Genus Power (Genus) has reported strong Q3FY25 earnings with standalone revenue of INR 6bn (2.3x YoY) EBITDA margin significantly improved to 19.3% (+830bps YoY). Its orderbook (OB), as of Dec’24, also surged to INR 313bn (+55% YoY); however, it remained flat QoQ. Of the OB, we estimate smart meter supply and installation to be ~INR 180bn – leading to high visibility over the next four years. As a result, we expect new opportunities from smart meters to be healthy in FY26E/FY27E. The stock is currently trading at 18x FY27E earnings. Maintain BUY with a revised TP of INr 376 (INR 481 earlier), as we roll forward to FY 27E. For all recommendations report, click here. Buy Trade Watchlist Portfolio Message Set Alert live bselive nselive Volume Todays L/H More × ICICI Securities research report on Genus Power Infrastructures.
