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Genus Power Infrastructures Limited — Q3 FY26
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.
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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.
जीनस पावर ने वित्त वर्ष 2026 की तीसरी तिमाही में शानदार प्रदर्शन किया। कंपनी की कमाई 1,122 करोड़ रुपये रही, जो पिछले साल से 86% ज्यादा है। मुनाफा 148 करोड़ रुपये रहा, जो 117% बढ़ा। यह सरकार की स्मार्ट मीटर योजना (RDSS) के तहत काम करने से हुआ। कंपनी ने इस तिमाही में 23.3 लाख स्मार्ट मीटर लगाए और 9 महीने में कुल 58 लाख मीटर लगा दिए। पूरे साल 80-90 लाख मीटर लगाने का लक्ष्य है। कंपनी के पास 27,000 करोड़ रुपये के ऑर्डर हैं, जो आने वाले सालों के लिए काम सुनिश्चित करते हैं। अगले साल 6,000 करोड़ रुपये की कमाई और 1 करोड़ मीटर लगाने की योजना है। जोखिम यह है कि नीलामी में कड़ी प्रतिस्पर्धा से मुनाफा कम हो सकता है और चुनावों के कारण नए ऑर्डर मिलने में देरी हो सकती है। फिर भी, कंपनी को अपनी बाजार हिस्सेदारी बनाए रखने और अगले साल तक नकदी प्रवाह सकारात्मक करने का भरोसा है।
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Margin pressure from competitive bidding
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Smart meters installed in 9M FY26
58 lakh
+93% YoY
Cumulative installations in 9 months FY26, up from ~30 lakh in 9M FY25.
Order book value
₹27,000 crore
flat QoQ
Order book as of Dec 31, 2025, covering ~2.75 crore smart meters under AMISP contracts.
Operational go-live meters
70 lakh
+75% QoQ
Meters under OG status as of Jan 31, 2026, enabling rental revenue after 3 months.
Manufacturing capacity utilization
80%
flat YoY
Expected utilization of 18 million meters annual capacity in FY27.
What Changed vs Last Quarter
NEW
FY27 meter installation target of 1 crore
Company targets installing at least 1 crore smart meters in FY27 under its own AMISP projects.
NEW
Positive cash flow by end of FY27
Company aims to become cash flow positive by the end of FY27, with improvements expected each quarter.
UPDATED
FY27 revenue guidance of ₹6,000 crore
Management reiterated revenue guidance of ₹6,000 crore for FY27, driven by strong order book and execution ramp-up.
UPDATED
Peak gross debt of ₹2,100-2,200 crore by FY27
Gross debt expected to peak at ₹2,100-2,200 crore in FY27, with no further increase thereafter.
DROPPED
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 RISK
Margin pressure from competitive bidding
Management declined to comment on future margin trends, citing the tendering nature of the business, which could lead to margin compression.
NEW RISK
Delay in new tender awards
Key tenders from Tamil Nadu (30 million meters) and other states may be delayed due to elections, impacting order book replenishment.
NEW RISK
ED investigation overhang
Company received an ED notice in December 2024; no further developments, but the matter remains unresolved and could pose regulatory risk.
RISK GONE
Delay in large tender finalizations
Tenders for ~4 crore meters (Tamil Nadu, Delhi, Punjab) are under technical evaluation; delays could impact order inflow.
RISK GONE
Dependence on imported latching relays
Management confirmed latching relays are imported from China, exposing the company to supply chain and tariff risks.
RISK GONE
Execution slowdown in Maharashtra due to elections
Analyst noted potential slowdown in Maharashtra due to municipal elections; management acknowledged minor field issues.
🤫 Topics management stopped discussing
Mentioned in Q1 FY26, Q2 FY26
Analyst noted potential slowdown in Maharashtra due to municipal elections; management acknowledged minor field issues.
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Guidance and risk preview
Management reiterated revenue guidance of ₹6,000 crore for FY27, driven by strong order book and execution ramp-up.
Management declined to comment on future margin trends, citing the tendering nature of the business, which could lead to margin compression.
View Risks →