manufacturing capacity and operations

Annual manufacturing capacity exceeds 18 million meters across integrated facilities in Jaipur, Haridwar, and the recently commissioned Guwahati plant, as of March 2026.^[1][3]
Total meter production in 9MFY26 was 1.3 crore meters, of which 98 lakh were smart meters.^[3]
A new injection moulding plant was being set up at Kotputli, Rajasthan, with 40 machines in Phase 1 expected operational by end of FY26, to supply plastic components for meter manufacturing.^[5]

Key operating numbers

Cumulative RDSS smart meter installations under own AMISP projects reached 87 lakh by March 2026; Q4FY26 alone contributed ~30 lakh meters, up from 23.3 lakh in Q3FY26 and 16 lakh in Q1FY26.^[1][3][4]
AMISP market share was 22 - 23% of RDSS awarded volumes in FY26; the company was neck-to-neck with Adani by cumulative installations as of February 2026.^[1][3]
Recurring O&M (annuity) revenue was approximately ₹150 crore in FY26, triggered by meters reaching OGL status; management expects this to grow to ₹800 - 900 crore per annum within 2 - 3 years on the current order book alone.^[1]
Total working capital days (including unbilled) fell from 343 days at March 2025 to 274 days at March 2026; debtor days more than halved from 187 days to 89 days over the same period.^[1]

GIC joint venture platform

Genus holds a 26% stake in the GIC JV platform, which owns the AMISP SPVs; ~80% of AMISP platform revenue accrues directly to Genus over each project's lifecycle.^[5][4]
Total Genus investment in the GIC platform is capped at ≤₹1,100 crore through FY28, revised down from an earlier ₹1,600 - 1,700 crore estimate; ₹318 crore had been invested as of Q2FY26.^[5]
Additional GIC JV platform investment of ₹600 - 700 crore is planned over FY27, FY28 and Q1FY29.^[1]

Adjacent products and export markets

Smart gas meter order book was ₹15 - 20 crore and smart water meter order book was ~₹15 crore as of Q3FY26; both are nascent but growing.^[3]
India's gas meter addressable market is estimated at ₹35,000 - 36,000 crore over 3 - 4 years under a 12-crore meter PNG installation mandate.^[1]
Export target is ₹500 crore revenue within 2 - 3 years; products for Australia are approved and meaningful revenue was expected by end of December 2026; export markets also include ANZ, Middle East, Southeast Asia and Africa.^[1][4]

Expansion and capex

No major manufacturing capex is planned for FY27; only routine maintenance capex of approximately ₹10 - 20 crore for dies, moulds and similar items.^[1]
New RDSS tenders expected in FY27 total approximately 9 crore meters from Haryana, Madhya Pradesh, Punjab, Tamil Nadu, Delhi, West Bengal and Kerala.^[1]

Recent developments

Genus crossed 1 crore cumulative smart meter installations under RDSS in FY26 - a milestone it announced in February 2026 - placing it among the top two AMISP operators by volume.^[1][3]
FY26 standalone revenue of ₹4,738 crore beat the company's own guidance of ₹4,500 crore; FY27 revenue guidance was subsequently raised to ₹6,000 - 6,500 crore, with EBITDA margin guided at 18% (revised down from a prior 20% target due to commodity cost and forex pressures).^[1]
Net debt rose to ₹1,573 crore at March 2026 (up ₹968 crore year-on-year); peak net debt is expected at approximately ₹1,900 - 2,000 crore before declining from FY28 onwards.^[1]
Q4FY26 gross margin fell to 36.0% from 40.6% in Q4FY25, driven by a higher mix of project-phase revenue with elevated hardware, software and infrastructure costs, and exchange rate pressure on imported meter components.^[1]

Market Cap

₹7,880 Cr

High / Low

₹359 / 204

Stock P/E

12.1

Price / Book

3.6

Book Value

₹73

EPS

₹19.5

No. of Shares

30.42 Cr

ROCE

24.6%

ROE

29.0%

OPM

19.3%

Debt / Equity

1.04

Sales

₹4,751 Cr

Net Profit

₹592 Cr

Promoter holding

39.3%

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Genus Power Infrastructures Ltd(GENUSPOWER)

About

Order book

Manufacturing capacity and operations

Key operating numbers

GIC joint venture platform

Adjacent products and export markets

Expansion and capex

Recent developments

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