Genus Power Infrastructures Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Genus Power Infrastructures Ltd trades at ₹323, in a confirmed uptrend and 15 weeks into that stage. That is +4.6% against its own 200-day average. It sits at 79% of a 52-week range of ₹225 to ₹350. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 15 of stage 2, confirmed. At ₹323 it trades +4.6% versus its 200-day average and sits at 79% of its 52-week range (₹225–₹350).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +579% while the NIFTY 500 moved +267% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-09-04) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

Genus Power Infrastructures Ltd's story is not scored yet against the markers our research file set on 27 June 2026. Where it sits in its own cycle: Not stated in the research file. Our fortnightly research layers last read it on 22 August 2026.

Our read, 27 June 2026. Genus Power is converting a Rs 25,173 Cr AMISP order book into scale revenue, but peak-cycle margins are now fading and operating cash flow remains negative as milestone billing lags installation.

What is proven. Genus Power is converting a Rs 25,173 Cr AMISP order book into scale revenue, but peak-cycle margins are now fading and operating cash flow remains negative as milestone billing lags installation.

🚨 What would change our mind. If FY27 EBITDA margin prints below the guided eighteen percent for two consecutive quarters — signaling commodity and forex pressures exceed the guidance assumption — the normalized valuation becomes the relevant anchor and the current price offers limited margin of safety. Separately, if working capital days do not improve by at least forty days by December 2026 (management guided 50–75 day improvement for FY27 per C013), the operating cash flow positive target for FY28 H1 breaks and the debt…

Layer 1 read, 22 August 2026 — KEEP. Smart-meter order book is converting to real profit — but three years of profit produced no cash, only more debt. Genus installs electricity meters for state utilities and the whole order book turned live this year: revenue jumped from 2,442 to 4,751 crore rupees and profit from 311 to 592 crore rupees, with 25,173 crore rupees of work still to deliver. The shares cost 15.8 times earnings and have gone nowhere for a year while earnings tripled — that gap is the opportunity. The problem is that over the same three years the business took in 798 crore rupees LESS cash than it spent, and covered the hole with 1,714 crore rupees of fresh borrowing; the money is tied up in meters installed but not yet billed. Cash is improving fast — the shortfall narrowed from 443 to 203 crore rupees and collection days…

What would change Layer 1’s mind. Operating margin printing below 18% in the September 2026 quarter, OR working-capital days failing to fall by 40 from the March 2026 level of 188 by December 2026. Either one breaks the case, and for opposite reasons: the first says the fixed-price contracts cannot absorb the component-cost rise, which makes the normalised 29.6x multiple the real one rather than the 15.8x on screen; the second says the cash-positive date slips a fourth time and peak borrowing goes past the guided ceiling, at…

🚨 Layer 2 read, 22 August 2026 — DROP. The order book is real, but three debt-funded cash-flow misses break the setup. Revenue and profit growth are hard facts, but three-year operating cash flow is -Rs 798 crore against Rs 990 crore profit and borrowings rose to Rs 2,302 crore. The external leverage model explicitly fails after a second negative cash-flow year, while the sector is late and narrow.

What would change Layer 2’s mind. Re-admit only after two consecutive quarters of positive operating cash flow, at least a 40-day working-capital improvement by December 2026, and no further rise above management's debt ceiling.

What the company does. Genus Power went from a sub-Rs 1,500 Cr revenue company in FY24 to over Rs 4,700 Cr in FY26 — driven by all twenty-four AMISP smart-meter projects going live under the RDSS program. FY27 targets Rs 6,000–6,500 Cr as over one crore meters are installed. The catch: FY26's peak EBITDA margin is now guided down by more than two percentage points for FY27 due to commodity and forex on fixed-price contracts, and operating cash flow remains negative as upfront inventory for project rollouts absorbs the balance sheet.

🚨 What the surface reading misses. The surface reading is: 90% PAT growth signals accelerating earnings. The research reads it further: The growth is genuine in volume terms (AMISP rollout scaling from FY24), but FY25's PAT base was itself 257% above FY24's Rs 87 Cr — compounding base effects. The forward PAT growth rate will be much lower as revenue growth normalizes to 26–37% in FY27 and margins compress.

🚨 What the surface reading misses. The surface reading is: OPM 17.4% — appears to be a reasonable, expanding margin for a project company. The research reads it further: 17.4% sits at the 78th percentile of 10-year OPM history. This is near the top of the cycle, not the trough. Management's own FY27 guidance of 18% still represents near the second-highest annual OPM in the company's history — with the risk that commodity/forex pressure pushes it below guidance.

Sources: our stock research file (27 June 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Genus Power Infrastructures Ltd reported ₹1,365 Cr of revenue in the Jun 26 quarter, +44.9% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 18.7% a year. The last full year, FY26, came in at ₹4,751 Cr. The last four reported quarters add to ₹5,173 Cr.

Why this happened. All twenty-four AMISP projects are now OGL-certified. The O&M fee begins accumulating as projects transition from capex to operations. FY26 O&M revenue was Rs 150 Cr — a base that should step up materially each quarter as over 3.6 crore meters reach billing maturity across multiple states.

FY26 revenue came in at ₹4,751 Cr (+94.6% on the year), capping 10 years at 18.7% compound. The latest quarter (Jun 26) printed ₹1,365 Cr, +44.9% year on year — the 12th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +82.6% growth against the decade's 18.7% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +74.2% over the last 4 quarters against +95.5%/yr over the last 8 — rolling over; TTM profit +63.0% vs +142.4%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Genus Power Infrastructures Ltd's operating margin is 19.0% in the Jun 26 quarter, −2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 9.0% to 20.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 19.0%, −2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0%–20.0%, and FY26's 20.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −2.1 pp year on year while gross margin went −2.6 pp — the loss came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Genus Power Infrastructures Ltd earned ₹197 Cr of net profit in the Jun 26 quarter, +43.8% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹592 Cr. The 10-year compound rate is 20.9%. That is 14.4% of the quarter's revenue. The same quarter a year earlier earned ₹137 Cr.

Jun 26 profit was ₹197 Cr, +43.8% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹592 Cr (+90.4%), and the 10-year compound rate is 20.9%.

Why profit moved: revenue contributed +44.9% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +75.4% vs revenue +82.6%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −82% of Genus Power Infrastructures Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−219 Cr of operating cash against ₹592 Cr of profit. After ₹280 Cr of capital spending, ₹−499 Cr was left as free cash.

FY26: operating cash of ₹−219 Cr against reported profit of ₹592 Cr, leaving free cash of ₹−499 Cr after ₹280 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −82% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −82%: the cash cycle tightened 163 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 4.5× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Genus Power Infrastructures Ltd's cash conversion cycle runs 188 days in FY26, down from 351 days in FY21. Capital spending ran ₹498 Cr over the last 3 years. At FY26 sales of ₹4,751 Cr each day of that cycle holds about ₹13.0 Cr, so roughly ₹2,447 Cr sits inside the business at any moment.

Why this happened. With all twenty-four projects at operational go-live, the company shifts from commissioning to full execution. The capex portion of the order book is front-loaded into FY27–FY28. Management guided one-plus crore meter installations for FY27 versus 87 lakh in FY26, driving the revenue step-up.

FY26: debtors at 115 days, inventory at 170 days — roughly 5.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 188 days, tighter than FY21's 351.

The full loop: cash goes out to suppliers and production on day 0; stock waits 170 days to sell; customers pay about 115 days after that; and suppliers themselves are paid at 97 days — netting out to the 188-day cycle.

In money terms: at FY26 sales of ₹4,751 Cr, each day of the cycle holds about ₹13.0 Cr — so the 188-day loop keeps roughly ₹2,447 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹498 Cr over the last 3 fiscal years against ₹111 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹64.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Genus Power Infrastructures Ltd earns a ROCE of 25% in FY26. That is up from a trough of 6% in FY23. Return on invested capital clears the cost of that capital by +5.9 percentage points, so growth here adds value rather than only size. The wiring behind it is 12.5% net margin on 0.75× asset turns.

FY26 ROCE is 25%, recovered from a FY23 trough of 6% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 12.5% net margin × 0.75× asset turns × 2.86× balance-sheet leverage ≈ 26.8% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 17.9% − 12.0% = a +5.9 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Genus Power Infrastructures Ltd carries total debt of ₹2,302 Cr against shareholder equity of ₹2,218 Cr as of Mar 26, a debt-to-equity of 1.04. On the annual view that ratio went from 0.28 in FY22 to 1.04 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹2,302 Cr against shareholder equity of ₹2,218 Cr — a debt-to-equity of 1.04. On the annual view, debt-to-equity went from 0.28 (FY22) to 1.04 (FY26). Read the returns on this page with that leverage in mind.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 3.3 points of Genus Power Infrastructures Ltd over 8 quarters, the biggest move on the register. That takes promoters to 39.3% of the company. Domestic institutions moved −1.8 points over the same window, to 3.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −3.3 points over 8 quarters to 39.3%; Domestic institutions: −1.8 points over 8 quarters to 3.0%; Foreign institutions: +0.8 points over 8 quarters to 18.7%.

🚨 Why the register moved: promoters drove it (−3.3 points), alongside domestic institutions (−1.8 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Genus Power Infrastructures Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Genus Power Infrastructures Ltd trades at 15.1× P/E, near the bottom of its own range — cheaper only 32% of the time. Its long-run median P/E is 20.8×, measured across 10.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 15.1× is near the bottom of its own range — cheaper only 32% of the time, against a long-run median of 20.8× measured over 10.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +90.0% against a +1.7% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +38.7%/yr price move, ~+46.6%/yr came from earnings growth and ~−7.9 pp from the multiple (compressing); over 10y, of the +21.5%/yr price move, ~+21.3%/yr came from earnings growth and ~+0.2 pp from the multiple (roughly flat). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 27 August 2026 price, Genus Power Infrastructures Ltd was paying for profit growth of about 6.9% a year. Profit itself has compounded 20.9% a year over the past 10 years. Today the market pays 15.1× P/E, the 32nd percentile of its own 11-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is below what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 27 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Genus Power Infrastructures Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: revenue growth has eased from +119.5% at its peak to +74.2% but is still expanding, ROCE holding at 31.1%. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

4-Factor Sector Score

72.5/100 — rank 1 of 7 in Electronics - Equipment/Components · 93% evidence confidence

Genus Power Infrastructures Ltd scores 72.5 out of 100 against the 7 companies it is compared with in Electronics - Equipment/Components, ranking 1. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

The four contributions add to the total exactly: 28.8 + 17.7 + 11 + 15 = 72.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Said versus delivered

What Genus Power Infrastructures Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

FY27 Margin Guidance Cut · 19 May 2026. Management reduced the FY27 EBITDA margin guidance to 18% in the May 2026 call, citing elevated raw material costs and exchange rate fluctuations. This contradicts statements in the Feb 2026 call, where management explicitly maintained the 20% guidance, and the Nov 2025 call, which originally set the 20% target.

Cash Flow Positivity Delayed · 19 May 2026. In the May 2026 call, management projected turning cash flow positive in the first or second quarter of FY28, noting they might still be slightly negative through FY27. This represents a delay from the Feb 2026 and Nov 2025 calls, where management confidently stated they would be cash flow positive by the end of FY27.

🚨 Cash Flow Positive Timeline Delayed · 11 February 2026. In August 2025, management explicitly guided that the company would become cash flow positive within FY26. By February 2026, this timeline has been pushed back significantly to the 'end of 2027', with management noting they still have five quarters to go before achieving this milestone. Earlier call (Aug 2025): “we feel that by FY”. Later call (Feb 2026): “We still have five quarters to go and we are confident there will be positive cash flow by the end of 2027.”

Major Tender Finalization Delay · 11 February 2026. During the November 2025 call, management stated they were 'pretty sure' the massive Tamil Nadu tender would be decided within the current financial year (FY26). In the latest call, they retracted this timeline, stating the tender is now expected to be finalized only after elections, implying a delay of 3-6 months which pushes the decision into FY27. Earlier call (Nov 2025): “JK hopefully, we can say that in this financial year, this will be finalized. Yes, this financial year, I am pretty sure this will get decided.” Later call (Feb 2026): “I think it will take 3-6 months. The biggest tender is from Tamil Nadu... and we expect that to be finalized only after the elections.”

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions