Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Genus Power Infrastructures Limited (NSE: GENUSPOWER) Q4 2026 Earnings Call dated May. 19, 2026
Corporate Participants:
Kailash Agarwal — Vice Chairman
Jitendra Kumar Agarwal — Joint Managing Director
Analysts:
Mr. Abhijit Purwitz — Analyst
Aditya — Analyst
Mohit — Analyst
Keval — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Q4NFY 26 earnings conference conference call of Guinness Power Infrastructures Limited 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.
This conference 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 risks and uncertainties that are difficult to predict. I now hand the conference over to to Mr. Abhijit Mukesh Purohit from Kaviraj 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 Q4 and FY26 earnings conference call of Genus Power Infrastructures Limited. On the call today we have with us Mr. Kailash Agarwal, Vice Chairman and Mr. Jitender Agarwal Ji, Joint Managing Director. Now without further delay, I hand over the call to Kailashji for his opening remarks and post which we can open the floor for Q and A. Over to you, sir.
Kailash Agarwal — Vice Chairman
Thank you, Abhijit. Good afternoon ladies and gentlemen. A very warm welcome to the Q4FY26 earning call of Genus Power. The results, investor presentation and press release are uploaded on the stock exchanges and company website. FY26 has been a landmark year for Genus Power, reflecting the company’s strong execution capabilities, deep domain expertise in advanced metering infrastructure services and sustained momentum in India’s Smart Metering transformation journey under the RDSS framework. During the idea, we witnessed accelerated execution across multiple projects supported by all 24AMISP projects achieving operational go live milestones, healthy order book conversion and strong traction across key state utility programs.
For Q4FY26, our standalone revenue stood at 1524 crores. 1524 crores representing a strong growth of 63% year on year and 36% sequentially. The strong performance was driven by accelerated project implementation across key states, increasing rollout intensity and healthy execution momentum across our Smart metering portfolio. During Q4FY26, there was some moderation in gross margins primarily due to change in product mix. With a higher contribution coming from project business involving elevated raw material consumption towards hardware, software, communication infrastructure cost.
Additionally, imported raw material uses in meter manufacturing was impacted by exchange rate fluctuations during the quarter. However, despite these temporary pressures, the company continued to maintain healthy profitability metrics through scale benefits and strong execution efficiencies. On the profitability front, Q4 FY26 EBITDA stood at 284 crores up 36% year on year and profit after tax from continuing operations. For Q4FY26 stood at rupees 181 crores registering healthy growth of 41% year on year.
For the full year standalone revenue stood at Rs 4,738 crore reflecting a robust growth of 94% year on year. The scale up in revenue was driven by sustained acceleration in smart metering project execution, rapid ramp up across multiple live projects and strong progress in installations, integration and commissioning activities. FY26 EBITDA grew up by 104% year on year to Rs 960 crore. EBITDA margin for FY26 improved by 102 basis points on year on year basis to 20.3% reflecting operating leverage benefits, disciplined execution capabilities and efficient cost management.
Despite higher scale of operations, FY26 pad stood at rupees 605 crores reflecting sharp growth of 106% year on year. PET margins improved to 12.8% during FY26 supported by sustained execution momentum, operating leverage and improving scale efficiencies. One of the most important milestones achieved during FY26 was that Zenos Power crossed installation of more than 1 crore meters under RDSS program reinforcing our position amongst the leading smart metering players in the country. We continue to maintain a strong manufacturing throughput with current manufacturing capacity now exceeding 18 million meters annually.
This capacity enable us not only to support our own AMISP project but also supplies to utilities and other AMISP operators across the country as on 31st March 2026 our total order book including all STV and the GIC platform stands at approximately 25,173 crore net of taxes attributable primarily to Gina’s own MISP projects with concession periods extending over eight to nine years. This provides strong long term revenue visibility and a sustainability annuity type business model for the company.
The OGL momentum continued to strengthen during the year and all 24 of our AMISP projects totaling to awarded meter base of 3.61 crore meters have achieved OGL and this significantly improves our long term cash flow visibility as recurring O and M revenue start scaling up over time. Once project transition into operation phases, billing revisibility and recurring cash flow will become much stronger. We remain highly confident on the long term opportunity landscape for the smart metering industry in India.
Against an estimated requirement of around 31 to 30 crore smart meters in the country, only around 15.6 crore meters have so far been tendered and only a small part of the overall opportunity has actually been installed. This clearly indicates a substantial multi year growth Runway for both the industry and Genus Star. At the same time, we continue to actively monitor upcoming tenders opportunities under RDSS across various states. However, our bidding approach continues to remain selective and return focused, prioritizing projects where our integrated MISP capabilities provide strong execution certainty and sustainable long term profitability.
The data stays have started coming down have reduced from 187 days as on 31 March 2025 to 89 days as of 31 March 2026. Inventory days as on 31 March 25 was 127 and 104 respectively. Including the unbilled days, the total working capital days which stood at 343 on March 25 has reduced to 274 days on March 2026. We expect improvement of another 50 to 75 days in this current year. As on 31st March 26 company had a total net debt of 1573 crore which is about 968 crore more than the net debt of INR 605 as on March 25.
The increase in net debt is primarily from short term loans and that will start reducing from FY28 onwards. The expected peak net borrowing by the company will go to about 2000 crores as on 31st March 2026. Company had a cash and cash equivalent of approximately 719 crore in the form of fixed up deposits and other current investments. As on 31st March 26th the company had investment of approximately 487 crores in the joint venture platform and SPV of joint venture platform with GIC. Company expects investment of another 600 to 700 crores in the joint venture platform in next two years that is FY27 and 28 and first quarter of FY29.
Alongside our core smart metering business we also making steady investment in adjacent growth opportunities including smart gas meters, smart water meters and exports. In India alone the gas metering opportunity is estimated at about INR 35,000 to 36,000 crores spread over next three to four years. Similarly, we believe water metering will emerge as a significant long term opportunity both in India and globally as digitization and resource optimization become increasingly important for utilities.
On the working capital front, we remain focused on balancing rapid growth with prudent financial discipline. Simultaneous execution across multiple large scale projects requires elevated working capital investments, particularly in inventory and field deployment activities. However, as additional project transition into operational phases and recurring revenue scale up, we expect gradual normalization in working capital intensity and continued improvement in cash flow generation over the coming quarters.
Looking ahead to FY27, we remain highly confident of sustaining a strong operational and financial momentum underpinned by robust execution visibility, a strong and diversified order book and pipeline and continued acceleration in smart meter deployment across India. Under the RDSS framework, we expect FY27 to mark another phase of significant scale up in project execution with the company well positioned to achieve revenue in the range of approximately 6,000 to 6,500 crore rupees driven by increasing rollout intensity across existing projects and continued conversion of the large executable order book into revenues.
So the guidance for FY27 is 6000 to 6500 crores. Now I open the line for question and answers.
Questions and Answers:
Operator
Thank you. 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 two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Aditya Velikar with Access Securities. Please go ahead.
Aditya
Yeah, thank you for the opportunity and set up numbers. My question is with respect to our addressable market. So you stated that it is 31 to 32 cr and almost 15 cr are still remaining. So just to understand means how this tendering will happen in this fiscal and in the coming fiscal and what will be our market share? You are targeting from that.
Jitendra Kumar Agarwal
The overall market is understood well. So as on date we expect 31 to 32 crore consumer base of meters in the country out of which around 15 crores has already been tendered and 7 crore has been installed. So there are more than 24 to 25 crore smart meters to be installed in this country which is remaining and 15 crores has been already tender. And further there are tenders of around 5 crore which are already out and more than 4 crore tenders are in the Pipeline. So we expect in this financial year tenders of 9 crore meters will be out and remaining quantities will come in the subsequent years.
This is how we see the whole market. And when it comes to market share we are confident that whatever the market share we have been maintaining till today we will be definitely be able to maintain our market share.
Aditya
Understood? Sir. My second question with respect to the working capital in this. In this financial year there is one line item in the working capital which is increasing our working capital. Our operating cash flow before working capital has grown handsomely. But because of one line item called increase or decrease in contract assets, almost 836 cr of working capital is getting trapped in that which is causing a negative operating operating cash flow post working capital. So if you can explain that part, what exactly is these contract assets that will be helpful.
Kailash Agarwal
This basically these are, these are, these are the. All the inventories and whatever the investments that is that that is happening in the platform. So when we talk about cash flows, one thing we have to understand here is. Let us, let us see that. Let us compare. In two years let us compare FY25 and let us compare FY26. In 25 company made a growth of almost 1200 crore rupees in revenue with a cash outflow. The increase in cash flow was around 950 to 1000 crores. So that is almost 80 85% of the increase in revenue this year.
You will see that company has grown approximately the. The revenue is grown by 2300 crores in comparison to FY25. And again the cash flow which is negative or the cash flow increase or the working capital required requirement increases by almost 900 crores. So which comes to around 40% of the revenue what company has been increased. So you will see that from 80, from 80 the. Whatever the revenue done, the amount of working capital required was 80%. Now the amount of revenue done, the working capital requirement is almost 40%.
In coming year. This financial year it will come down to 20%. And next financial year it will come down to negative. Negative means the positive cash flow starts coming. So you have to compare it like that. When we say contracts, assets and everything that is a part of the whole inventory or the, the money invested in the. The SPVs or, or. Or the platform and all put together.
Aditya
Yeah. Understood sir. Just one last question. If you can give us the guidance of EBITDA margin for fiscal 27 also that will be helpful and any tax guidance.
Jitendra Kumar Agarwal
So for this.
Kailash Agarwal
So we. Whatever we have achieved in FY26, we are giving a guidance of almost 2, 2 and a half percent lesser for this financial year. Because we are looking a surge in raw material prices. Because that. That is because of this war and everything. Petroleum prices going up and chips and all. So basically we are looking for a EBITDA of 18% for this FY for FY27
Aditya
And CAPEX
Kailash Agarwal
CAPEX. There won’t be any major Capex. The smaller Capex which is a regular capex. 1020 crores required for regular things. Diamond molds and something like that. Otherwise there is no major Capex in this financial.
Aditya
Understood. I’ll get back in with you. Thank you.
Operator
Thank you. The next question comes from the line of Mahesh Patin with ICICI Securities. Please go ahead.
Mohit
Yeah sir, thanks for the opportunity. Can we get the number for the meter installed in Q4 and in total installed the meter base
Jitendra Kumar Agarwal
Q4 we installed around 30 lakh meters. And in the total year we installed 87 lakh meters under the RDS program.
Mohit
So what would be our cumulative installation and how much of it would be with operational Go Live?
Jitendra Kumar Agarwal
All the projects are operational Go live now. So operational Go Live is never on. It is generally it has a lag of two months. So whatever the meters we have installed in last two months they will. They will start coming under the SAT. But it is a 60 day Runway. So not every meter which has installed yesterday’s Operation Go Live. It is the project which comes under Operation Go Live. So all the projects with Gina’s is undertaking right now. There are no 24 projects which are Operation Go Live.
Mohit
Okay. And sir, can we. Can you give us some details on the pipeline? You have mentioned that around 5 crore meters are under bidding, right?
Jitendra Kumar Agarwal
So right now the ongoing tenders are from Haryana, MP, Punjab, Kamil Nadu, constituting around 5 crore meters. And further we expect tenders more tenders from Haryana and some more quantities from Punjab in some large quantities coming from West Bengal, Kerala. So all those put together, I expect tenders of around 9 crore meters coming this financial year
Mohit
In FY27. Okay. Okay. And so of this pipeline, right. 30, 31 cr off meter pipeline that you highlighted around 25 cr is under RDS.
Jitendra Kumar Agarwal
Currently 25 crores. 23 crores are sanctioned at the RDSs. Furthermore are going to get sectioned. And the total requirement as on date according to the industry data is there around 31 to 32 crore consumers who will be replaced to smart meters over the period of next four to five years.
Keval
Okay, thank you. Thank you so much.
Operator
Thank you. The next Question comes from the line of Abhishek Taparia with MK Global Financial Services. Please go ahead.
Unidentified Participant
Congratulations sir, on a good set of numbers. My first question is is it possible for you to share guidance for. Can you speak little
Kailash Agarwal
Louder Mr. Visek please?
Unidentified Participant
Yeah. Is it possible for you to share guidance for FY28 in terms of revenue and meters? Some idea, some gist.
Kailash Agarwal
Give us one quarter Mr. Visek. We’ll. We’ll let you know in next quarter.
Unidentified Participant
Okay? Okay, fine. And second will be the raw material costs have been increased substantially. So do we have any pass through clause on. Can you explain what was the mix impact and what was the commodity impact and which is the main commodity that is impacting the margins?
Jitendra Kumar Agarwal
So there is no pass through in our contract. These are all fixed price contracts. So whatever is either increasing or decreasing it has to be taken care by the company. So as we have already given the guidance which we just taken care of all the pressure which is coming on the raw material. So that is why we have reduced our guidance from 20, 21% to 18%.
Unidentified Participant
Okay. Okay. And so how much was the mix impact change and what was the commodity price change like the rupee change or rupee depreciation change. Can you quantify the change?
Kailash Agarwal
So we, we give just as absolute number or a total number. So all these, these will be covered whether it’s exchange or commodity or any chips or any electronics. All is covered in our guidance of the EBITDA reduction of almost two and a half percent.
Unidentified Participant
Okay. Okay. Thank you.
Operator
Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Pranjal Mokhija with growthspear Ventures llp. Please go ahead.
Unidentified Participant
Yeah, I’m audible.
Operator
Yes, Pranjal, please go ahead.
Unidentified Participant
Hello Kailashji. Hello Jitendraji. Thank you for giving me this opportunity and congrats on a great set of numbers. So sir, I have a couple of questions, slightly business related questions. In our presentation we mentioned that you know There are some 250 people in our device R and D team and some 225 people in our software development team. If you could provide like a breakup and trajectory of these people and just try to understand like how are they sort of, you know, segregated in different parts of the business.
Let’s say a smart meter division or a HES and RF division or a you know, software division. If you could just provide some highlight on that.
Jitendra Kumar Agarwal
So basically the RND is divided in two parts. You can say if you see from the 36,000ft, the one is the RND of devices which takes care of the communication hardware firmware of the betas and one is the application software team which takes care of the he’s MDM and all the application and wfm. All the application related software works. So as you said we have around 300 people in the device R&D and around 250 people in the software R and D. From the top it is divided like this.
Unidentified Participant
Right. But product level, will it be possible to get some details as to like project wise or like, you know, product wise? How is this team segregated?
Jitendra Kumar Agarwal
It is not segregated project. They are all R D team, they’re developing products. The application software team is developing he’s mdm whm all the application related products and the device team is developing all the meters, all the hardware, firmware, all the communication products. So this is how we have divided the two. It is not divided. Every individual is working in a separate project. It’s not like that.
Unidentified Participant
Right. And sir, following up on that question, if you could also provide some background of these people and like what kind of engineering schools are we hiring these people and attracting them from? I’m asking because I mean this business is inherently shifting from the pure hardware to an increasingly embedded, you know, product offering kind of a business with a mix of both hardware and software. So what are, what kind of different schools are they going to attract, you know, young talent especially on the software side.
Jitendra Kumar Agarwal
So this is very interesting. One thing I can tell you, this is always a very tech business. It’s not that it is moving from a hardware business to a tech business. Electricity meters are always a tech business. And we are government of India recognized R D from last to 25 years and we have more than 300 people in the R D historically from last 15, 10, 15 years. So we have been investing a lot on the R and D. Just to clarify to you it’s not something new what we have been doing and generally our focus has always been engineers from the NITs because they are the people who stay back with us long.
We just celebrated our Father’s Day few weeks back and our CTO is with us from last 25 years. So we just celebrated those kind of events. Most of the R D engineers are from the NITS and rest of the institutes.
Unidentified Participant
Right. So I was asking this question because I was recently at the CII Smart Metering conference that happened in Delhi. So SHIELD sir was also present there. So the government there sort of laid down a, you know, proper Roadmap for tech and software part. And you know how they want to basically increasingly focus on using the smart metadata to sort of unlock actionable intelligence for grid planning. And this can be, you know, forecasting, grid management, some reliability analytics, even the network planning and the optimization in the whole distribution sector and actually mainly the visibility part of distributed energy resources.
So and I just wanted to understand. The point of asking these questions was just to understand like, you know, how are we building our business and positioning our business to also sort of capture these new emerging opportunities and like, how are we also like trying to sort of, you know, integrate into the whole India Energy stack piece? Because that is also an interesting development that’s taking place.
Jitendra Kumar Agarwal
Absolutely, that is a very, very interesting development that is taking place. And the good part is the Genus could envisage that being part of the ecosystem, we could envisage that three, four years back. That is the reason we have one AMISP who started their own software division. And we were very clear we are not going to stop only at he at mem. This is the beginning of the software division. We are not, we have not created or invested so much money in our software business only for the current he’s MDM products.
So very likely that in this energy stack also amisps will play a very important role. All the smart metadata to IAS by integration, MDMs will be done by the AMISPs and TSPS will be using this data to create value added services where we will also play major role. So the reason Genus went from a purely hardware company to a solution company and ended up becoming a software company. The reason is exactly what we have spelled. We could sense that three, four years back when entering into the AMISP business that this is going to be the future.
And that is where the whole investment Genus is making in the software basis.
Unidentified Participant
Right. So I wanted some update on our proprietary RF mesh that you know, we’ve been, we’ve developed and just wanted to understand, you know, what is the on ground development of this, that mesh online and, and what is the sort of proportion of this RF mesh? I mean that we’re going to supply in our own current order book and just wanted to understand is it a completely interoperable solution or like does it only work with us with our devices and you know, with our network?
Jitendra Kumar Agarwal
It is definitely interoperable solution, whichever the meters also and it is the same whether it is Genus RF or it is the RF from Itron or from any other company. There’s no difference in the sense Genus is proprietary RF is only for the genus meters. It cannot be interoperated with the other meters. So it works same for the other players also the way it works for genus. Right now our major focus has been of course Zenith is using its own RF solution for primarily for its own projects. And slowly and gradually a major installation is happening in the RF solution.
Unidentified Participant
Right? Any plans of like selling the solution outside?
Jitendra Kumar Agarwal
Yeah, absolutely. We have been talking to different customers and in future we will be selling these solutions to. So we always have a very clear policy as genus we are there’s one customer for us is AMISP which is we are own and One is the AMISPs are outside the genus projects. We are selling to all of them. Currently we are sending more of non RF meters but yes, over the period of time we’ll send them RF meters also
Unidentified Participant
And we might be like on an average be saving around 1 1/2 dollars per meter from royalty. Right? And this is assuming the meter market selling price would be some 23002400 rupees x of the AMISP bit.
Jitendra Kumar Agarwal
It is a very very difficult question always to answer because it’s a very custom built product. Different customers have different requirement, different specs. No, it is not a standard commodity that it is like. But
Unidentified Participant
Sir, how much would be the savings? I’m sorry to interrupt. Anjal, I
Operator
Would request you to rejoin the queue so so that other participants could ask the questions. Thank you. The next question comes from the line of Keval Barot with Access Securities. Please go ahead.
Keval
Thank you for the opportunity. Sir, I just wanted to ask question on front of export opportunity status for the company for FY27 and also regarding the gas meter and water meter development for this fiscal year and for the coming fiscal years.
Jitendra Kumar Agarwal
If you go pre Covid Venus did almost three figures in the exports. And then there was a lot of focus which went into the domestic market and Covid also played some major role. But now there has been a significant focus in the international market. Lot of breakthroughs in terms of product certifications approved. Some orders have started flowing so we have targeted next two to three years our revenue from export market should be 500 crores. And we are pretty confident of achieving that kind of numbers.
And we will start seeing meaningful numbers on export from this by the end of this financial year. When it comes to gas meter, the PNG has clearly stated the next three to four years the country have to install 12 crore smart gas meters. So we have a clear visibility of at least a 35,000 crore industry in next four to five years. Engineers will definitely play an important role in this industry. Water meters has been at a very nascent state. But we see beautiful traction and happening not only domestically, more than domestic in the international markets for the water media.
Two to three years down the line it will become a very, very meaningful business. And future wise I see it as big or even bigger than electricity. Cannot come right now.
Keval
Okay sir, thank you. Got it. That’s it. From my side.
Operator
Thank you. The next question comes from the line of Sahil Garg with CCV fund. Please go ahead.
Mohit
Hello sir, can you hear me?
Operator
Yes, I’ll. Please go ahead.
Mohit
Sir. I have one question on the loans and advances. There has been a tremendous increase in this particular line item from the last year. Like 75 odd crores in the last year to 520 approximately crore in this year. And I understand that most of them have been given to the James platform which is more like a subsidiary company. So may I know like what is the recovery we are looking for this particular amount and whether. Do we have any time to give any further answers for this particular project?
Kailash Agarwal
So these, these. These are. These are only the ongoing loans. And when I say that the company has invested 487almost 500crores in the Gemstar platform. This includes this number also. So basically it’s a. It’s ongoing. Whenever the. The platform requires any capital loss. The both weight comes from the main sponsor GIC also and from Genus also. So it’s a part. Part of equity loan. The arrangement that has been happened between the GIC and the genus Power where they are 74% and we are 26%.
Mohit
So every time when we give loans from the Genus part. So there has been an increase in the equity. Is that so
Kailash Agarwal
Basically it will. It’s a. It’s a. It’s a combination of equity and loan. That’s where the arrangement is working. So when, when, when will we say investment in the platform that include. This includes these loans and equities and everything.
Keval
Okay, thank you.
Operator
Thank you. The next question comes from the line of Mahesh Patil with ICICI Securities. Please go ahead.
Mohit
Yeah. Hi sir. So what is our guidance for meter installation in this financial year?
Jitendra Kumar Agarwal
So this financial year will install more than 1 crore meters.
Mohit
Okay. So around. Okay, thank you.
Operator
Thank you. The next question comes from the line of Archit Agarwal with Step Trade Capital. Please go ahead.
Unidentified Participant
Hello.
Operator
Yes, Archit. Please go ahead with your question. I’m sorry to interrupt. You’re not audible. Are you there? Yes, please go ahead with your Question.
Unidentified Participant
Yes. Thank you for giving the opportunity. So my question is about the order book. So the current order book is 25000 crore. Can you give the split like how much is for capex and how much is for profit.
Jitendra Kumar Agarwal
So out of this 25000 crores you can split it into three parts. So one is the orders we get directly from the utilities. One is the capex and the opex part from the platform. Out of this 25,000 crores. Around 23,000 crores is from the platform. In from out of this 23,000 crores on the platform you can split into two parts that 16. Around 16,000 crores comes from the capex and remaining comes from the opex and remaining 2000 crores is on the regular meat orders we get from our export business. Gas meter, water meter, other misps and from the utilities.
So this is how you can split our order.
Unidentified Participant
Okay. And what is the timeline for this capex of 16,000?
Jitendra Kumar Agarwal
So timeline is that the whole program has been extended till 2028. So accordingly we have to adhere to the timeline
Unidentified Participant
By FY28.
Jitendra Kumar Agarwal
So this is how the government has changed the program.
Unidentified Participant
Okay sir. Okay. Thank you sir.
Operator
Thank you. The next question comes from the line of Deepak Podar with Sapphire capital. Please go ahead.
Unidentified Participant
Hello. Am I audible sir?
Operator
Yes you are. Please go. Oh
Unidentified Participant
Okay. Thank you very much for this opportunity. I’m just wanting to understand first up, I mean you mentioned this year around 9 crores smart meter tenders. We expect it to be out. Right? So what sort of order book accretion we expect for FY27? I mean any order in flow target we have.
Jitendra Kumar Agarwal
So we are confident that we will be able to maintain our market share. I don’t want to put any numbers to it. It is very very difficult. At the end of the day we are into tendering business. But yes, we have been maintaining the market share historically and they’re confident enough to maintain the same.
Unidentified Participant
And what’s our current market share?
Jitendra Kumar Agarwal
So as a MISP we do. We have a market share of around 20 to 23%. And as a meter manufacturer AM is more than 30%.
Unidentified Participant
Okay, so. So AMSP would be about 20 to 23% but meter manufacturing would be around 30%
Jitendra Kumar Agarwal
More than that.
Unidentified Participant
Okay. And what’s the average utilization per meter? So, so any ballpark you can it.
Jitendra Kumar Agarwal
This is being a very customized product. We sell Peter meters three phase single phase. So it is very difficult to speak on the average realization. It’s a very customized.
Unidentified Participant
Okay, understood. There’s a lot of disturbance
Jitendra Kumar Agarwal
Coming suddenly. I don’t know.
Unidentified Participant
It’s article. I mean. Yeah. And, and, and, and just one last thing. So on the OM side you are mentioning, I mean we, we expect some time so any, any percentage share of revenue that you can expect for from OM in next two to three years or five years.
Kailash Agarwal
So we can’t give that number in percentage. So we are Expecting in next 2 to 3 years around 800 crores to 900 crores will be coming from O and m
Unidentified Participant
In next two to three years. Cumulatively 800 to 900 crores.
Kailash Agarwal
No, no. It will be around 800 crores coming in next two to three years. Yeah, yeah. Per annum increasingly increasing every year. This year in FY26 it was around 150 crore. Then next two to three years it will reach to a level of 800 crores per year for next five to seven years. So this is, this is on the basis of current order book only. Whatever the current order book the genus has the annuity business, the. The O and M business will reach from 150 crore this year will reach to a level of 800 crores in next two years to three years on current order book and it may be more if the order increases.
Unidentified Participant
Yeah, yeah. That’s pretty clear. And what’s the margin profile here in Oenum?
Kailash Agarwal
So we, we give a blended guidance on this. We don’t. You don’t give the segment.
Unidentified Participant
Yeah. Okay. Okay. That would it from my side. Wish you all the best. Thank you.
Kailash Agarwal
Thank you.
Operator
Thank you. A reminder to all participants. You may press star and one to ask a question. The next question comes from the line of Pranjal Mukhija with growthspear Ventures llp. Please go ahead. Pranjal, please go ahead with your question and unmute yourself in case if you’re on mute.
Unidentified Participant
Yeah. Hi. Thank you for giving me this opportunity again. Again. Just like continuing to the past question I was asking sir just wanted to understand at least in our single phase meters. I mean what kind of savings are we doing from the royalty that were that we were paying earlier because of this? You know our own, our own mesh.
Jitendra Kumar Agarwal
We were never paying royalty to anybody in the past. Also there’s no model of royalty being paid by Venus as a RF user in the past also.
Unidentified Participant
Okay. So some wanted some idea about the Australia business. Where are we in the go live of the Australia operation? Is our product sort of ready for the market because it has slightly different specs compared to the India business. Just some understanding there
Jitendra Kumar Agarwal
Yes, it’s a very different product. Australia market is a very difficult market to be part of. The products are ready, all the approvals and everything is on the guard and we should be in a position to do reasonable numbers from next three to six months.
Unidentified Participant
So what separates us as a company in this market? And again what is a go to market strategy? Are we competing basis, price, quality, features, what is it? And if you could also like break down the Australia the market dynamics of the Australia market. How big is it like what kind of incumbents are present there and you know, how much demand are we seeing? Because increasingly the very
Jitendra Kumar Agarwal
Confidential. A lot of things are confidential the company. I would not like to comment on the specific customer so much in details. Let it remain the purview of the company.
Unidentified Participant
Right. And sir, just one last question. Wanted to understand, you know there were some news articles regarding our interest for Intelli smart business. So if you could just highlight some some understanding there.
Kailash Agarwal
So that again is not in the purview of Jesus as we work for the platform and platform is majority whole held by gic. So basically that that will be their decision. How, how they are looking at least smart opportunity or what? What are their interests in that? So we if anything happens with them, certainly we are revenant to that.
Unidentified Participant
But as a company we are very interested in that business.
Kailash Agarwal
Say anything.
Unidentified Participant
Okay sir, thank you for giving me this opportunity once again and you know, good luck for future performance. Thank you.
Jitendra Kumar Agarwal
Thank you.
Operator
A reminder to all participants. You may press Star in one to ask a question. The next question comes from the line of Daria Trivedi with DJT Investments. Please go ahead.
Unidentified Participant
Hi sir, all my other questions have been answered. Just had one question. Are we sticking to our earlier guidance of achieving positive. Can you be little
Kailash Agarwal
Louder please?
Unidentified Participant
Yeah. Are we sticking to our earlier guidance of achieving the positive cash flow from operations by fiscal 27?
Kailash Agarwal
I doubt we will be at par for we are improving our cash flows on every quarter as we guided that earlier that from every quarter there will be improvement in cash flow and that is happening this financial year also there will be improvement in cash flow with every quarter. And we are very hopeful that by end of this financial year we will be almost either at par for at cash flow or maybe a little negative. Not surely not positive but 28 for sure. First to first two quarters we will be from very first first or second quarter we will be cash positive.
So I earlier told also that you can see the revenue growth and cash flow negative. So it will be just half in financial at 26 from financial at 25 in terms of percentage. And same will happen in these coming years also.
Unidentified Participant
Okay, and what is the peak level of net that we are targeting?
Kailash Agarwal
So basically net debt today on the company is around 1500 crores. And I think it won’t go more than 19002000 crores the max, the net debt.
Unidentified Participant
Okay. Okay. So. So what’s the reason for this Additional, I mean potential 400, 500 crore increase in debt?
Kailash Agarwal
Yeah, there will be. There, there. There will be some investments in the platforms also. And, and when, when there will be increase in numbers there there is a possibility.
Unidentified Participant
All right. Okay. Thank you.
Operator
Thank you. The next question comes from the line of Sahil Garg with CCV fund. Please go ahead.
Mohit
Sir. Earlier on the call you mentioned that there is no pass through mechanism in the contracts. And the contracts are fixed based contacts. But obviously there have been a consistent increasing in the raw material price and other stuff obviously year basis due to some internal external factors maybe. So how we are able to cope up on the margins in that case or the fixed price contracts.
Kailash Agarwal
So that’s why we have given our guidance lesser for this year where we have made a EBITDA of 20.5% this year and we are expecting EBITDA of 18%. So basically being a fixed price it is affecting our margins for sure. But it is a reverse also sometimes when, when it goes down we get the benefit of that. Also
Mohit
Is just saying that we have a order book of you know, close to 25,000 odd crores. And if all of them are on the fixed contract basis and obviously we cannot execute the entire order 27 itself, obviously 28, 29, 30, it will go like this and like there is no guarantee that the raw material prices will revert to the normalized level maybe in, in the future years because we have signed the contracts today itself or maybe this contract has been signed previously. Right
Jitendra Kumar Agarwal
At
Mohit
Those, at those prices. So
Jitendra Kumar Agarwal
We understand what you’re trying to say. And we have been doing this business from last 25 years. There’s not something which is happening for the first time. This is a technology business with lot of work on the field. We have a lot of year on year. You continuously keep improving also onto your regular working. So it’s not that key. It has not happened in the past. We have seen the COVID period also. So we can assure you that yes there will be some pressure on the margin. That is why we are giving this guidance.
But it is not something which will make the things upside down.
Mohit
Okay,
Kailash Agarwal
45%. Can you hear me? Hello?
Unidentified Participant
Yeah. Yeah.
Kailash Agarwal
So it’s not all 23,000 crore is the hardware where the cost the bomb will impact it. So bomb. So it’s not. It’s hardly 45, 50% of that number one. And that will be completed in next two, two and a half years. Best part is O and M. O and M doesn’t have any impact of the margins on these commodities or anything because of ships or anything else.
Mohit
Okay. Okay, thank you so much.
Operator
Thank you. The next question comes from the line of Chandrash Malpani with Nivashe. Please go ahead.
Mohit
Hello. Yeah, thank you for the opportunity. My question is with respect to. You know one of our slides mention about ABT and DP meters. So maybe some sense on this product and what is the industry side and is it also a tender based business where utilities come with tender or how
Jitendra Kumar Agarwal
Your voice is not very clear. I could not understand. You said something abt.
Mohit
Hello,
Jitendra Kumar Agarwal
Can you be more clear please?
Mohit
Now it’s clear, sir.
Jitendra Kumar Agarwal
A little better. Some disturbance is there? A little better.
Mohit
Okay, so my question is with respect to one of your presentation slides which is. Which mentions about DT meters and ABT meters. So just wanted to understand is it a part of you know overall the RDS scheme or is it like how does this business works and what is the market size and what is genus positioning in this market?
Jitendra Kumar Agarwal
It is part of the RDS meter. All DT meters. AB meters are mostly part of the RDS only.
Mohit
Okay. Okay, answer. Second question was on the UNI note line item of P L because of share like the share of net profit and loss from associate entities. So one last quarter December and it was about 11 crores. But this quarter is about 4 crore. So there’s some sense on this number. How should we see this numbers? Because basically this is our part of 26 share of the JV profit. So because the installations are accelerating. But you know these numbers are quite fluctuating. So how should we see that?
Kailash Agarwal
So basically it is not. It is not exactly coming from. Only from the platform where we are 26%. It is. It is the trust, the notion trust holding some shares of other entities also. So notional profit and loss on those numbers also. So this is all put together. So basically if you want to see the numbers of the platform they you can see exact numbers on the website of the platform where you will find that there won’t. There is no direct losses in the platform also.
Mohit
Okay, so you are seeing the crossover 25 projects numbers would be.
Kailash Agarwal
So we see it as one project we as all 25 projects we see as a one project we because we we are dealing with the platform Only which is a one entity where we are investing 46%.
Mohit
Okay sure sir I will put. Thank you and all the best. Thank you
Operator
Ladies and gentlemen due to time constraints we would take that as the last question for today. I would now like to hand the conference over to Mr. Kailash Agarwal for the closing remarks.
Kailash Agarwal
Thank you ladies and gentlemen for joining us today. For your continued interest and confidence in Zenos Power we assure you that company is doing good and has done excellent in financial year 26. And you will see the same type of numbers happening in FY27 with a positive cash flow surely coming in from financial year 28. Thank you very much. Thank you everybody.
Operator
Thank you sir. Ladies and gentlemen on behalf of Kavirat Securities Private Limited that concludes this conference call. Thank you for joining us and you may now disconnect your lines.