Genus Power Infrastructures Limited has delivered its strongest financial year on record in FY26 and guided for a further 30%-plus revenue growth in FY27, with Managing Director Ishwar Chand Agarwal stating that the company is well positioned to achieve revenue in the range of ₹6,000-6,500 crore in FY27 against the current revenue base of approximately ₹4,751 crore.
The Q4FY26 numbers were strong on every metric. Revenue from operations grew 63% year on year to ₹1,524 crore from ₹937 crore in Q4FY25, and 36% sequentially from ₹1,122 crore in Q3FY26. Profit after tax rose 40% year on year to ₹181 crore from ₹129 crore in Q4FY25 and 22% sequentially from ₹148 crore. Operating profit margin was approximately 20% — consistent with the full-year FY26 OPM of 20% and above the original FY26 guidance of 19%.
For the full year FY26, Genus Power delivered a near-doubling of both revenue and profit. Revenue from operations was ₹4,737 crore — up 94% from ₹2,442 crore in FY25. PAT was ₹605 crore — up 103% from ₹298 crore in FY25. Net profit margin improved from 12% to 13%. The company delivered beyond its own revised guidance: it had originally guided ₹4,000 crore revenue with 19% OPM, revised that to ₹4,500 crore with 20% OPM mid-year, and ultimately delivered ₹4,737 crore at 20% OPM — a track record of consistent guidance upgrades and delivery that management credibility analysts prize.
What drove FY26
The primary driver is India’s Revamped Distribution Sector Scheme — the central government’s flagship programme for upgrading distribution infrastructure and deploying smart meters across the country. Genus Power has been one of the largest beneficiaries of RDSS smart meter orders, executing aggressively through FY26 as project rollout activity accelerated. The company crossed the milestone of installing over 1 crore — 10 million — smart meters under RDSS programmes during FY26, cementing its position as a leader in India’s smart metering industry. Current manufacturing capacity stands at over 18 million meters per year, serving both captive AMISP — Advanced Metering Infrastructure Service Provider — requirements and external supply contracts.
The FY27 and long-term opportunity
Management’s FY27 revenue guidance of ₹6,000-6,500 crore implies 30%-plus growth from FY26 — a pace that management believes is supported by the continued acceleration of RDSS project execution, increasing OGL — Operational Guarantee Level — milestones, and strong traction across state utility programmes. The working capital intensity of the business, which has been elevated due to the project ramp-up phase, is expected to gradually normalise as projects move into recurring billing and cash flows improve.
The longer-term opportunity is even larger. India’s estimated requirement for smart meters stands at 31-32 crore — 310-320 million units — against approximately 15.6 crore — 156 million units — tendered so far. The untapped addressable market of 14-16 crore meters represents a multi-year growth runway that management expects to sustain Genus Power’s elevated revenue trajectory well beyond FY27.
Beyond smart electricity meters, Genus Power is actively investing in adjacent growth opportunities. The smart gas metering market alone could involve approximately 12 crore installations across India over the next six to seven years — a market of comparable scale to electricity smart meters that the company is positioning to enter. Smart water metering and export markets are identified as longer-term growth drivers that could meaningfully extend the company’s total addressable market over a 7-10 year horizon.
Genus Power’s stock rose 3.02% to ₹313.95 on the NSE on May 19 following the results and management commentary, with the intraday high touching ₹314.80. At a P/E of 16x and a market cap of approximately ₹950.10 crore — relatively modest for a company guiding 30%-plus growth — the stock appears to be in the process of re-rating as the scale and consistency of the RDSS-driven earnings become more visible to the broader market.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a SEBI-registered financial advisor before making investment decisions