Genus Power Infrastructures (530343) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 standalone revenue rose 136% YoY and PAT from continuing operations increased 162%; H1 revenue rose 132% YoY and PAT increased 185%.

• Executable order book was ₹28,758 crore, excluding taxes; ₹26,473 crore was linked to the Gemstar Infra JV.

• FY26 revenue and EBITDA margin guidance were raised to ₹4,500 crore and 20%; management expects cash-flow positivity in FY27.

• RDSS demand and electricity-meter projects provide visibility for the next five years, with exports, water meters, gas meters and O&M identified as longer-term opportunities.

Financial highlights

• Q2 FY26 standalone revenue from operations was ₹1,14,900.13 lakh versus ₹48,688.05 lakh in Q2 FY25; PBT was ₹20,244.16 lakh versus ₹7,553.88 lakh.

• Consolidated Q2 revenue was ₹1,14,900.13 lakh and continuing profit was ₹14,297.34 lakh; consolidated PBT was ₹19,191.20 lakh.

• Consolidated H1 revenue was ₹2,09,142.40 lakh versus ₹90,103.83 lakh; continuing profit was ₹28,029.57 lakh versus ₹12,819.12 lakh.

• Q2 EBITDA was ₹244 crore, with a 21.3% margin, up 456 bps YoY; PAT margin was 12.9%.

• H1 standalone revenue was ₹2,091 crore, EBITDA ₹444 crore and PAT ₹277 crore; EBITDA margin was 21.2%.

Outlook and guidance

• FY26 revenue guidance increased to ₹4,500 crore from ₹4,000 crore and EBITDA margin guidance to 20% from 18%; FY27 revenue guidance is ₹5,500–6,000 crore at a 20% margin.

• FY26 installation target remains 80 lakh-plus meters; 36 lakh were installed in H1, with November–March historically the strongest installation period.

• Cash-flow positivity is expected in FY27; management expects the working-capital cycle to improve by 40–50 days every six months, targeting 160–170 days by end-2027.