Q2 25/26

Nov 7, 2025

Quarterly report

Summary

Q2 and H1 FY26 delivered strong revenue and profit growth, prompting higher FY26 guidance. High project working-capital needs remain, while management expects cash-flow positivity in FY27 and sees substantial RDSS and adjacent-market opportunities.

Ladies and gentlemen, good day and welcome to Q2 FY 2026 earnings conference call for Genus Power Infrastructures Limited, hosted by Kaviraj Securities. As a reminder, all participants' line will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during the conference call, you may signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Mr. Abhijit Purohit from Kaviraj Securities. Thank you, and over to you, sir. Good evening, ladies and gentlemen. Kaviraj Securities extends its festive greetings and welcomes you all to the Q2 and H1 FY 2026 earnings conference call of Genus Power Infrastructures Limited. Today, on the call we have with us Mr. Kailash Agarwal, Vice Chairman, and Mr. Jitendra Agarwal, Joint Managing Director. I now hand over the call to Kailash, sir, for his opening remarks. Post that, we can open the floor for Q&A session. Thank you, and over to you, sir. Thank you, Abhijit. Good evening, ladies and gentlemen. A very warm welcome to Q2 FY 2026 earnings call for Genus Power. The results, investors presentation, and press release are uploaded on the stock exchanges and company website. I hope everybody had a chance to look at it. I am pleased to share that Q2 FY 2026 was another strong quarter for Genus Power. We continued to build on the momentum of the past two quarters, driven by steady execution, disciplined operations, and continued progress across our smart metering programs. In Q2 FY 2026, our standalone revenue stood at INR 1,149 crores, a sharp 136% increase over INR 487 crores in Q2 FY 2025. This sharp increase was supported by healthy progress across our large AMISP projects, particularly as more of them are now transitioning into the operational phases. EBITDA more than tripled year-on-year to INR 244 crores, with margins improving 456 basis points to 21.3%, aided by operating leverage, cost control, and overall execution efficiency. Profit after tax from continuing operations grew by 162% to INR 148 crores, translating into a PAT margin of 12.9%, reflecting improved operating performance and better absorption of fixed costs despite higher finance expenses. For the first half of FY 2026, revenue stood at INR 2,091 crores, up 132% year-on-year, while EBITDA grew over a threefold to INR 444 crores, with margins improving to 21.2%. PAT rose to INR 277 crores, an increase of 185% compared to the same period last year. This consistent performance across quarters reflects our continued focus on execution excellence and financial discipline, even as we scale up rapidly. The total meter requirement in USAS under RDSS scheme is approximately 25 crore meters, out of which 15 crore smart meters have already been awarded by different state utilities. Remaining 10 crore smart meters are broadly pending from states like Gujarat, Kerala, Madhya Pradesh, Punjab, Tamil Nadu, West Bengal, Haryana, Delhi, putting a total number of 10 crores. Out of 25 crore meters, 15 crores have already been awarded and 10 crores has to be awarded. Out of these 10 crore meters, approximate 10 crore meters, three tenders are live. One from Tamil Nadu, that is of 3.05 crore meters. One from Delhi, BSES, around 50 lakh meters, and one from Punjab, 26 lakh meters. Remaining approximately six and a half crore meters, the tenders are expected to come in next 12-18 months. Next 12-18 months, we are expecting another 10 crore meters which are live or tenders will be coming to be finalized. Company is very hopeful in maintaining its run rate. Company has a run rate in earlier tenders out of that 15 crores also. The same run rate we hope that we will maintain. Even after these 10 crore meters, few large states like Karnataka, Telangana, have yet not taken the drive under RDSS. These states are out of these 25 crore meters. If we add these states also, which we are very hopeful that these states also will be coming under RDSS, or they will take the drive of RDSS in next one, two years. If we add that number also, the number of meters required will come to 30 crores, 31 crores. Put together, if we say, we can say that out of total requirement of 30 crore meters, 31 crore meters, 15 crore meters has only finalized yet. Almost 50% meters, that is 15 crore meters, are yet to be finalized, and those tenders or live tenders will be finalized in, say, next one to two years. Out of 15 crore meters which has already been awarded, 4.5 crore smart meters have been installed in the country till today, out of 15 crores which has been awarded. This is the picture I just want to give you on the market size or the meters already has been awarded, and now the remaining meters that has to be awarded in next one or two years. Now I come to the cash flows and working capital of the company. We are in an AMISP business, where initial three years are the phase of installation and completion of projects. Thus, a lot of inventory is required at different sites of different projects. The company is working on almost 15 projects, 20 projects. Out of those 20 projects, every project has a different size, many sites. Every site we have to keep an inventory, we have to keep finished meters. A large inventory is required at different sites. Once these projects are streamlined and start operating in full swing, the inventory will also start reducing. The debtors' days have already started coming down and have reduced from 187 days as on 31st March 2025 to 126 days on 30th September 2025. There is a reduction of almost 61 days in debtors days. But the inventories remain same because, again, our new projects are being started, new areas are being started. We are hopeful that in coming time, inventory days will also come to a reduction. We are very hopeful that every six months you will see a reduction of 40 to 50 days in working capital cycle, say, by March 2026, another reduction of 40, 50 days. Then next six months to 12 months, another reduction of 40 to 50 days. So by end of 2027, we are very hopeful that our working capital cycle from here also will go up to 160, 170 days, which we have earlier told to the investors. As on 30th September 2025, company had a total gross debt of INR 1,744 crores, which is about INR 400 crores more than the gross debt that was on 31st March 2025. The increase in gross debt is primarily from short-term loans, and this will start reducing from middle of FY 2028 onwards. The expected peak borrowing by the company will go to maximum of INR 2,000 crores to INR 2,100 crores. So basically, we are seeing that whenever we will reach to an expected revenue in 2027, 2028, but the debt will not go above INR 2,000 or INR 2,100 crores. As on 30th September 2025, company had a cash and cash equivalent of approximately INR 600 crores. So when we say INR 600 crores, cash and cash equivalents in the form of fixed deposits, the gross debt is INR 1,744 and the net debt actually is INR 1,100 crores, INR 1,150 crores. As on 30th September 2025, the company had invested approximately INR 318 crores in the joint venture platform and SPV of joint venture platform with GIC. Company expects investment of another INR 700 to INR 800 crores in the joint venture platform in next three years. That is over financial year 2026, 2027, and 2028. So put together, the company's investment in the platform where we are a 26% partner will go to a level of INR 1,000 crores, INR 1,100 crores, not more than that. The company estimates revenue of INR 4,500 crores for financial year 2026 and INR 5,500 to INR 6,000 crores for financial year 2027, with an EBITDA margin of 20%. The company is revising its guidance for FY 2026. Earlier, we have given a guidance of INR 4,000 crores and 18% EBITDA. Now we are giving a guidance of INR 4,500 crores for FY 2026 with EBITDA of 20%. And for FY 2027, around INR 5,500 to INR 6,000 crores with EBITDA of 20%. In H1 FY 2026, company manufactured around 90 lakh meters. Last six months, company has manufactured around 90 lakh meters, out of which 50% meters have been supplied to government utilities and private utilities, which are buying non-smart meters also, and to the other AMSPs also. Balance, about 50% of the meters have been supplied to the joint venture platform with GIC. As on 30th September 2025, the company had a total order book of INR 28,758 crores, net of taxes, for about 3.6 crore meters for supply to utilities, other AMSPs, and to the joint venture platform. In H1 FY 2026, the company had also received orders from different utilities of INR 127 crores for approximately nine lakh meters, which are non-smart meters. These are the regular meters which we were doing earlier, we were supplying earlier. These are the regular meters which utility buys on urgent basis and are for meter supply only. And these are non-smart meters. These are the regular meters. Out of 24 AMISP projects which we are implementing, 13 projects totaling up to 2.10 crore meters have received operational go-live certificates from utilities. Remaining 11 projects are expected to achieve operational go-live status in the December 2025, January 2026 time frame. Further, company is also setting up a new injection molding plant in Kotputli, Rajasthan. In first phase, we are willing to install 40 machines, which are expected to be operational by end of financial year 2026. This unit will supplement our capacity to supply plastic molding components for meters manufactured by us. So basically, this, I have tried to give you a data on the market size, the debt of the company, the investment of the company in the platform, and the order book. Now I open the floor for the question answers. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone 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. The first question is from the line of Divyansh Thakur from Pinterest Capital. Please go ahead. Sir, congratulations on the great results. I'd like to ask how many meters have been installed in quarter 2 of this fiscal year? Hello. Hello, can you hear me? Yes, sir. Yes, sir. Please go ahead. How many meters have been installed in quarter two? Yes, sir. So quarter 2, we have installed around 19 lakh meters. And sir, how are we planning to reach the target of 80 to 90 lakh meters that we had given the guidance of? In the first half yearly, we have installed around 36 lakh meters. So we are confident of the guidance that we gave earlier, around 80-plus lakh meters we will install, because November to March is the best period for the installation of meters, historically also. So we are more than confident of achieving the target that we have set earlier for ourselves. Thank you, sir. Thank you very much. Next question is from Bhavin Chheda from Enam Holdings. Please go ahead. Congratulations, sir. Overall, a very good performance on the operational and also revising the guidance. Sir, how many meters around OGL have operational gone live? Out of 3.62 crore meters, we have installed a total 80 lakh meters. Out of 80 lakh meters, 42 lakh meters SAT has been done, and out of those 42 lakh meters, 40 lakh meters have achieved the operational GO live. Sorry, sir. Till date you said we have installed 80 lakh meters. Till date we have installed 80 lakh meters, out of which 42 lakh meters SAT has been done. The reason I am giving the detailed answer is so that other participants don't need to ask the same thing again. 80 lakh has been installed. Out of that 80 lakh, 42 lakh site acceptance test, SAT, has been done. Out of that 42 lakh, 40 lakh have achieved the operation GO live. We have started receiving monthly revenue on 40 lakh meters, right? This 40 lakh meters, we have started receiving the monthly revenue. This monthly revenue starts after the 45 days of achieving of OGL. Okay. You mentioned the manufacturing of 90 lakhs in H1. How much was in the quarter? In? This quarter. In the quarter, exact number I don't have it offhand with me, but around 50 lakh meters we did it. Around 50 lakh meters. Basically, if I see on a per day basis, you have achieved almost 50,000, right? Hello? Yeah. Hello? Yeah. I was just looking on a per day basis, basically on a- It is almost 50,000 meters per day, 50 lakh meters per month. 50,000 meters per day. Yeah. How is the ramp-up on a per day basis now planned going ahead? Currently we are very comfortable in the current capacity, and whatever the requirement we have ahead of us, current capacities are capable of handling it. If we need to ramp up, we can add some more shifts. It is very well taken care in the current market scenario. Right. On the volume front, I think previous guidance was 75 lakh for 2026. Now you are saying 80 lakh, obviously, on a revenue number also, absolute revenue number also you are up the guidance. Next year we are looking at over 1 crore, based on the revenue number what you have guided? Installation? Yes. Okay. Thank you, sir. Yeah. Thank you. Thank you very much. Anyone who wishes to ask a question, may press star and one. Next question is from Eshwar from IPOT PMS. Please go ahead. Hi, sir. Thank you for taking my question. The question I have was, what degree of indigenization do you have in our smart meters? Why I am asking this question is, for context, our competitor, HPL Electric, they have partnered with a Chinese company to develop a relay manufacturing in India. And another player called Tandon Magnetics, they have also invested in latching relay capacity through a licensing agreement, and they are also beginning production the second half of this year. So what is our capability in that side, and how much percentage of our smart meter is indigenized? So just to give you an understanding on this, smart meters is already in the category 1 of manufacturing in India. So more than 60% of the value addition has to happen in India. Smart meters are already in this category, and Genus very comfortably is part of this category, being the largest meter manufacturer in the country. A lot of people are doing different kind of partnerships. I do not want to comment upon them. But yes, we are comfortably category 1. See, whatever the requirement of Make in India or Made in India comes in future, Genus is very well-placed in taking care of that. Understood, sir. And this latching relay capacity, do we also have it in-house, and do we plan to supply it outside to other places as well? Because smaller meter manufacturers, they primarily procure parts from China. Do we have plans to- As Genus, we are not manufacturing latching relays. We are buying it from our suppliers, and we do not intend to manufacture latching relays in the future also. Are we buying it from China? It is being imported from China also. It is being made in India also. There are multiple manufacturers based in India who are also supplying us latching relays. Understood, sir. Thank you. That's all the questions I have. Thank you. Thank you. Thank you very much. Next question is from Darshan Jhaveri, from Crown Capital. Please go ahead. Hello. Good evening, sir. Thank you so much for taking my question, sir. Sorry, sir, I joined a bit late. I couldn't get the revenue guidance and the margin guidance estimate. Could you reiterate please, sir? Revenue guidance for FY 2026 is INR 4,500 crores and for FY 2027 is INR 5,500 crores-INR 6,000 crores with an EBITDA margin of 20%. The EBITDA margin for both the years is 20%, right? Yeah. Oh, okay. That's great to hear, sir. I just wanted to know, as you said, a lot of tendering from Tamil Nadu and all these states have started to come up. What kind of an order flow are we targeting right now, sir? In terms of value, how much can we expect in this year or next year, sir? So, dear Sanjay, I have given these all things in my opening speech. Let us take it, your question afterwards, because there might be many other questions coming on the same thing, and clear numbers have already been given in my opening speech. Oh, sorry. Apologies for that. I'll come back at the close. Thank you. Next question is from Mahesh Patil, from ICICI Securities. Please go ahead. Yeah. Hi, sir. My first question is on the open tenders that you highlighted, the Tamil Nadu, Delhi, and the other one, totaling around 4 crore smart meters, right? Would like to know the status of this, especially the Tamil Nadu one. Have you bid for all the projects with Tamil Nadu? Just to give you a heads up on this, there are six projects in Tamil Nadu, two in Delhi, and five in Punjab, totaling around 4 crore meters. Genus has quoted all 13 projects. The status of Tamil Nadu is, it is under technical evaluation. The status of Delhi is, it is under technical evaluation. Punjab, 26 lakh meters has been quoted today. Okay, sir. My second question is on the guidance that you have given on EBITDA margin. In H1 you have achieved more than 21%, you are guiding for 20%. Historically, over the last year, Q3, Q4 have been the best quarter in terms of margins. I think FY 2026 will be definitely crossing 21%-22%, right? Basically, guidance is this. We want to be a little conservative on the guidance. Let's see. Okay. Sir, if you can just elaborate on what is leading to this better margins. You highlighted some cost measures, et cetera. You can elaborate there. Can you, sorry, come again with your question? Your voice is not clear. Sir, on the margins, you mentioned that you have taken some measures for improving the margins, like some cost improvements, cost efficiency improvements. Basically operational efficiencies that is coming. It is mainly because of the operational efficiencies, and mainly it goes to that. And sir, what is the difference in terms of margin for the meters that we supply to third parties and- That number we don't share. Okay, sir. Understood. Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and one. Next question is from Mahek, from Agility Advisors. Please go ahead. Yeah. Hi, sir. Am I audible? Yes, sir. Please go ahead. Thank you so much for the opportunity. Congratulations for a good set of numbers. We wanted to know your thoughts on the export market as well as the smart meter for the gas and water. What are your views and how are we approaching that area as well? We have been talking about it earlier also. I will go one by one. On the export market, Genus is working strategically in some markets. They take their own time. If you will see historically also, Genus reached a three-figure turnover in terms of exports, but then because of COVID, it slowed down. Again, we have started working on some strategic markets, and you will see very meaningful numbers coming from the export business in the next 2-3 years. Currently, it is pretty small, but you will see it growing year on year because perfect work is happening in terms of the markets. When it comes to gas meters in India, there is a requirement of around 20 to 14 crore gas meters as per the latest reports. It will be required to be installed in the next 5-6 years. Genus is definitely going to play an important role in that market. We also envisage in future, gas meter also takes a route of RDSS because at the end of the day, they have to become prepayment for a right metering and taking a gas meter reading, entering into a house is not easy. Government is already talking about and thinking of the prepayment gas meter. We see that as a good opportunity. But yes, on the ground currently, it is an opportunity where 20 crore meters are to be installed in the next 5 years. Whether they will be prepaid or whether they will go to the RDSS route or they will be simple, typical electronic electricity meter kind of a business, that only the time will tell. There is no clarity on it today. When it comes to water meter, we see water meters as a very large opportunity, as big as or even bigger than the electricity meters, where it has started coming up. Currently, we have done some very small projects with some municipal corporations. Things have started rolling out in the country and even in the international market. Water meters are going to be a big opportunity. 4 years to 6 years down the line, we see water meter business to be as large or even larger than electricity meter business. This is what our understanding and thinking about the water meter and the gas meter market. Okay. On the scalability, we are targeting those areas, but it will be what goes down the line. Is that understanding correct? I could not hear you properly. I am sorry. What I am trying to say is, these are our area of focus, but it will take some time to put this into practice. Mr. Mahek, your voice is not clear. Can you please be more loud? Hello? I understood you are saying, yes, it will take some time for gas meter, water meter, export meter business to be of a meaningful revenue. Two to three years down the line, you will see a very meaningful revenue coming from these sectors. I hope I have answered you correctly. Yeah. Understood. Sir, one more question was on the tender side. We have participated for 3.5 crore meter tenders, and it has been in technical evaluation, I think, from the last two quarters is what I remember. When can we expect the order to be finalized, and when can we receive some positive news from that side? It is very difficult to say. These are large tenders. Electricity boards take their own time to evaluate. Right now technical evaluation is going on. It may take 30 days; it may take 90 days. Very difficult to put any number onto it. But JK, hopefully we can say that in this financial year this will be finalized. Yeah, this financial year, I am pretty sure this will get effected. Yeah, understood. Okay. One last question. One of our competitor, Kimbal Technologies, what are your views? How are they doing so far? Just any views or any comments from that side as well? I don't want to comment on any company. Everybody is doing their own work. Every company is doing a good job, is what I can say. Okay. No, thank you. Thank you very much. Next question is from Pranjal Makhija from Growthsquare Ventures. Please go ahead. Hello? Sir, am I audible? Yes, sir. Please go ahead. Yeah. Congratulations on the great set of numbers. I have a couple of questions. The first question is on this target that you have given for 80 lakh meter installation target. May I ask on which states are we expecting the execution to happen for this target? All 24 projects are up and running. These 18 that we achieved, every project is up and running right now. But, sir, the majority of the volumes. Sir, it is according to the order book. Rajasthan has a large order of four numbers. So it is according to the order book. Right. So do we have a meaningful stake in the state of Maharashtra? What do you mean by meaningful? I mean No, we don't have very big number in Maharashtra in comparison to the total number of meters awarded. Yeah. We have a good number, but the percentage is not very high. Sure. Sir, because you are present in the state, are you again seeing some sort of slowdown on the execution front in the state because of municipal elections? Which state? Maharashtra. These are ongoing project issues, so there is nothing very specific. Yes, currently there is a little bit of slowdown and then it picks up again. This keeps on coming and going. I will not say it is such a problem which is what I do not know how to put a right word onto it. These are natural field issues. I do not see them as a major problem. Sir, any development on the customer outreach that we are trying to do as an AMISP along with the utility and with the government just to provide better messaging for smart meters in the market? Any update on that? No, it is a regular process. All the RDSS projects, there has to be a consumer outreach to be done jointly by the utility and the AMISP. All of us, all the AMISPs which are working on the field in their respective projects are doing this outreach. You will see consumer acceptance in most of the states has neutralized. Most of the people are welcoming smart meters. If you see the numbers in the last three, four months, the installation rate has increased almost everywhere across the country. That is the consumer outreach is one of the major reasons where people have started understanding the value of smart meters. Not only consumers are accepting smart meters very welcomingly, they are also doing a lot of app downloads, and they have been becoming more and more demanding from the AMISP and from the utilities, which is even good. That means people are understanding the value of smart meters. Could you please specify the medium of this outreach? Are we doing this through pamphlets, advertisements? How are we trying to educate the customer? It depends on the utility. Some utilities are focusing on the BTL. Some utilities want some outreach through media. It depends on the utility, what mode they want more from the AMISP to be focused with. There is no specific one way of doing it. Every utility has its own way. Even some want nukkad nataks to be done. Every utility has its own way of reaching the consumers. Sure. Sir, finally, I just wanted to understand if there is any development on the software piece. Are we looking into some new products that you want to develop, or generally, like how is this business doing? Currently, we are focusing on our own HES MDMS that is a very large opportunity with us, and definitely the purpose of building this software set in future, it has to get monetized into further more services to the customer and the consumer. All right, sir. Thank you. Thank you for your opinion. All the best for future results. Thank you. Thank you. Anyone who wishes to ask a question may press star and one. Next question is from Darsh Solanki from Axis Securities. Please go ahead. Yes. Thank you for the opportunity. My first question. As I mentioned, currently the- Your voice is not clear, Mr. Darsh. Your voice is not clear. Yes. Is it better now? Yeah. My question is, sir mentioned in his opening remarks that INR 31 crore is the market size that we are looking at, that the RDSS scheme may go up to INR 31 crore. Out of which INR 15 crore has been awarded till date. I just wanted to understand the balance, the INR 16 crore, some of which tendering has already happened. What is the market share that we are looking in this order? What would our share in this balance orders? In the opening remark itself, I have mentioned that we feel that we will maintain our run rate. Can you tell what is the ballpark, what is the current percentage in terms of the market share? You have to understand it simply that currently we have been maintaining around 25% market share, and we definitely will try to maintain the same market share or even do better. But putting any number for the tendering business is very difficult. Understood, sir. Thank you. As a policy, we participate in each and every tender, as I just clarified as we announced. Got it, sir. My next question is a bit of a long-term question. This INR 30 crore order is, I think you had mentioned last fall that they are expected by 2032. As you mentioned in the previous question that you are expecting a huge growth from the export and water meter segments in two, three years down the line. Would it be right to say that once the smart meters RDSS scheme has reached its target and it has moved to the O&M phase, the revenue of the business will be driven mostly by export and water business? Yes. Next five, six years, I see no problem with the electricity meter business. Definitely, five, six years down the line, it won't have the same numbers once these 32 crore meters have been installed. Then definitely there will be lot of replacement meters coming, lot of new service connections coming, but not as large as replacement of meters. So there will be a good revenue source from the electricity meter, and yes, a lot of revenue source will come from exports, water meters, and gas meters. Understood, sir. Okay. Here, it has to be understood that five years, there is a clear path. We can see a clear path for five years with these RDSS electricity meters. After five years, six years, this is over. This RDSS replacement of all meters into smart meters is over. There is a life of every meter. The initial meter which has been installed in say 2023, 2024, normally we say the life of a meter is 12 years. A lot of replacement business of those meters will be coming, number one. Number two, the new connections. Every year there are increase in connections that is happening. A business of that will be coming. 30 crore meters which will be installed, already will be installed. There will be an O&M monthly business of that. O&M, all meters have to be maintained monthly basis, which we are doing right now. There is a full-time business of that also, 30 crore meters has to be managed from that time. The export market, the water meter market, and the gas meter. Put together, this will be the revenue coming after say 2031, 2032. If company goes in any other thing there, it's a lot of time, five years, six years, company can see many other products coming. Understood, yeah. For and for future. Thank you. Next question is from Sanatu Chatterjee from Mount Infra Finance. Please go ahead. Thank you, sir, and congratulations on The line for Mr. Chatterjee has been disconnected. We will proceed with the next participant. The next question is from Keval Barot from Axis Securities. Please go ahead. Thank you for the opportunity. Actually, all the answers were asked by my colleague, so there might be no question from my side. I've got the clear answers from the questions. Yeah, that's it from my side. Great. Hello. Yeah, hello. Hello, am I audible? Thank you. Yeah. We can take next question, please. Sir, the next question is from Keval Barot from Axis Securities. Yeah, hello. Please go ahead. Am I audible? Yeah. Yes. Yeah. Actually all the questions that I needed to ask has been already questioned by my colleague, so I have no further questions to be asked. Okay. Thank you. Thank you. Thank you. We have next question from Akhilesh Gupta. Please go ahead. We have Pranjal Makhija from Growthsquare Ventures. Please go ahead. Mr. Pranjal, your line has been unmuted. Please go ahead with your question. Yeah, am I audible? Yes, sir. Please go ahead. Yeah. Sir, I do not have a question, but I have a small request, sir. I think we also asked this in the previous conference. If possible, sir, could you please organize a plant visit to the Haridwar facility? I think that would be really insightful, and we will be able to understand the new facility better. You connect to SGA or investor relations, they will make it. Okay, sir. Thank you very much. Next question is from Sanatu Chatterjee from Mount Infra Private Limited. Please go ahead. Thank you for this opportunity, and congratulations for great figured numbers. My question is on cash flow. As you have given prediction or guidance for FY 2026, that last on-call you said that we can become cash flow positive within FY 2026. Are we still on the same page or actually we are thinking that we can become cash flow positive in FY 2027? Basically, cash flow positive may take some more time what we were saying in FY 2026 because the projects have started and a lot of inventory is needed in that. All 24 projects have different sites. Hundreds of sites are open, and every site needs some inventory on that. So inventory number is increasing and the debtors numbers is going down. Put together, as I told in my opening remarks also, that every last six months, the working capital cycle has come down by 50 days. Another six months, it will be coming down. So it may take some more time for cash flows to become positive, but we are very hopeful that in financial year 2027, for sure we will be cash flow positive company. Because one thing we have to understand that AMISP business initially for first three years need a lot of investment because all meter installation, meter manufacturing and our software, everything has to be happening first three years. Because of inventory, this is going up, but we are hopeful of becoming cash flow positive by next year. Great. Another one, just want to clarify about your business cycle, that after achieving OGL status, is there any escrow account from where we are getting money or we are getting directly from the state electricity board itself? No, there is an account which is called DDF. There is a separate account being opened, a DDF account, and the money flows from the DDF account. Okay. Thank you. Thanks a lot. Thank you. Anybody who wishes to ask a question may press star and one on their touch-tone telephone. Next question is from Chandresh Malkani from Nikshay. Please go ahead. Hello? Yeah, we can hear you. Yeah. Thank you for the opportunity, sir, and congratulations. Sir, my question is on the investment that you mentioned about the JV platform. I think you mentioned about INR 1,100 or INR 1,200 crores. But in our earlier calls, I think the investment was about INR 1,600 to INR 1,700 crores. Is there any change over our- No, we have a commitment for the joint venture of $210 million. But now, seeing the requirement, we can envisage that it will not go up to INR 1,600 crores. It will not go more than INR 1,100 crores. Basically, INR 1,600 crores was the maximum committed to joint venture from Genus Power. But due to good cash flows coming to the joint venture and execution cycle, we feel that the maximum investment will go up to INR 1,100 crores. It will not go up to INR 1,600 crores. That does not have anything to do with the stake and obviously the exclusivity contract? No, absolutely. That has nothing to do with the stake, nothing to do with the exclusivity. We have to invest as per the requirement only. Requirement, we initially projected that there will be a requirement of around INR 1,600 crores, INR 1,700 crores from Genus Power for the same business. But now it has come down to INR 1,100 crores. For the same business, we will not go more than INR 1,100 crores. That will not be required. Okay, sir. Thank you. Thank you very much. Ladies and gentlemen, we will take that as our last question for the day. I would like to hand over the call to Mr. Kailash Agarwal for closing comments. Thank you everyone for taking time to join us today and for your continued interest in Genus Power. We can assure you that company is doing extremely good and it will be doing great in coming times also. Next five years, there is a clear-cut visibility to the company that where the revenue will be going and how the margins will be coming. And the company is going to do excellent. There is no doubt on that. Thank you very much. Thank you, everybody. Thank you. Thank you very much, sir. On behalf of Samviraj Securities, I conclude this conference call. You may now disconnect the line.