Genus Power Refutes Project Termination and Blacklisting Claims, Affirms Strong Domestic Order Book

2 min read     Updated on 29 Aug 2025, 02:36 PM
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Overview

Genus Power Infrastructures Limited has denied rumors about the termination of its Rajasthan projects and alleged blacklisting in Goa. The company confirmed its Rajasthan projects are progressing well, with the Ministry of Power extending the RDSS scheme deadline. Regarding Goa, Genus Power clarified it was never officially blacklisted, and a court order quashed an internal memo barring their participation in a tender. The company emphasized its strong domestic focus, large order book, and progress in smart metering initiatives across several Indian states, covering nearly 20 million meters.

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*this image is generated using AI for illustrative purposes only.

Genus Power Infrastructures Limited , a leading player in the smart metering solutions sector, has strongly refuted recent market speculations regarding the termination of its Rajasthan projects and alleged blacklisting in Goa. The company has issued a detailed press release to address these rumors and provide clarity on its current operations.

Rajasthan Projects: On Track and Progressing

Contrary to circulating rumors, Genus Power has categorically denied any termination of contracts or imposition of liquidated damages in its Rajasthan projects. The company stated that these projects are "under execution in full swing." Acknowledging the industry-wide delays in smart metering projects across India, Genus Power highlighted that the Ministry of Power has extended the sunset date of the Revamped Distribution Sector Scheme (RDSS) by two years, from March 31, 2026, to March 31, 2028.

The company expressed confidence in its ability to deliver market-leading smart metering solutions to Rajasthan and appreciated the continued trust and support from the Rajasthan government and DISCOM officials.

Goa Blacklisting: Legal Victory and Clarification

Addressing the rumors of blacklisting in Goa, Genus Power clarified that it was never technically blacklisted by the Goa Electricity Department (GED). The company explained that an internal memo from GED, which had initially barred Genus Power and HPL Electric & Power Ltd from participating in a tender, was promptly challenged in the Goa High Court. The court quashed the memo in the first hearing on September 24, 2024, leading to its withdrawal from the GED website on October 3, 2024.

Strong Domestic Focus and Order Book

In response to concerns about potential impacts from U.S. tariffs, Genus Power emphasized its "Made in India" product line. The company stated that it currently has no order book with the USA and maintains a "very large domestic order book." Furthermore, Genus Power assured stakeholders that its supply chains for imported components are well-diversified, mitigating any material impact from U.S. tariffs on its business operations.

Progress in Smart Metering Initiatives

Despite acknowledging slower-than-expected operational go-live timelines for projects across the country, Genus Power reported significant progress in several states. The company has achieved Operational Go-Live Certificates from utilities in Assam, Maharashtra, Bihar, Chhattisgarh, and Uttar Pradesh. These projects collectively cover close to 2 crore (20 million) meters, underscoring the company's substantial footprint in India's smart metering landscape.

Genus Power's clarification comes at a crucial time, reaffirming its position in the smart metering market and its commitment to delivering high-quality solutions across India. As the nation continues its push towards modernizing its power infrastructure, companies like Genus Power play a pivotal role in realizing the vision of a more efficient and technologically advanced power distribution system.

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Genus Power Reports 128% Revenue Growth, Targets 90 Lakh Smart Meter Installations in FY26

2 min read     Updated on 19 Aug 2025, 05:32 PM
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Naman SharmaScanX News Team
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Overview

Genus Power Infrastructures reported a 128% year-on-year revenue growth to Rs 942.00 crores in Q1. EBITDA increased to Rs 199.00 crores with a 21.20% margin, while PAT more than tripled to Rs 128.00 crores. The company installed 16 lakh smart meters during the quarter, bringing total installations to 45 lakh. With an order book of Rs 29,321.00 crores, Genus Power aims for FY26 revenue exceeding Rs 4,000.00 crores and an EBITDA margin of 18.00%. The company targets installing 80-90 lakh smart meters in FY26 and 1.1-1.2 crore in FY27, aligning with India's goal of 30-31 crore smart meters by FY32. Genus Power is also expanding into water meters, gas meter solutions, and international markets.

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*this image is generated using AI for illustrative purposes only.

Genus Power Infrastructures , a leading player in India's smart metering sector, has reported a stellar performance for the first quarter, with significant growth in revenue and profitability. The company also reaffirmed its ambitious targets for the coming years, positioning itself at the forefront of India's smart metering revolution.

Strong Q1 Performance

Genus Power reported a robust 128% year-on-year growth in revenue, reaching Rs 942.00 crores for the quarter ended June 30. This substantial increase was driven by accelerated project execution and a significant ramp-up in smart meter installations.

The company's profitability also saw impressive gains:

  • EBITDA surged to Rs 199.00 crores, with a margin of 21.20%, up 590 basis points year-on-year.
  • Profit After Tax (PAT) from continuing operations more than tripled to Rs 128.00 crores, translating to a PAT margin of 13.60%.

Smart Meter Installation Progress

During the quarter, Genus Power installed 16 lakh smart meters, bringing its cumulative installations to 45 lakh meters. This rapid pace of installation underscores the company's execution capabilities and the growing demand for smart metering solutions in India.

Robust Order Book and Future Outlook

Genus Power maintains a substantial order book of Rs 29,321.00 crores (net of taxes), providing revenue visibility for the next 8-10 years. Approximately 80% of the AMISP (Advanced Metering Infrastructure Service Provider) revenue from this order book is expected to accrue directly to Genus Power over the project lifecycles.

The company has reaffirmed its guidance for FY26:

  • Revenue target exceeding Rs 4,000.00 crores
  • EBITDA margin of 18.00%

Looking ahead, Genus Power has set ambitious installation targets:

  • FY26: 80-90 lakh smart meters
  • FY27: 1.1-1.2 crore smart meters

Industry Landscape and Opportunities

India is targeting the installation of 30-31 crore smart meters by FY32, with only about 3 crores installed to date and around 14 crores ordered. This leaves a substantial pipeline of opportunities for companies like Genus Power.

Jitendra Agarwal, Joint Managing Director of Genus Power, commented on the industry outlook: "The industry backdrop remains highly favorable. We believe that the pace of installations will continue to accelerate, with some states already witnessing transformative benefits, such as improved financial health of the Electricity Board after large-scale smart meter deployment."

Challenges and Strategies

While the company faces challenges from elevated working capital requirements and higher finance costs during the project ramp-up phase, management expects these issues to ease as more projects achieve operational go-live (OGL) status.

Expansion into New Markets

Genus Power is not resting on its laurels in the smart electricity meter segment. The company is actively expanding into water meters, gas meter solutions, and international markets including Australia, New Zealand, the Middle East, Southeast Asia, and Africa.

As India's smart metering revolution gains momentum, Genus Power Infrastructures appears well-positioned to capitalize on the growing opportunities, backed by its strong order book, execution capabilities, and strategic expansion plans.

Historical Stock Returns for Genus Power Infrastructures

1 Day5 Days1 Month6 Months1 Year5 Years
-5.96%-8.70%-7.76%+28.20%-29.68%+1,226.11%
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