Decoding the Future of Metering
As India replaces over 250 million meters, this company holds a front-row seat — with end-to-end capabilities from hardware to data analytics.
25 Crore Smart Meters. ₹3 Lakh Crore at Stake. One Company Deep in the Game.
While most headlines focus on flashy startups or unicorns, the real disruption in India’s energy landscape is unfolding quietly—with the government’s bold push to digitize electricity usage through 25 crore smart meters, backed by ₹3 lakh crore in funding. Beneath this massive transformation lies a name not often heard in the public chatter, yet deeply embedded in the country's smart grid revolution: Genus Power Infrastructures Ltd. With over 80 million meters already deployed and a staggering ₹30,000 crore order book, Genus isn’t just participating—it’s steering the charge.
COMPANY OVERVIEW
Genus Power is one of India’s most prominent smart metering firms, offering full-stack solutions across hardware manufacturing, embedded software, utility SaaS, and turnkey services. Its core lies in delivering intelligent energy metering systems and managing end-to-end projects under long-term contracts through AMISP (Advanced Metering Infrastructure Service Provider) platforms.
Operating across three major plants and boasting a 15 million meter/year capacity, the company works with 40+ state utilities and is strategically backed by GIC Singapore through a co-owned AMISP platform. This gives Genus not just scale, but long-term stickiness in India’s national grid transformation.
BUSINESS SEGMENTS
1. Smart Metering Solutions
Genus manufactures and deploys a wide range of metering technologies:
Multifunction Single/Three Phase Smart Meters
Prepayment, CT, DT, ABT, Group and Grid Meters
Smart Street Light Management Systems
Software stack: HES (Head-End Systems), MDM (Meter Data Management), SaaS & Field Management Services
Under development: Smart Gas and Water Meters
Revenue stems from a hybrid model of hardware sales, software services, AMISP contracts, and long-term O&M projects, giving Genus a recurring cash flow framework.
2. Engineering, Construction & Contracts (ECC)
The ECC vertical handles turnkey smart metering projects—from infrastructure installation to 10-year O&M contracts. It’s especially crucial under the RDSS, where Genus plays the AMISP role directly or through its platform partner Gemstar. This ensures vertical integration across project lifecycle and margins.
ORDER BOOK & CLIENTELE
As of March 2025, Genus holds a ₹30,110 crore order book (net of taxes), spanning 25+ SPVs and utility contracts. About 55–60% (~₹16,000–18,000 crore) is expected to be delivered in the next three years, ensuring medium-term revenue visibility.
Approximately 70–75% of this order book is through the GIC-backed Gemstar AMISP platform, where Genus is the exclusive supplier, EPC, and operator. While this introduces client concentration, it guarantees multi-year integrated revenues.
Major Clients Include:
DISCOMs: UPPCL, Bihar, Chhattisgarh, Assam, Maharashtra, Rajasthan
Private Utilities: Tata Power, BSES, Reliance Energy
Notably, ~75–80% of FY25 orders were government-linked AMISP contracts.
MANUFACTURING, CAPEX & SCALABILITY
Genus operates three major plants in Jaipur, Haridwar, and Guwahati, covering 7 lakh+ sq. ft. In FY25, the firm increased its capacity from 10 million to 15 million meters annually, aided by ₹150 crore capex, which was used for:
Assembly line automation
Embedded software R&D
Launch of new production line in Assam (Dec 2024)
The company follows a modular expansion strategy, preferring technology investments over raw volume to stay agile in a fast-evolving policy and utility environment.
Geographic Spread & Exports
In FY24, 89% of Genus Power’s revenue came from the domestic market, with exports contributing 11%—the same as FY25. This marks a meaningful improvement from just 5% in FY22, indicating a steady expansion of international presence. The company’s domestic reach spans key states such as Uttar Pradesh, Maharashtra, Bihar, Assam, and Rajasthan, where it is actively executing smart metering projects under government schemes.
On the global front, Genus is making inroads into Southeast Asia, the Middle East, and Oceania, with early-stage pilot rollouts in countries like Thailand, Indonesia, and Australia. These regions are seen as potential growth hubs for the company’s smart metering and utility tech offerings.
In July 2023, Genus entered into a strategic joint venture (JV) with GIC Singapore to create Gemstar, a platform for smart metering projects across Indian states. Under this structure, Genus serves as the exclusive EPC contractor, meter supplier, and O&M provider for all project SPVs.
This JV model not only provides long-term revenue visibility, but also improves cash flow discipline. Since project funding is routed through the GIC platform, receivables are expected to be better structured and less dependent on staggered government payments—potentially reducing the company’s receivable cycle over time.
GOVERNMENT PLANS & INDUSTRY ALIGNMENT
Under RDSS, the Government of India targets 25 crore smart meters by 2030. As of FY25:
~2 crore meters have been installed
~12 crore meters are tendered/awarded
Less than 10% of the total target has been achieved
Genus Power Impact
Holds ~27% market share in India’s smart metering market
Installed 1.5 million meters in FY25
Targets 7–8 million meters in FY26
Visibility backed by ₹30,000+ crore order book, mostly via AMISP contracts
Strategic alignment with RDSS ensures scale, depth, and longevity in revenues
FINANCIALS
FUTURE OUTLOOK
Genus Power is stepping into FY26 with momentum—backed by ₹30,000+ crore in orders, expanded manufacturing capacity, and ambitions to deliver ₹4,000 crore in revenue while deploying 7–8 million smart meters across India.
Its strength lies in integration: from hardware to software to long-term O&M. The company’s platform model and exclusive AMISP partnerships ensure stickier, high-margin revenues and long visibility. And with India’s smart meter rollout still in its early innings, Genus stands to be a central force in the coming decade of power reform.
Execution risks exist, especially around payments, project delays, and rising debt. But if managed well, Genus Power is wired to lead—as the grid gets smarter, the returns could be too.
KEY RISKS
Delayed Payments: Government utility payments can be delayed due to elections, cash crunch, or bureaucratic slowdowns.
Client Concentration: ~75% of orders are linked to the GIC-Gemstar platform. Any disruption could impact financials.
Policy Risk: As a government-heavy business, policy shifts or funding issues could derail order flow.
Rising Debt: Borrowings rose from ₹271 crore (FY22) to ₹1,173 crore (FY25). Scaling execution must keep pace with leverage.
Execution Challenges: Field issues like land permissions, grid readiness, and local disruptions may affect project timelines.
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We are SEBI registered Research Analyst (with Registration No. INH000019789)
Disclosure
This article is for educational purposes only and does not constitute investment advice. Readers should consult a SEBI-registered advisor before making investment decisions.
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