Key Financial Performance

Q4 FY26 Performance:

  • Standalone revenue: ₹1,524 crores, representing 63% year-on-year growth and 36% sequential growth
  • EBITDA: ₹284 crores, up 36% year-on-year
  • Profit after tax from continuing operations: ₹181 crores, registering 41% year-on-year growth
  • Gross margins moderated due to change in product mix with higher contribution from project business and imported raw material impact from exchange rate fluctuations

Full Year FY26 Performance:

  • Standalone revenue: ₹4,738 crores, reflecting 94% year-on-year growth
  • EBITDA: ₹960 crores, up 104% year-on-year
  • EBITDA margin: 20.3%, improved by 102 basis points year-on-year
  • PAT: ₹605 crores, reflecting 106% year-on-year growth
  • PAT margins: 12.8% for FY26

Operational Milestones

  • Crossed installation of more than 1 crore meters under RDSS program
  • Current manufacturing capacity exceeds 18 million meters annually
  • All 24 AMISP projects have achieved Operational Go-Live (OGL) status
  • Q4 FY26 installed approximately 30 lakh meters
  • Total installed base: 87 lakh meters under RDSS program

Order Book & Business Visibility

  • Total order book (including SPV and GIC platform): ₹25,173 crores net of taxes
  • Order book primarily attributable to Genus's own AMISP projects with concession periods extending over 8-9 years
  • Order book split: Approximately ₹23,000 crores from platform (₹16,000 crores capex, remainder opex), ₹2,000 crores from regular meter orders
  • Market share: 22-23% as AMISP, over 30% as meter manufacturer and AMISP combined

Working Capital & Debt Position

  • Debtors days reduced from 187 days (March 31, 2025) to 89 days (March 31, 2026)
  • Inventory days: 127 days (March 2025) to 104 days (March 2026)
  • Total working capital days (including unbilled): Reduced from 343 days (March 2025) to 274 days (March 2026)
  • Expected improvement of 50-75 days in current year
  • Net debt: ₹1,573 crores as of March 31, 2026 (increased from ₹605 crores in March 2025)
  • Expected peak net borrowing: Approximately ₹2,000 crores
  • Cash and cash equivalents: ₹719 crores in fixed deposits and current investments

Investments & Joint Ventures

  • Investment in Joint Venture Platform and SPVs: Approximately ₹487 crores as of March 31, 2026
  • Expected additional investment: ₹600-700 crores in joint venture platform over next 2 years (FY27, FY28, and Q1 FY29)

Growth Opportunities

Smart Gas Meters:

  • Estimated opportunity: ₹35,000-36,000 crores over next 3-4 years
  • PNG mandate for 12 crore smart gas meters installation

Water Meters:

  • Emerging opportunity in India and internationally
  • Expected to become meaningful business in 2-3 years

Exports:

  • Target revenue: ₹500 crores in next 2-3 years
  • Australia market entry expected in next 3-6 months

FY27 Guidance

  • Revenue guidance: ₹6,000-6,500 crores
  • EBITDA margin guidance: 18% (reduced from 20.3% in FY26 due to raw material cost pressures)
  • Meter installation target: More than 1 crore meters
  • Expected tender pipeline: 9 crore meters in FY27
  • Capex: No major capex, only regular capex of ₹10-20 crores for dies and molds

Market Outlook

  • Total Indian smart meter requirement: 31-32 crore consumers
  • Meters tendered to date: 15 crore meters
  • Meters installed to date: 7 crore meters
  • Remaining opportunity: 24-25 crore smart meters
  • Ongoing tenders: Approximately 5 crore meters (Haryana, MP, Punjab, Tamil Nadu)
  • Pipeline tenders: Additional 4 crore meters expected

O&M Business Outlook

  • FY26 O&M revenue: Approximately ₹150 crores
  • Expected O&M revenue in next 2-3 years: ₹800 crores per annum
  • O&M revenue expected to continue for 5-7 years based on current order book

R&D Capabilities

  • Device R&D team: 300 people focused on communication, hardware, firmware
  • Software R&D team: 250 people focused on HES, MDM, WFM applications
  • Team primarily comprises engineers from NIITs and other institutes
  • Government-recognized R&D center for 25 years

Cash Flow Outlook

  • Working capital requirement as percentage of revenue: Reduced from 80-85% in FY25 to 40% in FY26
  • Expected to reduce to 20% in FY27
  • Positive cash flow expected by FY28 (first or second quarter)

Contract Terms

  • All contracts are fixed price with no pass-through mechanisms
  • Raw material cost pressures absorbed by company
  • Hardware constitutes approximately 45% of costs