Genus Power Infrastructures Limited — Q3 FY26

Genus Power Infrastructures Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=F4wh5HM5Smw Published: 3 months ago

0:00 Ladies and gentlemen, good day and welcome to Q3 and 9month FI26 earnings 0:07 7 seconds conference call of Genesis Power Infrastructures Limited hosted by Kavirat Securities Private Limited. 0:16 16 seconds As a reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:25 25 seconds Should you need assistance during the conference call, please signal an operator by pressing star 10 on your touchstone phone. Please note that this conference is being recorded. 0:35 35 seconds This conference may contain forward-looking statements about the company which are based on beliefs, opinions and expectations of the company 0:42 42 seconds as of date of this call. These statements are not the guarantees of future performance and involve risk and uncertaintities that are difficult to 0:51 51 seconds predict. I now hand the conference over to Mr. Aijit Puroitz from Kavirat Securities. Thank you and over to you sir. 0:59 59 seconds Thank you. Good afternoon ladies and gentlemen. Kavira Securities welcomes you all for Q3 and 9 month FI26 earnings 1:07 1 minute, 7 seconds conference call for Genus Power Infrastructures Limited. 1:12 1 minute, 12 seconds The management team is represented by Mr. Kalash Agarwal Vice Chairman and Mr. 1:18 1 minute, 18 seconds Jitendra Agarwal, managing director. Now without any further delay I hand over the call to Kalash sir for his opening 1:26 1 minute, 26 seconds remarks post which we can open the floor for Q&A session. Thank you and over to you sir. 1:33 1 minute, 33 seconds Thank you Aij. 1:35 1 minute, 35 seconds Good evening ladies and gentlemen. A very warm welcome to 23 FI26 aring call of genus power. The results and press 1:43 1 minute, 43 seconds release are uploaded on the stock exchange in the company website. I hope everybody has a chance to look at it. 1:50 1 minute, 50 seconds Q3 FY26 marks another solid uh quarter for Genius Power and 1:57 1 minute, 57 seconds caps a strong 9 months performance in FY26 driven by sustained execution momentum across our AMIC portfolio under 2:06 2 minutes, 6 seconds the RDSS framework for Q3 FY26 our standard revenue 2:12 2 minutes, 12 seconds standalone revenue stood at 1122 crores represented an 86% yearon-year growth 2:20 2 minutes, 20 seconds supported by a scale up across multiple live projects and TD progress in system integration and commissioning milestone. 2:28 2 minutes, 28 seconds While revenue in Q3F 26 saw a marginal sequential moderation. 2:33 2 minutes, 33 seconds This was largely attributed to festive seasons related factors such as Basher and Diwali which temporarily slowed down 2:41 2 minutes, 41 seconds on ground installation activity across the southern states. Abita nearly doubled year on year to rupees 3 232 cr 2:49 2 minutes, 49 seconds with IITA margins as 20.7 reflecting strong operating leverage improved absorption of fix cost and 2:57 2 minutes, 57 seconds disciplined cost management profit after tax stood at rupees 148 crores up 117% 3:06 3 minutes, 6 seconds yearon year supported by margin ex expansions and scale benefits not withstanding higher finance post for the 3:15 3 minutes, 15 seconds 9 months ended FI26 the company delivered sharp growth across all key financial metrics revenue stood at 3214 3:22 3 minutes, 22 seconds crores up 114% yearon year while Iita grew 159% to rupees 676 crores with IITA 3:30 3 minutes, 30 seconds margin at 21.3 profit after tax at rupees 424 up 157% yearonear 3:38 3 minutes, 38 seconds the consistent performance over the 9 months period reflect sustained execution momentum oper operating leverage and disciplined financial 3:45 3 minutes, 45 seconds management as we scale up rapidly under RDS. After commissioning around 58 lakh smart meters in 9 months FY26, the pace 3:55 3 minutes, 55 seconds of installation will accelerate from Q4 onwards as several large RDSS contracts have been moved into active rollout. 4:05 4 minutes, 5 seconds Building on this trajectory, we expect to commission approximately 80 to 90 lakh me smart meters during FY26 supported by our strong manufacturing 4:14 4 minutes, 14 seconds throughput with current manufacturing capacity now standing at over 18 million meters per year. 4:20 4 minutes, 20 seconds Just recently the company achieved an important milestone with the receipt of operational go live for two of the Rajasthan smart metering projects as on 4:29 4 minutes, 29 seconds date 16 MIC projects covering nearly 2.5 cr smart meters have achieved OG status 4:37 4 minutes, 37 seconds operational go live authorizes commencement of invoicing with subsequent billing linked to successful state acceptance test conducted on a 4:46 4 minutes, 46 seconds batch wise basis. This expanding oral footprint significantly enhance our long-term cash flow visibility and 4:53 4 minutes, 53 seconds reinforce the sustainability of earnings profit through recently O andM revenues. 4:58 4 minutes, 58 seconds Our order book as on 31st December 2025 stands at about rupees 27,000 crores net 5:06 5 minutes, 6 seconds of taxes attitudable primarily to Gina's own MISP projects covering about 2.75 cr 5:14 5 minutes, 14 seconds smart meters providing multi-year execution and annually revenue visibility over 8 10 years concession 5:22 5 minutes, 22 seconds periods around 80% of AMIC revenue accur directly to genus 5:29 5 minutes, 29 seconds underscoring the quarterly and profitability of the quality and profitability of the order book. We continue to actively monitor upcoming 5:37 5 minutes, 37 seconds tender opportunities under RDS including in Tamil Nadu and Delhi. Our bidding strategy remains selective and return 5:45 5 minutes, 45 seconds focused prioritizing both projects where our integrated AISP model provides strong execution certainty and long-term cash flow visibility. 5:54 5 minutes, 54 seconds Looking ahead, we remain highly confident on execution visibility and expect Q4 FY26 to be a strong execution 6:01 6 minutes, 1 second quarter driven by seasonally favorable installation condition, a larger base of OL enabled projects and accelerated 6:08 6 minutes, 8 seconds rollout across key states. I now request for Q&A. 6:15 6 minutes, 15 seconds Thank you very much. We will now begin the question and answer session. 6:20 6 minutes, 20 seconds Anyone who wishes to ask a question may press star and one on your touchstone telephone. If you wish to remove yourself from the question queue, you 6:28 6 minutes, 28 seconds may press star and two. Participants are requested to use handsets while asking question. Ladies and gentlemen, we will 6:36 6 minutes, 36 seconds wait for a moment while the question assembles. 6:45 6 minutes, 45 seconds The first question is from the line of Adita from Access Securities. Please proceed. Yeah, thank you for the opportunity sir. 6:53 6 minutes, 53 seconds Uh my question is with respect to our tendering pipeline. So in the last call we said that uh 10 cr meters to be 7:02 7 minutes, 2 seconds awarded and out of which 3.8 eight CR meters were to go live in by the end of 7:08 7 minutes, 8 seconds FI26 and balance 6 to 6.5 m in the next 12 to 18 months. So any update on that 7:16 7 minutes, 16 seconds any changes in that? So that is the first question. 7:21 7 minutes, 21 seconds I got confused with your statement of goal life. What does that mean? 7:27 7 minutes, 27 seconds So not go line tenders. He's talking about life tender. Right tenders, right? Okay. 7:34 7 minutes, 34 seconds So currently the lifenders is from the total of life tenders right now is 7:41 7 minutes, 41 seconds around I would say 4.5 cr mters which is 3 cr from savu 7:49 7 minutes, 49 seconds because of the which has already been quoted and we see this to be finalized only after election I think it will take 7:57 7 minutes, 57 seconds 3 to 6 months and uh this is the last tender which is already coded 5 million meters of BSCS is already quoted and new 8:06 8 minutes, 6 seconds tenders of 5 million has come from NP which will be quoted on 25th F and 23rd 8:13 8 minutes, 13 seconds and 25th F. There are the two dates when these will be quoted. So as on their tenders which are already out quoted or 8:22 8 minutes, 22 seconds to be quoted is to the tune of 50 million meters. 8:28 8 minutes, 28 seconds Understood. And uh what about I would like to add here I I would like to add here as you asked the question 8:34 8 minutes, 34 seconds that earlier it was 3.8 8 uh almost 38 million uh [clears throat] six mters and 8:41 8 minutes, 41 seconds and so that that is already going on and still we feel that even these 50 million mters or 45 million mters they may take 8:49 8 minutes, 49 seconds some time next 3 to 6 months uh because things are the biggest center is from Tamil Nadu which is uh 3 m 30 million 8:57 8 minutes, 57 seconds mters and we expect that to be finalized only after the elections and all because Tamil Nadu is having an election very soon so it may take some more time uh maybe four to six months here. 9:09 9 minutes, 9 seconds Yeah. Yeah. Very clear. Uh means on the similar lines Karnataka and Telangana were also uh expecting to go for tendering. So any update on that front? 9:21 9 minutes, 21 seconds Karnataka and Telangana still have not opted for the RDS. So still they are not under the RDS scheme. So we hope they 9:30 9 minutes, 30 seconds will come under the scheme soon but not as of now. Mark one thing one thing we have to be very uh clear and we we 9:39 9 minutes, 39 seconds should very well understand that it is if we talk about genus itself it is always good that the tendering happen 9:48 9 minutes, 48 seconds slowly or there is a delay in new orders because already we we are sitting on an order book of 27,000 crores and we have 9:56 9 minutes, 56 seconds to execute this and there are timelines for execution of these orders also. So for for the company it is also good 10:05 10 minutes, 5 seconds whether the when when the tenders are delaying and we will be expecting these tenders in next say 6 months 9 months 12 months and all. So that that that is 10:13 10 minutes, 13 seconds more beneficial for the company rather we we getting uh any orders immediately. 10:18 10 minutes, 18 seconds So that that just I want to clarify uh to the investors. 10:24 10 minutes, 24 seconds Yeah. Yeah. Understood that sir. Uh the next is on uh mean we have a good order book uh but parallelly means we have 10:32 10 minutes, 32 seconds been developing our gas water meter exports market. So uh any color from that uh that area are we expecting 10:42 10 minutes, 42 seconds something materializing over there to quantify it in our order books and also similar to that line is what will be the 10:51 10 minutes, 51 seconds replacement demand look like in future once once we uh execute our orders. So slightly in the longer term. So that uh 10:59 10 minutes, 59 seconds just wanted to understand how this order book sustain uh in a much longer period of time with these new activities like 11:08 11 minutes, 8 seconds uh gas meters, water meters and exports and replacement demand. I mean give you a large picture around 30 11:16 11 minutes, 16 seconds 31 cr meters to be installed in total in India. Out of that only 5.5 cr has been 11:24 11 minutes, 24 seconds converted to smart meters. So there's a good total addressable market of 25 cr electricity meter remains for the 11:32 11 minutes, 32 seconds industry. So I see a good visibility of four to 5 years. Apart from it every year there's a replacement there's a new 11:41 11 minutes, 41 seconds service connection which is the industry standard of 3 to 4%. It will continuously keep adding and when you say about the replacement market 11:50 11 minutes, 50 seconds definitely the meters which installed 3 years four years back they start getting into replacement by 31 32. So there will 11:57 11 minutes, 57 seconds always be a replacement market of I would say by the end of this 30 cr meters and stalled there will be meters 12:06 12 minutes, 6 seconds that are coming which has already seen the life of 7 years 8 years 9 years. So there will be lot of replacement market. 12:13 12 minutes, 13 seconds Apart from this, Genus is investing heavily not only in the hardware like gas meter market or the water meter 12:21 12 minutes, 21 seconds market. Now also investing heavily in our software division where lot of these meters data will be utilized for the 12:30 12 minutes, 30 seconds benefits of the discomin the discom. 12:39 12 minutes, 39 seconds So Genus is focusing not only as a AMISP supplier, it is also focusing as a technology provider. That is the reason 12:47 12 minutes, 47 seconds Genus is moved as a end to end solution provider not only just a meter manufacturer which is installing the meters and maintaining the meters. 12:56 12 minutes, 56 seconds So we have good four to five years in our hand to make sure that the future is continuously taken care when it comes to 13:05 13 minutes, 5 seconds water meter and gas meter. It is just picking up in India. The total addressible market for the gas meters is 12 cr me mters as per the current data. 13:14 13 minutes, 14 seconds So these 12 cr meters we see them happening in next 6 to 7 years. So it will give a reasonable market size. 13:22 13 minutes, 22 seconds Water meter is in the very nent stage. 13:25 13 minutes, 25 seconds It is right now the order book is just 15 20 crores for gas meters and around 15 crores for water meters which is very 13:34 13 minutes, 34 seconds small but it is picking up and water meter business we see after 3 to four years we'll see a very reasonable numbers and it will become meaningful. 13:42 13 minutes, 42 seconds Same with the export business. Lot of investment is going on in multiple markets and you will see a very 13:51 13 minutes, 51 seconds reasonable market of around 500 crores happening after two to three financial years. So this is how we can broadly we can talk about the future of genius. 14:02 14 minutes, 2 seconds Understood sir. I would I would like I would like to add one thing that there is a clear visibility for next five 14:08 14 minutes, 8 seconds years to the company even in the existing business. So right now having a order book of 27,000 crores number one 14:18 14 minutes, 18 seconds then expecting 15 cr me mters new tenders in next 2 years. 14:24 14 minutes, 24 seconds uh whatever whatever out of out of 15 crores whatever share we could maintain or whatever the business we could get 14:32 14 minutes, 32 seconds with the existing business itself there is a clear clear visibility of next five years uh with a decent growth every year 14:40 14 minutes, 40 seconds like last year we did 2500 crores this year we will be doing 4500 crores next year there will be a good visibility in 14:48 14 minutes, 48 seconds uh growth so next five years we see a continuous growth of the company with the existing business itself and then in 14:57 14 minutes, 57 seconds addition there will be the water meters, there will be the gas meters, there will be the export or many other things which company has a good time of next 3 to 5 15:05 15 minutes, 5 seconds years to de develop those areas of revenues. So, so once that happens then after five years there will be a 15:12 15 minutes, 12 seconds replacement market gas meter water meter many other things will be coming. So their company clearly have a clear 15:20 15 minutes, 20 seconds visibility of continuous growth for coming uh many years. Yeah, thanks for this elaborate answer. 15:28 15 minutes, 28 seconds Thank you from my Thank you. 15:34 15 minutes, 34 seconds The next question is from the line of Weber Mishra from Fintor. 15:40 15 minutes, 40 seconds Uh hello sir, congratulations for the excellent set of members. So my question is somewhat related to the previous participants uh actually uh just wanted 15:49 15 minutes, 49 seconds to uh know from the order book and the commentary in the previous quarters as well. Uh I could calculate that for FY 15:56 15 minutes, 56 seconds up to FY 28 I think we are pretty much cleared with the kind of growth that we are I mean giving I think up to FY 28 we 16:05 16 minutes, 5 seconds are comfortably clock around 7 to 8,000 cr. uh but uh after that I was little I I was not sure that how confident are we 16:14 16 minutes, 14 seconds that in in the beginning we get to long-term FI29 and beyond uh we could I mean cross these numbers continuously 16:21 16 minutes, 21 seconds like B7 7500 or whatever the number is in F28 can we continue the growth momentum 16:28 16 minutes, 28 seconds going ahead and what are the uh those growth I mean triggers all I think you mentioned few of them in the previous participants question but uh we are 16:38 16 minutes, 38 seconds confident on beating these numbers year on year going ahead sir the reason we are confident is we are maintaining this market share of last 20 16:46 16 minutes, 46 seconds years I don't see any reason of genus losing that market share so that is the reason from the current business line 16:55 16 minutes, 55 seconds we're very confident that for next 5 years we can see a clear visibility in the business and continuously maintaining our market 17:04 17 minutes, 4 seconds share and the growth so We here we have to understand that still a business of almost 1 lakh 20,000 17:14 17 minutes, 14 seconds crores has to come in next 2 years almost 15 cr me mters business has still to come tendering has still to happen or 17:23 17 minutes, 23 seconds the tendering tenders is life so and genus is confident of make uh keeping its market share so if we keep that 17:31 17 minutes, 31 seconds market share uh there out of 1 lakh 20,000 crores you can uh understand that 17:38 17 minutes, 38 seconds how much business we can get. So absolutely the company is totally totally confident that for next five years there is a clear visibility of 17:47 17 minutes, 47 seconds growth and then company's already working on many other sectors as I previously answered also. So we the company has no doubt of the growth continuous growth in coming years. 18:00 18 minutes All right sir. All right. Thank you. And sir uh uh one uh some color of the the tenders that you have did uh if you 18:09 18 minutes, 9 seconds could and the future tenders that you are expecting. So our margins since there are many companies who have you know announced going into the smart 18:16 18 minutes, 16 seconds meters and all. So uh the margin profile what do you see I mean uh at par with your current order book margin or you 18:23 18 minutes, 23 seconds see margins going a bit down from here on in the future tellers. 18:28 18 minutes, 28 seconds So that's very difficult to say and we don't want to comment on that. It's a tendering business. Yeah, it's a tendering business. How the things move? 18:35 18 minutes, 35 seconds We'll uh work on that. We give a estimates of margin every year. We can confidently say that whatever the 18:43 18 minutes, 43 seconds estimates we will give, whatever the projections we will give, we will be achieving that. All right. All right. No issues. 18:51 18 minutes, 51 seconds Okay. Okay. Okay. That's it from my side. Thank you so much for the uh future quarter, sir. Thank you. 18:59 18 minutes, 59 seconds Thank you. 19:01 19 minutes, 1 second The next question is from the line of Bhavin Sher from Inarm Holdings. Please proceed. 19:07 19 minutes, 7 seconds Uh yeah, congratulations on uh excellent number sir and uh I think you'll be fairly crossing the FI26 guidance you 19:15 19 minutes, 15 seconds gave earlier just on a bookkeeping question. Uh sorry if I missed out on the number if you for the quarter what was the smart meter production smart 19:25 19 minutes, 25 seconds meter installation and how much uh uh operationally went live in the quarter. 19:37 19 minutes, 37 seconds JK, do you have the datas for that? You can please uh second. 19:42 19 minutes, 42 seconds Yeah, approximately we do around 1 million 19:50 19 minutes, 50 seconds meters a month but I want to give him exact number because yeah yeah that yeah that one that is not installation that is together all here. 20:01 20 minutes, 1 second So we can we can take it later. You can just 23.3 lakh m exact 20:10 20 minutes, 10 seconds installation is 23 lakh m 23.3 lakh m in the quarter three. Yeah. Okay. And what was the production sir? 20:20 20 minutes, 20 seconds production in 9 months we have done 1.3 cr meters and because this includes non MISP meters also meters which we supply 20:29 20 minutes, 29 seconds to private utilities export meters and also to genus projects so in total in 9 months we have produced 1.3 cr me mters 20:37 20 minutes, 37 seconds 9 months is 1.3 cr me mters okay that includes all kind of meters all even meters also 20:47 20 minutes, 47 seconds number there in 1.3 You want to this 1.3 cr me m the smart meters are uh 98 lakh 20:55 20 minutes, 55 seconds mart meters 98 lakh m and till date uh how how much have gone operational life 21:04 21 minutes, 4 seconds operational life on date 31st March December till 31st 31st December 21:11 21 minutes, 11 seconds till 31st December till 31st December operational 16 projects are live 21:20 21 minutes, 20 seconds but few projects have gone live by 31st Jan till 31st December exact number I need to come back to you but if you have till Jan how much uh 21:28 21 minutes, 28 seconds till Jan has gone live till 31st Jan 16 projects out of 24 have gone live which covers around in total 21:37 21 minutes, 37 seconds order book it covers around 2.5 k in terms of number of meters which are already installed and operation go live 21:45 21 minutes, 45 seconds it covers around 70 lakh meters 70 lakh m till January what I'm trying so till September your 40 lakh m were 21:55 21 minutes, 55 seconds live so now it is close to 70 lakh m okay which means your uh um monthly uh 22:05 22 minutes, 5 seconds rent uh has started on 70 lakh m from fair onwards right no monthly rent starts only after 3 22:14 22 minutes, 14 seconds months of the OG after 3 month of OG. After 3 months of OG. 22:21 22 minutes, 21 seconds Okay. Okay. Okay. So, roughly by April the run rate April run rate will have a revenue entire monthly rental revenue of 70 lakh m. 22:31 22 minutes, 31 seconds Yes. 22:33 22 minutes, 33 seconds And currently in the quarter the same number would have been around 40 lakh m which was installed till September 30. 22:41 22 minutes, 41 seconds Yes. Yes. 22:43 22 minutes, 43 seconds Okay. Second uh question is on what uh how much we have uh invested till date 22:50 22 minutes, 50 seconds in our uh platform company as equity or loans and advances whatever 22:59 22 minutes, 59 seconds that number actually I'm not having right now we'll we'll get get you back you can get this number from SGA last 23:06 23 minutes, 6 seconds last uh earning call I gave the number kunal do you have that number kunal are kunal no kunal is Yes, I will give you 23:14 23 minutes, 14 seconds that number. I will send you that number. 23:16 23 minutes, 16 seconds Okay. And last one sir. Uh since I think the installation momentum is increasing 23:23 23 minutes, 23 seconds next year will be uh much more number uh than this because of a strong order book. What you expect will be the peak 23:32 23 minutes, 32 seconds debt number in the balance sheet by next year we will reach is around 2,200 crores 23:41 23 minutes, 41 seconds 2,100 crores. That is the maximum we expect. Yes. 23:44 23 minutes, 44 seconds That is in 27 you will reach right next year. Yeah. 23:49 23 minutes, 49 seconds And if you have that number as on 31st December uh how much was it? Uh till September it was 974 September 30 23:57 23 minutes, 57 seconds number. If you can give me December 30th it was it will be around the same numbers what what we have given on 30th September. It is almost round 24:05 24 minutes, 5 seconds until 31st December we have invested two to three crores in the platform. I've got the data now. I think you got that 2 24:13 24 minutes, 13 seconds to three crores till 31st in the platform till 31st. Yeah. Yeah. 24:20 24 minutes, 20 seconds Okay. Okay. And next year sir uh uh your capacity is already 18 million mters. 24:29 24 minutes, 29 seconds Now what is the optimum utilization which we can do on this number which obviously I I believe you will achieve it next year in 2017. 24:42 24 minutes, 42 seconds So generally in our business there's lot of yo-yo it is not a consistent 24:49 24 minutes, 49 seconds capacity utilization that is why generally we keep the capacity on the higher side. So I expect this 18 million 24:56 24 minutes, 56 seconds capacity will be sufficient and I would say 80% of the capacities surely should be utilized in next one in Syria. 25:06 25 minutes, 6 seconds Okay. Thanks a lot. Thanks a lot. Thank you. 25:11 25 minutes, 11 seconds Thank you. The next question is from the line of Mahesh from ICICI securities. Please proceed. 25:39 25 minutes, 39 seconds As there is no response from the current participant, the next question is from the line of cable. 25:46 25 minutes, 46 seconds Please proceed. Yeah. Uh thank you for the opportunity. 25:50 25 minutes, 50 seconds Uh my first question is uh on revenue and margin guidance. So uh does the revenue and AIDA margin guidance which 25:59 25 minutes, 59 seconds you said in the last call remains intact for FY27 and uh for the midterm a 26:06 26 minutes, 6 seconds medium-term if revised? Uh what are the key drivers behind the change? 26:13 26 minutes, 13 seconds No, we are we are not revising any guidance. We are not for FY26 also and FI27 also. 26:20 26 minutes, 20 seconds Okay sir. Uh my second question is on the working capital and gross debt. So uh so what is the current uh data 26:29 26 minutes, 29 seconds payable and inventory days and it's a target trajectory for FYI 27 to FI28 and same goes for gross debt. 26:41 26 minutes, 41 seconds So gross debt I recently answered in the last question that it is almost at the same level on 20th of September and the 26:49 26 minutes, 49 seconds maximum gross that we will reach will be around 2100 2200 cr and that will be in financial year 27. uh regarding the 26:58 26 minutes, 58 seconds inventory days and uh the dattors days the dattors days has improved from uh 27:05 27 minutes, 5 seconds almost uh 15 days uh from the last uh 30th September the numbers we have given 27:12 27 minutes, 12 seconds but the inventory days are little higher the inventory days are little higher by almost 10 10 days so the uh it is 27:21 27 minutes, 21 seconds approximately percentage it is a little down but in absolute numbers it is little Okay. Um as you have actually answered 27:30 27 minutes, 30 seconds this GIC regarding the question about GIC platform. Uh but I just wanted to uh know from your side that uh the earlier 27:38 27 minutes, 38 seconds guidance which you indicated for total investment commitment uh on GIC platform was around 1,00 to 27:46 27 minutes, 46 seconds 1100 K uh for the time period of uh FY26 till FI28. So what is the current 27:54 27 minutes, 54 seconds deployment status or any change in scale structure or timeline from your side? 27:58 27 minutes, 58 seconds So recently I al I told that there is that as of as on 31st December the total investment is in the platform is 2 to3 28:05 28 minutes, 5 seconds crores 223 crores and we again confirmed that it won't go more than 1100 crores till 28. 28:14 28 minutes, 14 seconds Okay sir got it that's it from my side. Thank you. Can you ask about the total gross debt? 28:20 28 minutes, 20 seconds Yes, it has 1975 as on 31st December 2025. Okay sir. Thank you. Thank you so much. 28:30 28 minutes, 30 seconds Thank you. The next question is from the line of Sonia from Dalal and Brocha PMS. Please proceed. 28:42 28 minutes, 42 seconds Hello sir, thank you for the opportunity. Uh I just want to understand what is the working capital days uh as of this quarter versus uh 28:50 28 minutes, 50 seconds September quarter the number of days if you can give. 28:56 28 minutes, 56 seconds So I recently confirmed that it is almost at the same level because there is a reduction in 29:04 29 minutes, 4 seconds data day but there is a increase in inventory days inventory. 29:11 29 minutes, 11 seconds So data days is reduced by 10 to 15 days but inventory is up by 10 days. So the number of days is same as it was on 30th of September. 29:23 29 minutes, 23 seconds Okay sir. Thank you. 29:27 29 minutes, 27 seconds Thank you. The next question is from the line of Aditya Singh from Multibagger Talk. Please proceed. 29:36 29 minutes, 36 seconds Good morning D. Good evening D. 29:39 29 minutes, 39 seconds Congratulations on a great set of numbers. I just wanted to know like uh what is the target of the number of things? Hello. 29:49 29 minutes, 49 seconds Hello. Is it audible now? Yeah, better. 29:53 29 minutes, 53 seconds Better. Okay. So, my just wanted to ask that how is the target of meters that we are planning to install for Q4. 30:02 30 minutes, 2 seconds So for this financial year we have been we've ging around 80 to 90 lakh meters to be installed in this financial year. 30:12 30 minutes, 12 seconds Okay. 30:14 30 minutes, 14 seconds And how many of the meters have gone OGL like till till 31st Jan 30:23 30 minutes, 23 seconds till today Gina has installed and DSS around 1 cr me m 1 cr me m me m me m me m me m me m me m me m me m me m me m 30:30 30 minutes, 30 seconds around 70 lakhs has come under the OL 30:37 30 minutes, 37 seconds certification as I just said earlier Okay. Okay. Thank you so much. That was all from my side. 30:49 30 minutes, 49 seconds Thank you. The next question is from the line of Mohit from ICIC security. Please proceed. 30:56 30 minutes, 56 seconds Hi, good afternoon sir and thanks for the opportunity. Sally the one question I have. Is it fair to say that almost 31:04 31 minutes, 4 seconds all the SPVS with GIC have achieved financial closes? 31:12 31 minutes, 12 seconds uh only a few of Rajasthan are pending almost uh 90% of the have got the financial closure and revailing we are 31:19 31 minutes, 19 seconds on the verge of closing in next 15 days so there are very few left right that's 31:27 31 minutes, 27 seconds understood sir thank you and all the best thank you thank you thank you the next question is on the 31:35 31 minutes, 35 seconds line of Daka zana from prudent equity please proceed hello uh Uh sir you uh you just said you 31:43 31 minutes, 43 seconds know the gross ded 1975 cr uh married sir. Yeah. 31:49 31 minutes, 49 seconds Yeah. Uh and in earlier call call you have guided for 2,000 to uh 2100 of peak debt. So uh uh so we are not going to 31:58 31 minutes, 58 seconds take any debt for FI2728 right? 32:02 32 minutes, 2 seconds No it all depends. We are talking about gross debt and not talking about net debt. Uh so basically uh when the last 32:09 32 minutes, 9 seconds guidance was about uh the the uh net debt that that the company will go to a level of that that and that two in 27 we will achieve. 32:19 32 minutes, 19 seconds Okay. Okay. uh what will be the gross debt uh for FI27 and so 32:27 32 minutes, 27 seconds that that uh that the cash reserve of the company is not very 32:34 32 minutes, 34 seconds much already the company has uh put all uh most of the cash uh in in the working capital itself. So uh it won't it won't 32:42 32 minutes, 42 seconds be reaching more than 2100 2200 the same numbers they are oh okay okay thank you sir 32:52 32 minutes, 52 seconds thank you the next question is from the line of NRA from branch group please proceed 33:00 33 minutes hi uh thanks for the opportunity great site of numbers congratulations on them two questions one uh is with regards to 33:08 33 minutes, 8 seconds the new uh uh um this meters coming to bidding what what kind of volume that you are seeing into the market and 33:17 33 minutes, 17 seconds second is with regards to the ED rate that happened in December 2024 any update on that any notice further notice 33:25 33 minutes, 25 seconds received on that if you can provide some information that would be really Can you repeat your first question I 33:33 33 minutes, 33 seconds just missed it so my first question is with regards to the u new uh projects uh the meters that 33:41 33 minutes, 41 seconds are coming for the bidding by various uh discoms uh or uh during the call I updated that if the 33:51 33 minutes, 51 seconds new tenders which are right now is primarily 5 million 50 million meter 33:57 33 minutes, 57 seconds Tamil Nadu BS Delhi some quantities from Punjab some quantities from Hana so total 5 meters 34:06 34 minutes, 6 seconds tender either to be quoted or already coded are live in the market 34:14 34 minutes, 14 seconds and we are planning to bid for them through the gems uh platform. 34:18 34 minutes, 18 seconds We are bidding every tender that comes out for AMP provided it is within our uh 34:26 34 minutes, 26 seconds reach. So we are bidding all these senders we are beating that's what I okay second question regarding your second 34:33 34 minutes, 33 seconds question uh basically company was served in December 24th and after that there is 34:41 34 minutes, 41 seconds no further development to the company there there is no company has cleared it in uh in the press release also that company has not not received any uh 34:50 34 minutes, 50 seconds notice or show notice or any summons from the department yet and if anything happens uh we will uh inform uh to the 34:59 34 minutes, 59 seconds investors surely and company is well compliant and it is not affecting any of the operations of the company that you 35:06 35 minutes, 6 seconds can see with the results also it's almost 13 months that has happened and company is absolutely uh growing it it is fast and there is no hindrance to the 35:15 35 minutes, 15 seconds operations or anything thank you and all the best thank you 35:23 35 minutes, 23 seconds thank you before We take the next question. We would like to remind participants that you may press star and one to ask a 35:30 35 minutes, 30 seconds question. The next question is from the line of Rajesh Mura from Jinme Ventures. Please proceed. 35:39 35 minutes, 39 seconds Good afternoon gentlemen. Congrats on pretty strong uh Q3. Uh as clear from 35:45 35 minutes, 45 seconds the commentary uh the company's entering strong growth phase with many more projects going live and new order being expected. 35:55 35 minutes, 55 seconds How is the interplay of working capital and operating leverage will kick in as company being one of the largest player in smart meter market. 36:06 36 minutes, 6 seconds Could you explain that? Uh can you come again please with your question? 36:14 36 minutes, 14 seconds Yeah. So over the next few years company is going to significantly scale up its operations and uh it will need uh and 36:23 36 minutes, 23 seconds many more projects are going live uh more and more projects going live. So more revenue generation and it would 36:31 36 minutes, 31 seconds also mean more working capital but at the same time there will be more profits and more cash flow. So how should we 36:38 36 minutes, 38 seconds think about your company over the next two three years in terms of growth in revenue uh volume of smart meters as well as working capital and margin. 36:50 36 minutes, 50 seconds So basically uh as we cleared it earlier also that company is looking for a regular growth for next five years for 36:59 36 minutes, 59 seconds sure it won't be like that from last year to this year we will be doing uh from 25 500 to 5 400 and next year 6,000 37:08 37 minutes, 8 seconds there will be after that there will be a steady growth of you can say 10% for next uh next couple of years and 37:15 37 minutes, 15 seconds companies making a reasonably good margins uh VA margins uh on on on the 37:22 37 minutes, 22 seconds recent projects and all and cash flow is also improving in in in in terms of percentage it is regularly improving and 37:29 37 minutes, 29 seconds further as company told earlier also every quarter you will see a decent growth in the cash flows also or a 37:36 37 minutes, 36 seconds working capital cycle reduction in the cap working capital cycle also that's why with the current order book we are projecting that the company's gross debt 37:45 37 minutes, 45 seconds will not or net debt will not go more than 2100 2200 crores uh which which 37:52 37 minutes, 52 seconds almost we we are at 90% of that with regular cash flows inflows coming and reduction in the working capital cycle 38:01 38 minutes, 1 second there the company is hopeful of achieving all these numbers at the same working capital level 38:08 38 minutes, 8 seconds Jendra G what is the guidance for next financial in terms of number of meter 38:14 38 minutes, 14 seconds installation and revenue and margin Next financial year we have we will be 38:22 38 minutes, 22 seconds installing at least 1 cr me mter which is the guidance we have been given we have given in the last call also we maintain the same and in the venue 38:31 38 minutes, 31 seconds guidance we gave a guidance of 6,000 crores so we maintain the same okay but when you when you indicated in 38:39 38 minutes, 39 seconds reply to one of the participant 1.8 8 cr is the capacity of smart meter manufacturing capacity 38:48 38 minutes, 48 seconds right genus doesn't manufacture meters only for its own usage we are the largest 38:55 38 minutes, 55 seconds supplier to the different utilities for so when I say 1.8 8 cr me mters. It includes all kind of meters. Even in 39:03 39 minutes, 3 seconds first 9 months of this financial year, we have manufactured 1.3 cr meters. 39:09 39 minutes, 9 seconds Okay. Okay. So, so okay. So, when you say 1 K plus meter 39:17 39 minutes, 17 seconds for FI27, you mean all the types of meters or only smart meters? One cr installation of a smart meters. 39:27 39 minutes, 27 seconds Let me let me let me clear you. Let me clear you. Let me clear you. You have to understand that DNS works for two type of things. One the installation of meters that means the own we are doing. 39:38 39 minutes, 38 seconds So we mean that 1 cr me mters will be for our own AMISPs and remaining meters will be the supply to other MISPs like 39:47 39 minutes, 47 seconds right now in first 9 months we have manufactured 1.3 cr me mters out of that 39:53 39 minutes, 53 seconds 70 uh lakh meters 70 I'm correct me JK if I'm wrong 70 lakh meters for our our 40:01 40 minutes, 1 second own MS own remaining for the utilities and what different other yeah MS field and utilities 40:08 40 minutes, 8 seconds Got it. Got it. Okay. So then it ties in because 80% utilization of 1.8 would 40:15 40 minutes, 15 seconds mean 1.4 K total meters. So balance whatever 30 40 lakhs will be for non AMIS. Correct. Roughly. 40:23 40 minutes, 23 seconds So this is a very ballpoint numbers I have given. Sure. We are confident that we will do. Yeah. Comfortably. 40:31 40 minutes, 31 seconds Okay. And uh last week Adani energy solutions announced that they crossed 1 cr milestone uh in the in the smart meter. So uh we have also crossed that. 40:43 40 minutes, 43 seconds Is that correct? 40:45 40 minutes, 45 seconds Yeah, Gina is releasing the press note today only. We have also crossed the 1 K meter mark. So we have neck to neck with 40:53 40 minutes, 53 seconds Arani in terms of number of installations. Wonderful. Of course. 40:59 40 minutes, 59 seconds Of course. right now. Now from a order book viewpoint the 27,000 cr order book 41:07 41 minutes, 7 seconds we get because of GIC tuto we get roughly half or 55% of that up front. So 41:14 41 minutes, 14 seconds for us will it take 3 years roughly from now on 27 28 and 29 to complete that in a bulk 41:23 41 minutes, 23 seconds of 70 80 90% of that is that a fair way to look at it how should we think about 41:30 41 minutes, 30 seconds I missed you in between your voice got sorry sorry sorry I I got yes yes yes absolutely you are you you can next three years we are confident of 41:39 41 minutes, 39 seconds completing this order book and and and uh we will be getting some more orders that will be continued to further years and this next year this will be 41:48 41 minutes, 48 seconds completed and then we will be get supplying meters to other MISPs also that will be additional to this order book 41:55 41 minutes, 55 seconds right right so going forward is it sure just to give you a sense of as on date 42:03 42 minutes, 3 seconds in India around 5.6 cr smart meters have been installed out of this 5.6 6 cr me 42:11 42 minutes, 11 seconds mters 2.5 cr me m me m me m me m me m me m me m me m me m me m me has been supplied by genus so that will yeah 42:18 42 minutes, 18 seconds genus is not only amisp it is the largest meter manufacturer in the country ah okay so 1 cr is only for our own 42:29 42 minutes, 29 seconds rest one and a half cr is given to others correct others and utilities 42:36 42 minutes, 36 seconds wow and other utilities also yes Okay, great. Uh, Cong uh, thank you so much and wish you all the very best. 42:44 42 minutes, 44 seconds Thank you. 42:47 42 minutes, 47 seconds Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question 42:56 42 minutes, 56 seconds is from the line of Rushies from RB Investments. Please proceed. 43:02 43 minutes, 2 seconds Thanks for the opportunity and congress on the good set of numbers. Uh so you already highlighted that uh percentage- wise and absolute numbers wise your uh 43:10 43 minutes, 10 seconds working capital is pretty much the same as compared to the previous quarter. uh so I wanted to understand uh when it comes to uh becoming cash flow positive 43:19 43 minutes, 19 seconds you had highlighted in the previous phone call that you aim to become cash flow positive by the end of FY27. So I wanted to understand how uh how are we 43:27 43 minutes, 27 seconds placed uh when it comes to becoming cash flow positive by the end of FY27. 43:32 43 minutes, 32 seconds So we are we are very well placed on that every uh every quarter we are seeing the improvements and all and uh we have still five quarters in our hand 43:41 43 minutes, 41 seconds to for all these improvements and we we are very sure that uh there will be a positive cash flow by the end of 43:49 43 minutes, 49 seconds all right so that's it for mine thank you so much thank you ladies and gentlemen that was 43:57 43 minutes, 57 seconds the last question for the day I would now like to hand the conference over to Mr. Kalashar for the closing comments. Over to you sir. 44:06 44 minutes, 6 seconds Thank you dear friends and uh we assure you that the company is doing good and it should be doing good for many uh 44:13 44 minutes, 13 seconds years coming and future. Thank you very much. Have a great day. Have a great Thank you. Thank you everybody. Thank you. 44:22 44 minutes, 22 seconds Thank you sir. On behalf of Tavat security that concludes this conference. 44:26 44 minutes, 26 seconds Thank you for joining us and you may now disconnect your lines. This