Smart Meter stock reports 93% profit growth and Order book with 2x its market cap

Synopsis: A metering infrastructure company reports a 93% jump in full-year profit, backed by an executable order book that dwarfs its market capitalisation. 

India is replacing old electricity meters with smart ones, and the rollout is moving fast. One company at the centre of this shift just wrapped up its best financial year ever. Profits have nearly doubled, its revenues have almost doubled too, and it already has years of work lined up through a massive order book. Here is a closer look at what the numbers say.

With a market cap of Rs. 9,309 Crore, the shares Genus Power Infrastructures Ltd. are trading at a price of Rs.304 per share i.e. 3.2% down from its previous closing price of Rs.313.9. It currently trades at a P/E of 15.7.

Q4 and Full-Year Results

Genus Power Infrastructures posted consolidated revenue from operations of Rs.1,537.13 crore in Q4 FY26, up 64% from Rs.936.77 crore in Q4 FY25. Total income for the quarter grew 63% to Rs.1,561.47 crore. Profit before tax jumped 43% to Rs.230.66 crore from Rs.161.40 crore in Q4 FY25.

For the full year FY26, consolidated revenue from operations nearly doubled, rising 94% to Rs.4,750.92 crore from Rs.2,442.02 crore in FY25. Total income grew 91% to Rs.4,821.22 crore. Profit before tax surged 91% to Rs.767.63 crore from Rs.401.43 crore in FY25.

After taxes of Rs.202.68 crore, net profit from continuing operations came in at Rs.592.30 crore, up 93% from Rs.306.05 crore in FY25. Total net profit for the year stood at Rs.592.30 crore, compared to Rs.311.38 crore in FY25 – a jump of 90%.

A Massive Order Book

The company’s total executable order book stood at Rs.25,173 crore as of March 31, 2026, excluding taxes. Most of this – Rs.23,361 crore – comes from projects linked to its joint venture set up to bid for and run smart metering projects across India. To put this in context, the order book is far larger than the company’s current market size, meaning it has years of work already lined up.

After spinning off its investment business into a separate listed entity last year, Genus Power is now a pure-play smart metering company. All its revenue and profit now comes from making meters and running metering infrastructure projects.

What Should Investors Do?

Genus Power’s FY26 numbers are strong – revenue has nearly doubled and profits are up 93%. The order book of Rs.25,173 crore gives strong revenue visibility for years ahead. The company is also now a focused pure-play smart metering business after spinning off its investment division. For investors tracking India’s smart metering opportunity, this stock looks worth watching closely.

One Thing to Watch

Investors should note that in December 2024, the Enforcement Directorate conducted a search at the company’s office and its Chairman’s home under money laundering laws. During the March quarter, the company received a court notice related to this matter. Genus Power has said it is confident of being fully compliant and will follow all court directions.

About the Company

Genus Power Infrastructures Limited is a Jaipur-based company that makes smart electricity meters and runs metering infrastructure projects for power utilities. It is part of the Kailash Group and is listed on both BSE and NSE. The company is one of India’s leading players in the smart metering space.

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