Industrials
Genus Power Infrastructures
Smart meters and advanced metering infrastructure for India’s power utilities.
India wants to replace hundreds of millions of old electricity meters. Genus is sitting in the middle of that once-in-a-generation rollout. Power distributors lose money when meters are inaccurate, tampered with or bills go unpaid. Smart prepaid meters are meant to fix that. India’s RDSS programme created an enormous deployment pipeline, and Genus built one of the sector’s largest order books. The opportunity is obvious. The less obvious part is cash: AMISP projects require hardware and infrastructure up front, while collections arrive over time.
The one thing to remember: The smart-meter opportunity is huge, but growth consumes capital before it releases cash.
How the business works
Genus manufactures smart meters and executes advanced metering infrastructure projects. It supplies hardware, communications and system integration and can earn long-term service revenue. This mixes manufacturing with project execution and infrastructure-like cash flows.
FY2025-26 snapshot
Revenue
about ₹4,738 crore
Net profit (PAT)
above ₹605 crore
EBITDA
about ₹960 crore
EBITDA margin
about 20.3%
Net order book
about ₹25,173 crore
Figures are for the financial year 2025-26 as reported by the company. Educational context only.
Where the money comes from
Smart-meter manufacturing AMISP execution System integration Long-term metering services
What could make it much bigger?
RDSS provides a multi-year rollout. A huge order book creates visibility. Installed-base service revenue can grow.
What can go wrong
Working capital and debt can rise.
Multi-state execution is complex.
Utility payment risk can delay cash.
5 things to watch
Meters installed
Order-book conversion
Net debt
Operating cash flow
EBITDA margin
Ramsam Takeaway
Genus has one of the clearest demand stories in Indian infrastructure. But demand does not guarantee easy cash generation. The company must manufacture, install and finance at enormous scale. Follow installations, operating cash flow and debt together with revenue.
This profile is educational context only. Ramsam does not rate companies or suggest whether to buy, hold or sell anything.