Genus Power: FY27 Revenue Target Rs 6,500 Cr

New Delhi, May 26 (PTI) Genus Power Infrastructures expects revenues to rise to Rs 6,000–6,500 crore in FY2027 as India's smart-metering rollout gathers pace and utilities increasingly prioritise grid intelligence, energy efficiency, and real-time demand management, a top company official said.

"We expect FY27 to mark another phase of significant scale up in project execution," Joint Managing Director Jitendra Agarwal said during the company's earnings call while giving revenue guidance of Rs 6,000–6,500 crore for the current financial year.

The company, which has emerged as one of India's largest smart-metering players under the government's Revamped Distribution Sector Scheme (RDSS), is also expanding beyond electricity metering into smart gas meters, smart water meters, and utility data-management platforms as part of its broader infrastructure digitisation strategy.

"Alongside our core smart metering business, we are also making steady investments in adjacent growth opportunities including smart gas meters, smart water meters and exports," Agarwal said, adding that "water metering will emerge as a significant long-term opportunity both in India and globally as digitisation and resource optimisation become increasingly important for utilities."

The company crossed one crore smart-meter installations during FY2026 under the RDSS programme and currently maintains annual manufacturing capacity exceeding 18 million meters.

Its consolidated net of taxes order book including all SPVs and GIC Platform stood at over Rs 25,173 crore as of March 2026, providing long-term revenue visibility through concession-linked AMISP contracts.

Agarwal said the broader smart-meter opportunity in India remains substantial, with nearly nine crore smart-meter tenders expected during next year or so across states including Kerala, Haryana, Punjab, Madhya Pradesh, and West Bengal.

The company also sees significant expansion opportunities emerging outside electricity metering. Management estimates that the smart gas-meter market alone could represent a Rs 35,000–36,000 crore opportunity over the next three to four years as city gas distribution companies increasingly digitise gas delivery infrastructure.


Agarwal also highlighted the company's increasing focus on software and analytics capabilities, stating that Genus' investments in HES, MDMS, and utility software systems were made with a long-term view toward broader energy-data applications and grid-management services.

"We were very clear we are not going to stop only at HES and MDMS," Agarwal said, while discussing the company's software strategy and future energy-stack opportunities.

The management commentary comes at a time when India's electricity demand profile is undergoing structural change, driven by industrialisation, electric mobility adoption, data-centre expansion, AI-linked compute infrastructure, and rising cooling demand.

As renewable energy penetration rises simultaneously, utilities are increasingly being forced to focus on grid balancing, forecasting, load visibility, and distribution efficiency rather than only power generation capacity.

Smart metering is consequently emerging as a critical layer in India's evolving energy-security architecture.

Genus Power delivered an acceleration in financial performance during FY2026, with revenue rising nearly 94 per cent year-on-year to Rs 4,737 crore, reflecting strong execution momentum across smart-metering projects.

EBITDA more than doubled to Rs 960 crore, while PAT surged to an all-time high of Rs 605 crore, highlighting improving operating leverage, scale efficiencies, and robust bottom-line expansion.

While the management has guided for moderation in EBITDA margins during FY2027 owing to commodity-price movements and currency volatility, the company indicated that no major capex cycle is currently planned beyond routine operational investments.

The company also expects working-capital intensity to improve progressively as all the awarded projects have now transited into operational phases and recurring annuity-style revenues begin scaling up.