Genus Power Infrastructures Limited (NSE: GENUSPOWER) Q3 2026 Earnings Call dated Feb. 11, 2026
Corporate Participants:
Kailash Agarwal — Vice Chairman
Jitendra Kumar Agarwal — Joint Managing Director
Analysts:
Mr. Abhijit Purwitz — Analyst
Aditya — Analyst
Vaibhav Mishra — Analyst
Bhavan Cheda — Analyst
Keval — Analyst
Sonia — Analyst
Aditya Singh — Analyst
Mohit — Analyst
Dakar Rana — Analyst
Neeraj — Analyst
Rajesh Vora — Analyst
Rishikesh — Analyst
Presentation:
operator
Ladies and gentlemen. Good day and welcome to Q3 and nine month FY26 earnings conference call of Genus Power Infrastructures Limited hosted by Kavira 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 the conference call. Please signal an operator by pressing Star than zero on your touchstone phone. Please note that this conference is being recorded. This conference may contain forward looking statements about the company which are based on beliefs, opinions and expectations of the company as of date of this call.
These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Abhijit Purwitz from Kabira Securities. Thank you. And over to you sir.
Mr. Abhijit Purwitz — Analyst
Thank you. Good afternoon ladies and gentlemen. Kaviraj securities welcomes you all for Q3 and 9 month FY26 earnings conference call for Genus Power Infrastructures Ltd. The management team is represented by Mr. Kailash Agarwal, Vice Chairman and Mr. Jitendra Agarwal, Managing Director. Now without any further delay I hand over the call to to Kailash sir for his opening remarks post which we can open the floor for Q and A session. Thank you. And over to you sir.
Kailash Agarwal — Vice Chairman
Thank you, Abhijit. Good evening ladies and gentlemen. A very Warm welcome to Q3FY26 having call of Genus Power. The results and press release are uploaded on the stock exchange and the company website.
I hope everybody has a chance to look at it. Q3 FY26 marks another solid quarter for genus Power and Caps. A strong nine months performance in FY26 driven by sustained execution momentum across our AMIC portfolio. Under the RDSS framework for Q3FY26. Our standard revenue standalone revenue stood at 1122 crores representing an 86% year on year growth. Supported by a scale up across multiple live projects and steady progress in system integration and commissioning milestone. While revenue in Q3 FY26 saw a marginal sequential moderation. This was largely attributed to festive seasons related factors such as Dasheira and Diwali which temporarily slowed down on ground installation activity across the certain states.
EBITDA nearly doubled year on year to rupee 232 crore with EBITDA margins at 20.7 reflecting strong operating leverage, improved absorption of fixed costs and disciplined cost management. Profit after tax stood at rupees 148 crores up 117% year on year supported by margin expansion and scale benefits notwithstanding higher finance cost. For the nine months ended FY26 the company delivered sharp growth across all key financial metrics. Revenue stood at 3214 crores up 114% year on year while EBITDA grew 159% to rupees 676 crores with EBITDA margin at 21.3. Profit after tax at rupees 424 up 157% year on year.
The consistent performance over the nine months period reflects sustained execution momentum, operating leverage and disciplined financial management as we scale up rapidly under RDSS. After commissioning around 58 lakh smart meters in nine months FY26 the pace of installation will accelerate from Q4 onwards as several large RDSS contracts have been moved into active rollout. Building on this trajectory, we expect to commission approximately 80 to 90 lakh smart meters during FY26 supported by our strong manufacturing throughput with current manufacturing capacity now standing at over 18 million meters per year. Just recently the company achieved an important milestone with the receipt of Operational go live for two of the Rajasthan smart metering projects.
As on date 16AMIC projects covering nearly 2.5 crores smart meters have achieved OGN status. Operational Go Live authorizes commencement of invoicing with subsequent billing linked to successful state acceptance test conducted on a batch wise basis. This expanding Oriel footprint significantly enhance our long term cash flow visibility and reinforce the sustainability of earnings profit through recently own revenues. Our order book as on 31st December 2025 stands at about rupees 27,000 crores net of taxes attitudable primarily to GINA own MISP projects covering about 2.75 crore smart meters providing multi year execution and annually revenue visibility over 810 years concession periods around 80% of my AMIC revenue directly to Zenus underscoring the quarterly and profitability of the quality and profitability of the order book.
We continue to actively monitor upcoming tender opportunities under rdss including in Tamil Nadu and Delhi. Our bidding strategy remains selective and return focused, prioritizing both projects where our integrated MISP model provides strong execution certainty and long term cash flow visibility. Looking ahead, we remain highly confident on execution visibility and expect Q4 FY26 to a strong execution quarter driven by seasonally favorable installation condition, a larger base of OGL enabled projects and accelerated rollout across key states. I now request for Q and A.
Questions and Answers:
operator
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 your Touchstone Telephone. If you wish to remove yourself from the question queue you may press star and do participants are requested to use handsets while asking question? Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Aditya from Access securities. Please proceed.
Aditya
Yeah. Thank you for the opportunity. Sir, my question is with respect to our tendering pipeline. So in the last call we said that 10 crore meters to be awarded and out of which 3.8 cr meters were to go live in by the end of FY26 and balance 6 to 6.5 meters in the next 12 to 18 months. So any update on that? Any changes in that? So that is the first question.
Jitendra Kumar Agarwal
I got confused with your statement of goal.
Mr. Abhijit Purwitz
So not go live tender. He’s talking about live tenders.
Aditya
Live tenders. Right.
Jitendra Kumar Agarwal
Okay. So currently the live tender is from the total of life tenders right now is around. I would say 4.5 crore meters which is 3 crores on Tamil Nadu. Because of the. Which has already been quoted. And we see this to be finalized only after election. I think it will take three to six months. And this is a large tender which is already quoted. 5 million meters of BSES is already quoted. New tenders of 5 million has come from NP which will be quoted on 25th of Feb. And 23rd. And 25th of Feb. Are the two dates when these will be quoted.
So as on date tenders which are already out voted or to be quoted is to the tune of 50 million meters.
Aditya
Understood. And what about.
Mr. Abhijit Purwitz
I would like to add here. I. I would like to add here as you ask the question that earlier it was 3.8. Almost 38 million meters. And so that. That is already going on. And still we feel that even these 50 million meters or 45 million meters they may take some time next three to six months. Because things are. The biggest tender is from Tamil Nadu which is 3 crore meters, 30 million meters. And we expect that to be finalized only after the elections. And all because Tamil Nadu is. Is having an election very soon.
So it may take some more time. Maybe four to six months here.
Aditya
Yeah, yeah. Very clear. Means on the similar lines Karnataka and Telangana were also expecting to go for tendering. So any update on that?
Jitendra Kumar Agarwal
Still have not opted for the rds. So still they are not under the RDS scheme. So we hope they will come under the scheme soon. But not as of now.
Mr. Abhijit Purwitz
Mark, one thing. One thing we have to be very clear. And we should very well understand that it is if we talk about genus itself, it is always good that the tendering happens slowly or there is a delay in new orders. Because already we are sitting on an order book of 27,000 crores and we have to execute this. And there are timelines for execution of these orders also. So for the company it is also good whether the tag when the tenders are delaying. And we will be expecting these tenders in next six months, nine months, 12 months and all.
So that that is more beneficial for the company rather we getting any orders immediately. So that just I want to clarify to the investors.
Aditya
Yeah, yeah, understood that sir. The next is on. We have a good order book. But parallelly means we have been developing our gas water meter exports market. So any color from that that area are we expecting something materializing over there to quantify it in our order books? And also similar to that line means what what will be the replacement demand look like in future once we execute our orders so slightly in the longer term. So that just wanted to understand how this order book sustain in a much longer period of time with these new activities like gas meters, water meters and exports and replacement demand.
Jitendra Kumar Agarwal
We’ll give you a larger picture. Around 3031 crore meters to be installed in total in India. Out of that only 5.5 crore has been converted to smart meter. So there is a good Total addressable market of 25 crore electricity meter remains for the industry. So I see a good visibility of four to five years apart from it. Every year there is a replacement, there is a new service connection which is the industry standard of 3 to 4%. It will continuously keep adding. And when you say about the replacement market, definitely the meters which were sold three years, four years back, they start getting into replacement by 3132.
So there will always be a replacement market of I would say by the end of this 30 crore meters and stalled, there will be meters that are coming which has already seen the life of seven years, eight years, nine years. So there will be a lot of replacement market. Apart from this genus is investing heavily not only in the hardware like gas meter market or the water meter market. We are also investing heavily in our software division where a lot of these meter data will be utilized for the benefit of the discoms. And a lot of projects will come out within the discoms using these data points.
So Genos is focusing not only as a AMISP supplier, it is also focusing as a technology provider. That is the reason GINAS is moved as an end to end solution provider. Not only just a meter manufacturer which is installing the meters and maintaining the meters. So we have good four to five years in our hand to make sure that the future is continuously taken care when it comes to water meter and gas meter it it is just picking up In India the total addressable market for the gas meters is 12 crore meters as per the current data.
So these 12 crore meters we see them happening in next six to seven years so it will give a reasonable market size. Water meter is in the very nascent stage. It is right now the order book is just 1520 crores for gas meters and around 15 crores for water meters which is very small. It is picking up in water meter business we see after three to four years we’ll see a very reasonable numbers and it will become meaningful. Same with export business lot of investment is going on in multiple markets and you will see a very reasonable market of around 500 crores happening after two to three financial years.
So this is how we can broadly we can talk about the future of genius.
Aditya
Understood Sir I would.
Mr. Abhijit Purwitz
I would like. I would like to add one thing that there is a clear visibility for next five years to the company even in the existing business right now having a order book of 27000 crores number one then expecting 15 crore meters new tenders in next two years whatever out of. Out of 15 crores whatever where we could maintain or whatever the business we could get with the existing business itself there is a clear, clear visibility of next five years with a decent growth every year. Like last year we did 2500 crores. This year we will be doing 4500 crores next year there will be a good visibility in growth.
So next five years we see a continuous growth of the company with the existing business itself. And then in addition there will be the water meters, there will be the gas meters, there will be the export or many other things. Which company has a good time of next three to five years to develop those areas of revenues. So. So once that happens then after 5 years there will be a replacement market. Gas meter, water meter, many other things will be coming. So their company clearly have a clear visibility of continuous growth for coming many years.
Yeah.
Aditya
Thanks for this elaborate answer. Thank you.
operator
Thank you. The next question is from the line of Webhav Mishra from Finvestor. Please proceed.
Vaibhav Mishra
Hello sir. Congratulations for the excellent set of members. My question is somewhat related to the previous participants actually just wanted to. From the order book and the commentary in the previous quarters as well I could calculate that for FY up to FY28 I think we are pretty much cleared with the kind of growth that we are. I mean giving I think up to FY28 we are very comfortably clock around 7 to 8,000 crore. But after that I was a little. I was not sure that how confident are we that in the medium to long term for 29 and beyond we could I mean cross these numbers continuously.
Like be it 7,500 crores or whatever the number is in FY28 can we continue the growth momentum going ahead and what are the those growth? I mean trigger all. I think you mentioned few of them in the previous participants question. But we are confident on building these numbers year on year going ahead. Sir.
Vaibhav Mishra
The reason we are confident is we are maintaining this market share for plus 20 years. I don’t see any reason of losing that market share. That is the reason from the current business line we are very confident that for next five years we can see a clear visibility in the business and continuously maintaining our market share and the growth.
Mr. Abhijit Purwitz
So we here we have to understand that till a business of almost 1 lakh 20,000 crores has to come in next two years almost 15 crore meters business has still to come tendering as still to happen or the tendering tenders is life. So and Venus is confident of keeping its market share. So if we keep that market share then out of 1 lakh 20,000 crores you can understand that how much business we can get. So absolutely the company is totally, totally confident that for next five years there is a clear visibility of growth. And then company is already working on many other sectors as I previously answered also.
So we the company has no doubt of the growth, continuous growth in coming many years.
Vaibhav Mishra
All right sir. All right. Thank you. And sir, one as I some color of the the tenders that you bid if you could and the future tenders that you are expecting. So our margins since there are many companies who have you know announced going into the smart meters and all. So the margin profile what do you see? I mean at par with your current order book margins or you see margins going a bit down from here on in the future tenders.
Mr. Abhijit Purwitz
So that’s very difficult to say and we don’t comment on that. It’s a tendering business. Yeah. It’s a tendering business. How the things move will work on that. We give estimates of margin every year. We can confidently say that whatever the estimates we will give, whatever the projections we will give we will be achieving that.
Vaibhav Mishra
Okay. Okay, that’s it. From my side. Thank you so much for the future quarter sir,
Jitendra Kumar Agarwal
thank you.
operator
Thank you. The next question is from the line of Bhavan Cheda from INAM Holdings. Please proceed.
Bhavan Cheda
Yeah, congratulations on excellent number, sir. And I think you will be Fairly crossing the FY26 guidance you gave earlier. Just on a bookkeeping question. Sir, if I missed out on the number if you. For the quarter, what was the smart meter production? Smart meter installation and how much operationally went live in the quarter?
Mr. Abhijit Purwitz
JFK, do you have the data for that? You can please.
Jitendra Kumar Agarwal
Approximately we do around 1 million meters a month. But I want to give him exact number because he is out.
Mr. Abhijit Purwitz
Yeah, that one. Yes. That is not installation. That is together all meters. Yeah. So we can. We can take it later. You can just. 23.3 lakh meters. Exactly. Installation is 23 lakh meters. 23.3 lakh meters in the quarter. Three. Yeah.
Bhavan Cheda
Okay. And what was the production, Sir?
Jitendra Kumar Agarwal
Production in nine months we have done 1.3 crore meters. Because this includes non amisp meters also meters which we supply to private utilities, export meters and also to genus projects. So in total in 9 months we have produced 1.3 crore meters.
Bhavan Cheda
Is 1.3 crore meters. Okay.
Jitendra Kumar Agarwal
It includes all kind of meters.
Bhavan Cheda
In 1.3 crores.
Jitendra Kumar Agarwal
1.3 crore meter. The smart meters are 98 lakh meters.
Bhavan Cheda
98 lakh meters. And until date how. How much have gone operational life? Operational Life on date 31st March December till 31st March 31st December 31st December.
Jitendra Kumar Agarwal
Till 31st December Operational 16 projects are live. But few projects have gone live by the 31st of gen till 31st December exact number. I need to come back to you.
Bhavan Cheda
But if you have till Jan. How much till Jan has gone live till.
Jitendra Kumar Agarwal
31St then 16 projects out of 24 have gone live. Which covers around in total order book it covers around 2.5 crore meter. In terms of number of meters which are already installed and operation go live it covers around 70 lakh meters.
Bhavan Cheda
70 lakh meters till January. What I’m trying to. So till September your 40 lakh meters were live. So now it is close to 70 lakh meters.
Jitendra Kumar Agarwal
Yeah.
Bhavan Cheda
Okay. Which means your monthly rent has started on 70 lakh meters from Feb. Onwards, Right?
Jitendra Kumar Agarwal
So monthly rent starts only after three months of the ogl.
Bhavan Cheda
After three months of ogl.
Jitendra Kumar Agarwal
After three months of ogm.
Bhavan Cheda
Okay. Okay. So roughly by April the run rate. April run rate will have a revenue. Entire monthly rental revenue of 70 lakh meters.
Jitendra Kumar Agarwal
Yes.
Bhavan Cheda
And currently the same number would have been around 40 lakh meters which was installed till September 30.
Mr. Abhijit Purwitz
Yes. Yes.
Bhavan Cheda
Okay. Second question is on what how much we have invested till date in our platform company as equity or loans and advances. Whatever.
Mr. Abhijit Purwitz
That number. Actually I am not having right now. We will get you back. You can get this number from sga. Last. Last earning call. I gave the number. Kunal, do you have that number? I will give you that number. I will send you that number.
Bhavan Cheda
Okay. And last one. Sir. Since I think the installation momentum is increasing. Next year will be much more number than this. Because of a strong order book. What you expect will be the peak debt number in the balance sheet by next year.
Mr. Abhijit Purwitz
Around 2,200 crores. 2100 crores. That is the maximum we expect. Yes.
Bhavan Cheda
That is in 27 you will reach right next year.
Mr. Abhijit Purwitz
Yeah.
Bhavan Cheda
And if you have that Number as on 31st December how much was it till September?
Mr. Abhijit Purwitz
It was 974September 30th number. If you can give me December because. It will be around the same numbers. But what we have given on the 30th of September it is almost wrong.
Jitendra Kumar Agarwal
Until the 31st of December we have invested 2 to 3 crores in the platform. I’ve got the data now.
Bhavan Cheda
I think you’ve got that 2 to 3 crores till 31st in the platform till 31st December.
Mr. Abhijit Purwitz
Yeah. Yeah.
Bhavan Cheda
Okay. Okay. And next year, sir, your capacity is already 18 million meters. Now what is the optimum utilization which we can do on this number? Which obviously I believe you will achieve it next year in 27.
Jitendra Kumar Agarwal
So generally in our business there is a lot of yoyo. It is not a consistent capacity utilization. That is why generally we keep the capacity on the higher side. So I expect this 18 billion capacity will be sufficient. And I would say 80% of the capacities shortly should be utilized in next financial year.
Bhavan Cheda
Okay. Thanks a lot. Thanks a lot. Thank you.
operator
Thank you. The next question is from the line of Mahesh from ICICI securities. Please proceed. As there is no response from the current participant. The next question is from the line of Keval. Please proceed.
Keval
Yeah. Thank you for the opportunity. My first question is on revenue and margin guidance. So does the revenue and EBITDA margin guidance which you said in the last con call remains intact for FY27 and for the midterm a medium term. If revised. What are the key drivers behind the change?
Mr. Abhijit Purwitz
No, we are not revising any guidance. We are not revising FY26 also and FY27 also.
Keval
Okay, sir, my second question is on the working capital and gross Debt.
Mr. Abhijit Purwitz
So.
Keval
So what is the current debtor payable and inventory days. And it’s a target trajectory for FY27 to FY28. And same goes for gross debt.
Mr. Abhijit Purwitz
I recently answered in the last question that it is almost at the same level. Slat equals was on 20th of September. And the maximum gross that we will reach will be around 21002200 crore. And that will be in financial year 27. Regarding the inventory days and the debtors days. The debtors days has improved from almost 15 days from the last 30th of September. The numbers we have given. But the inventory days are little higher. Inventory days are little higher by.
Keval
Okay.
Mr. Abhijit Purwitz
Almost 10, 10 days. So it is approximately percentage as it is a little down. But in absolute numbers it is.
Keval
Okay. As you actually answered this GIC regarding the question about GIC platform. But I just wanted to know from your side that the earlier guidance which you indicated for total investment commitment on GIC platform was around 1100 crore for the time period of FY26 till FY28. So what is the current deployment status or any change in scale structure or timeline from your side?
Mr. Abhijit Purwitz
So recently I heard I. I told that there is that as of as of 31st December the total investment is in the platform is 2 to 3 crores 2,226. And we again confirmed that it won’t go more than 1100 crores till 28.
Keval
Okay sir. Got it. That’s it. From my side. Thank you.
Jitendra Kumar Agarwal
And you asked about the total gross debt.
Keval
Yes.
Jitendra Kumar Agarwal
1975, on the 31st of December 2025.
Keval
Okay sir. Thank you. Thank you so much.
operator
Thank you. The next question is from the line of Sonia from Dalalan brochure pms. Please proceed.
Sonia
Hello sir. Thank you for the opportunity. I just want to understand what is the working capital days as of this quarter versus September quarter. The number of days if you can give.
Mr. Abhijit Purwitz
So I recently confirmed that it is almost at the same level because there is a reduction in debtors day. But there is an increase in inventory days 9. So data days is reduced by 10 to 15 days. But inventory is up by 10 days. So the number of days is same as it was on 30th of September.
Sonia
Okay sir. Thank you.
operator
Thank you. The next question is from the line of Aditya Singh from Multi Bagger stock. Please proceed.
Aditya Singh
Good morning team. Good evening team. Congratulations on a great set of numbers. I just wanted to know like what is the target of the number of.
Mr. Abhijit Purwitz
Hello.
Aditya Singh
Hello. Is it audible now?
Mr. Abhijit Purwitz
Yeah. Better.
Aditya Singh
Better okay. So I just wanted to ask that. How good is the target of meters that we are planning to install for K4.
Jitendra Kumar Agarwal
Over this financial year? We have been targeting around 80 to 90 lakh meters to be installed in this financial year.
Aditya Singh
Okay. And how many Automators have gone OGL.
Jitendra Kumar Agarwal
Like till 31st January Zenith installed under RDSS around 1 crore meter. Out of 1 crore meters around 70 lakhs have come under the OGL certification.
Aditya Singh
Thank you so much. That was all from my side.
operator
Thank you. The next question is from the line of Mohit from ICICI securities. Please proceed.
Mohit
Hi. Good afternoon sir. And thanks for the opportunity. Sival, one question I have. Is it fair to say that Almost all the SPVs with GIC have achieved financial closure?
Mr. Abhijit Purwitz
Only a few of Rajasthan are pending. Almost 90% of the SPV have got the financial closure and remaining. We are on the verge of closing in next 15 days.
Mohit
So there are very few left. Right? That’s.
Mr. Abhijit Purwitz
Yes.
Mohit
Understood. Thank you. And all the best. Thank you.
Jitendra Kumar Agarwal
Thank you.
operator
Thank you. The next question is on the line of Dakar Rana from Prudent Equity. Please proceed.
Dakar Rana
Hello. So you guys, you just said you know the gross debt is 1975 crore. Am I right, sir?
Mr. Abhijit Purwitz
Yeah.
Dakar Rana
And in earlier call call you have. Guided for 2000-2100 of peak debt. So. So we are not going to take. Any debt for FY27 28, right?
Mr. Abhijit Purwitz
No, it all depends. We are talking about gross debt and not talking about net debt. So basically when the last guidance was about that the company will go to a level of that. That and that too in 27 we will achieve.
Dakar Rana
Okay. Okay. What will be the gross debt for FY27 and.
Mr. Abhijit Purwitz
That. That. That the cash reserves of the company is not very much already that the company has put all most of the cash in. In the working capital itself. So it won’t. It won’t be reaching more than 2100, 2200 for the same numbers we are seeing. Oh.
Dakar Rana
Okay. Okay. Thank you sir.
operator
Thank you. The next question is from the line of Neeraj from Ranch Group. Please proceed.
Neeraj
Hi. Thanks for the opportunity. Great set of numbers. Congratulations on them. Two questions. One is with regards to the new this meters coming still bidding. What. What kind of volume that you are seeing into the market. And second is with regards to the ED date that happened in December 2024. Any update on that? Any notice for the notice received on that? If you can provide some information that. Would be really helpful.
Jitendra Kumar Agarwal
Can you repeat your first question? I just missed it.
Neeraj
So my first Question is with regards. To the new projects, the meters that are coming for the bidding by various discoms or during the call I updated.
Jitendra Kumar Agarwal
That the new tenders which are right now is primarily 5 million 50 million meter Tamil Nadu, BSES, Delhi, some quantities from Punjab, some quantities from Haryana so total 5 crore meter either to be quoted or already quoted are live in. The market.
Neeraj
And we are planning to bid for them through the GEMS platform.
Jitendra Kumar Agarwal
Every tender that comes out for AMISP provided it is within our reach of. We are bidding all these vendors we are bidding.
Neeraj
Okay and if you can,
Mr. Abhijit Purwitz
regarding your. Second question, basically company was searched in December 24th and after that there is no further development to the company. There there is no company has cleared it in the press release. Also that company has not not received any notice or show post notice or any summons from the department yet and if anything happens we will inform to the investors surely and company is well compliant and it is not affecting any of the operations of the company that you can see with the results. Also it’s almost 13 months that has happened and company is absolutely growing at its path and there is no hindrance to the operations or anything.
Neeraj
Thank you and all the best.
Jitendra Kumar Agarwal
Thank you.
operator
Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Rajesh Vora from Jinmai Ventures. Please proceed.
Rajesh Vora
Good afternoon gentlemen. Congrats on pretty strong Q3. As clear from the commentary, the company is entering strong growth phase with many more projects going live and new order being expected. How is the interplay of working capital and operating leverage will kick in as company being one of the largest players in smart meter market. Could you explain that?
Mr. Abhijit Purwitz
Can you come again? This is your question.
Rajesh Vora
Yeah. So over the next few years company is going to significantly scale up its operations and it will need and many more projects are going live. More and more projects going live. So more revenue generation and it would also mean more working capital but at the same time there will be more profits and more cash flow. So how should we think about your company over the next two, three years in terms of growth in revenue volume of smart meters as well as working capital and margin.
Mr. Abhijit Purwitz
So basically as we cleared it earlier also that company is looking for a regular growth for next five years. For sure it won’t be like that. From last year to this year we will be doing from 25500 to 4500 and next year 6000 there will be. After that there will be a steady Growth of you can say 10% for next next couple of years. And companies making a reasonably good margins, beta margins on the recent projects and all. And cash flow is also improving in terms of percentage it is regularly improving. And further as company told earlier also every quarter you will see a decent growth in the cash flows also.
Or a working capital cycle. Reduction in the working capital cycle also. That’s why with the current order book we are projecting that the company’s gross debt will not or net debt will not go more than 21002200 crores which. Which almost we. We are at 90% of that. With regular cash flows inflows coming and reduction in the working capital cycle. The company is hopeful of achieving all these numbers at the same working capital level.
Rajesh Vora
Jitendra Ji, what is the guidance for next financial. In terms of number of meter installation and revenue and margin.
Jitendra Kumar Agarwal
Next financial year we will be installing at least 1 crore meter. This is the guidance we have been giving. We have given in the last maintain the same and in revenue guidance we gave a guidance of 6,000 crores. So we maintain the same.
Rajesh Vora
Okay, but when you. When you indicated in reply to one of the participant. 1.8 crore is the capacity of smart meters Manufacturing capacity. Right.
Jitendra Kumar Agarwal
Genus doesn’t manufacture meters only for its own usage. We are the largest supplier to the different utilities for. So when I say 1.8 crore meters it includes all kind of meters. Even in first nine months of this financial year we have manufactured 1.3 crore meters.
Rajesh Vora
Okay, okay. Okay. So when you say 1 crore plus meter for FY27 you mean all the types of meters or only smart meters?
Jitendra Kumar Agarwal
1 crore installation of a smart meter.
Mr. Abhijit Purwitz
Let me clear you. Let me clear you. Let me clear you. You have to understand that genus works for two type of things. One, the installation of meters. That means the own AMISP we are doing. So we mean that 1 crore meters will be for our own AMISPs and remaining meters will be the supply to other misps. Like right now in first nine months we have manufactured 1.3 crore meters. Out of that 70 lakh meters. 70. I’m correct me JK if I’m wrong. 70 lakh meters for our our own.
Jitendra Kumar Agarwal
AMISP and remaining for the utilities and both different other.
Mr. Abhijit Purwitz
Yeah. MSPs and utilities.
Rajesh Vora
Got it. Got it. Okay, so then it ties in. Because 80 utilization of 1.8 would mean 1.4 crore total meters. So balance whatever 30, 40 lakhs will be for non amisp.
Mr. Abhijit Purwitz
Correct?
Rajesh Vora
Roughly.
Jitendra Kumar Agarwal
So this is a very ballpark numbers I have given we are confident that we will do them.
Rajesh Vora
Yeah.
Jitendra Kumar Agarwal
Comfortably.
Rajesh Vora
Okay. And last week Adani Energy Solutions announced that they crossed 1 crore milestone in the. In the smart meter. So we have also crossed that. Is that correct?
Jitendra Kumar Agarwal
Yeah. Gina’s is releasing the press note today only. We have also closed the 1 crore meter mark. So we have neck to neck with Adani in terms of number of installations.
Rajesh Vora
Of course, right now from an order book viewpoint, the 27,000 crore order book we get because of GIC turn up, we get roughly half or 55% of that upfront. So for us, did it take three years roughly from now on, 27, 28 and 29 to complete that in a bulk of 70, 80, 90% of that? Is that a fair way to look at it? How should we think about it?
Jitendra Kumar Agarwal
I missed you in between. Your voice got cracked.
Mr. Abhijit Purwitz
Sorry, sorry. I got your. Yes, yes, absolutely you can. Next three years we are confident of completing this order book. And, and. And we will be getting some more orders that will be continued to further years. And this next year this will be completed. And then we will be get supplying meters to other misps also. That will be additional to this order book.
Rajesh Vora
Right, right.
Mr. Abhijit Purwitz
So going forward, is it.
Rajesh Vora
Sure.
Jitendra Kumar Agarwal
Just to give you a sense of as on date In India, around 5.6 crore smart meters have been out of this 5.6 crore meters. 2.5 crore meters has been supplied by genus. So that genus is not only a misp. It is the largest meter manufacturer in the country.
Rajesh Vora
Okay. So one crore is only for our own AMISP rest. One and a half crore is given to other AMISPs.
Jitendra Kumar Agarwal
Correct. Other MISPs and utilities.
Rajesh Vora
Wow. Okay, great. Thank you so much and wish you all the very best.
Jitendra Kumar Agarwal
Thank you.
operator
Thank you. Before we take the next question, we would like to remind participants that you may press Star and one to ask a question. The next question is from the line of Rishikesh from RB Investments. Please proceed.
Rishikesh
Thanks for the opportunity and congress on the good set of numbers. So you already highlighted that percentage wise and absolute numbers wise, your working capital is pretty much the same as compared to the previous quarter. So I wanted to understand when it comes to becoming cash flow positive, you had highlighted in the previous con call that you aim to become cash flow positive by the end of FY27. So I wanted to understand how how are we placed when it comes to becoming cash flow positive by the end of FY27.
Mr. Abhijit Purwitz
So we are very well placed on that every quarter we are seeing the improvements and all. And we have still five quarters in our hand to for all these improvements. And we are very sure that there will be a positive cash flow by the end of 2023.
Rishikesh
All right. So that’s it for mine. Thank you so much.
operator
Thank you. Ladies and gentlemen. That was the last question for the day. I would now like to hand the conference over to Mr. Kailash Agarwal for the closing comments. Over to you, sir.
Mr. Abhijit Purwitz
Thank you, dear friends. And we assure you that the company is doing good and it will be doing good for many years coming in future. Thank you very much. Have a great day. Have a great time. Thank you.
Jitendra Kumar Agarwal
Thank you, everybody. Thank you.
operator
Thank you, sir. On behalf of Tavira Security, that concludes this conference. Thank you for joining us. And you may now disconnect your lines.