Genus Power Infrastructures (530343) Q4 25/26 earnings summary

Executive summary

• FY26 executable order book stood at ₹25,173 crore, excluding taxes; all 24 AMISP projects achieved operational go-live.

• Manufacturing capacity exceeded 18 million meters annually; more than 1 crore meters had been installed under RDSS cumulatively.

• Audited standalone and consolidated results received unmodified audit opinions.

Financial highlights

• Q4 FY26 standalone revenue was ₹1,524 crore, up 63% YoY and 36% sequentially; EBITDA was ₹284 crore, up 36% YoY, and continuing-operations PAT was ₹181 crore, up 41%.

• Consolidated Q4 FY26 revenue was ₹1,537.13 crore vs ₹936.77 crore YoY; net profit was ₹171.76 crore vs ₹123.31 crore.

• FY26 standalone revenue was ₹4,737.48 crore vs ₹2,442.02 crore; EBITDA was ₹960 crore, up 104%, and net profit was ₹604.96 crore, up 106%.

• Consolidated FY26 revenue was ₹4,750.92 crore vs ₹2,442.02 crore; profit before tax was ₹767.63 crore and net profit was ₹592.30 crore.

• Q4 gross margin moderated on project-heavy mix, higher hardware and infrastructure costs, and FX impacts on imported meter inputs.

Outlook and guidance

• FY27 revenue guidance is ₹6,000–6,500 crore, driven by rollout intensity and conversion of the executable order book.

• FY27 EBITDA margin guidance is 18%, ~2.5 percentage points below FY26, reflecting expected raw-material cost pressure.

• FY27 meter sales are expected to exceed 1 crore; regular CapEx is expected at ₹10–20 crore, with no major CapEx planned.

• Operating cash flow is expected to improve quarterly; cash flow may be near break-even or slightly negative by FY27-end, with cash-positive performance expected in H1 FY28.

• O&M revenue is expected to rise from ₹150 crore in FY26 to ₹800 crore annually in 2–3 years, supported by the current order book.