Rs 25,173 Crore Order Book: Ajay Upadhyaya-Backed Low PE Smart Meter Company Targets Up To Rs 6,500 Crore Revenue In FY27

Indian equity benchmarks traded higher on Wednesday, with the benchmark Nifty 50 index gaining 147.35 points, or 0.63 per cent, to 23,389.45. Amid the positive market sentiment, Genus Power share price traded at Rs 314.85, up 3.64 per cent from the previous close.

Strong Order Book Provides Revenue Visibility

Genus Power Infrastructures continues to benefit from strong demand in the smart metering segment. As of March 31, 2026, the company's total order book stood at approximately Rs 25,173 crore (net of Taxes), primarily comprising Advanced Metering Infrastructure Service Provider (AMISP) projects with concession periods ranging between eight and nine years.

The order book includes approximately Rs 23,000 crore of platform-related orders through the GIC platform and special purpose vehicles (SPVs). In addition, the company has around Rs 2,000 crore worth of regular meter orders, including exports, gas meters, water meters, AMISP projects and utility orders.

The company expects FY27 to mark another phase of significant scale-up in project execution and has guided for revenue in the range of approximately Rs 6,000 crore to Rs 6,500 crore, driven by increasing rollout intensity across existing projects and continued conversion of its large executable order book into revenues. Compared with FY26 revenue of Rs 4,751 crore, the guidance implies an expected growth of approximately 26 per cent to 37 per cent in FY27.

Gas Metering Presents New Growth Opportunity

According to management, the gas metering opportunity in India is estimated at approximately Rs 35,000 crore to Rs 36,000 crore over the next three to four years. The company expects increasing adoption of smart gas metering solutions to create a sizeable growth avenue, complementing its existing smart metering business and expanding its presence in the utility infrastructure segment.

Genus Power Shareholding Pattern

According to the latest shareholding pattern, Foreign Institutional Investors (FIIs) increased their stake to 18.89 per cent in March 2026 from 18.74 per cent in December 2025.

Meanwhile, Domestic Institutional Investors (DIIs) also increased their holding to 3.34 per cent from 3.21 per cent during the same period.

Promoters held 39.34 per cent of the company as of March 31, 2026. Notably, investor Ajay Upadhyaya held a 1.31 per cent stake in the company at the end of the March 2026 quarter.

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Genus Power Stock Performance

Despite recent volatility, Genus Power has delivered substantial returns over the long term. The stock has generated 460.71 per cent returns over the last five years, making it a multibagger for long-term investors.

In the shorter term, the stock declined 20.74 per cent over the past one year and 3.94 per cent during the last month. However, it has gained 6.68 per cent over the past six months, reflecting a recovery in investor sentiment.

About Genus Power

Genus Power Infrastructures Ltd is one of India's leading providers of smart metering solutions and power infrastructure products. The company manufactures electricity meters and executes advanced metering infrastructure projects for utilities across India. Its business spans smart meters, AMISP projects, gas meters, water meters and other grid modernisation solutions.

Genus Power currently trades at a Price-to-Earnings (P/E) ratio of 16 times, which remains relatively lower compared to several peers in the smart metering and power infrastructure segment.

What are your thoughts on Genus Power's Rs 25,173 crore order book and long-term growth prospects in the smart metering segment? Share your views in the comments below.
Disclaimer: The article is for informational purposes only and not investment advice.