Jaipur: Smart electricity metering manufacturer Genus Power Infrastructures Limited continues to report stronger numbers as the company works to fulfill the government’s Revamped Distribution Sector Scheme (RDSS) goals. For Q4FY26, the company reported a 41% rise in net profit to Rs.181 crore from Rs.128 crore in the same period last year. The company’s consolidated revenues for the period also reached Rs.1,523.7 crore as against Rs.936.8 crore for the same period last year, a 62.7% year-on-year growth.
The company’s order book is currently worth about Rs.25,173 crore with various discoms working with it to implement the RDSS scheme. This winning streak has meant that the company has a backlog of about 2.7 times its market cap, with roughly 92% of it anchored to the RDSS scheme.
For Genus Power, this is an opportunity like no other, as the smart electricity metering market continues to grow amid rising demand.
“Genus Power Infrastructures Limited delivered a landmark performance in FY26, reflecting the Company’s strong execution capabilities, deep domain expertise in advanced metering infrastructure services (“AMISP”) and sustained momentum in India’s smart metering transformation journey. During the year, the Company witnessed accelerated execution across multiple projects under the Revamped Distribution Sector Scheme (“RDSS”), supported by large-scale rollout activities, increasing operational go-live (“OGL”) milestones and strong traction across key state utility programs. The Company achieved significant growth across revenue, profitability and project execution metrics, supported by healthy order book conversion and disciplined operational management.
During the year, Genus Power crossed the milestone of installation of more than 1 crore smart meters under RDSS programs, further reinforcing its position amongst the leading smart metering players in the country. The Company also continued to maintain strong manufacturing throughput, with manufacturing capacity currently exceeding 18 million meters annually, enabling it to support both captive AMISP requirements as well as supplies to utilities and other AMISP operators. We remain highly confident on the long-term opportunity landscape, as against an estimated requirement of over 31-32 crore smart meters in India, only ~15.6 crore meters have so far been tendered, indicating a substantial multi-year growth runway for the industry and the Company.
We remain focused on balancing rapid growth with prudent financial discipline and improving cash flow dynamics as the project base matures and additional projects transition into recurring billing phases. While the business currently requires elevated working capital investments due to simultaneous execution across multiple projects and geographies, we expect gradual normalization in working capital intensity as installations convert into operational projects and cash flow generation improves over the coming quarters.
In addition to the core smart metering business, the Company continues to invest in adjacent opportunities including smart gas meters, smart water meters and export markets, which can emerge as meaningful longterm growth drivers. India’s gas metering opportunity alone could potentially involve nearly 12 crore gas meter installations over the next six to seven years, while water metering is expected to provide significant local and global opportunities over the medium term as utilities increasingly focus on digitization and resource management. Simultaneously, the Company is strengthening its international market presence, with export revenues to scale meaningfully over the next few years.
We expect FY27 to mark another phase of significant scale-up in project execution, with the Company wellpositioned to achieve revenue of approximately ₹6,000 – 6,500 crore, driven by increasing rollout intensity across existing projects, AMISP portfolio with all projects having achieved OGL milestone and continued conversion of the large executable order book into revenues. Supported by strong manufacturing capabilities, integrated end-to-end technology offerings, proven execution expertise and disciplined operational management, the Company remains favourably positioned to deliver sustained growth, maintain healthy profitability metrics and further consolidate its leadership position within India’s rapidly evolving smart metering and digital power infrastructure ecosystem.” Mr. Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures, said in a press release.
