Genus Power Infrastructures Ltd-$ — Q4 FY26 earnings call
Summary generated by AI from the official transcript Genus Power Infrastructures Ltd-$ filed with BSE on 26 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Genus Power reported Q4 FY26 standalone revenue of Rs 1,524 crore, up 63% year-on-year, with EBITDA of Rs 284 crore and PAT of Rs 181 crore from continuing operations. For the full year, standalone revenue grew 94% to Rs 4,738 crore, EBITDA rose 104% to Rs 960 crore with margin at 20.3%, and PAT grew 106% to Rs 605 crore. Management said gross margins moderated during the quarter due to a shift in product mix toward project business and exchange rate impact on imported raw materials, and gave FY27 revenue guidance of Rs 6,000 crore to Rs 6,500 crore.
Numbers mentioned
Standalone Revenue: INR1,524 crores (Q4 FY26)
p. 3
“For Q4 FY26, our stand-alone revenue stood at INR1,524 crores, representing a strong growth of 63% year-on-year and 36% sequentially.”
Kailash Agarwal, page 3 of the filed PDF · View the filing
EBITDA: INR284 crores (Q4 FY26)
p. 4
“On the profitability front, Q4 FY26 EBITDA stood at INR284 crores, up 36% year-on-year and profit after tax from continuing operations for Q4 FY26 stood at INR181 crores, registering healthy growth of 41% year-on-year.”
Kailash Agarwal, page 4 of the filed PDF · View the filing
Standalone Revenue: INR4,738 crores (FY26)
p. 4
“For the full year FY26, standalone revenue stood at INR4,738 crores, reflecting a robust growth of 94% year-on-year.”
Kailash Agarwal, page 4 of the filed PDF · View the filing
EBITDA: INR960 crores (FY26)
p. 4
“FY26 EBITDA grew up by 104% year-on-year to INR960 crores.”
Kailash Agarwal, page 4 of the filed PDF · View the filing
EBITDA margin: 20.3% (FY26)
p. 4
“EBITDA margin for FY26 improved by 102 basis points on a year-on-year basis to 20.3%, reflecting operating leverage benefits, disciplined execution capabilities and efficient cost management despite higher scale of operations.”
Kailash Agarwal, page 4 of the filed PDF · View the filing
PAT: INR605 crores (FY26)
p. 4
“FY26 PAT stood at INR605 crores, reflecting sharp growth of 106% year-on-year.”
Kailash Agarwal, page 4 of the filed PDF · View the filing
PAT margin: 12.8% (FY26)
p. 4
“PAT margins improved to 12.8% during FY26, supported by sustained execution momentum, operating leverage and improving scale efficiencies.”
Kailash Agarwal, page 4 of the filed PDF · View the filing
Total order book: approximately INR25,173 crores (as on 31st March 2026)
p. 4
“As on 31st March 2026, our total order book, including all SPV and the GIC platform stands at approximately INR25,173 crores net of taxes, attributable primarily to Genus's own AMISP projects with concession periods extending over 8 to 9 years.”
Kailash Agarwal, page 4 of the filed PDF · View the filing
Debtor days: 89 days (as on 31st March 2026)
p. 5
“The debtors days have started coming down and reduced from 187 days as on 31st March 2025 to 89 days as of 31st March 2026.”
Kailash Agarwal, page 5 of the filed PDF · View the filing
Total net debt: INR1,573 crores (as on 31st March 2026)
p. 5
“As on 31st March '26, company had a total net debt of INR1,573 crores, which is about INR968 crores more than the net debt of INR605 crores as on March '25.”
Kailash Agarwal, page 5 of the filed PDF · View the filing
Cash and cash equivalents: approximately INR719 crores (as on 31st March 2026)
p. 5
“As on 31st March 2026, company had a cash and cash equivalent of approximately INR719 crores in the form of fixed deposits and other current investments.”
Kailash Agarwal, page 5 of the filed PDF · View the filing
Meters installed under RDSS: more than 1 crore (FY26 cumulative)
p. 4
“One of the most important milestone achieved during FY26 was that Genus Power crossed installation of more than 1 crore meters under RDSS program, reinforcing our position amongst the leading smart metering players in the country.”
Kailash Agarwal, page 4 of the filed PDF · View the filing
Q4 meters installed: 30 lacs meters (Q4 FY26)
p. 7
“Q4 installed around 30 lacs meters. And the total we have installed is 87 lacs meters under the RDSS program.”
Jitendra Agarwal, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — INR6,000 crores to INR6,500 crores · FY27
stated firmly by Kailash Agarwal
p. 5
“We expect FY27 to mark another phase of significant scale up in project execution with the company well positioned to achieve revenue in the range of approximately INR6,000 crores to INR6,500 crores, driven by increasing rollout intensity across existing projects, and continued conversion of the large executable order book into revenues.”
Kailash Agarwal, page 5 of the filed PDF · View the filing
EBITDA margin — 18% · FY27
stated firmly by Kailash Agarwal
p. 7
“So basically, we are looking for EBITDA of 18% for this FY -- for FY27.”
Kailash Agarwal, page 7 of the filed PDF · View the filing
Capex — INR10 crores, INR20 crores · FY27
stated firmly by Kailash Agarwal
p. 7
“Capex, there won't be any major capex, the smaller capex, which is a regular capex, INR10 crores, INR20 crores required for regular things dies and molds and something like that.”
Kailash Agarwal, page 7 of the filed PDF · View the filing
Working capital days improvement — another 50 to 75 days · current year
stated as an aspiration by Kailash Agarwal
p. 5
“We expect improvement of another 50 to 75 days in this current year.”
Kailash Agarwal, page 5 of the filed PDF · View the filing
Peak net borrowing — about INR2,000 crores
stated conditionally by Kailash Agarwal
p. 5
“The expected peak net borrowing by the company will go to about INR2,000 crores.”
Kailash Agarwal, page 5 of the filed PDF · View the filing
Investment in joint venture platform — INR600 crores to INR700 crores · FY27, FY28 and first quarter of FY29
stated firmly by Kailash Agarwal
p. 5
“Company expects investment of another INR600 crores to INR700 crores in the joint venture platform in next 2 years, that is FY27 and '28 and first quarter of FY29.”
Kailash Agarwal, page 5 of the filed PDF · View the filing
Export revenue — INR500 crores · next two to three years
stated as an aspiration by Jitendra Agarwal
p. 11
“So we have targeted next two to three years, our revenue from export market should be INR500 crores.”
Jitendra Agarwal, page 11 of the filed PDF · View the filing
O&M revenue — INR800 crores to INR900 crores per year · next two to three years
stated conditionally by Kailash Agarwal
p. 14
“No, no. every year, it will be around INR800 crores coming in next two to three years, yes, yes, per annum increasing every year.”
Kailash Agarwal, page 14 of the filed PDF · View the filing
Meter installation guidance — more than 1 crore meters · FY27
stated firmly by Jitendra Agarwal
p. 12
“So this financial year, we will install more than 1 crore meters.”
Jitendra Agarwal, page 12 of the filed PDF · View the filing
Cash flow from operations — positive · FY28
stated firmly by Kailash Agarwal
p. 15
“But 2028 for sure, first 2 quarters, we will be from very first or second quarter, we will be cash positive.”
Kailash Agarwal, page 15 of the filed PDF · View the filing
Net debt — won't go more than INR1,900 crores - INR2,000 crores
stated conditionally by Kailash Agarwal
p. 16
“So basically, net debt today on the company is around INR1,500 crores, and I think it won't go more than INR1,900 crores - INR2,000 crores, the next -- the net debt.”
Kailash Agarwal, page 16 of the filed PDF · View the filing
Smart meter tenders expected — 9 crore meters · this financial year
stated conditionally by Jitendra Agarwal
p. 6
“So we expect in this financial year tenders of 9 crore meters will be out and remaining quantities will come in the subsequent years.”
Jitendra Agarwal, page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said roughly 24-25 crore meters remain to be installed and expects tenders of 9 crore meters this year, while targeting to maintain existing market share.
Answered by Jitendra Agarwal
Asked by Aditya Welekar: How will tendering play out this fiscal and next, and what market share is being targeted?
p. 6
“So we expect in this financial year tenders of 9 crore meters will be out and remaining quantities will come in the subsequent years.”
Jitendra Agarwal, page 6 of the filed PDF · View the filing
Management explained the increase relates to inventory and platform investments, and that working capital intensity as a percentage of revenue growth is declining year on year.
Answered by Kailash Agarwal
Asked by Aditya Welekar: Why is working capital increasing due to contract assets?
p. 6
“So you will see that from 80 -- whatever the revenue done, the amount of working capital required was 80%. Now the amount of revenue done, the working capital requirement is almost 40%.”
Kailash Agarwal, page 6 of the filed PDF · View the filing
Management said contracts are fixed price with no pass-through, and that the guidance cut factored in all raw material and currency pressures.
Answered by Jitendra Agarwal
Asked by Abhishek Taparia: Is there a pass-through clause for raw material cost increases, and what drove the margin impact?
p. 8
“So there is no pass-through in our contracts. These are all fixed price contracts.”
Jitendra Agarwal, page 8 of the filed PDF · View the filing
Management gave separate figures for AMISP market share versus meter manufacturing and AMISP combined market share.
Answered by Jitendra Agarwal
Asked by Deepak Poddar: What is the current market share as AMISP and as meter manufacturer?
p. 13
“As a AMISP, we do -- we have a market share of around 22% - 23%. And as a meter manufacturing and AMISP it is more than 30%.”
Jitendra Agarwal, page 13 of the filed PDF · View the filing
Management said the company will likely be at par or slightly negative on cash flow by the end of this financial year, with positive cash flow expected from FY28.
Answered by Kailash Agarwal
Asked by Dhairya Trivedi: Is the company sticking to its earlier guidance of achieving positive operating cash flow by FY27?
p. 15
“And we are very hopeful that by end of this financial year, we will be almost either at par at cash flow or maybe a little negative, not surely not positive.”
Kailash Agarwal, page 15 of the filed PDF · View the filing
Management acknowledged margin pressure from fixed pricing but noted hardware exposure is only about 45-50% of the order book, with O&M unaffected by commodity costs.
Answered by Kailash Agarwal
Asked by Sahil Garg: Given fixed-price contracts, how will the company manage margins amid ongoing raw material cost increases?
p. 17
“So it's not all INR23,000 crores is hardware, where the cost of BOM will impact it. So it's hardly 45%, 50% of that, number one.”
Kailash Agarwal, page 17 of the filed PDF · View the filing
Management explained the number includes notional profit and loss from a trust holding shares in other entities, not just the 26%-owned platform.
Answered by Kailash Agarwal
Asked by Chandresh Malpani: Why is the share of profit/loss from associate entities fluctuating quarter to quarter?
p. 17
“So basically, it is not exactly coming from only from the platform where we are 26%. It is the trust holding some shares of other entities also.”
Kailash Agarwal, page 17 of the filed PDF · View the filing
Risks flagged
Rising raw material and commodity prices, including chips and electronics, pressuring margins
p. 7
“So whatever we have achieved in FY26, we are giving a guidance of almost 2%, 2.5% lesser for this financial year because we are looking a surge in raw material prices that is because of this war and everything, petroleum prices going up and chips and all.”
Kailash Agarwal, page 7 of the filed PDF · View the filing
Exchange rate fluctuations impacting imported raw materials used in meter manufacturing
p. 3
“Additionally, imported raw material used in meter manufacturing was impacted by exchange rate fluctuations during the quarter.”
Kailash Agarwal, page 3 of the filed PDF · View the filing
Fixed-price contracts with no pass-through mechanism exposing the company to input cost volatility
p. 8
“So there is no pass-through in our contracts. These are all fixed price contracts. So whatever is either increasing or decreasing, it has to be taken care by the company.”
Jitendra Agarwal, page 8 of the filed PDF · View the filing
Elevated working capital requirements from simultaneous execution across multiple large-scale projects
p. 5
“Simultaneous execution across multiple large-scale projects requires elevated working capital investments, particularly in inventory and field deployment activities.”
Kailash Agarwal, page 5 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.