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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹942 Cr
verified against source
Revenue YoY
128%
reported change
EBITDA
₹199 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Genus Power delivered a stellar Q1 FY26 with standalone revenue surging 128% YoY to ₹942 crore, driven by accelerated smart meter execution. EBITDA tripled to ₹199 crore, with margins expanding 590 bps to 21.2% on operating leverage. PAT more than tripled to ₹128 crore. The order book stands at ₹29,321 crore (net of taxes), providing 8-10 year revenue visibility. Management maintained FY26 guidance of ₹4,000+ crore revenue and 18% EBITDA margin, but hinted at a likely upward revision post Q2. Key risks include working capital intensity during the pre-operational phase and potential consumer pushback on installations, though management downplayed these concerns. The company expects to be cash flow positive by FY26 end.
Colored figures show movement against the previous available record.
Guidance to track
- Management maintained FY26 revenue guidance of over ₹4,000 crore, with potential upward revision after Q2.
- EBITDA margin guidance of 18% for FY26, though Q1 came in at 21.2%.
- Target to install 80-90 lakh smart meters in FY26, with FY27 target of 1.1-1.2 crore meters.
- Management expects to turn cash flow positive from operations by the end of FY26.
Risks flagged
- Working capital days remain elevated due to upfront investments; management targets improvement to ~40% of sales from current >60%.
- Analyst raised concerns about public resistance in cities like Mumbai; management dismissed as temporary and highlighted consumer benefits.
- An analyst asked about potential obligations from an ED raid; management stated no communication from department in 7 months and no impact seen.
- Management acknowledged Q1 and Q2 are slower due to summer and rains, which could impact installation pace.
Key quotes
- We have installed around 16 lakh smart meters in Q1.
- We remain confident in delivering our FY26 guidance of over 4,000 cr in revenue and 18% EBITDA margin.
- Smart meter is no more a luxury, it's a necessity.
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