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Genus Power Infrastructures Limited — Q2 FY26
Genus Power delivered a strong Q2 FY26 with standalone revenue surging 136% YoY to ₹1,149 crore, driven by robust execution across multiple AMISP projects transitioning to operational phases.
bullish
high
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Genus Power delivered a strong Q2 FY26 with standalone revenue surging 136% YoY to ₹1,149 crore, driven by robust execution across multiple AMISP projects transitioning to operational phases. EBITDA more than tripled to ₹244 crore, with margins expanding 456 bps to 21.3% on operating leverage and cost control. PAT grew 162% to ₹148 crore. Management revised FY26 revenue guidance upward to ₹4,500 crore (from ₹4,000 crore) with 20% EBITDA margin, and guided FY27 revenue of ₹5,500-6,000 crore at similar margins. The order book stands at ₹28,758 crore (~3.6 crore meters). Key risks include potential delays in large tender finalizations (Tamil Nadu, Delhi, Punjab) and working capital intensity, though inventory days have reduced from 187 to 126. The company expects to become cash flow positive by FY27.
जीनस पावर ने वित्त वर्ष 2026 की दूसरी तिमाही में शानदार प्रदर्शन किया। कंपनी की कमाई 136% बढ़कर ₹1,149 करोड़ हो गई, जिसका कारण कई बड़े स्मार्ट मीटर प्रोजेक्ट्स का चालू होना है। मुनाफा 162% बढ़कर ₹148 करोड़ पहुंच गया। कंपनी ने इस साल की कमाई का अनुमान ₹4,000 करोड़ से बढ़ाकर ₹4,500 करोड़ कर दिया है, और अगले साल ₹5,500-6,000 करोड़ की उम्मीद है। कंपनी के पास ₹28,758 करोड़ के ऑर्डर हैं। हालांकि, तमिलनाडु, दिल्ली और पंजाब जैसे राज्यों में बड़े टेंडरों में देरी का जोखिम है। कंपनी का कर्ज कम हो रहा है और वित्त वर्ष 2027 तक वह नकदी लाभ में आ जाएगी।
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
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Risks
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Risk Intelligence
Delay in large tender finalizations
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Smart meters installed in Q2
19 lakh
+58% QoQ
Installed 19 lakh meters in Q2 FY26, up from 12 lakh in Q1 FY26 (implied).
Order book
₹28,758 crore
+3.6 crore meters
Order book as of Sep 2025 for ~3.6 crore meters, net of taxes.
Meters with operational go-live
40 lakh
+40 lakh cumulative
40 lakh meters have achieved operational go-live status, generating monthly revenue.
Working capital cycle (DSO)
126 days
-61 days vs Mar 2025
DSO reduced from 187 days (Mar 2025) to 126 days (Sep 2025).
What Changed vs Last Quarter
NEW
Working capital cycle reduction of 40-50 days every 6 months
Management expects working capital cycle to reduce by 40-50 days every six months, reaching 160-170 days by end of FY27.
NEW
Peak gross debt capped at ₹2,000-2,100 crore
Management stated that peak gross borrowing will not exceed ₹2,000-2,100 crore, with reduction starting from mid-FY28.
UPDATED
FY26 revenue guidance raised to ₹4,500 crore
Management revised FY26 revenue guidance upward from ₹4,000 crore to ₹4,500 crore, with EBITDA margin of 20%.
UPDATED
FY27 revenue guidance of ₹5,500-6,000 crore
For FY27, management guided revenue of ₹5,500-6,000 crore with EBITDA margin of 20%.
DROPPED
FY26 EBITDA margin guidance of 18%
EBITDA margin guidance of 18% for FY26, though Q1 came in at 21.2%.
DROPPED
FY26 installation target of 80-90 lakh smart meters
Target to install 80-90 lakh smart meters in FY26, with FY27 target of 1.1-1.2 crore meters.
DROPPED
Cash flow positive by FY26 end
Management expects to turn cash flow positive from operations by the end of FY26.
NEW RISK
Delay in large tender finalizations
Tenders for ~4 crore meters (Tamil Nadu, Delhi, Punjab) are under technical evaluation; delays could impact order inflow.
NEW RISK
Dependence on imported latching relays
Management confirmed latching relays are imported from China, exposing the company to supply chain and tariff risks.
RISK GONE
Consumer pushback on smart meter installations
Analyst raised concerns about public resistance in cities like Mumbai; management dismissed as temporary and highlighted consumer benefits.
RISK GONE
ED raid uncertainty
An analyst asked about potential obligations from an ED raid; management stated no communication from department in 7 months and no impact seen.
Fast read
Guidance and risk preview
Management revised FY26 revenue guidance upward from ₹4,000 crore to ₹4,500 crore, with EBITDA margin of 20%.
Tenders for ~4 crore meters (Tamil Nadu, Delhi, Punjab) are under technical evaluation; delays could impact order inflow.
View Risks →