Executive Summary: As a chartered accountant turned research analyst with two decades at leading fund houses, I’ve tracked Genus Power (NSE: GENUSPOWER) since early 2023. I built my position when the smart‐meter rollout in India was in its infancy, and despite a long consolidation and market correction (amid tariff, war, and valuation fears), I remain confident the company is poised for a re‐rating.
Industry and Company Background
Genus Power, founded in 1995, is among India’s largest metering companies. It has been a leading supplier of electricity meters (residential, commercial, industrial) and offers end-to-end smart metering solutions (AMR/AMI), as well as turnkey EPC work in power infrastructure. Most recent quarters’ growth is driven by the Govt’s Revamped Distribution Sector Scheme (RDSS), which mandates large-scale smart meter installation for DISCOMs. As Jitendra Agarwal (Jt. MD) noted, execution of large smart-meter orders and ramp-up of projects across states fueled revenue gains.
| Quarter | Sales (₹Cr) | % YoY (Sales) | PAT (₹Cr) | % YoY (PAT) | OPM (%) |
|---|---|---|---|---|---|
| Q4 FY25 (Mar) | 936.8 | +123% | 123.3 | +406% | 20.96% |
| Q1 FY26 (Jun) | 942.4 | +128% | 137.3 | +184% | 21.16% |
| Q2 FY26 (Sep) | 1149. | +136% | 148.1 | +162% | 21.27% |
| Q3 FY26 (Dec) | 1122.4 | +86% | 140.2 | +148% | 18.93% |
| Q4 FY26 (Mar) | 1537.1 | +64% | 171.8 | +39% | 17.38% |