Genus Power Infrastructures Ltd – 2 Cr Meters, ₹31,000 Cr Order Book, and 66% Pledged Drama

1. At a Glance

Genus Power is India’s smart meter poster boy with 27% market share and an order book fatter than a government budget speech—₹31,776 Cr to be chewed over 8–10 years. Stock trades at ₹324, down 23% YoY, but Q1 FY26 results showed revenue +128% and PAT +216%. Sounds like a jackpot, right? Except promoters have pledged 66.7% of their holding—basically, your landlord giving you free Wi-Fi but keeping the spare key to your house.

2. Introduction

Founded in 1992, Genus has grown from being “that meter company” to a full-blown smart utility infrastructure play. From Jaipur to Guwahati, their plants crank out 11+ Mn meters annually, while their order book has been supercharged thanks to RDSS (Revamped Distribution Sector Scheme).

Installed base: 80+ Mn meters worldwide.
Client list: SEBs, Tata Power, BSES, Reliance Energy, REC Power.
Growth booster: JV with Singapore’s GIC for Gemstar—exclusive supplier for its smart metering SPVs.

But this fairy tale has masala: ED raids in Dec 2024, heavy debt (₹1,366 Cr), and a stock chart that looks like India’s monsoon forecast—erratic and unpredictable.

3. Business Model – WTF Do They Even Do?

Genus has two legs to stand on:

Smart Metering Solutions (Core):
- High-end multifunction meters, prepaid, group metering, transformer meters, SaaS for utilities.
- Facility management services (FMS) ensure recurring revenues.
Engineering, Construction & Contracts (ECC):
- End-to-end EPC for power distribution.
- One-stop solution: from manufacturing meters to installing and running them.

Bonus angle: gas & water metering pilots, ASEAN and Middle East expansions. If “metering” were an IPL, Genus would be both CSK and the umpire.

4. Financials Overview

Source table

Metric	Latest Qtr (Jun ’25)	YoY Qtr (Jun ’24)	Prev Qtr (Mar ’25)	YoY %	QoQ %
Revenue	₹942 Cr	₹414 Cr	₹937 Cr	+128%	+1%
EBITDA	₹199 Cr	₹63 Cr	₹208 Cr	+216%	-4%
PAT	₹128 Cr	₹42 Cr	₹129 Cr	+216%	-1%
EPS (₹)	4.2	1.4	4.3	+200%	-2%

Commentary:
Margins are holding at ~21%, which is a glow-up from their 9–10% days. Revenue doubled YoY, profit quadrupled. This quarter was less “PowerCut India” and more “24×7 metering”.

5. Valuation – Fair Value Range Only

P/E Method: EPS ₹12.6, Industry P/E ~42.5 → fair range ₹400 – ₹525.
EV/EBITDA: EV ₹10,450 Cr / EBITDA ₹606 Cr → 17x. Sector ~15x → fair range ₹300 – ₹360.
DCF Back-of-Envelope: Assuming ₹4,000 Cr revenue FY26 with 18% margin → fair ₹350 – ₹450.

👉 Fair Value Range = ₹325 – ₹475

Disclaimer: Educational purposes only. We don’t

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