Q4 25/26

May 19, 2026

Summary

FY 2026 revenue rose 94% to ₹4,738 crore, with EBITDA up 104% and PAT up 106%. FY 2027 revenue guidance is ₹6,000–6,500 crore, while fixed-price input-cost pressure lowers EBITDA margin guidance to 18%.

Ladies and gentlemen, good day, and welcome to the Q4 and FY 2026 earnings conference call of Genus 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 * then 0 on your touchtone 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 Mr. Abhijit Mukesh Purohit from Kaviraj Securities. Thank you, and over to you, sir. Thank you. Good afternoon, ladies and gentlemen. Kaviraj Securities welcomes you all for Q4 and FY 2026 earnings conference call of Genus Power Infrastructures Limited. On the call today, we have with us Mr. Kailash Agarwal, Vice Chairman, and Mr. Jitendra Agarwal, Joint Managing Director. Without further delay, I hand over the call to Kailashji for his opening remarks, and post which we can open the floor for Q&A. Over to you, sir. Thank you, Abhijeet. Good afternoon, ladies and gentlemen. A very warm welcome to the Q4 FY 2026 earning call of Genus Power. The results, investor presentation, and press release are uploaded on the stock exchanges and company website. FY 2026 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 year, we witnessed accelerated execution across multiple projects supported by all 24 AMISP projects, achieving operational go-live milestones, healthy order book conversion, and strong traction across key state utility programs. For Q4 FY 2026, our standalone revenue stood at ₹1,524 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 Q4 FY 2026, 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 costs. Additionally, imported raw materials used 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 FY 2026 EBITDA stood at ₹284 crores, up 36% year-on-year, and profit after tax from continuing operations for Q4 FY 2026 stood at ₹181 crores, registering healthy growth of 41% year-on-year. For the full year FY 2026, standalone revenue stood at ₹4,738 crores, 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 installation, integration, and commissioning activities. FY 2026 EBITDA grew by 104% year-on-year to INR 960 crore. EBITDA margin for FY 2026 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. FY 2026 PAT stood at INR 605 crore, reflecting sharp growth of 106% year-on-year. PAT margins improved to 12.8% during FY 2026, supported by sustained execution momentum, operating leverage, and improving scale efficiencies. One of the most important milestones achieved during FY 2026 was that Genus Power crossed installation of more than 1 crore meters under the RDSS program, reinforcing our position among 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 enables us not only to support our own AMISP projects, but also supplies to utilities and other AMISP operators across the country. As on March 31, 2026, our total order book, including all SPV and the GIC platforms, stands at approximately INR 25,173 crore net of taxes, attributable primarily to Genus' own AMISP projects with concession periods extending over 8 to 9 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&M revenue starts scaling up over time. Once projects transition into operation phases, billing visibility 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 the substantial multi-year growth runway for both the industry and Genus Power. At the same time, we continue to actively monitor upcoming tender opportunities under RDSS across various states. However, our bidding approach continues to remain selective and return-focused, prioritizing projects where our integrated MISC capabilities provide strong execution certainty and sustainable long-term profitability. The debtor days have started coming down, have reduced from 187 days as on March 31, 2025 to 89 days as of March 31, 2026. Inventory days as on March 31, 2025 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 March 31, 2026, the company had a total net debt of INR 1,573 crore, which is about INR 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 FY 2028 onwards. The expected peak net borrowing for the company will go to about INR 2,000 crore. As on 31st March 2026, the company had a cash and cash equivalent of approximately INR 719 crore in the form of fixed deposits and other current investments. As on 31st March 2026, the company had investment of approximately INR 487 crore in the joint venture platform and SPV of joint venture platform with GIC. Company expects investment of another INR 600 crore to INR 700 crore in the joint venture platform in the next two years. That is FY 2027 and 2028 and first quarter of FY 2029. Alongside our core smart metering business, we are also making serious 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 crore to INR 36,000 crore spread over the 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 disturbance. Simultaneous execution across multiple large-scale projects requires elevated working capital investments, particularly in inventory and field deployment activities. However, as additional projects 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 FY 2027, 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 FY 2027 to mark another phase of significant scale-up in project execution, with the company well-positioned to achieve revenue in the range of approximately INR 6,000 crore to INR 6,500 crore, driven by increasing rollout intensity across existing projects and continued conversion of the large executable order book into revenues. The guidance for FY 2027 is INR 6,000 crore to INR 6,500 crore. I open the line for question and answers. 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 touchtone 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 Welekar with Axis Securities. Please go ahead. Yeah, thank you for the opportunity and congratulations on your set of numbers. My question is with respect to your addressable market. You stated that it is 31 to 32 crore, and almost 15 crore are still remaining. Just to understand 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? The overall market is understood well. At one stage, we expect 31 to 32 crore consumer base of meters in the country, out of which around 15 crore has already been tendered and 7 crore has been installed. There are more than 24 to 25 crore smart meters to be installed in this country, which is remaining. 15 crore has been already tendered, and further there are tenders of around 5 crore which are already out, and more than 4 crore tenders are in the pipeline. We expect in this financial year, tenders of 9 crore meters will be out, and the remaining quantities will come in the subsequent years. This is how we see the whole market. When it comes to market share, we are confident that whatever the market share we have been maintaining till today, we will definitely be able to maintain our market share. Understood. My second question is with respect to the working capital. 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 INR 36 crore of working capital is getting trapped in that, which is causing a negative operating cash flow post working capital. If you can explain that part, what exactly is this contract assets? That will be helpful. Basically, these are all the inventories and whatever the investments that is happening in the platform. When we talk about cash flows, one thing we have to understand here is, let us compare in two years. Let us compare FY 2025 and let us compare FY 2026. In 2025, company made a growth of almost INR 1,200 crore in revenue with a cash outflow. The increase in cash flow was around INR 950 crore to INR 1,000 crore. So that is almost 80%, 85% of the increase in revenue. This year, you will see that company has grown approximately, the revenue has grown by INR 2,300 crore in comparison to FY 2025. And again, the cash flow, which is negative, or the cash flow increase or the working capital requirement increase is by almost INR 900 crore. So which comes to around 40% of the revenue what company has been increased. You will see that from 80, 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 years, this financial year, it will come down to 40%, 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 contract assets and everything, that is a part of our whole inventory or the money invested in the SPVs or the platform and all that put together. Yeah, understood, sir. Just one last question. If you can give us the guidance of EBITDA margin for fiscal 2027 also, that will be helpful, and any tax guidance. For this financial year, yes, I'll answer. You can begin. So whatever we have achieved in FY 2026, we are giving a guidance of almost 2.5% lesser for this financial year because we are looking a surge in raw material prices. That is because of this war and everything, petroleum prices going up and chips and all. So basically, we are looking for an EBITDA of 18% for this FY, for FY 2027. CapEx guidance, sir? CapEx, there won't be any major CapEx. The smaller CapEx, which is a regular CapEx, 10-20 crore required for regular things, dies and molds and something like that. Otherwise, there is no major CapEx in this financial year. Understood. I'll get back in queue. Thank you. Thank you. The next question comes from the line of Mahesh Patil with ICICI Securities. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. Sir, can we get the numbers for the meters installed in Q4 and in total installed meter base? Q4, we installed around 30 lakh meters, and in the total year, we installed 87 lakh meters under the RDSS program. What would be our cumulative installation, and how much of it would be with operational go-live? All the projects are operational go-live now. Operational go-live is never It is generally, it has a lag of two months. Whatever the meters we have installed in last two months, they will start coming under the SAC, which is a 60-day runway. Not every meter which has been installed yesterday is operational go-live. It is a project which comes under operational go-live. All the projects which Genus is undertaking right now, there are around 24 projects which are operational go-live. Okay. And sir, can you give us some details on the pipeline? You have mentioned that around 5 crore meters are under bidding, right? Right now the ongoing tenders are from Haryana, MP, Punjab, Tamil Nadu, which are constituting around 5 crore meters. Further, we expect tenders, more tenders from Haryana and some more quantities from Punjab and some large quantities coming from West Bengal, Kerala. All those put together, I expect tenders of around 9 crore meters coming this financial year. In FY 2027. Okay. And sir, out of this pipeline, 30, 31 crore of meter pipeline that you highlighted, around 25 crore is under RDSS, right? Currently, 25 crore, 23 crore are sanctioned as the RDSS. Further more are going to get sanctioned, and the total requirement as on date, according to the industry data, is around 31 to 32 crore consumers who will be replaced with smart meters over the period of the four to five years. Okay, thank you. Thank you. The next question comes from the line of Abhishek Taparia with Emkay Global Financial Services. Please go ahead. Congratulations, sir, on a good set of numbers. My first question is it possible for you to share guidance for- Can you speak little louder, Mr. Abhishek, please? Yeah. Is it possible for you to share guidance for FY 2028 in terms of revenue and meters? Some idea, some gist. Give us one quarter, Mr. Abhishek. We will let you know in next quarter. Okay, fine. Second will be the raw material costs have been increased substantially. Do we have any pass-through clause or 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? There is no pass-through in our contract. These are all fixed price contracts. Okay. Whatever is either increasing or decreasing, it has to be taken care of by the company. As we have already given the guidance, which has taken care of all the pressure which is coming on the raw material, that is why we have reduced our guidance from 20%, 21% to 18%. How much was the mix impact change and what was the commodity price change, like the rupee change or the rupee depreciation change? Can you quantify the change? We give just as an absolute number or a total number. All these will be covered, whether it's an exchange or commodity or any chips or any electronics. All is covered in our guidance of the EBITDA reduction of almost 2.5%. Thank you. 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 Mokija with GrowthSphere Ventures LLP. Please go ahead. Yeah. I am audible? Yes, Pranjal, please go ahead. Hello, Kailash Agarwal. Hello, Jitendra Agarwal. 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 there are some 250 people in our device R&D team and some 225 people in our software development team. If you could provide a breakup and trajectory of these people and just try to understand how are they sort of segregated in different parts of the business, let us say a smart meter division or a HES and RF division or a software division. If you could just provide some highlight on that. Basically, the R&D is divided in two parts, you can say, if you see from the 36,000 feet. One is the R&D of devices, which takes care of the communication, hardware, firmware of the meters. And one is the application software team, which takes care of the HES, MDM, and all the application and WFM, all the application-related software work. As you said, we have around 300 people in the device R&D and around 250 people in the software R&D. From the top, it is divided like this. Right. But product level, will it be possible to get some details as to project-wise or product-wise, how is this team segregated? See, it is not a segregated project. They are all R&D teams. They are developing products. The application software team is developing HES, MDM, WFM, all the application-related products. And the device team is developing all the meters, all the hardware, firmware, all the communication products. This is how we have divided the two. Right. It is not divided project-wise where every individual is working in a separate project. It is not like that. Right. Sir, following up on that question, if you could also provide some background of these people and what kind of engineering schools are we hiring these people and attracting them from? I am asking because this business is inherently shifting from the pure hardware to an increasingly embedded product offering kind of a business with a mix of both hardware and software. What kind of different schools are we going to attract young talent, especially on the software side? Sir, this is very interesting. One thing I can tell you is this was always a very tech business. It is not that it is moving from a hardware business to a tech business. Electricity meters was always a tech business, and we are Government of India recognized R&D from last 25 years. We have more than 300 people in the R&D historically from last 15 years. We have been investing a lot on the R&D. Just to clarify to you, it is not something new, what we have been doing. 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 founders' day a few weeks back, and our CTO is with us from last 25 years. We just celebrated those kind of events. Most of the R&D engineers are from the NITs and rest of the institutes. Right. I was asking this question because I was recently at the CII Smart Metering Conference that happened in Delhi. Sushil sir was also present there. The government there sort of laid down a proper roadmap for tech and software part, and how they want to basically increasingly focus on using the smart meter data to sort of unlock actionable intelligence for grid planning. This can be forecasting, grid management, some reliability analytics, even the network planning and the optimization in the whole distribution sector. Actually, mainly the visibility part of distributed energy resources. I just wanted to understand, the point of asking these questions was just to understand how are we building our business and positioning our business to also sort of capture these new emerging opportunities. How are you also trying to integrate into the whole India Energy Stack piece, because that is also an interesting development that is taking place. I mean, absolutely, that is a very interesting development that is taking place. The good part is that 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 that we are not going to stop only at HES, MDM. This is the beginning of the software division. We have not created or invested so much money in our software business only for the current HES, MDM products. Very rightly, in this energy stack also, AMISPs will play a very important role. All the smart meter data to IES by integration MDMS will be done by the AMISPs. TSPs will be using this data to create value-added services where we will also play a major role. 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 you have said. 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 business. Right. Sir, I wanted some update on our proprietary RF mesh that we have developed and just wanted to understand what is the ongoing development of that mesh online and what is the sort of proportion of this RF mesh that we are going to supply in our own current order book. I just wanted to understand, is it a completely interoperable solution or does it only work with our devices and with our network? No, it is definitely interoperable solution to whichever the meter also. It is the same, whether it is Genus RF or it is RF from CMG, or from Itron or from any other company. There is no difference in the sense that Genus' proprietary RF is only for the Genus meters, it cannot be inter-operated with the other meters. It works same for the other players also the way it works for Genus. Right now our major focus has been, of course, Genus is using its own RF application primarily for its own projects, and slowly and gradually our meter installation is asking in the RF commission. Right. Any plans of selling the solution outside? Yeah, absolutely. We have been talking to different customers and in future we will be selling these solutions too. We always have a very clear policy as Genus. There is one customer for us is AMISP, which is we are owned, and one is the AMISPs were outside the Genus projects. We are selling to all of them. Currently, we are selling more of non-RF meters, but yes, over a period of time, we will sell them RF meter also. We might be, on an average, be saving around $1.5 per meter from royalty, right? This is assuming the meter market selling price would be some ₹2,300, ₹2,400 ex of the AMISP bit. It is a very difficult question always to answer because it is a very custom-built product. Different customers have different requirements, different specs. It is not a standard commodity that it is like that. But sir, how much would be the saving from I am sorry, Mr. Pranjal, I would request you to rejoin the queue so that other participants could ask their questions. Thank you. The next question comes from the line of Keval Barot with Axis Securities. Please go ahead. Thank you for the opportunity. Sir, I just wanted to ask a question on front of export opportunity status for the company for FY 2027, and also regarding the gas meter and water meter development for this fiscal year and for the coming fiscal years. If you go pre-COVID, Genus did almost three figures in the export, then there was a lot of focus which went into the domestic market. COVID also played some major role. But now there has been a significant focus in the international market. A lot of breakthroughs in terms of product certifications, approvals, some orders have started flowing. So we have targeted next 2 to 3 years, our revenue from export market should be INR 500 crores. We are pretty confident of achieving that kind of numbers. We will start seeing meaningful numbers on export by the end of this financial year. When it comes to gas meter, the PNGRB has clearly stated the next 3 to 4 years the country has to install 10 crore smart gas meters. So we have a clear visibility of at least a INR 35,000 crore industry in next 4 to 5 years. Genus will definitely play an important role in this industry. In water meters, has been at a very nascent state, but we see beautiful traction happening not only domestically, more than domestic, in the international markets for the water meter. 2 to 3 years down the line, it will become a very meaningful business. Future wise, I see it as even bigger than electricity. Cannot comment Oh. -right now. Okay, sir. Thank you. Got it. That's it from my side. Thank you. The next question comes from the line of Sahil Garg with CCV Fund. Please go ahead. Hello. Sir, can you hear me? Yes, Sahil, please go ahead. 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, INR 75 crore in the last year to approximately INR 520 crore in this year. I understand that most of them have been given to the Gemstar platform, which is more like a subsidiary company. Mainly, what is the recovery we are looking for this particular amount, and whether do we have any plan to give any further loans or advances for this particular affiliate? These are only the ongoing loans. When I say that the company has invested INR 487, almost INR 500 crore in the Gemstar platform, this includes this number also. Basically, it's ongoing. Whenever the platform requires any capital or support, it comes from the main sponsor, GIC also and from Genus Power also. It's a part of equity loan, the arrangement that has been happened between the GIC and the Genus Power, where they have 74% and we have 26%. Every time when we give loan from the Genus Power, there has been an increase in the equity. Is that so? Basically, it's a combination of equity and loan. That's the way the arrangement is working. When we say investment, in the platform, that includes these loans and equities and everything. Okay. Thank you. Thank you. The next question comes from the line of Mahesh Patil with ICICI Securities. Please go ahead. Yeah. Hi, sir. What is your guidance for meter installation in this financial year? This financial year, we will sell more than 1 crore meters. Okay. Around 1 crore. Okay, thank you. Thank you. The next question comes from the line of Archit Agarwal with StepTrade Capital. Please go ahead. Hello. Yes, Archit, please go ahead with your question. Sure. Archit, I am sorry to interrupt. You are not audible. Archit, are you there? Hello. Yes, please go ahead with your question. Yes, sir. Thank you for giving the opportunity. My question is about the order book. The current order book is ₹25,000 crore. Can you give the split, like how much is for CapEx and how much is for OpEx? Archit Ji, out of this ₹25,000 crore, you can split it into three parts. Okay. One is the orders we get directly from the utility. One is the CapEx and the OpEx part from the platform. Out of this ₹25,000 crore, around ₹23,000 crore is from the platform. Out of this ₹23,000 crore from the platform, you can split into two parts, like around ₹16,000 crore comes from the CapEx and the remaining comes from the OpEx. The remaining ₹2,000 crore is from the regular meter orders we get from our export business, gas meter, water meter, other AMISPs, and from the utilities. This is how you can split our order book. Okay. What is the timeline for this CapEx of ₹16,000 crore? The timeline is this whole program has been extended till 2028. Accordingly, we have to adhere to the timeline. By 2028? This is how the government has changed the program. Okay, sir. Thank you, sir. That is all from us. Thank you. The next question comes from the line of Deepak Poddar with Sapphire Capital. Please go ahead. Hello, am I audible, sir? Yes, you are. Please go ahead. Okay. Thank you very much for this opportunity. I just wanted to understand, first up, you mentioned this year around 9 crore smart meter tenders, we expect it to be out, right? So what sort of order book accretion we expect for FY 2027? Any order inflow target we have? We are confident that we will be able to maintain our market share. I do not want to put any number to it. It is very difficult that kind of, that we are into tendering business. But yes, we have been maintaining the market share historically, and we are confident enough to maintain the same. What is our current market share? As an AMISP, we have a market share of around 22%-23%, and as a meter manufacturer and AMISP, more than 30%. AMISP would be about 20%-23%, but meter manufacturing would be around 30%? Yeah. More than that. Mm-hmm. Okay. What is our average realization per meter, sir? Any ballpark figure? This is being a very customized product. We sell three meters, three-phase, single-phase. It is very difficult to speak on the average realization. It is very customized. Okay. There is a lot of disturbance coming suddenly. I do not know. It's audible. Just one last thing. On the O&M side, you were mentioning, we expect something. Any percentage share of revenue that you can expect from O&M in next 2-3 years or 5 years? We can't give that number in percentage. We are expecting in next 2-3 years, around INR 800 crore to INR 900 crore will be coming from O&M. In next 2-3 years cumulatively, INR 800 crore to INR 900 crore. No, from every year it will be around INR 800 crore. per annum coming in next two to three years. Yeah, per annum, increasing every year. This year, in FY 2026, it was around INR 150 crores. In next two to three years, it will reach to a level of INR 800 crores per year for next five to seven years. This is on the basis of current order book only, whatever the current order book that Genus has. The O&M business will reach from INR 150 crore this year, will reach to a level of INR 800 crores, in next two years to three years on current order book. It may be more if the order increases. Yeah. That's pretty clear. What's the margin profile here in O&M? We give a blended, guidance of this. We don't give We don't give the segmental. Yeah. Okay. Okay. That was it from my side. Wish you all the best, thank you. Thank you. 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 Mokija, with GrowthSphere Ventures LLP. Please go ahead. Pranjal, please go ahead with your question and unmute yourself in case if you are on mute. Yeah. Hi. Thank you for giving me this opportunity again. Just continuing to the past question I was asking, sir, just wanted to understand, if we are in our single phase meters, I mean, what kind of savings are we doing from the royalty that we were paying earlier because of our own mesh. We were never paying royalty to anybody in the past also. There is no model of royalty being paid by Genus as an RF user in the past also. Okay. Sir, 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 somebody finding this. Yes, it is a very different product. Australia market is a very difficult market to beat. But the products are ready, all the approvals and everything is on the cards, and we should be in a position to do reasonable numbers from next 3-6 months. So what separates us as a company in this market? What is our go-to market strategy? Are we competing basis price, quality, features? What is it? If you could also break down the market dynamics for the Australia market. How big is it? What kind of incumbents are present there? How much demand are we seeing? Because increasingly the- These are very confidential. A lot of things are confidential for the company. I would not like to comment on the specific customer promotional materials. Let it remain in the purview of the company. All right. And sir, just one last question. Wanted to understand, there were some news articles regarding our interest for IntelliSmart business. If you could just highlight some understanding there. That again is not in the purview of Genus as we work for the platform, and for the platform is majority held by GIC. So basically, that will be their decision, how they are looking at IntelliSmart opportunity or what are their interests in that. If anything happens with them, certainly we are open to that. But sir, as a company, we are very interested in that business? Can't say anything. Okay, sir. Thank you for giving me this opportunity once again. And good luck for future performance. Thank you. 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 Daria Trivedi with DJT Investments. Please go ahead. Hi, sir. All my other questions have been answered. Just had one question. Are we sticking to our earlier guidance of achieving the positive Can you be a little louder, please? Yeah. Are we sticking to our earlier guidance of achieving the positive cash flow from operations by FY 2027? I doubt. 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 of cash flow or maybe a little negative. Surely not positive. But 2028, for sure, first two quarters, the first or second quarter, we will be cash positive. So I earlier told also that you can see the revenue growth and the cash flow negative. So it will be just half in financial year 2026 from financial year 2025 in terms of percentage. And same will happen in these coming years also. What is the peak level of net debt we are targeting? Basically, net debt today on the company is around INR 1,500 crore, and I think it won't go more than INR 1,900 crore, INR 2,000 crore, the net debt. What is the reason for this additional potential INR 400 crore, INR 500 crore increase in that? Yeah. There will be some investments in the platforms also, and when there will be increase in numbers, there is a possibility of increase in that also. Yeah. All right. Okay. Thank you. Thank you. The next question comes from the line of Sahil Garg with CCV Fund. Please go ahead. Sir, earlier on the call you mentioned that there is no pass-through mechanism in the contracts, and the contracts are fixed price contracts. Obviously, there has been a consistent increase in the raw material price and other stuff. Obviously, when we have business due to some external factors may be. How we are able to cope up on the margins in that case if our contracts are the fixed price contracts? So that is why we have given our guidance lesser for this year. We have made an EBITDA of 25% this year, and we are expecting an EBITDA of 18%. So basically, being a fixed price, it is affecting our margin for sure. But it is reverse also. Sometimes when it goes down, we get the benefit of that also. So that means you are saying that you have an order book of close to ₹25,079 crore, and if all of them are on the fixed contract basis, and obviously we cannot execute the entire order book in FY 2027. It is obviously 2028, 2029, 2030. It will go like this. And there is no guarantee also raw material prices will revert to the normalized level maybe in the future years, because we have signed the contracts today. Several maybe these contracts have been signed previously, right. We understand. At those prices. We understand what you're trying to say, and we have been doing this business for the last 25 years. It's not something which is happening for the first time. This is a technology business with a lot of field. Year on year, you continuously keep improving also once you are regular working. It is not that it has not happened in the past. We have seen the COVID period also. 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. Mm-hmm. Okay. Only around 45%. Can you hear me? Hello? Sorry. Yeah. It's not all INR 23,000 crore is the hardware where the cost, the RM will impact it. It's hardly 45%, 50% of that, number one, and that will be completing in next 2.5 years. Rest part is O&M. O&M doesn't have any impact of the margins on these commodities or anything because of chips or anything else. Okay. Perfect, sir. Thank you so much. Thank you. The next question comes from the line of Chandresh Malpani with Nivesha. Please go ahead. Hello. Thank you for the opportunity, sir. My question is with respect to one of our slides mentioned about ABT and DT meters. Maybe some sense on this product and what is the industry price? Is it also a tender-based business where utilities come with tender or how is it? Sir, voice is not very clear. I could not understand. You said something ABT. Hello. Can you speak more clearly? Now it is clear, sir? A little better. Some disturbance is there. A little better. Okay. So, sir, my question is with respect to one of your presentation slides, which just mentions about DT meters and ABT meters. Just wanted to understand, is it a part of overall the RDSS scheme, or how does this business work and what is the market size and what is Genus Power's positioning in this market? It is part of the RDSS scheme. All DT meters, ABT meters are mostly part of the RDSS only. Okay. Second question was on the note line item of P&L because of the share of net profit and loss from associate entities. One last quarter, December ended, it was about INR 11 crores. Just this quarter is about INR 4 crores. Just some sense on these numbers. How should we see these numbers? Because basically this is our part of 26% share of the JV profit. Because the installations are accelerating, but those numbers are quite fluctuating. How should we see this? Basically it is not exactly coming from only from the platform where we are at 26%. It is the trust holding some shares of other entities also, so notional profit and loss on those numbers also. This is all put together. Basically, if you want to see the numbers of the platform, you can see exact numbers on the website of the platform where you will find that there is no direct losses in the platform also. Okay. You are saying that across the 25 projects, the numbers would be there. We see it as one project. All 25 projects, we see as a one project, because we are dealing with the platform only, which is a one entity where we are investing 26%. Okay. Sure, sir. I will go with you. Thank you, and all the best. Thank you. Ladies and gentlemen, due to time constraints, we will 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. Thank you, ladies and gentlemen, for joining us today, for your continued interest and confidence in Genus Power. We assure you that company is doing good and has done excellent in financial year 2026, and you will see the same type of numbers happening in FY 2027 with a positive cash flow surely coming in financial year 2028. Thank you very much. Thank you, everybody. Thank you, sir. Ladies and gentlemen, on behalf of Kaviraj Securities Private Limited, that concludes this conference call. Thank you for joining us and you may now disconnect your lines.