Genus Power Infrastructures (530343) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 delivered strong growth, supported by faster project execution, higher installations and demand from state utilities and private AMISPs.

• Executable order book stood at ₹29,321 crore, excluding taxes; continuing operations focus on the Metering Business and related services following the Strategic Investment Division demerger.

Financial highlights

• Consolidated continuing-operations revenue was ₹94,242.27 lakh versus ₹41,415.78 lakh in Q1 FY25; PBT was ₹17,400.51 lakh versus ₹6,134.05 lakh.

• Consolidated continuing-operations net profit was ₹13,732.23 lakh versus ₹4,672.30 lakh in Q1 FY25; consolidated finance costs were ₹3,579.55 lakh versus ₹2,055.91 lakh.

• Standalone revenue was INR 942 crore, up 128% YoY; EBITDA rose to INR 199 crore, with margin expanding 590 bps to 21.2%.

• Standalone continuing-operations net profit was ₹12,848.82 lakh versus ₹4,066.17 lakh in Q1 FY25; PBT was ₹17,356.06 lakh versus ₹5,416.64 lakh.

• Consolidated basic and diluted EPS from continuing operations were ₹4.97 and ₹4.93, versus ₹1.69 and ₹1.68 in Q1 FY25.

Outlook and guidance

• FY26 guidance remains revenue above INR 4,000 crore and EBITDA margin of 18%; management expects to review revenue and profit guidance after H1 results.

• Installation targets are 80–90 lakh meters in FY26 and 1.1–1.2 crore in FY27; cash flow is expected to turn positive in FY26.

• ₹27,448 crore of the executable order book relates to AMISP orders under the Gemstar Infra JV platform; related contracts are subcontracted by Gemstar-controlled or to-be-controlled SPVs.

• AMISP order-book revenue is expected to accrue over 8–10-year concessions, with ~80% captured over project lifecycles; supply and installation account for ~INR 16,000 crore over the first 3 years and O&M ~INR 7,000 crore over the following 6–7 years.

• Working-capital days and percentages are expected to improve year by year; debt and working-capital guidance for FY26 was expected after H1 results.