Genus Power cash flow turns positive as bank credit rises

Genus Power Infrastructures Limited generated Rs 126.89 crore of standalone operating cash in the half year ended September 30, 2026, reversing a Rs 157.84 crore outflow a year earlier. The improvement coincided with bank cash credit of Rs 1,249.85 crore and total cash and cash equivalents of negative Rs 1,217.64 crore at September 30.

Why did Genus Power's operating cash flow turn positive?

Genus Power's operating cash flow turned positive because cash used in operations was Rs 245.86 crore in the half year ended September 30, 2026, compared with Rs 81.74 crore used in the corresponding 2025 period. Cash generated before working-capital changes rose to Rs 481.43 crore from Rs 440.45 crore, while working-capital movements produced a net positive result.

After net income-tax payments of Rs 118.97 crore, up from Rs 76.10 crore a year earlier, Genus Power reported Rs 126.89 crore of net cash from operating activities. In the prior-year half, profit before tax was Rs 376.00 crore but operating activities used Rs 157.84 crore; latest-half profit before tax increased to Rs 399.21 crore.

The operating-profit calculation included Rs 99.71 crore of interest expense, Rs 39.80 crore of depreciation and amortisation, and Rs 13.12 crore of expected credit-loss provisions and balances written off. It also deducted Rs 46.90 crore of interest income and Rs 14.07 crore of finance income under service-concession arrangements.

How did working capital affect Genus Power's cash generation?

Working capital supported Genus Power's operating cash result, although receivables and contract assets continued to absorb funds. Inventory generated Rs 102.85 crore of cash in the September 2026 half year, compared with a Rs 587.69 crore cash outflow in the previous corresponding period, while trade receivables used Rs 508.60 crore, versus Rs 221.51 crore a year earlier.

Standalone trade receivables increased to Rs 1,971.66 crore at September 30, 2026 from Rs 1,484.48 crore at March 31, 2026. Current contract assets rose to Rs 941.59 crore from Rs 866.60 crore, while non-current contract assets increased to Rs 207.29 crore from Rs 189.62 crore.

Trade payables provided Rs 83.81 crore of cash during the latest half year, below the Rs 440.23 crore contribution in the September 2025 half. Other assets provided Rs 81.80 crore, reversing a Rs 167.17 crore use a year earlier, while financial and other liabilities and provisions supplied Rs 39.35 crore.

What changed in Genus Power's liquidity position?

Genus Power ended September 2026 with Rs 32.21 crore of cash and cash equivalents, down from Rs 259.57 crore at March 31, 2026. Bank cash credit was Rs 1,249.85 crore, resulting in total cash and cash equivalents of negative Rs 1,217.64 crore, compared with negative Rs 871.26 crore at the start of the financial year.

Standalone current borrowings increased by Rs 243.84 crore to Rs 2,034.30 crore at September 30 from Rs 1,790.46 crore at March 31. In contrast, non-current borrowings declined to Rs 445.13 crore from Rs 501.38 crore, while total current liabilities rose to Rs 3,232.50 crore from Rs 2,946.38 crore.

The cash-flow statement recorded a Rs 346.38 crore net decrease in cash and cash equivalents in the latest half year, compared with a Rs 160.65 crore decrease in the prior-year half. On a consolidated basis, total cash and cash equivalents were negative Rs 1,218.05 crore at September 30, including Rs 1,250.55 crore of bank cash credit.

How did investing and financing flows use Genus Power's cash?

Genus Power used Rs 437.79 crore in investing activities in the half year ended September 30, 2026, compared with Rs 143.96 crore a year earlier. Loans and advances to body corporates and subsidiaries used Rs 494.85 crore, while repayments provided Rs 339.35 crore; the corresponding prior-year amounts were Rs 218.54 crore and Rs 2.28 crore.

Fixed deposits and margin-money deposits used Rs 228.52 crore, against a Rs 146.42 crore source of cash in the prior period. Purchases of property, plant and equipment, intangible assets, capital work-in-progress, capital advances and capital creditors used Rs 62.26 crore, down from Rs 120.21 crore, while investment in an associate used Rs 27.67 crore.

Financing activities used Rs 35.48 crore, reversing a Rs 141.15 crore inflow in the September 2025 half. Genus Power received net Rs 117.83 crore from short-term borrowings, repaid Rs 51.76 crore of long-term borrowings and paid Rs 101.69 crore of interest.

What do Genus Power's earnings and order book show?

Genus Power reported standalone revenue from operations of Rs 2,497.43 crore for the half year ended September 30, 2026, up from Rs 2,091.42 crore a year earlier. Net profit rose to Rs 296.13 crore from Rs 276.64 crore, while finance costs increased to Rs 99.71 crore from Rs 76.46 crore.

The company reports metering business and related services as its single primary reportable segment. Its board noted an executable order book of Rs 22,634 crore, excluding taxes, at September 30, 2026, including Rs 20,970 crore of orders under the Gemstar Infra Pte. Ltd. joint-venture arrangement.

Genus Power held a 26% equity stake in Gemstar Infra Pte. Ltd. at September 30, 2026, and the arrangement uses special purpose vehicle entities to bid for and operate advanced metering infrastructure service provider projects. The board also approved on October 26, 2026 a buyback of up to 47,50,000 shares for up to Rs 148.20 crore, excluding transaction costs, at a maximum price of Rs 312 per share.

Conclusion

Genus Power converted operations into a Rs 126.89 crore cash inflow after tax in the September 2026 half year, following a Rs 157.84 crore outflow in the comparable period. Lower inventory and favourable other-asset movements contributed, but receivables used Rs 508.60 crore of cash, current borrowings rose Rs 243.84 crore, and bank cash credit reached Rs 1,249.85 crore.

Next, the disclosed figures to watch are whether Rs 1,971.66 crore of trade receivables and Rs 941.59 crore of current contract assets translate into collections as Genus Power executes its Rs 22,634 crore order book. The timing and cash effect of the board-approved buyback of up to Rs 148.20 crore is also an identified future item in the filing.