Genus Power Q2FY26 Concall Decoded – The Smart Meter Tsunami Is Here, and Genus Is Surfing It Hard
1. Opening Hook
Some companies dream of “growth visibility.” Genus Power just published a five-year roadmap so clear you could meter it. In a country where electricity bills still come by post, they’re rolling out crore after crore of smart meters — and billing the future monthly. Revenue’s up triple digits, debt’s up a little too, but who’s counting when margins smell like 21%? The management’s tone? Confident, caffeinated, and possibly high on AMISP contracts. Read on — because when you hear “Rs. 28,758 crore order book,” you’ll realize this is not your usual small-cap power story.
2. At a Glance
Revenue up 136% YoY: The meter empire struck back — ₹1,149 cr vs ₹487 cr last year.
EBITDA ₹244 cr (↑3x): When execution meets leverage, magic happens.
EBITDA Margin 21.3%: CFO calls it efficiency; skeptics call it “finally working capital behaving.”
PAT ₹148 cr (↑162%): Smart meters, smarter profits.
Order Book ₹28,758 cr: Enough to keep everyone busy till FY28 (and then some).
Debt ₹1,744 cr: Growing faster than your broadband bill, but “strategic.”
Guidance revised up: FY26 ₹4,500 cr revenue @ 20% margin — optimism has a fresh plug point.
3. Management’s Key Commentary
“Revenue grew 136% year-on-year driven by steady execution.” (Translation: Every electrician in India owes us overtime.)
“EBITDA margins at 21.3%, up 456 bps — thanks to cost control.” (Translation: We finally learned Excel’s ‘SUM’ function.) 😏
“Debt rose to ₹1,744 cr, mainly short-term; peak will be ₹2,000 cr.” (Translation: Relax, it’s just temporary… like your credit card balance.)
“We expect working capital to drop 40-50 days every half year.” (Translation: Miracles are now on a schedule.)
“We’ve manufactured 90 lakh meters in H1, half for our GIC JV.” (Translation: The JV’s eating half the buffet — and still wants dessert.)
“Market demand under RDSS is 25 crore meters, expanding to 31 crore.” (Translation: India wants smart meters everywhere — maybe even for government patience.)
“FY27 revenue guidance ₹5,500–6,000 cr @ 20% EBITDA.” (Translation: We’re not just raising guidance, we’re raising eyebrows.)
