Genus Power just reported 297% profit growth – Multibagger potential ahead?

Genus Power Infrastructures Limited (NSE: GENUSPOWER), a Kailash Group company and one of India‘s leading Advanced Metering Infrastructure Service Providers (AMISPs), has announced blockbuster results for Q4 and FY25. The company reported a 123% YoY revenue surge in Q4FY25 and a staggering 297% increase in annual profit after tax (PAT), underlining its pivotal role in India’s nationwide smart metering rollout under the Revamped Distribution Sector Scheme (RDSS).

Genus Power’s standalone revenue for FY25 crossed ₹2,442 crore, up from ₹1,200.6 crore in FY24. The company’s PAT rose to ₹298.2 crore in FY25 from ₹75.2 crore in FY24. EBITDA for the year surged to ₹469.9 crore, marking a 247% increase, while the EBITDA margin improved by nearly 800 basis points to 19.2%. This performance came against the backdrop of strong execution across multiple long-term AMISP contracts, and a rapidly expanding industry driven by India’s digital energy infrastructure ambitions.

Why Did Genus Power’s Q4 FY25 Earnings Outperform Market Expectations?

Genus Power’s Q4FY25 revenue touched ₹936.8 crore, up from ₹420.1 crore in Q4FY24, supported by a sharp ramp-up in project execution across several state electricity board contracts. On a sequential basis, revenue jumped 55%, signaling strong momentum in field deployments and smart meter offtake.

EBITDA in the quarter rose to ₹208.5 crore from ₹55.5 crore in the same quarter last year—a 276% increase. The EBITDA margin surged by 905 basis points to 22.3%, driven by operating leverage, scale benefits, and disciplined cost management. PAT for Q4FY25 stood at ₹129.3 crore, more than four times the ₹31.4 crore posted a year earlier.

The sharp operating performance was attributed to Genus Power’s integrated execution model, its backward-linked manufacturing base, and improved cost efficiencies on project rollouts. Institutional investors responded positively, with the stock closing at ₹395.90 on May 30, 2025—up ₹11.30 or 2.94% from the previous session.

How Large Is Genus Power’s Order Book in FY25?

As of March 31, 2025, Genus Power’s consolidated order book stood at ₹30,110 crore (net of taxes). This includes long-duration contracts secured through the GIC (Government-Investor-Company) platform and multiple SPVs. These concessions span 8–10 years and provide revenue visibility well into the next decade.

The RDSS initiative has catalyzed smart metering tenders across India. Genus Power remains one of the few players capable of pan-India delivery, with state-level contracts already underway in Rajasthan, Uttar Pradesh, Assam, and Gujarat. This massive order book firmly places Genus Power in a dominant position among India’s AMISP players.

What Was the Impact of the Genus–Genus Prime Infra Demerger?

In a strategic restructuring move, the National Company Law Tribunal (NCLT), Allahabad Bench, approved the demerger of Genus Power’s Strategic Investment Business into Genus Prime Infra Limited in April 2025. The scheme was originally approved by the board in December 2020 and is now set to streamline operations by segregating infrastructure investments from the core metering business.

The move is widely viewed as shareholder-friendly, as it unlocks value by focusing Genus Power on its high-growth AMISP and energy technology segments, while giving Genus Prime Infra a dedicated platform for infrastructure ventures. Post-demerger, analysts expect better capital allocation and improved transparency in financial performance.

How Are Market Analysts and Institutions Reacting to Genus Power’s Performance?

Market sentiment around Genus Power remains bullish, bolstered by consistent earnings upgrades and strong institutional interest. As of May 30, 2025, the company’s share price has rebounded from its March lows of ₹236.85 to trade around ₹395.90—just 18% off its 52-week high of ₹486.05 set in December 2024.

Trading volumes on May 30 crossed ₹60.3 crore, with over 15.4 lakh shares changing hands. The stock’s P/E ratio now stands at 39.71x, reflecting market optimism surrounding its long-term earnings trajectory. While valuations remain elevated, the expanding revenue base and stable margins justify current investor positioning.

Analysts tracking the sector expect further FII and DII inflows in coming quarters, especially as execution milestones are met and Genus Power diversifies into higher-margin software-backed offerings like Meter Data Management (MDM) and Head-End Systems (HES).

How Does Genus Power Compare with Other Smart Metering Companies?

Among Indian AMISP and metering peers—such as HPL Electric, Secure Meters, and Larsen & Toubro’s power T&D unit—Genus Power distinguishes itself with the scale of its execution capabilities and vertical integration. The company operates three manufacturing units located in Jaipur, Haridwar, and Guwahati, with a combined annual production capacity exceeding 16 million meters.

Its early investments in proprietary software architecture, robust R&D capabilities, and execution partnerships have positioned it as a full-stack provider, unlike many competitors who rely on third-party integrations or joint ventures. This control over both hardware and software allows Genus Power to offer tailored solutions to utilities, enhancing retention and recurring revenue potential.

What Are the Key Risks and Challenges Facing Genus Power?

While Genus Power’s outlook remains positive, the company faces some short-term headwinds. Chief among them is the temporary elongation of its working capital cycle, which the company attributes to project execution ramp-up phases. As monthly OpEx-based payment schedules stabilize and lifecycle billing kicks in, Genus expects this to normalize.

Another concern is the slowdown in fresh tendering activity across some state utilities, attributed to model code of conduct restrictions during the recent election cycle. However, management believes that tender momentum will resume in the coming quarters and that the current order book already provides ample visibility through FY27.

What Is the FY26 Outlook for Genus Power?

Looking ahead, Genus Power plans to deepen its footprint in key Indian states and expand its technology portfolio through investments in data analytics, smart grid software, and customer support infrastructure. With over ₹30,000 crore worth of projects in hand, Genus is positioned to focus on execution and value addition rather than order acquisition.

The company also hinted at possible inorganic growth through technology partnerships or strategic acquisitions aimed at expanding its software and digital grid capabilities. Given the increasing share of software-led services in the AMISP model, such moves could further improve margins and create long-term shareholder value.

With RDSS Phase II likely to accelerate post-election and utilities seeking reliable partners for last-mile digitization, Genus Power is expected to continue outperforming the broader electrical equipment sector.

Is Genus Power Emerging as India’s Smart Metering Champion?

With its stellar FY25 financials, Genus Power Infrastructures Ltd. has emerged as a frontrunner in India’s smart metering race. The company’s integrated model, robust order book, improving margins, and strategic clarity post-demerger make it a compelling story in the power-tech infrastructure space.

While valuations remain rich, its strong revenue pipeline, operational leverage, and deep sectoral exposure offer compelling justification for long-term investors. If execution stays on track and policy momentum sustains, Genus Power could evolve into a foundational player in India’s energy digitalization journey.