Genus Power Energizes Q2 FY26 with Triple-Digit Growth and Strategic Expansion

Genus Power Infrastructures Limited, a pivotal force in India's smart metering revolution, has reported an exceptionally strong performance for the second quarter and first half of the fiscal year 2026. The company's standalone financials underscore a period of robust execution and strategic advancement, firmly positioning it at the forefront of India's energy transformation. For Q2 FY26, Genus Power recorded a standalone revenue of INR 1,149 crore, marking a significant 136% year-on-year increase. This impressive growth trajectory continued into the first half of FY26, with revenue soaring by 132% year-on-year to INR 2,091.4 crore. The company's profitability metrics also saw substantial improvements, with EBITDA more than tripling in Q2 FY26 to INR 244 crore, achieving a robust margin of 21.3%. Profit After Tax (PAT) from continuing operations surged by 162% to INR 148.2 crore for the quarter, reflecting enhanced operational efficiency and better absorption of fixed costs.

This stellar financial performance is primarily attributed to the vigorous execution of large smart metering projects under the Advanced Metering Infrastructure Service Provider (AMISP) model. The seamless transition of several key contracts into their operational phases, coupled with favorable industry tailwinds, has been instrumental in driving this growth. The company's strategic focus on end-to-end solutions, encompassing in-house designed smart meters, robust communication infrastructure, Head-End Systems (HES), and Meter Data Management Systems (MDMS), has enabled it to capitalize effectively on the expanding market opportunities. The management commentary highlights that the manufacturing and on-ground capabilities are fully aligned with the expanding rollout, ensuring the company is well-positioned to meet the growing demand for smart meters across multiple states.

Powering Performance: A Deep Dive into Q2 FY26 Financials

Genus Power's financial results for Q2 and H1 FY26 demonstrate a clear upward trend, reflecting the company's operational excellence and strategic foresight. The revenue growth figures are particularly noteworthy, indicating strong market demand and successful project execution. The EBITDA margin expansion, from 16.7% in Q2 FY25 to 21.3% in Q2 FY26, and from 16.1% to 21.2% for H1 FY26, underscores the benefits of operating leverage, disciplined cost control, and efficient project management. This improvement in profitability, despite increased execution intensity, speaks volumes about the company's robust business model.

Strategic Currents: Navigating India's Smart Energy Future

Genus Power's strategic initiatives are designed to solidify its leadership in the evolving energy sector. The company's total order book, including all SPVs and the GIC Platform, stands at an impressive INR 28,758 crore (net of taxes) as of September 30, 2025. This substantial order book provides clear multi-year visibility for sustained revenue growth. A significant development is the strategic partnership with GIC, Singapore, which has established a USD 2 billion platform dedicated to smart metering projects. Genus Power serves as the exclusive partner for GIC in India for AMISP contracts and also acts as an OEM, supplying meters to other AMISPs.

To support its ambitious rollout plans, Genus Power boasts an annual smart meter capacity of approximately 1.8 crore units. Further enhancing its manufacturing prowess, the company is setting up a new injection molding plant in Kotputli, Rajasthan, with 40 machines expected to be operational by the end of FY26. This facility will bolster its in-house capacity for plastic molding components, streamlining the supply chain. While the working capital cycle remains a focus area, with debtors days significantly reduced from 187 days to 126 days, the company acknowledges that high inventory levels for new projects have pushed the target for becoming cash flow positive to FY27. However, management remains confident in achieving this goal through continued operational efficiencies.

Beyond Electricity: Diversifying into New Frontiers

Genus Power is not limiting its vision to electricity metering alone. The company is actively diversifying into smart gas and water metering solutions, recognizing the immense untapped potential in these segments. India's government envisions a significant increase in the share of gas in the economy by 2030, necessitating the installation of 12-14 crore gas meters in the next 5-6 years. Similarly, the water meter market is perceived as an even larger opportunity, potentially surpassing the electricity meter business in 4-6 years. These new product lines, including smart gas meters, water meters, and data loggers, were introduced in 2022-2025, marking a strategic expansion of its portfolio.

Beyond domestic growth, Genus Power is strategically targeting export markets in African, APAC, and Middle Eastern regions, driven by rapid urbanization and infrastructure development. The company's integrated solutions for smart electricity, gas, and water meters position it as a one-stop-shop for international utilities. Furthermore, Genus is investing in smart infrastructure and grid development, offering software solutions to utilities and other AMISP players. This includes leveraging advanced data analytics to optimize energy consumption and improve utility operations, as well as expanding smart grid technologies to enhance stability, resilience, and integrate renewable energy sources, with AI-driven predictive maintenance playing a crucial role.

An Energized Outlook

Genus Power Infrastructures Limited's Q2 and H1 FY26 results paint a picture of a company in a strong growth phase, driven by India's smart metering mandate. With a robust order book, expanding manufacturing capabilities, strategic partnerships, and a clear vision for diversification into gas, water, and export markets, the company is well-positioned for sustained growth. Management has revised its FY26 revenue guidance upwards to INR 4,500 crore with a 20% EBITDA margin, and projects INR 5,500-6,000 crore revenue for FY27, maintaining the 20% EBITDA margin. This confident outlook, coupled with a focus on timely execution and operational efficiency, reinforces Genus Power's role as a trusted, technology-driven partner in India's ongoing energy transformation.