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Revenue
₹1,122 Cr
verified against source
Revenue YoY
86%
reported change
EBITDA
₹232 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 strong Q3 FY26 with standalone revenue of ₹1,122 crore (+86% YoY) and PAT of ₹148 crore (+117% YoY), driven by sustained execution under the RDSS framework. EBITDA margin improved to 20.7% on operating leverage. The company commissioned ~23.3 lakh smart meters in Q3, taking 9-month installations to ~58 lakh, and expects 80-90 lakh meters for FY26. Order book stands at ₹27,000 crore (2.75 crore meters), providing multi-year visibility. Management guided for FY27 revenue of ₹6,000 crore and 1 crore meter installations. Key risks include potential margin pressure from competitive bidding and delays in new tenders from Tamil Nadu and other states due to elections. The company remains confident of maintaining market share and achieving positive cash flow by FY27 end.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated revenue guidance of ₹6,000 crore for FY27, driven by strong order book and execution ramp-up.
- Company targets installing at least 1 crore smart meters in FY27 under its own AMISP projects.
- Gross debt expected to peak at ₹2,100-2,200 crore in FY27, with no further increase thereafter.
- Company aims to become cash flow positive by the end of FY27, with improvements expected each quarter.
Risks flagged
- Management declined to comment on future margin trends, citing the tendering nature of the business, which could lead to margin compression.
- Key tenders from Tamil Nadu (30 million meters) and other states may be delayed due to elections, impacting order book replenishment.
- Company received an ED notice in December 2024; no further developments, but the matter remains unresolved and could pose regulatory risk.
- Inventory days increased by 10 days QoQ, and gross debt stood at ₹1,975 crore, near peak levels, indicating high working capital needs.
Key quotes
- We are not revising any guidance. We are not for FY26 also and FY27 also.
- Genus is focusing not only as a AMISP supplier, it is also focusing as a technology provider.
- We are very sure that there will be a positive cash flow by the end of FY27.
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