Genus Power Research Report (October 6, 2026): Smart Metering Business, Order Book and Growth Plans

Genus Power Infrastructures is an integrated smart-energy solutions provider with operations spanning smart metering, Advanced Metering Infrastructure (AMI), Advanced Metering Infrastructure Service Provider (AMISP) services and related digital solutions. The company has expanded beyond traditional meter manufacturing to provide end-to-end solutions covering meter supply, deployment, communication infrastructure, Head-End Systems (HES), Meter Data Management Systems (MDMS), and operations and maintenance. 

This research report by Angel One covers the sector outlook, Genus Power Infrastructures’ business and financial performance, order book, expansion plans and key risks. 

Genus Power Overview  

Genus Power Infrastructures is an integrated smart-energy solutions provider with over three decades of experience, offering smart electricity, gas and water meters, AMISP services, communication infrastructure, HES, MDMS and workforce-management solutions. The company has 110+ million meters installed, annual manufacturing capacity of 18+ million meters, and has crossed 1 crore smart-meter installationsin FY26.  

The company has evolved from a traditional meter manufacturer into an end-to-end AMI/AMISP player, offering meter supply, deployment, integration and maintenance under the TOTEX (CAPEX + OPEX) model, supported by integrated smart meters, HES, MDMS and communication apabilities. 

Sector Outlook 

India's smart-metering industry is supported by the digitisation and electrification of the power sector, increasing adoption of data-driven utility management, demand-response systems and renewable-energy integration. Globally, smart-meter penetration is expected to reach 59% by 2028, while the replacement cycle in developed markets is creating opportunities for next-generation meters with better cybersecurity, analytics and interoperability. 

Growth is also expanding beyond electricity into smart gas and water metering,supported by India’s target of 12 crore gas connections by 2030 and rising investments in water-utility digitalisation, with global water utilities expected to spend US$340bn+ over the next 10 years, of which 41% is expected toward metering and customer management. 

Genus Power Outlook 

Total order book, including SPVs and the GIC platform, stood at approximately ₹24,020 crore as of June 2026, providing medium- to long-term revenue visibility. The company targets FY27 revenue of ₹6,000–6,500 crore, supported by execution of existing projects and conversion of the executable order book. 

Q1FY27 revenue grew 44.8% YoY to ₹1,364.9 crore, EBITDA increased 30.4% to ₹260.1 crore, and PAT rose 26.7% to ₹162.8 crore, driven by strong order-book execution and ramp-up of AMISP projects. 

The company expects 31–32 crore electricity meters to transition to smart meters, with around 8–9 crore meters expected to be tendered in FY27. Genus targets installation of at least 1 crore smart meters in FY27, backed by annual manufacturing capacity of over 1.8 crore meters. 

As projects have achieved operational go-live, management expects 50–75 days improvement in working-capital days in FY27, with positive operating cash flow expected from FY28. The increasing shift toward the O&M phase should also improve revenue predictability, with O&M revenue potentially reaching ₹600-700 crore from FY28 and subsequently ₹1,100–1,200 crore as the installed base matures. 

Beyond electricity metering, Genus is expanding into smart gas and water meters, software and international markets. We estimate India's gas-metering opportunity at ₹35,000–36,000 crore over the next 3-4 years and sees around ₹500 crore of international business potential over the same period. Its strategic partnership with GIC, backed by a USD 2 billion platform, further supports expansion in AMISP contracts. 

Key Risks of Genus Power

The company’s large AMISP order book requires timely execution and commissioning of projects, while delays in project execution, customer payments and working-capital cycles could impact cash flows and profitability; the company is also exposed to volatility in raw-material costs and supply chain disruptions.

Disclaimer: We, Angel One Limited (hereinafter referred to as “Angel”) a company duly incorporated under the provisions of the Companies Act, 1956 with its registered office at 601, 6th Floor, Ackruti Star, Central Road, MIDC, Andheri East, Mumbai – 400093, CIN: (L67120MH1996PLC101709) and duly registered as a member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited, Metropolitan Stock Exchange Limited, Multi Commodity Exchange of India Ltd and National Commodity & Derivatives Exchange Ltd. Angel One limited is a company engaged in diversified financial services business including securities broking, DP services, distribution of Mutual Fund products. It is also registered as a Depository Participant with CDSL and Portfolio Manager and Investment Adviser with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel One Limited is a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number INH000000164 and also registered with PFRDA as PoP ,Registration No.19092018. Angel One Limited (formerly known as Angel Broking Limited) is the ultimate parent company of the Group. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities Market. 

We hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered. However, SEBI, Exchanges, Clearing Corporations and Depositories etc have conducted the routine inspection and based on their observations have issued advise/warning/show cause notices/deficiency letters/ or levied penalty or for certain deviations observed in inspections or in normal course of business, as a Stock Broker / Depository Participant. 

AOL was merged with Angel Global Capital Private Limited and subsequently name of Angel Global Capital Private Limited was changed to Angel Broking Private Limited (AOL) pursuant to scheme of Amalgamation sanctioned by the Hon'ble High Court of Judicature at Bombay by Orders passed in Company Petition No 710 of 2011 and the approval granted by the Registrar of Companies. Further, name of Angel Broking Private Limited again got changed to Angel Broking Limited (AOL) pursuant to fresh certificate of incorporation issued by Registrar of Companies (ROC) dated June 28, 2018. Further name of Angel Broking name changed to Angel One Ltd pursuant to fresh certificate of incorporation issued by Registrar of Companies (ROC) dated 23-09-21. 

In case of any grievances please write to: support@angelone.in, Compliance Officer Details: Name : Bineet Jha, Tel No. –08657864228, Email id - compliance@angelone.in 

Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. 

This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the invest of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. 

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Angel and its associates to any registration or licensing requirement within such jurisdiction. Angel or its associates or research analyst or his relative may have actual/beneficial ownership of 1% or more in the securities of the subject company at the end of the month immediately preceding the date of publication of the research report. Neither Angel or its associates nor Research Analysts or his relative has any material conflict of interest at the time of publication of research report.  

Angel or its associates or research analyst or his relative may have actual/beneficial ownership of 1% or more in the securities of the subject company at the end of the month immediately preceding the date of publication of the research report. Neither Angel or its associates nor Research Analysts or his relative has any material conflict of interest at the time of publication of research report. 

Angel or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction in the normal course of business. Angel or its associates did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with the research report. Neither research entity nor research analyst has been engaged in market making activity for the subject company. Subject company(ies) may have been client during twelve months preceding the date of distribution of the research report. 

Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the contrary view, if any. 

The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel One Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel One Limited does not warrant the accuracy, adequacy or completeness of the service, information and materials and expressly disclaims liability for errors or omissions in the service, information and materials. While Angel One Limited endeavoursto update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. 

Source of information: NSEINDIA.COM, Angel One. 

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. 

By referring to any particular sector, Angel does not provide any promise or assurance of favourable view for a particular industry or sector or business group in any manner. The investor is requested to take into consideration all the risk factors including their financial condition,suitability to risk return profile and take professional advice before investing. Such representations are not indicative of future results. 

"A graph of daily closing prices of securities is available at NSE and Economic Times. Choose a company from the list on the browser and select the "three years" icon in the price chart.“ Our research should not be considered as an advertisement or advice, professional or otherwise. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and the like and take professional advice before investing. 

Our research should not be considered as an advertisement or advice, professional or otherwise. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and the like and take professional advice before investing. 

Neither Angel One Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Angel or its associates or Research Analyst or his relative might have financial interest in the subject company. Research analyst has not served as an officer, director or employee of the subject company. 

Investment in securities market are subject to market risks. Read all the related documents carefully before investing. 

Any communication sent to clients on phone numbers or e-mail ids registered with the Trading Member is meant for client consumption and such material should not be redistributed. 

Brokerage will not exceed SEBI prescribed limit. 

Any Information provided by us through any medium based on our research or that of our affiliates or third parties or other external sourcesis subject to domestic and international market conditions and we do not guarantee the availability or otherwise of any securities or other instruments and such Information is merely an estimation of certain investments, and we have not and shall not be deemed to have assumed any responsibility for any such Information. 

You should seek independent professional advice and/or tax advice regarding the suitability of any investment decision whether based on any Information provided by us through the Site from inhouse research or third party reports or otherwise. 

The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent.