Synopsis: This smart meter stock combines strong order visibility of Rs. 27,000 crore, robust growth guidance, and improving financials, positioning it well for sustained expansion, with execution being key to achieving its ambitious FY26 revenue growth targets.
This article outlines Genus Power’s strong growth outlook driven by its large order book, ambitious revenue guidance, and rising smart meter installations. It highlights financial performance, capacity expansion, and new business segments, giving a clear view of the company’s execution visibility and long-term growth potential.
Genus Power Infrastructures Limited, incorporated in 1992, is a part of the Kailash Group. It is engaged in manufacturing and providing Metering and Metering Solutions and undertaking ‘Engineering, Construction, and Contracts’ on a turnkey basis (core business division). It also undertakes strategic investment activity.
With a market capitalization of Rs 7,173 crore, Genus Power Infrastructures Ltd’s shares closed at Rs 235.80 per share, up by 0.36 percent from its previous close. The company trades at an undervalued P/E of 13x compared to its Industry average, and has returned 388 percent in the last 5 years.
Growth Guidance: The company expects revenue of Rs. 4,500 crore in FY26, implying 84 percent growth, with EBITDA margins of 20 percent, higher than its earlier guidance of Rs. 4,000 crore and 18 percent. It has also projected strong growth for FY27, estimating revenue between Rs5,500 to 6,000 crore, reflecting nearly 145 percent growth, while maintaining stable margins of 20 percent.
The company targets installing 80–90 lakh meters in FY26, highlighting a strong execution ramp-up. For FY27, it guides installations of over 1 crore meters, indicating continued scale momentum. With clear five-year visibility, the outlook suggests steady growth and consistent execution across the upcoming years.
Order Book & Visibility
The company has a strong order book of about Rs. 27,000 crore as of December 2025, mainly from smart meter projects. These projects will be executed over 8–10 years, giving steady revenue visibility, with most of the earnings directly coming to the company.
It is also looking at new project opportunities, but is choosing them carefully to ensure good returns. The company is confident about execution and expects strong performance in Q4 FY26 due to faster project rollout and better working conditions.
Capacity & Utilization: The company has a manufacturing capacity of around 1.8 crore meters annually, which supports its growth plans. It expects nearly 80 percent utilization by FY27, reflecting a steady ramp-up in production and improved efficiency as execution scales up with rising demand.
New Business Segments
Genus Power Infrastructures Limited is expanding into gas and water metering, with gas offering a large opportunity of around 12 crore meters over the next 6–7 years. While the water segment is still at an early stage, it is expected to grow steadily and become a meaningful contributor over the next 3–4 years.
The company is also expanding its export and software capabilities, aiming for around Rs. 500 crore in export revenue over the next 2–3 years. Alongside this, it is focusing on data analytics and DISCOM solutions, gradually positioning itself as a complete end-to-end technology and services provider.
Financial Performance (Q3 FY26) and Balance Sheet Strength
The company reported strong financial performance with revenue at Rs. 1,122 crore, rising 86 percent YoY. EBITDA nearly doubled to Rs. 232 crore, with margins at 20.7 percent, indicating operating leverage. Profit after tax stood at Rs. 148 crore, up 117 percent YoY, reflecting robust growth and improved profitability.
The company’s gross debt stood at Rs1,975 crore as of December 2025, with peak debt expected at Rs2,100–2,200 crore by FY27, indicating controlled leverage. It has invested Rs223 crore so far in its platform, with total planned investments of Rs1,000 to1,100 crore by FY28 to support future growth.
Conclusion: Overall, Genus Power’s strong order book, clear growth guidance, and improving financial performance position it well for the coming years. While execution and scaling remain key, its expanding segments and steady margins make it a stock worth tracking as it aims to deliver its ambitious FY26 growth targets.
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