The electrical equipment sector in India is rapidly expanding and is driven by urbanization, industrialization, and government initiatives like Make in India and Smart Cities Mission. Valued at approximately USD 8.6 billion in 2025, the market is projected to grow at a CAGR of around 8-14 percent, supported by rising electricity consumption and infrastructure investments.
Price movement
With a market capitalization of Rs 9,547.90 crore, the shares of Genus Power Infrastructures Ltd were trading at Rs 314.15 per share, decreasing around 0.51 percent as compared to the previous closing price of Rs 315.75 apiece.
Brokerage Recommendations
Emkay Global, one of the well-known brokerages in India, gave a ‘Buy’ call on the smart meter stock with a target price of Rs 450 apiece, indicating a potential upside of 42 percent from Wednesday’s closing price of Rs 314 per share.
Brokerage Rational
As per brokerage, Genus Power Infrastructures Ltd (GPIL), with over 25 percent market share, stands to gain significantly from India’s Rs 3 trillion smart meter initiative under the RDSS. As the largest listed smart meter player, its comprehensive offerings, from AMI to post-installation FMS, position it strategically in this structural transformation.
The GIC Singapore deal, with a 26 percent stake, is expected to be transformative for GPIL. It ensures steady supply visibility and reduces working capital needs in the medium term.
Financial Growth
Looking forward to the company’s financial performance, revenue increased by 132 percent from Rs 260 crore in Q3FY24 to Rs 604 crore in Q3FY25, Moreover, during the same time frame, net profit increased from a loss of Rs 10 crore to a profit of Rs 57 crore.
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Order Book
The company’s order book exceeds Rs. 20,000 crore (net of taxes), indicating strong future revenue. With SEBs inviting bids for smart meter deployment under the Reforms-Based, Result-Linked Power Distribution Sector Scheme, the company expects a significant rise in order volumes in FY24.
Clients Mix
Genus Power benefits from a balanced client mix, including major SEBs like NTPC, Tata Power, and BSES. Clients registered under the UDAY scheme contribute significantly to revenue, supporting consistent demand for smart meters and reinforcing the company’s growth under the ongoing power sector reforms.
Market Outlook
Management remains optimistic about the smart metering market, which is supported by strong government initiatives and a shift from electromechanical to electronic meters. They expect robust revenue growth of 30–40 percent in FY26, following their FY25 revenue guidance of Rs 2,500 crores.
Operational Insights
The company recorded a rise in other expenses due to notional mark-to-market (MTM) losses, which do not impact cash flows. Additionally, meter production reached approximately 3 million units last quarter, marking a sequential improvement and reflecting enhanced production efficiency and scalability.
Company Profile
Genus Power Infrastructures Limited is engaged in manufacturing and providing Metering and Metering Solutions and undertaking ‘Engineering, Construction, and Contracts’ on a turnkey basis (core business division).
Written by Abhishek Singh
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