Genus Power Infrastructures Limited (NSE: GENUSPOWER) Q1 2026 Earnings Call dated Aug. 11, 2025
Corporate Participants:
Unidentified Speaker
Jitendra Agarwal — Joint Managing Director
Analysts:
Unidentified Participant
Abhijit Mukesh Purohit — Analyst
Jainam Jain — Analyst
Aditya Velikar — Analyst
Pranjal Mukhija — Analyst
Mahesh Patil — Analyst
Abhilasha Satali — Analyst
Nikhil Abhankar — Analyst
Darshul Pandya — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Genus Power Infrastructures Limited Q1FY26 earnings conference call hosted by Kaviraj Securities Private Limited. As a reminder, all participant lines will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. Please note this conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call.
These statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to predict. I now hand the conference over to Mr. Abhijit Mukesh Purohit from Kaviraj securities Private Limited. Thank you. And over to you sir.
Abhijit Mukesh Purohit — Analyst
Thank you. Good evening everyone. Kavira securities welcomes you all for Q1FY26 earnings conference call of Genus Power Infrastructures Limited. Today on the call we have with us Mr. Jitender Agarwal Ji, Joint Managing Director. I now hand over the call to him for his opening remarks post which we will open the floor for Q and A. Thank you. And over to you, sir.
Jitendra Agarwal — Joint Managing Director
Hello.
Abhijit Mukesh Purohit — Analyst
Yes, sir.
Jitendra Agarwal — Joint Managing Director
My phone got disconnected. I just connected again. So. Hello.
Abhijit Mukesh Purohit — Analyst
Yes, sir. You’re on the main call now, sir.
Jitendra Agarwal — Joint Managing Director
Okay, so. Thank you. Abhijit. Good evening ladies and gentlemen. A very warm welcome to the Q1FY26 earnings call of genus Power Infra Limited. The results and press release are uploaded on the stock exchanges and company website. I hope everybody had a chance to look at it. We have started 26 with exceptional momentum. Delivering another quarter of robust growth and operational progress. The performance this quarter underscores the scalability of our business model, the strength of our execution capabilities and the depth of opportunity within India’s accelerating smart metering transformation. Let me begin with an overview of our performance.
For the quarter ended 30th June 25th. In Q1, our stand alone revenue stood at 942 crore. A sharp 128% increase over rupees 414 crore in FY25 Q1. This growth was driven by accelerated execution across multiple projects, a substantial ramp up in installation volumes and strong demand from both state utilities and private amisps. EBITDA more than tripled year on year to rupees 199 crore with margins improving 590 basis points to 21.2%. Aided by operating leverage and disciplined cost control. Profit after tax from continuing operations surged over threefold to Rs.128 crore translating into a packed margin of 13.6%.
Despite higher finance costs, our total order book as of June 30, 2025 stands at about 29,321 crore net of taxes across all SPVs and the GIC platform. These congestions span 8 to 10 years and provide long term revenue visibility. Importantly, approximately 80% of AMISP revenue from this order book will accrue directly to genus power over the life cycle of these projects. This mix offers both near term execution scale up and NVT. Like O& M income streams, the industry backdrop remains highly favorable. India is targeting the installation of 30 to 31 crore smart meters by financial year 203132 with only about 3 crore installed as on date and around 14 crore ordered.
This leaves a large sustained pipeline of opportunities supported by healthy tender flow from multiple states. Based on current execution trends, we believe that the pace of installations will continue to accelerate with some states already witnessing transformative benefits such as improved financial health of the electricity board after large scale smart meter deployment. We acknowledge that working capital intensity remains elevated during pre operational phases owing to upfront investments in procurement, installation and system integration. However, as more and more projects are going to achieve OGL status, a critical inflection point that triggers recurring O and M revenues and faster cash flow conversion, this is expected to ease meaningfully.
We remain confident in delivering our FY26 guidance of over 4,000 crore in revenue and 18% EBITDA margin. This reflects both the scaling up of current projects and the operational maturity of those entering the O and M phase. The upcoming tender pipeline is also encouraging with large opportunities emerging from many states expected to translate into meaningful order inflows over the medium term. With a proven execution record, deep technological capabilities and a robust pipeline, we are well positioned to sustain our leadership in India smart Metering revolution. We thank all our stakeholders, customers, partners, investors and employees for their unwavering trust and support.
We look forward to building on this momentum in subsequent quarters and beyond. We can now open the line For Q and A.
Questions and Answers:
Abhijit Mukesh Purohit
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Jainam Jain from ICICI Securities. Please go ahead.
Jainam Jain
Thank you for the opportunity. Congratulations on great set of numbers. Sir, My first question is what are the total number of smart meters we have installed in Q1.
Jitendra Agarwal
Genus power?
Jainam Jain
Yes.
Jitendra Agarwal
Yeah. We have installed around 16 lakh smart meters in two.
Jainam Jain
What is the total cumulative installation we have done till date against the total order we have received?
Jitendra Agarwal
So they are. The total order is around 3.5 crore smart meters out of the 3.5 crore smart meters we have installed as on date I’m talking of. So this is April, May, June. I have to make confusion always rise. I’m sitting in August. But I have to say the numbers of what we did in the quarter one.
Jainam Jain
Anything would be.
Jitendra Agarwal
So. As of quarter one and the last financial year we have installed at an approximate of 45 like smart meters.
Jainam Jain
45. So there are still 3.5 crore. So smart meter pending order orders are pending to be installed. Right?
Jitendra Agarwal
Can you repeat?
Jainam Jain
So as of now there are roughly 3 crores of smart meter orders which are yet to be installed. Right? What is the target for installation in FY26 and FY27? What is the target for installation of smart meters in FY26 and FY27.
Jitendra Agarwal
Next financial year.
Jainam Jain
Both financial year in this and in the next fiscal.
Jitendra Agarwal
So this financial year our target is to install around 80 to 90 lakh smart meters.
Jainam Jain
Okay.
Jitendra Agarwal
Financial year will we’ll do around 1.2 1.1 to 1.2 crore smart meters.
Jainam Jain
Okay sir. The last question is can you the total number of meters with operational go live status.
Jitendra Agarwal
Total number of meters with operational go live status.
Jainam Jain
Yeah.
Jitendra Agarwal
As on date. As on date around. I have to. Just. Just give me one second. Around 21 lakh meter the operation.
Jainam Jain
Okay sir. That answers my question. Thank you so much.
Abhijit Mukesh Purohit
Thank you sir.
Jitendra Agarwal
I just want to clarify one thing to Mr. Jan. When I say 21 lakh meter the operation go live. This is the meters which where we have received the payments. There are more meters which are already ogl. But till we receive the payments the first installment from the electricity board at Genus we Don’t call them OGL though for the port perspective it is already OGL. Just want to clarify, Mr. Chair.
Abhijit Mukesh Purohit
Okay, sir. Thank you. Sir, the next question is from the line of Aditya Velikar from Access Securities. Please go. Go ahead.
Aditya Velikar
Yeah. Thanks for the opportunity. And congrats for the great set of numbers. Sir, as you described by FY32, we are means almost 30 to 31 crore smart meters are expected to be installed. And now out of that 14.3 crore smart meters are awarded. So for the remaining 16 crore smart meters yet to be awarded what will be the total addressable market value in terms of value and what will be our share in that?
Jitendra Agarwal
So we will definitely try to maintain our market share. So it is very difficult to say out of the remaining 16 crores how much we will win. But what we have to understand two things here is key. This is the addressable market. And you can take an average of around 8,000 rupees per point. So that is the total size of the addressable market. And when we say by 2020, by 203116 crore more meters will be installed. There are a lot of new service connections also part of it.
Aditya Velikar
Okay. And currently what is our market shares or any ballpark?
Jitendra Agarwal
So we have been maintaining around 25 to 30% market share. And we continue to. We continue to maintain that.
Aditya Velikar
Understood. And just related to that sir, in the last call you mentioned that the total tender pipeline amount is rupees 27,300 crores which is open and expected to be quoted in the next three to four months. So any update on that figure?
Jitendra Agarwal
So yes, the 3 crore meter tender of Tamil Nadu is already quoted which we expect to get decided in next three to four months. So and remaining 55 lakh tenders which was. Which is from. From Delhi and Pondicherry that we expect to to be quoted in this month.
Aditya Velikar
Understood, sir. And last question sir. Any. Any figures on working capital in terms of number of days, inventory and receivable days for this?
Jitendra Agarwal
So if you’ll see in Q1 if you say the data days of genus. If you compare the inventory days from last financial year and the data days from last financial year it has. It is already started coming down considerably. So we’ll say last year we were hovering around anywhere from 195 to 205 days. Now we are hovering anywhere from 120 to 130 days in the database. Same way in inventory we were hovering around anywhere from 170 to 180 days in the last financial year which has already come to 160 to 165 days in the current financial year.
So we’ll continuously see improvement in the working capital cycle and the database.
Aditya Velikar
Understood sir. Thanks a lot. I’ll get back in the queue.
Jitendra Agarwal
Thank you.
Abhijit Mukesh Purohit
Thank you sir. The next question is from the line of Pranjal Mukhija from Grovesper Ventures llp. Please go ahead. Growth spear.
Pranjal Mukhija
Hello.
Abhijit Mukesh Purohit
Yes sir, please.
Jitendra Agarwal
Hello.
Pranjal Mukhija
Hi sir.
Pranjal Mukhija
Am I audible?
Jitendra Agarwal
Yeah, yeah please.
Abhijit Mukesh Purohit
Yes sir.
Pranjal Mukhija
So thank you for giving me this opportunity. And so congratulations on the brilliant set of numbers. I have two questions. One is on the. On the Tamil Nadu tender that has just recently come out, the 3 crore tender.
Jitendra Agarwal
So sir, I just wanted to understand.
Pranjal Mukhija
Like the process that we have to go through for, for applying in this tender. And generally like what are the. Like the, the. The qualifications that, the qualifications that, that are being asked in that industry. Can you just give a little details on the tender and the process of applying this tender?
Jitendra Agarwal
The qualifications. I don’t remember hands on the genus qualifies. So we have quoted all six projects, six packages of Tamil Nadu. So we have, we qualify in all six packages processes. Once you bid that end up there will be a evaluation done by the electricity board. So there are multiple people who projects who code for multiple projects. So they will be, they will take according to me at least two to three months in evaluating all the bids if there’s any confusion. So if there’s any doubts there will be some correspondence between the electricity board and the bidder.
And then finally electricity boards declares these are the qualified companies. And once the qualified companies declared package wise they will they open the price bit. And after the opening of the private they go for the reverse auction. And when the after the reverse auction L1 L2 is decided. So this is generally the process and this is the process in Tamil Nadu.
Pranjal Mukhija
Okay. And so how many players will cater to this demand of 3km? Like is it going to be one person?
Jitendra Agarwal
There are multiple companies who have quoted and there is no restriction. Even a single party can take two projects or three projects. So there’s no restrictions on the electricity board. But if you qualify this as a.
Pranjal Mukhija
Given that this is a slightly larger order, I think the large one of the largest orders from India right in India right now. So just wanted to understand like is there some sort of like free like conditions or requirements for. For someone to build in an order like this?
Jitendra Agarwal
Yes, there are three conditions. So that is why there are companies who have quoted only one project. There are companies who have quoted two projects. There are companies who have Quoted all six projects. And there may be many companies qualification criteria for such large projects.
Pranjal Mukhija
And so the second question that I had was, I mean given that H1 is generally a slightly slower relative to the H2 in. In terms of execution. So do we see any challenges there on ground happening because of range or shortage of people who would assemble all of these meters for us on ground? Any challenges there?
Jitendra Agarwal
Yeah, you’re absolutely right. Generally quarter one and quarter two are relatively slow because of the summer time, because of the rains and you get less shutdown from the customer. So these, these are practical challenges which is being faced. So generally quarter one, quarter two is relatively little slower than quarter three and quarter four.
Pranjal Mukhija
But incrementally we see quarter on quarter improvement in terms of installation and on the production side as well.
Jitendra Agarwal
Yeah, I expect that to happen.
Pranjal Mukhija
All right, sir. And so one small request, sir. I think we discussed this when we visited the plant as well. But whenever possible sir, please. We’d love to visit the Haridwar facility as well, please.
Jitendra Agarwal
You’re most welcome. Talk to SG and they will organize it.
Pranjal Mukhija
Thank you. And so congratulations once again on the good numbers and good luck, sir.
Jitendra Agarwal
Thank you.
Abhijit Mukesh Purohit
Thank you, sir. The next question is from the line of Mahesh Patil from ICICI Securities. Please go ahead.
Mahesh Patil
Yeah. Hi sir, a couple of clarifications. So Tamil Nadu, you said you have applied for all six questions project. Okay. And another one of the number of. Meters installed K said 45 lakh. 45 lakh is as of Q1 or is it as of today?
Jitendra Agarwal
45 lakh as of Q1.
Mahesh Patil
Okay. So 16 lakhs in this quarter. Correct. Okay. And for my margin, so you have guided for 18 margin. But in this quarter you have around 21. Last quarter also it was around 22%. So. So on a full year basis you are saying 18 would be the sustainable margin going forward. Is that correct?
Jitendra Agarwal
18% is definitely sustainable and we should do better than.
Mahesh Patil
Okay, but since given in Q1 it’s on the higher side. You are still going with 8% guidance?
Jitendra Agarwal
Yeah, we are. We are not changing the guidance. So we are confident of achieving what we have guided here.
Mahesh Patil
Okay. Okay. Okay, sir. Thank you. Thank you so much.
Jitendra Agarwal
Thank you.
Abhijit Mukesh Purohit
Thank you, sir. The next question is from the line of Abhilasha Satali from Quantum amc. Please go ahead.
Abhilasha Satali
Yeah. Thank you for taking my question and congratulations for a good set of numbers. So basically I. I have a question on the cash flow. So in FY25 if we see to generate that additional seeds of around 1250 crores. Our working capital requirement has gone up almost by 850 crores which is partly funded through internal accruals and partly through debt. So going forward how do we number when we reach that, you know installations of 1 1.5 crores on annual basis. And how is our balance sheet supporting that kind of working capital requirement?
Jitendra Agarwal
Kailasha, you want to answer that?
Abhilasha Satali
So basic basically as JK told earlier also that there is a good improvement in the working capital cycle. So if you compare that, that. Okay. So going forward the number of days for the working capital, the debtors they will also reduce. The inventory will also reduce. And company is making a reasonable internal accruals. And so I think the debt will go up once, once the revenue will go up. But you will see a sizable improvement in the working capital cycle. So that will, that will be self sustainable with some amount of the debt in it.
Jitendra Agarwal
Okay, so can you just give any directional increase, directional figure in terms of you know even if you talk about say percentage of sales because now almost like if we see it is like 50, 60% of sales we require as our working capital requirement. So do we see this number going down to say 30, 40% of sales. Right now if you, right now if.
Abhilasha Satali
You see it is not 50 60% it is even more than 50 60% of the total revenues that is happening here. So the best level we can see will be around 40% of the sales will be required as a working capital.
Jitendra Agarwal
So if it won’t go up to.
Abhilasha Satali
A 20, 30% but right now it is not even 50, 60%, even far higher than that. So there will be almost a 20.
Jitendra Agarwal
30% improvement from these levels going up.
Abhilasha Satali
To a 40 levels of the revenue. And what will drive this improvement?
Jitendra Agarwal
Because basically initial startup takes a lot of time as Jitendra told earlier. Also we are in the phase of initial startups to different projects and all once these all projects will be properly started. So many of the projects have already properly started. And you will see already we are seeing that there is an improvement in working capital cycle from the last quarter. The next quarter also you will see when six months numbers we will provide as a balance sheet. You will see there is a good improvement from first quarter to second quarter. So every quarter as the projects will be well organized and running smoothly, there will be a benefit in working capital cycle and that is days will improve.
Abhilasha Satali
Okay so do you have any targeted figure for debt by say FY 2627?
Jitendra Agarwal
Sorry.
Abhilasha Satali
What is your date? You know, borrowing target Internet.
Jitendra Agarwal
So, so right now Basically it all depends how the working capital improves. So we we have our own target set by this number. The working capital cycle will improve. But let us see for a one or two quarters more that how it works and how it goes. Then it will be easier for us to give a target of the debt. Next quarter we will be surely giving a target that now we feel that what we were expecting of the working capital and debt is moving in the same direction. And now we at that time we will be in a position to see that how our debt will also move.
Abhilasha Satali
Sure. Thank you.
Abhijit Mukesh Purohit
Thank you sir. The next question is from the line of Nikhil Abhankar from UTI mf. Please go ahead.
Nikhil Abhankar
Thank you sir. Thanks for the opportunity. Sir, in the note, the note number four you have mentioned that the order book is 29300 and the order related to AMISP is 27 500. So is the difference between the two around 80, 1900 crores. Third party orders that we are just supplying meters to them.
Jitendra Agarwal
Yes, these are third party orders. And the orders from the utilities which we have been doing historically. All the private utilities which are our customer. And there are some utilities who are still buying non AMI meters. So these are those orders.
Nikhil Abhankar
So are these recent orders? I mean they have come or have they been on our books since last several quarters?
Jitendra Agarwal
They have been booked in last several quarters because a lot of times the non MI orders go on till 9 months, 12 months. So few are current, few are 6 months back. 9 months. I don’t have the exact breakup. But they are not very recent or immediate.
Nikhil Abhankar
Okay. And obviously the margins on these projects will be. These orders will be far higher than AMISP orders. Our own platform model. Is that assumption correct?
Jitendra Agarwal
Can you repeat?
Nikhil Abhankar
The margins on these are similar to what we execute for our own platform.
Jitendra Agarwal
So the non AMI orders definitely the margins are little less. Historically that has been always the case. When it comes to smart meters being supplied to our own platform to the AMISPs the margins are almost similar.
Nikhil Abhankar
Okay. And sir, till date you mentioned that we have 45 lakh meters operation. They all have started generating revenue for the platform.
Jitendra Agarwal
So as I said out of 45 lakh meters it installed 25.1lakh meters are already operation. Go live. Where we have started receiving the O M from the electricity board. So that has started generating the revenue for the platform.
Nikhil Abhankar
Only 1 lakh have started.
Jitendra Agarwal
21 lakh.
Nikhil Abhankar
21 lakh. Okay, understood. And the share of profit in the associates of 8.8 crore is largely related to the platform. There’s nothing else in it.
Jitendra Agarwal
Yeah, absolutely. Yeah, absolutely.
Nikhil Abhankar
Sure. And so just last question. How much equity infusion have we done the platform till date? How much equity infusion? We were to. We were supposed to do somewhere around 1700 crores.
Jitendra Agarwal
That, that number, that number. We have to come back. I exactly don’t remember the number but it will be around. It will be lesser than 100 crores till date.
Nikhil Abhankar
Less than 100 crores.
Jitendra Agarwal
We’ll provide you the exact number.
Nikhil Abhankar
Sure. Thank you. And all the best.
Jitendra Agarwal
Thank you.
Abhijit Mukesh Purohit
Thank you. Sir. The next question is from the line of Ashwini Sharma from MK Global Financial Services limited. Please go ahead.
Unidentified Participant
Good afternoon gentlemen and congratulations for Silicon Performance. Just one question on the guidance we’ve guided for 4000 crore of top line for this year. So looking at the Q1 and then Q1 as you mentioned is slightly, you know, where you feel you face certain challenges. Is there a probability of, you know revising our guidance upwards for the current year and the next year as well?
Jitendra Agarwal
So we. Yeah, I can ask for you.
Jitendra Agarwal
We will be surely doing that. Ashwini. We are just waiting for one more quarter to happen because second quarter normally because of rains and some things sometimes is not very good. So. So we are just. We are very hopeful that we will be doing the better in the coming quarters. And surely after once the six months are finished we will be revising our guidance for the revenue also and for the profits also.
Unidentified Participant
Thank you very much and all the best.
Abhijit Mukesh Purohit
Thank you. Sir. The next question is from the line of Chandarish Malbani from Nivesha. Please go ahead.
Unidentified Participant
Hello.
Abhijit Mukesh Purohit
Yes sir. Please go ahead.
Unidentified Participant
Yeah. Thank you for the opportunity, sir. So in our opening remarks you mentioned that 80% of the, you know, total order book at the AMS at our platform level flows back to zenith. So can you just break it up into let’s say the installation phase and the ONM phase. When you are installing the meters, how much of this revenue will get book and rest with which is the om period of 8 to 10 years. How much would that be?
Jitendra Agarwal
So just to give you a. To make it up simple for everyone. So around 55 to 57% of the revenue will come in the first three years. That is where the installation, meter supply, installation and the system integration will happen. And remaining around 20 to 22% will happen in the O&M in six to eight years. So if you will break up like the total order book as on date is take a round figure of 29,000 crores out of 29,000. 2000 is the direct business or Dean seen as so 27,000 comes from the platform. So out of that 27,080% to 85% comes as a revenue to genus.
Out of that 55, 50. 55 to 58% will be in first three years. So you can take a approximate figure of around 12,500 crores is like supply and around 4,000 crores in installation. So almost 16,000 crore revenue will come in next three, three years in supplying and installation. And around 7,000 crores remaining as an OMM in remaining six to seven years. So this is how you can break up the whole order book.
Unidentified Participant
Okay, Got it sir. And secondly is like what would be our offering like if I have to understand it right with supply meters, communication as well as handed head and system. And also do the installation for our platform. And we are already doing it. So is it the right way to understand?
Jitendra Agarwal
So the right way to understand is K. Ginas is doing a complete end to end solution Providing genus meters installed by genus Sedent system is also belongs to genus installed by genus. Then the data goes to MDMS again belongs to genus installed by genus and ONM is also done by genus. Everything is completely the complete gamut of the solution is also designed and developed by Gina and maintained by Gina.
Unidentified Participant
Okay, got it sir. And sir, lastly this is about a news article. I need. I would need a clarification from you here. There is an article that in our Goa project we genius was blacklisted for you know, some technical reasons and even we participated in Rajasthan tender. So any clarification on that side?
Jitendra Agarwal
There’s absolute clarification on this whatever in Goa in the website they mentioned last year these two companies have been blacklisted by us. Never any notice or anything was given to Genus. Almost after one and a half months of this uploading done by the GOA board came to our notice. Immediately we went to the High Court. It was absolutely illogical and just in justified. And in the first hearing High Court cost that uploading from the Goa government and really gave them a strong message. This is absolutely unjustified and wrong. So genus was never blacklisted. Logically in the past also and whatever the tender decided by Rajasthan is absolutely as per the terms and conditions of the idea and terms and conditions of the electricity board.
So whatever has come in the news we are today only it came to our knowledge also which is very surprising. And we have already given our written clarification to the media. And I’m pretty hopeful that media will also clarify will clarify this very very Soon. It is quite unfortunate that without taking our version, without even asking us, the report has come in the media. But yes, we have given them the clarification.
Unidentified Participant
Okay, got it, sir. Thank you. And all the best.
Jitendra Agarwal
Thank you.
Abhijit Mukesh Purohit
Thank you, sir. The next question is from the line of Yashardan Agrawal from IIFL Capital Services Ltd. Please go ahead.
Unidentified Participant
Yeah. Hi sir. Am I audible?
Abhijit Mukesh Purohit
Yes, sir.
Jitendra Agarwal
Yeah.
Unidentified Participant
Thank you, sir. Congratulations on good L and thanks for this opportunity. I had couple of questions. So the first question is that what is the risk to our supply chain in terms of whatever is happening globally? Do we face any uncertainty in terms of sourcing our products from China?
Jitendra Agarwal
So just to give you a heads up on that, smart meters comes in category one. So smart meters is completely designed and developed in India, manufactured in India with more than 60, 65% of the value addition happens in India. So we are already in category one as a industry. As a product DNA is even higher than that. But I want to speak about the industries. So we are category one and there are lot of components which comes from Korea, China, Taiwan, US and we face no, absolutely no problem in the supply chain. It is absolutely smooth in the current state of the fields.
Unidentified Participant
Got it. So and so in terms of manufacturing, communication system and release, these two are very important parts. While making a small. So are we sourcing it domestically or we are dependent upon other and what is the proportion? So just to continue it so compared to earlier versus now has the increase of sourcing from India or has it been constant? Our dependence upon four countries.
Jitendra Agarwal
So we are continuously building the Indian supplier base. And when it comes to relay, we are importing it also and we are getting it done in India also. When it comes to communication, radio frequency communication RF Genus has designed and developed its own rf. So in all the projects, wherever we are moving the RF as a communication it is genus designed and developed and genus make only. And when it comes to cellular communication cellular also the mid card is designed and assembled by us. And the components are as we are sourcing components for different product electricity meet also from different parts of the world.
And the semiconductor giants like excess instruments Renaissance same thing we are doing for the communication semiconductor also Got it pretty.
Unidentified Participant
Much clear on the communication part. But just continuing on the relay thing you told that we are sourcing it from India as well as importing it. So has the Indian component increased over time and if you could share the percentage what part of it we are sourcing from India.
Jitendra Agarwal
So India is continuously growing in it is still the capacity has constraint in India. That is why we have to import it also. Exactly. I am not in a position to tell you what is the percentage we are source from India or we import it from outside. But yes, we are getting it developed in India also.
Unidentified Participant
Thank you. And so in the point in the initial remarks you told that for FY27 guidance that you have given 1.1 to 1.2 crore twitters installed. That is under AMIF or that includes servicing for providing smart methods to third parties as well.
Jitendra Agarwal
So that way I guess especially the number of meters to be installed by G. Yes.
Unidentified Participant
Okay. So that includes the amo speed part, right? Not providing it to the third parties. Thank you so much and good luck.
Jitendra Agarwal
Thank you.
Abhijit Mukesh Purohit
Thank you sir, the next question is from the line of this Darshul Pandya from Fin Interest Capital. Please go ahead.
Darshul Pandya
Hi, I’m audible sir.
Jitendra Agarwal
Yes please sir.
Darshul Pandya
My questions is more of related to installation thing. So you know certain cities like Mumbai and other other parts we are seeing some public pushback you know with regards to concerns and you know around installation practices, billing and you know all these things inside. You know even in my own housing complex the installations were halted. So just wanted to understand view from your side and how is it beneficial for the consumers? Are they adequately safeguarded? Because you know this kind of risk are always there for our business and want to understand how things are for us.
Jitendra Agarwal
I’ve been talking about this since long multiple times. That smart meter is not only for utilities, it is for everyone. A smart meter is no more a luxury, it’s a necessity. The way electricity consumption is going all across is my meta is a must. And the benefits to the consumer if you will see there will be zero intervention of the human being. The government is already offered 3 in some places even 5% rebate on the prepaid systems they will be you will have a complete control on the consumption of the electricity your on your in your palm through your app you will get to know what is happening in your electricity consumption at home.
Plus you get a free solar meter along with the smart meter. You don’t need to practically you are getting a device ranging anywhere from 3,000 to 4,000 rupees free of cost by the government and then it will be maintained for next 10 years by the private company. So you are getting something absolutely free of cost which has a solar meter inbuilt into it. So you don’t even if you do a solar installation you don’t have to buy anything. Otherwise you will have to buy a solar meter and a net meter. So Practically you are getting a gift from the government of India free of cost.
Plus whenever an already central government has passed. Time of day use which is everywhere in the world is still not implemented in India. It has to happen over the period of time. And the only way to do time of day use will be you need a smart meter for that. That will be a huge advantage to every consumer where he will get time of day use. He will get much cheaper electricity than he’s paying a standard price all across the 24 hours where the electricity purchase much cheaper at some point and much expensive at some times.
So there are multi, multi benefits to the consumer and there will be anything that new will come a government will. We are a democratic company country. There will be some issues here and there. But you smart metering journey is flourishing very very fast across the country. You will see every month. If I talk of last month, month of July which was raining very badly all across the country. Still to the best of my knowledge more than 3.5 million meters has been installed across the country. 3, 3.5 million meters. So there’s no stopping smart meters.
Darshul Pandya
Correct? Just I just asked with regards to. There were some outrages so I was just concerned about the risk that that is associated with it which is very.
Jitendra Agarwal
People. Yeah, people get misguided. Very frankly if I am a consumer I am getting a gift from the government of three to four thousand rupees device without paying a single penny from my pocket. The latest technology with so many benefits and immediate benefit which I can see is 3 to 5% rebate on the prepayment plus a free solar and net meter which otherwise have to buy from the market from 1500 to 2000 rupees somewhere even 2500 rupees when it is in shortage. So I see only advantage to the consumer.
Darshul Pandya
All right, thank you sir. Thanks for clarifying a lot of things. I wish you all the best for the next coming future.
Jitendra Agarwal
Thank you.
Abhijit Mukesh Purohit
Thank you sir. The next question is from the line of darsh from Access Securities. Please go ahead.
Unidentified Participant
Yeah. Hi sir. Congratulations on a good set of number. So I just had one question sir. Majorly just wanted to know your views and updates on the export segment and the smart the water meters and gas meter segment.
Jitendra Agarwal
So we have been. So water meter is currently. If you will see the water meter in the gas meter. So water meter currently have a higher potential then the gas meter for the export market is what our understanding currently is on the last three years whatever work we have done in the international market and we are seeing A good momentum of water meters in the western and the AMZ markets. But the meaningful revenue will however take at least two to three years to materialize. That is where you will start seeing a very meaningful revenue which is coming to the country, to the company Same way Water meters has a fairly good spot scope in India which is also building up.
If you’ll see that then given Almost I think 19 crore installations to be done and 12 crores are already done. So slowly and gradually everything has to be metered by the government. So even in domestic we see water will have a significant future. When it comes to gas meter segment we are more focused on expanding reach of our data loggers so which can be utilized by gas utilities to extract data from the existing installed gas meters. So yes, it is slowly and gradually it will take pace gas meters currently we are not seeing as a very large business.
It will be more like a non ami single phase meter business in India. So it will have a reasonable five but it’s currently we don’t see it exploding like the electricity meters.
Unidentified Participant
Understood. Is there any color on the export for the smart meters?
Jitendra Agarwal
Any color on export of smart meters? Smart meters we are already for electricity smart meters we are already working in 2, 3 major markets especially ANZ, Middle East, Southeast Asia, in some of the African markets. We are seeing a good traction there. This financial year I would say this export business revenue will go a little bit up from the last financial year. There won’t be a major difference in this financial year. But from next financial year you will see a much meaningful revenue growth in the export business from the markets we are already working upon.
Unidentified Participant
Okay, thank you and all the best.
Abhijit Mukesh Purohit
Thank you sir. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please strictly limit your question to one per participant. The next question is from the line of Yash from Shan Patel Asset Management. Please go ahead.
Unidentified Participant
Thank you. Congratulations sir, on the gate s number. Sir, I wanted to ask you with. Respect to ed raid like is there any finding that could, you know, result in future obligation with respect to genus power specifically. So after, after. After the search they. They called us for one inter. We haven’t after that we haven’t received anything from the department yet. So it’s almost, it’s almost seven months has passed and we haven’t received anything from the department. So if anything will be received from the department then only we can say that we don’t see there is any impact on the company. Because of that the revenue or the sales or the ordering or anything. And last seven months we haven’t received anything from the department.
Jitendra Agarwal
Okay. Since you haven’t got any clarification or notification from Edu. Sorry, you haven’t got any clarification or any additional information after. After. After the search and inquiry we. From last seven, eight months we haven’t received anything from the department regarding this.
Unidentified Participant
Okay. Okay. Thank you.
Abhijit Mukesh Purohit
Thank you. Sir, the next question is from the line of Rohit from Intelligent Capital. Please go ahead.
Unidentified Participant
Yeah. Hi sir, my question is regarding working capital again. So I understand. Again because of we installing the smart meters aggressively now going forward. I think last year you did mention that this year guidance and the next. Year guidance would be more like a. 20% up than FY26 as well. So based on. You know, based on the aggressive installation of those meters is it fair to assume that in the working capital issue would remain a bit constrained on at. Least for the next two years or three years until the O and M. Revenue really, you know kicks in majorly?
Jitendra Agarwal
No. No, I don’t think so. So basically here you have to understand that if you see the absolute numbers the absolute numbers will surely go up. Because the revenue is going up. Last year company has made a revenue of before. Last year it was 1200 crores. Last year it was 2400 crores. This year we are. We have given a guidance of 4000 crores. And even we feel that we have to revise the guidance also. Next year also there will be a good jump in revenues also. So once the revenue is growing.
Absolutely. You will see that there’s in absolute numbers there is increasing of working capital. But when you see the percentage or day wise it there will be. Surely it will be best in financial year 26. It will be better than 25. In financial year 27 it will be better than 26. In 28 it will be better than 27. Every. Every time the number goes up you will see in percentage wise, in absolute days wise there is an improvement in working capital. Got it.
Unidentified Participant
Got it.
Unidentified Participant
So is it to assume that maybe. By FY20 when ending the cash flows will be positive? Cash flow from operations at least. Sorry, which FY you are saying? Sorry, you are saying FY26. Yeah, FY27. I’m saying FY27 ending can be.
Jitendra Agarwal
No, we. We feel that by FY26 itself we will be cash flow positive. Yeah, definitely.
Unidentified Participant
Oh perfect. Perfect. That was good. Sir, last one question from me. I think that was something that was. Written in investment presentation a bit clarification on the demerger aspects. Basically what, what percentage of revenue and the business of the entity that is getting demos? You know that maybe a bit clarification on that. What is the percentage of there is. A
Jitendra Agarwal
bsolutely, absolutely almost nil number of business business or the profits going out of this demerger. These are mainly the investments that were listed on non listed companies of the group and other than group that is going out.
Unidentified Participant
Got it, got it. Yeah. Looks good sir. Thank you so much sir for.
operator
Thank you. The next question is from the line of Herschel from Titanium. Please go ahead.
Unidentified Participant
Yeah, thank you for the opportunity. First of all on Congratulations sir. I had a question regarding the data. So like what would be your future guidance regarding your data? Is there any different practices from the industry you are following to increase the operational efficiency?
Jitendra Agarwal
Your voice is not very clear but what I understand you are talking about the data days, correct? Yeah.
Unidentified Participant
Can you please clarify your question? Your voice was not clear. Okay. Okay. So am I audible now? Yes sir, not very well. Can you please use your handset sir? Okay, am I audible now? Yes sir.
Jitendra Agarwal
Yes.
Abhijit Mukesh Purohit
Better.
Jitendra Agarwal
Better.
Unidentified Participant
Yes. So like what would be your future guidance regarding the data days? Like is there any different practices you will be implementing from the industry which increases your operational efficiency?
Jitendra Agarwal
Data days. As for for us we are supplying most of the meters or most of all. AMISP is being done through the platform and we have certain, certain agreements with the platform about the debtors days. But initially as I told earlier also it’s the initial phase where we are starting the projects. That’s why it is getting delayed in terms of inventories also and in terms of debtors day also the exact proper numbers of debtors day we will be seeing another one quarter also and after a second quarter as I told in the earlier question also we will be.
In a better position to give you. A proper number where our we, we could see our data please.
Unidentified Participant
Okay, okay, okay, okay, okay okay. Got it, got it, got it. Thank you. Thank you for opportun.
Abhijit Mukesh Purohit
Thank you sir. The next question is from the line of Alok Shah from SR pms. Please go ahead.
Unidentified Participant
Hello sir, am I audible?
Jitendra Agarwal
Yes sir, yes please.
Unidentified Participant
I just want to understand that in this current year are we expecting any fresh raise of funds through debt or, or can you guide me the debt level at the end of the year?
Jitendra Agarwal
I, I, I, I have answered the same thing for earlier question also that debt levels we are just working on our working capital. That how it looks like we have our internal targets of debt and working capital. We will be More clear after this quarter. After quarter two H2 we in. In the conference we will give you a proper number where we see that our debt will lie after in this financial year and how our working capital cycle is.
Unidentified Participant
Okay. Okay. Thank you. Thank you.
Abhijit Mukesh Purohit
Thank you. Sir, the next question is from the line of Rahul Kothari from VRK Ventures. Please go. Mr. Rahul, your line is unmute. Please go ahead as there is no response. The next question is from the line of Pranjal Mukhija from Growthsphere Ventures llp. Please go ahead.
Unidentified Participant
Hi sir. Thank you for giving me this follow up opportunity. Sir. So just one question. Please share some some data around the total capacity of smart meters in India currently. And do we foresee this capacity to be sufficient to cater to the demand of 3132km? I’m only asking this because again there are new players who are trying to break into this market. And I mean they’re citing the slack of the demand like the difference between demand and supply to be the reason why they’re entering this market. Just wanted to understand given that the government has also sort of extended the like deadline for this.
This target is the current capacity, you know what is the current capacity in India and will be sufficient to get it to the like 3132 crore meter demand.
Jitendra Agarwal
Current capacity in terms of manufacturing of its smart meters.
Jitendra Agarwal
Right.
Jitendra Agarwal
Is more than sufficient. So current capacity is not a problem. Rather I will suggest all the new players who want to enter into this market please do your survey before entering into the manufacturing.
Unidentified Participant
Any idea on the number part of it? Like what will be the number? Approx. Number.
Jitendra Agarwal
So in general what we understand from the manufacturing capability of the large players that country has a comfortable capacity of I would say 7 to 8 crore meters per annum.
Unidentified Participant
Thank you sir. Thank you. This was really helpful. Thank you.
Abhijit Mukesh Purohit
Thank you sir. Thank you ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to Mr. Jitendra Agarwal for closing comments. Over to you sir.
Abhijit Mukesh Purohit
Thank you all for joining today’s call and your continued engagement. Q1 FY26 has reinforced the strength of our integrated business model, our execution agility and the structural tailwinds driving India’s smart metering transformation. With over 29,000 crore order book, clear revenue visibility and projects steadily transitioning to the operational phase, we are uniquely positioned to capitalize on this transformative national infrastructure upgrade. We remain focused on disciplined execution, prudent capital allocations and delivering long term value to all stakeholders. I thank you once again. Thank you, everybody.
Abhijit Mukesh Purohit
Thank you, sir. On behalf of Kaviraj Securities Private Limited, that concludes this conference call. Thank you for joining us. And you may now disconnect your lines. It.