Genus Power Infrastructure Eyes Positive Operating Cash Flow by FY27 as Smart Meter Rollout Gains Pace

Working Capital to Ease as Projects Move Into Operational Phase​

Genus Power Infrastructure expects its operating cash flows to turn positive by FY27 as its large-scale smart meter installations transition into the operational stage, according to Joint Managing Director Jitendra Kumar Agarwal.

Agarwal said that concerns around cash generation are largely linked to upfront investments required to execute multiple smart metering projects simultaneously, rather than delays in payments or weak collections.

He stated that by the end of the financial year, the company expects to report positive cash flow.

Upfront Investment Temporarily Locks Capital​

The company is currently deploying smart meters across a wide number of sites at the same time, which has temporarily increased working capital requirements.

Agarwal said nearly ₹2,000 crore is currently deployed in the market to support around 25 projects being executed simultaneously. This capital is largely tied up in inventory and equipment installed in the field during the rollout phase.

He explained that once installations are completed and projects move into the operational stage, billing and recovery begin, gradually releasing capital back into the business.

Working Capital Cycle to Improve in 12 to 15 Months​

Genus Power expects working capital intensity to decline significantly over the next 12 to 15 months. Agarwal indicated that the working capital cycle could reduce to around 75 to 100 days during this period.

He emphasized that the issue is not related to payment delays. According to him, contracts are executed with state utilities, limiting payment risk.
He said the company is dealing with government entities and does not foresee any threat to receivables.

Large National Smart Meter Opportunity Provides Multi-Year Visibility​

The company’s growth outlook remains closely linked to India’s nationwide smart metering programme.
Out of an estimated national requirement of 31 to 32 crore smart meters, only about 5.5 crore units have been installed so far. This leaves a potential pipeline of roughly 25 crore meters to be deployed over the next five to six years.
Agarwal said this large pending deployment offers strong execution visibility for the company over the medium term.

Revenue Guidance: ₹4,500 Crore This Year, ₹5,500 to ₹6,000 Crore Next Year​

Based on its existing order pipeline, Genus Power has guided revenue of around ₹4,500 crore for the current financial year.
For the next financial year, the company has projected revenue in the range of ₹5,500 crore to ₹6,000 crore.
On profitability, Agarwal said margins have been maintained at around 20 percent and the company expects to continue operating at similar levels.

Expansion Beyond Electricity Smart Meters​

Beyond electricity smart meters, Genus Power is expanding into adjacent utility segments.

Water metering, though currently small in scale, is expected to grow meaningfully as utilities modernize distribution systems. Agarwal said water meters could become as large as smart meters over the next three to five years.

Gas metering is another emerging opportunity, supported by the planned expansion of piped gas connections. He noted that about 12 crore connections are expected to be rolled out over the next six to seven years.

With a large smart meter pipeline, stable margin guidance, and diversification into water and gas metering, Genus Power Infrastructure is positioning itself for sustained growth as India accelerates utility modernization.