Genus Power Infrastructures Ltd. share price target

Backed by a strong opening order book, GPIL sustained its healthy execution momentum during 4Q/FY26, delivering one of its strongest quarterly performances in terms of revenue and profitability despite the prevailing inflationary environment.

We revise our rating to HOLD from BUY recommendation on the stock.

We maintain our BUY recommendation on the stock.

We maintain our BUY recommendation on the stock.

We recommend a BUY rating on the stock with a target price of Rs 340/share, implying an upside of 10% from the CMP. We believe that the current valuations are attractive and the the CMP provide a good entry point

We maintain our BUY recommendation on the stock

We maintain our BUY recommendation on the stock.

India's power distribution space is experiencing a significant transformation, driven by the advancement of smart grid technology. Smart meters continue to see gradual implementation, albeit at a slow pace.

We maintain our BUY recommendation on the stock.

Genus Power (Genus) has reported strong Q3FY25 earnings with standalone revenue of INR 6bn (2.3x YoY), EBITDA of INR 1.2bn (4.1x YoY) and PAT of INR 682mn (5x YoY).

We recommend a BUY rating on the stock with a target price of Rs 408/share, implying an upside of 10% from the CMP

We maintain our BUY recommendation on the stock.

We initiate coverage of Genus Power Infrastructures Ltd. (GPIL) with a BUY recommendation and a target price of Rs 505/share, implying a potential upside of 20% from the CMP

We initiate coverage on Genus Power Infrastructures (GPIL) with BUY and SOTP-based TP of Rs500/sh (upside: ~38%). With >25% market share in meters pan-India.

Genus Power (Genus) reported a healthy set of Q1FY25 numbers with its revenue growing to INR 4.1bn, up 60% YoY. Gross margins improved markedly to 44.4% (vs. 34.6% YoY) owing to stable raw material pricing.

Genus Power Infrastructures (Genus) has reported a sharp uptick in order inflow in smart meters over the last six quarters and it’s not yet over. Ordering activity is likely to remain strong over the next few years. Armed with capital commitment from GIC, it remains in a pole position to win further set of orders.

Genus Power Infrastructure (Genus) has entered into the big league by: a) striking a marquee deal with GIC for an equity infusion of Rs5.2bn for 15% stake, and b) setting up a platform – an SPV (26% Genus and 74% GIC). This will enable Genus to participate in smart meter bids – an opportunity size of Rs300bn.

Genus Power Infrastructures’ (GPIL) Q3FY23 revenue was Rs2bn (+2.3% YoY, -8.3% QoQ) while EBITDA was Rs205mn (-2% YoY, +21.7% QoQ). EBITDA margin improved to 10.2% (from 7.7% in Q2FY23) on the back of commodity price moderation leading to improved gross margin. PAT at Rs116mn was up 41.6% YoY and 14% QoQ, supported by higher other income at Rs82mn (+98% YoY, +7.2% QoQ).

Genus Power Infrastructures’ (GPIL) performance improved in Q2FY23 due to better order execution. Revenue for the quarter was at Rs2.2bn (up 17% QoQ, 23% YoY) and
EBITDA Rs169mn (up 17.8% QoQ, 16.1% YoY).

Genus Power Infrastructures (GPIL) is a leading smart meter solutions provider in India, with a total manufacturing capacity of 10mn meters p.a. It is the largest listed smart electricity meter company in India and provides end-to-end services including set-up of Advanced Metering Infrastructure (AMI) and Facility Management Systems (FMS) post implementation. With >25% Pan-India market share in meters, GPIL is set to become one of the largest beneficiaries of upcoming smart meter installation drive under the Rs3trn revamped distribution sector scheme (of which 50% is for smart
meters).