Q1 25/26

Aug 11, 2025

Quarterly report

Summary

Q1 FY26 revenue rose 128% YoY to INR 942 crore, with EBITDA margin up to 21.2% and PAT more than tripling. Guidance remains above INR 4,000 crore revenue and 18% EBITDA margin; installations and operating go-lives are scaling, while working-capital needs remain a focus.

Ladies and gentlemen, good day and welcome to Genus Power Infrastructures Limited Q1 FY 2026 earnings conference call hosted by Kaviraj Securities Private Limited. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. Please note, this conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Abhijeet Mukesh Purohit from Kaviraj Securities Private Limited. Thank you, and over to you, sir. Thank you. Good evening, everyone. Kaviraj Securities welcomes you all for Q1 FY 2026 earnings conference call of Genus Power Infrastructures Limited. Today, on the call we have with us Mr. Jitender Agarwal ji, joint managing director. I now hand over the call to him for his opening remarks, post which we will open the floor for Q&A. Thank you, and over to you, sir. Hello. Yes, sir. My phone got disconnected. I just connected again. Hello. Yes, sir. You are on the main call now, sir. Okay. Thank you, Abhijeet. Good evening, ladies and gentlemen. A very warm welcome to the Q1 FY 2026 earnings call of Genus Power Infrastructures Limited. The results and press release are uploaded on the stock exchanges and company website. I hope everybody had a chance to look at it. We have started 2026 with exceptional momentum, delivering another quarter of robust growth and operational progress. The performance this quarter underscores the scalability of our business model, the strength of our execution capabilities, and the depth of opportunity within India's accelerating smart metering transformation. Let me begin with an overview of our performance for the quarter ended 30th June 2025. In Q1, our standalone revenue stood at INR 942 crore, a sharp 128% increase over INR 414 crore in FY 2025 Q1. This growth was driven by accelerated execution across multiple projects, a substantial ramp-up in installation volumes, and strong demand from both state utilities and private AMISPs. EBITDA more than tripled year-on-year to INR 199 crore with margins improving 590 basis points to 21.2%, aided by operating leverage and disciplined cost control. Profit after tax from continuing operations surged over threefold to INR 128 crore, translating into a tax margin of 13.6% despite higher finance costs. Our total order book as of June 30th, 2025, stands at about INR 29,321 crore net of taxes across all SPVs and the GIC platform. These concessions span 8-10 years and provide long-term revenue visibility. Importantly, approximately 80% of AMISP revenue from this order book will accrue directly to Genus Power over the life cycle of these projects. This mix offers both near-term execution scale-up and annuity-like O&M income streams. The industry backdrop remains highly favorable. India is targeting the installation of 30 crore to 31 crore smart meters by financial year 2031-32, with only about 3 crore installed as on date and around 14 crore ordered. This leaves a large sustained pipeline of opportunities supported by healthy tender flow from multiple states. Based on current execution trends, we believe that the pace of installations will continue to accelerate, with some states already witnessing transformative benefits, such as improved financial health of the Electricity Board after large-scale smart meter deployment. We acknowledge that working capital intensity remains elevated during pre-operational phases owing to upfront investments in procurement, installation, and system integration. However, as more and more projects are going to achieve OGL status, a critical inflection point that triggers recurring O&M revenues and faster cash flow conversion, this is expected to ease meaningfully. We remain confident in delivering our FY 2026 guidance of over INR 4,000 crore in revenue and 18% EBITDA margin. This reflects both the scaling up of current projects and the operational maturity of those entering the O&M phase. The upcoming tender pipeline is also encouraging, with large opportunities emerging from many states expected to translate into meaningful order inflows over the medium term. With a proven execution record, deep technological capabilities, and a robust pipeline, we are well-positioned to sustain our leadership in India smart metering revolution. We thank all our stakeholders, customers, partners, investors and employees for their unwavering trust and support. We look forward to building on this momentum in subsequent quarters and beyond. We can now open the line for Q&A. 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 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. The first question is from the line of Jainam Jain from ICICI Securities. Please go ahead. Thank you for the opportunity. Congratulations on the great set of numbers. My first question is, what are the total number of smart meters we have installed in Q1? Genus Power? Yes, sir. Yeah, we have installed around 16 lakh smart meters in Q1. What is the total cumulative installation we have done till date of the total order we have received? Total order you mean? Yeah. Yeah. The total order is around 3.5 crore smart meters. Out of the 3.5 crore smart meters, we have installed as on date. I am talking of this is April, May, June. I have to make conclusion of those slides. I am sitting in August, but I have to say the numbers of what we did in the quarter one. Anything would be fine. As of quarter 1 in the last financial year, we have installed at an approximate of 45 lakh smart meters. 45 lakhs. There are still 3.5 crore smart meters pending. Orders are pending to be installed, right? Can you repeat? As of now, there are roughly 3 crore smart meter orders. Yes are yet to be installed, right? Yet to be installed. What is the target for installation in FY 2026 and FY 2027? What is the target? For installation of smart meters in FY 2026 and FY 2027. Next financial year. Both financial years, in this and in the next fiscal. This financial year, our target is to install around 80 to 90 lakh smart meters. Okay. In the next financial year, we will do around 1.1 to 1.2 crore smart meters. Okay, sir. Sir, my last question is, can you clarify the total number of meters with operational go-live status? Total number of meters with operational go-live status. Yeah. As on date, just give me one second. Around 21 lakh meters are operational. Okay, sir. That answers my question. Thank you so much and have a good day. Thank you, sir. I just want to clarify one thing to Mr. Jain. When I say 21 lakh meters are operational go-live, this is the meters where we have received the payments. There are more meters which are already OGL, but till we receive the payments, the first installment from the Electricity Board, at Genus, we don't call them OGL, though for the board perspective, it is already OGL. Just want to clarify, Mr. Jain. Okay, sir. Thank you, sir. The next question is from the line of Aditya Welekar from Axis Securities. Please go ahead. Yeah, thanks for the opportunity and congrats sir, for the great set of numbers. Sir, as you described, by FY 2032, almost 30 to 31 crore smart meters are expected to be installed. 14.3 crore smart meters are awarded. For the remaining 16 crore smart meters yet to be awarded, what will be the total addressable market value in terms of value, and what will be our share with that? We will definitely try to maintain our market share. It is very difficult to say out of the remaining 16 crores how much we will win. But what we have to understand two things here is, this is the addressable market, and you can take an average of around INR 8,000 per point. That is the total size of the addressable market. When we say by 2031, 16 crore more meters will be installed, there are a lot of new service connections also part of it. Okay. Currently, what is our market share, sir? Any ballpark? We have been maintaining around 25%-30% market share, and we continue to maintain that. Understood. Just related to that, sir, in the last call, you mentioned that the total tender pipeline amount is INR 27,300 crore. Which is open and expected to be quoted in the next 3-4 months. Any update on that figure? The 3 crore meter tender of Tamil Nadu is already quoted, which we expect to get decided in the next 3 to 4 months. Remaining 55 lakh tender, which is from Delhi and Pondicherry, that we expect to be quoted in this month. Understood, sir. Last question, sir. Any figures on working capital in terms of number of days, inventory and receivable days for this Q1? If you see in Q1, if you see the debtor days of Genus, if you compare the inventory days from last financial year and the debtor days from last financial year, it has already started coming down considerably. If you see, last year, we were hovering around anywhere from 195 to 205 days. Now we are hovering anywhere from 120 to 130 days in the debtor days. Same way, in inventory, we were hovering around anywhere from 170 to 180 days in the last financial year, which has already come to 160 to 165 days in the current financial year. So you'll continuously see improvement in the working capital cycle and the debtor days. Understood, sir. Thanks a lot. I'll get back in that case. Thank you. Thank you, sir. The next question is on the line of Pranjal Mukhija from Growthspire Ventures LLP. Please, go ahead. Growthspire. Hello? Yes, sir. Please go ahead. Hello. Yeah. Hi, sir. Am I audible? Yeah, please. Yes, sir. Sir, thank you for giving me this opportunity, and sir, congratulations on the brilliant set of numbers. Thank you. Sir, I have two questions. One is on the Tamil Nadu tender that has just recently come out, the 3 crore tender. Sir, I just wanted to understand the process that you have to go through for applying in this tender, and then what are the qualifications that are being asked in that tender. Can you just give a little details on the tender and the process of applying this tender? The qualifications I don't remember hands-on. But Genus qualifies, so we have quoted all six packages of Tamil Nadu. So we qualify in all six packages. The process is, once you bid the tender, there will be an evaluation done by the Electricity Board. There are multiple people who quote for multiple projects. So they will take, according to me, at least 2 to 3 months in evaluating all the bids. If there's any confusions or if there's any doubts, there will be some correspondence between the Electricity Board and the bidder. Then finally, Electricity Board declares these are the qualified companies. Once the qualified companies are declared package-wise, they open the price bid, and after the opening of the price bid, they'll go for the reverse auction. After the reverse auction, L1, L2 is decided. This is generally the process, and this is the process in Tamil Nadu. Okay. And sir, how many players will cater to this demand of 3 crore meters? Is it going to be one person will win it all or will it be multiple players? No, there are multiple companies who have quoted, and there is no restriction. Even a single party can take two projects or three projects, so there is no restrictions on the Electricity Board. But if you qualify Given that this is a slightly larger order, I think one of the largest orders from India right now. Just wanted to understand, is there some sort of pre-conditions or requirements for someone to bid in an order like this? Yes, there are preconditions. That is why there are companies who have quoted only one project, there are companies who have quoted two projects, there are companies who have quoted all six projects, and there may be many companies who did not qualify. Yes, there will be qualification criteria for such large projects. And sir, the second question that I had was, given that H1 is generally slightly slower relative to the H2 in terms of execution, do you see any challenges there on ground happening because of rains or shortage of people who would assemble all of these meters for us on ground? Any challenges there? Yes. You are absolutely right. Quarter one and quarter two are relatively slow because of the summertime, because of the rains, and you get less shutdown from the customer. So these are practical challenges which is being faced. Generally, quarter one, quarter two is relatively little slower than quarter three and quarter four. But incrementally, we see quarter on quarter improvement in terms of installation and on the production side as well. Yeah, I expect that to happen. All right, sir. And sir, one small request, sir. I think we discussed this when we visited the plant as well, but whenever possible, sir, please, we would love to visit the Haridwar facility as well. Please, you are most welcome. Talk to SGA, and they will organize it. Not a problem. Sure, sir. Thank you. And sir, congratulations once again on the good numbers, and good luck, sir. Thank you. Thank you, sir. The next question is from the line of Mahesh Patil from ICICI Securities. Please go ahead. Yeah. Hi, sir. Sir, a couple of clarifications. Tamil Nadu, you said you have applied for all six projects, right? Okay. Another one was the number of meters installed. You said 45 lakh. 45 lakh is as of Q1 or is it as of today? 45 lakh as of Q1. Okay. 16 lakh in this quarter, and I think 15 lakh you had installed in last quarter. Correct? Yeah. Around 30 lakh out of 45 have been installed in last couple of quarters. Okay. Sir, my question is on the margin. You have guided for 18% margin, but in this quarter you have around 21%, last quarter also it was around 22%. On a full year basis, you are saying 18% would be the sustainable margin going forward. Is that correct? 18% is definitely sustainable and we should do better than that. Okay. But still, given Q1 is from the higher side, you are still going with 18% guidance. Yeah, we are not changing the guidance. Okay. We are confident of achieving the guidance, what we have guided. Okay, sir. Thank you so much. Thank you. Thank you, sir. The next question is from the line of Abhilasha Satale from Quant AMC. Please go ahead. Yeah, thank you for taking my question and congratulations for a good set of numbers. Basically, I have a question on the cash flow. So in FY 2025, to generate that additional sales of around INR 1,250 crore, our working capital requirement has gone up almost by INR 850 crore, which is partly funded through internal accruals and partly through debt. Going forward, how do we see this number when we reach that installations of 1 crore, 1.5 crore on annual basis? And how is our balance sheet supporting that kind of working capital requirement? Kailash, you want to answer that? Basically, as JK told earlier also that there is a good improvement in the working capital cycle. If you compare that, going forward, the number of days for the working capital, the debtors, they will also reduce, the inventory will also reduce, and company is making a reasonable internal accruals. I think the debt will go up once the revenue will go up, but you will see a sizable improvement in the working capital cycle. That will be self-sustainable with some amount of the debt adding in it. Okay. Can you just give any directional figure in terms of even if you talk about, say, percentage of sales, because now almost if we see it is 50%-60% of sales we require as our working capital requirement. Do we see this number going down to, say, 30%-40% of sales? Right now if you see it is not 50%-60%. It is even more than 50%-60% of the total revenue that is happening. The best level we can see will be around 40% of the sales will be required as a working capital. It won't go up to a 20%-30%, but right now it is not even 50%-60%, even far higher than that. There will be almost a 20%-30% improvement from these levels going up to a 40% level of the revenue. And what will drive this improvement? Because the Basically, initial startup takes a lot of time. As Jitender Agarwal told earlier also, we are in the phase of initial startups to different projects and all. Once these all projects will be properly started. Many of the projects have already properly started, and you will see already we are seeing that there is an improvement in working capital cycle from the last quarter. The next quarter also you will see when 6 months numbers we will provide as a balance sheet, you will see there is a good improvement from first quarter to second quarter. Every quarter, as the projects will be well organized and running smoothly, there will be a benefit in working capital cycle and debtors there will improve. Okay. Do you have any targeted figures for debt by, say, FY 2026, FY 2027? Sorry. Internal, what is your debt in borrowing target internally? Right now, basically, it all depends how the working capital improves. We have our own targets that by this number, the working capital cycle will improve, but let us see for one or two quarters more that how it works and how it grows. Then it will be easier for us to give a target of the debt. Next quarter, we will be surely giving a target that now we feel that what we were expecting of the working capital, and that is moving in the same direction. Now at that time, we will be in a position to see that how our debt will also move. Sure. Thank you. Thank you, sir. The next question is from the line of Nikhil Abhayankar from UTI MF. Please go ahead. Thank you, sir. Thanks for the opportunity. Sir, in the note number 4, you have mentioned that the order book is INR 29,300 crore, and the order related to AMISP is INR 27,500 crore. Is the difference between the two around INR 1,800 crore-INR 1,900 crore of those third-party orders that we are just supplying meters to them? Yes, these are third-party orders and the orders from the utilities, which we have been doing historically. All the private utilities which are our customers, and there are some utilities who are still buying non-AMI meters. These are those orders. Are these recent orders? I mean, they have come or have they been on our books since last, I mean, several quarters? They have been booked in last several quarters because a lot of times the non-AMI orders go on till nine months, 12 months. A few are current, a few are six months back, nine months back. I do not have the exact breakup, but they are not very recent or immediate orders. Okay. And obviously the margins on these orders will be far higher than AMISP orders, our own platform orders. Is that assumption correct? Can you repeat? The margins on these are similar to what we execute for our own platform? The non-AMI orders, definitely the margins are a little less. Historically, that has been always the case. When it comes to smart meters being supplied to our own platform to the AMISPs, the margins are almost similar. Okay. And sir, till date you mentioned that we have 45 lakh meters operational. They all have started generating revenue for the platform as on date? Out of 45 lakh meters, we can install 21 lakh meters are already operational go-live, where we have started receiving the O&Ms from the Electricity Board. That has started generating the revenue for the platform. Only 1 lakh has started. 21 lakh. 21 lakh. Understood. The share of profit in the associates of INR 8.8 crore is largely related to the platform. There is nothing else in it. Yeah, absolutely. Okay, sure. And sir, just last question. How much equity infusion have we done in the platform till date? How much? Equity infusion. We were supposed to do somewhere around INR 1,700 crore. That number we have to come back. I exactly don't remember the number, but it will be lesser than INR 100 crores. Till date, less than INR 100 crores we have invested. Yeah. Exact number we can provide. I will provide you the exact numbers. Sure. Thank you, and all the best. Thank you. Thank you, sir. The next question is from the line of Ashwani Sharma from Emkay Global Financial Services Limited. Please go ahead. Yeah. Good afternoon, gentlemen, and congratulations for stellar set of performance. Just one question on the guidance. You have guided for INR 4,000 crore of top line for this year. Looking at the Q1, and then Q1, as you mentioned, is slightly where you face certain challenges. Is there a probability of revising our guidance upwards for the current year and the next three quarters? We Yeah, I can answer you. We will be surely doing that, Ashwani. We are just waiting for one more quarter to happen, because second quarter normally because of rain and some things up, sometimes is not very good. We are very hopeful that we will be doing the better in the coming quarters, and surely after once the 6 months are finished, we will be revising our guidance for the revenue also and for the profits also. Great, sir. Thank you very much and all the best. Thank you. Thank you, sir. The next question is from the line of Chandresh Malpani from Niveshaay. Please go ahead. Hello. Yes, sir. Please go ahead. Yeah. Thank you for the opportunity, sir. In our opening remarks, you mentioned that 80% of the total order book at our platform level flows back to Genus. Can you just break it up into, let's say, the installation phase and the O&M phase. When you are installing the meters, how much of this revenue will get book and rest, which is the O&M period of 8-10 years, how much would that be? Just to make it up simple for everyone. Around 55%-57% of the revenue will come in the first 3 years. That is where the meter supply, installation, and the system integration will happen. And remaining, around 20%-22% will happen in the O&M in 6-8 years. If you will break up like the total order book as on date is, take a round figure of INR 29,000 crore. Out of INR 29,000 crore, INR 2,000 crore is the direct business for Genus there. So INR 27,000 crore comes from the platform. Out of that INR 27,000 crore, 80%-85% comes as a revenue to Genus. Out of that, 55%-58% will be in first 3 years. So you can take an approximate figure of around INR 10,500 crore is like supply and around INR 4,000 crore in installation. Almost INR 16,000 crore revenue will come in next 3 years in supplying and installation, and around INR 7,000 crore remaining as in O&M in remaining 6-7 years. This is how you can break up a whole order book. Okay. Got it, sir. Secondly, what would be your offering? If I have to understand it right, we supply meters, communication, as well as Head End System, and also do the installation for our platform and O&M we are already doing it. Is it the right way to understand? The right way to understand is that Genus is doing a complete end-to-end solution providing. Genus meters installed by Genus, Head End System also belongs to Genus, installed by Genus. Then the data goes to MDMS, again belongs to Genus, installed by Genus. O&M is also done by Genus. The complete gamut of the solution is also designed and developed by Genus and maintained by Genus. Okay, got it, sir. Lastly, this is about a news article. I would need a clarification from you here. There is an article that for now, Goa project, where Genus was blacklisted for some technical reasons, and even we participated in Rajasthan tender. Any clarification on that side or what is- There is absolute clarification on this. Whatever, in Goa, in the website, they mentioned last year, these two companies have been blacklisted by us. Never any notice or anything was given to Genus. Almost after one and a half months of this uploading done by the Goa board came to our notice. Immediately, we went to the High Court, where it was absolutely illogical and unjustified. In the first hearing, High Court quashed that uploading from the Goa government and really gave them a strong message that this is absolutely unjustified and wrong. Genus was never blacklisted logically, in the past also. Whatever the tender decided by Rajasthan is absolutely as per the terms and conditions of the RDSS and terms and conditions of the Electricity Board. Whatever has come in the news, today only it came to our knowledge also, which is very surprising, and we have already given our written clarification to the media, and I am pretty hopeful that media will also clarify this very, very soon. It is quite unfortunate that without taking our version, without even asking us, the report has come in the media, but yes, we have given them the clarification. Okay, got it, sir. Thank you, and all the best. Thank you. Thank you, sir. The next question is from the line of Yashavardhan Agrawal from IIFL Capital Services Limited. Please go ahead. Hi, sir. Am I audible? Yes, sir. Thank you, sir. Congratulations on good first half number, and thanks for this opportunity. I have couple of questions. The first question is that, what is the risk to our supply chain in terms of whatever is happening globally? Do we face any uncertainty in terms of sourcing of parts from China? Just to give you a heads up on that, smart meters comes in Category 1. Smart meters is completely designed and developed in India, manufactured in India, with more than 60%, 65% of the value addition happens in India. We are already in Category 1 as an industry, as a product. Genus is even higher than that, but I want to speak about the industry, so we are Category 1. There are a lot of components which comes from Korea, China, Taiwan, U.S., and we face absolutely no problem in the supply chain. It is absolutely smooth in the current state of affairs. Got it, sir. In terms of manufacturing communication system and relay, these two are very important parts when making a smart meter. Are we sourcing it domestically or we are dependent upon other countries? What is the proportion? Sorry, sir, just to continue it. Compared to earlier versus now, have we increased our sourcing from India or has it been constant or dependent upon third countries? We are continuously building the Indian supplier base. When it comes to relay, we are importing it also, and we are getting it done in India also. When it comes to communication, radio frequency communication, RF, Genus has designed and developed its own RF. In all the projects, wherever we are using the RF as a communication, it is Genus designed and developed and Genus make only. When it comes to cellular communication, cellular also, the NIC card is designed and assembled by us, and the components are, as we are sourcing components for different electricity need also from different parts of the world and the semiconductor giants like Texas Instruments, Renesas, same thing we are doing for the communication semiconductor also. Got it, sir. We are pretty much clear on the communication part, but just continuing on the relay thing, you told us we are sourcing it from India as well as importing it. Has the Indian component increased over time? If you could share the percentage, what part of it we are sourcing from India. India is continuously growing in it. Still, the capacity has constraint in India. That is why we have to import it also. Exactly, I am not in a position to tell you what is the percentage we source from India or we import it from outside. But yes, we are getting it developed in India also. Got it, sir. Thank you. Sir, another point. In the initial remarks, you told that for FY 2027 guidance, that you have given 1.1 to 1.2 crore meters installed. That is under AMISP or that includes servicing for providing smart meters to third parties as well? No, that will added. It covers the number of meters to be installed by Genus. Yes, sir. Okay. That includes just the AMISP part, right? Not providing it to the third parties. Yes. Got it. Thank you so much, and good luck. Thank you. Thank you, sir. The next question is from the line of Darshil Pandya from Fininterest Capital. Please go ahead. Hi, am I audible, sir? Yes, please. Sir, my question is more related to installation things. In cities like Mumbai and other parts, we are seeing some public pushback with regards to concerns around installation practices, billing, and all these things. Even in my own housing complex, the installations were halted. Just wanted to understand view from your side and how is it beneficial for the consumers. Are they adequately safeguarded? Because these kinds of risks are always there for our business, and want to understand how things are for us. Just to. I've been talking about this multiple times. That smart meter is not only for utilities, it is for everyone. A smart meter is no more a luxury, it's a necessity. The way electricity consumption is growing all across, a smart meter is a must. And the benefits to the consumer, if you see, there will be zero intervention of the human being. The government has already offered three, in some places, even 5% rebate on the prepaid systems. You will have a complete control on the consumption of the electricity in your palm, through your app. You will get to know what is happening in your electricity consumption at home. Plus, you get a free solar meter along with the smart meter. Practically, you are getting a device ranging anywhere from INR 3,000 to INR 4,000 free of cost by the government, and then it will be maintained for next 10 years by the private company. So you are getting something absolutely free of cost, which has a solar meter inbuilt into it. So even if you do a solar installation, you don't have to buy anything, otherwise, you will have to buy a solar meter and a net meter. Practically, you are getting a gift from the Government of India free of cost. Plus, whenever and already central government has passed Time of Day use, which is everywhere in the world, it's still not implemented in India. It has to happen over the period of time. And the only way to do Time of Day use will be, you need a smart meter for that. That will be a huge advantage to every consumer, where he will get Time of Day use, he will get much cheaper electricity than he's paying a standard price all across the 24 hours, where the electricity is purchased much cheaper at some times and much expensive at some times. So there are multi benefits to the consumer, and there will be anything that new will come, we are a democratic country, there will be some issues here and there. But the smart metering journey is flourishing very fast across the country. You'll see every month, if I talk of last month of July, which was raining very badly all across the country. Still, to the best of my knowledge, more than 3.5 million meters has been installed across the country, 3.5 million meters. There's no stopping smart meters. Correct. No, sir. I just asked with regards to there were some outages, so I was just concerned about the risk that is associated with it. Which is very- Yeah. People get misguided. Very frankly, if I am a consumer, I am getting a gift from the Government of India of INR 3,000-INR 4,000 device without paying a single penny from my pocket, the latest technology with so many benefits. And the immediate benefit which I can see is 3%-5% rebate on the prepayment, plus a free solar and net meter, which otherwise I have to buy from the market of INR 1,500-INR 2,000, somewhere even INR 2,500 when it is in shortage. So I see only advantage to the consumer. All right. Thank you, sir. Thanks for clarifying a lot of things. I wish you all the best for the next coming future. Thank you. Thank you. Thank you, sir. The next question is from the line of Dash from Axis Securities. Please go ahead. Yeah. Hi, sir. Congratulations on a good set of numbers. I just had one question, sir. Basically, just wanted to know your views and updates on the export segment and the water meters and gas meters segment. For water meter, if you will see the water meter and the gas meter. Water meter currently have a higher potential than the gas meter for the export market. This is what our understanding currently from last three years, whatever work we have done in the international market. We are seeing a good momentum of water meters in the Western and the MENA markets. But the meaningful revenue will, however, take at least 2-3 years to materialize. That is where you will start seeing a very meaningful revenue, which is coming to the company. Same way, water meters have a fairly good scope in India, which is also building up. If you will see Jal Jeevan Mission, almost I think 19 crore installations to be done, and 12 crores are already done. Slowly and gradually, everything has to be metered by the Government of India. So even in domestic, we see water will have a significant future. When it comes to gas meter segment, we are more focused on expanding reach of our data loggers, which can be utilized by gas utilities to extract data from their existing installed gas meters. So yes, slowly and gradually it will pick pace. Gas meters currently we are not seeing as a very large business. It will be more like a non-AMI single phase meter business in India. So it will have a reasonable size, but currently we don't see it exploding like the electricity meters. Understood. Is there any color on the export for the smart meters? Pardon me. Color on export of smart meters. Smart meters, for electricity smart meters, we are already working in two, three major markets, especially ANRED, Middle East, Southeast Asia, and some of the African markets. We are seeing a good traction there. This financial year, I would say that export business revenue will go little bit up from the last financial year. There won't be a major difference in this financial year, but from next financial year, you will see a much meaningful revenue growth in the export business from the markets we are already working upon. Understood, sir. Okay. Thank you, and all the best. Thank you. Thank you, sir. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please strictly limit your question to one per participant. The next question is from the line of Yash from Sanshi Asset Management. Please go ahead. Thank you. Congratulations, sir, on the great results. Sir, I wanted to ask you with respect to ED raid. Is there any finding that could result in future obligation with respect to Genus Power specifically? After the search, after that, we haven't received anything from the department yet. It's almost seven months has passed, and we haven't received anything from the department. If anything will be received from the department, then only we can say that. We don't see there is any impact on the company because of that, with the revenue or the sales or the ordering or anything. Last seven months, we haven't received anything from the department. Okay. You haven't got any clarification or notification from ED only? Sorry? You haven't got any clarification or any additional information from ED only? No. After the search and inquiry, from last seven, eight months, we haven't received anything from the department regarding this. Okay. Okay, sir. Thank you. Thank you, sir. The next question is from the line of Rohit from Intelligent Capital. Please go ahead. Yes. Hi, sir. My question is regarding working capital again. I understand again, because of reinstalling the smart meters aggressively now going forward, I think, last year you did mention that this year guidance and the next year guidance would be more like a 20% up than FY 2026 is there. Based on the aggressive installation of those meters, is it fair to assume that the working capital issue would remain a bit constrained at least for the next two years or three years until the O&M revenue really kicks in majorly? No, I don't think so. Basically, here you have to understand that if you see the absolute numbers, the absolute numbers will surely go up because the revenue is going up. Before last year it was INR 1,200 crore. Last year it was INR 2,400 crore. This year we have given a guidance of INR 4,000 crore, and even we feel that we have to revise the guidance also. Next year also there will be a good jump in revenues also. Once the revenue is growing, absolutely you will see that in absolute numbers, there is increasing of working capital. But when you see the percentage or day-wise, surely in FY 2026, it will be better than 2025. In FY 2027, it will be better than 2026. In 2028, it will be better than 2027. Every time the number goes up, you will see in percentage-wise, in absolute day-wise, there is an improvement in working capital. Got it. Is it safe to assume that maybe by FY 2027 ending, the cash flows will be positive cash flow from operations at least? Sorry, which FY you are saying? Sorry? You are saying FY 2026? Yes. FY 2027 I am saying. FY 2027 ending can be- No. We feel that by FY 2026 itself we will be cash flow positive. Cash flow positive. Definitely. Oh, perfect. That is good. Sir, last one question from me. I think that was something that was written in investment presentation. A bit clarification on the demerger aspects. Basically, what percentage of revenue and the business of the entity that is getting demerged. Maybe a bit clarification on that. What is the percentage of- There is absolutely almost nil number of business or the profits going out of this demerger. These are mainly the investments that were in non-listed companies of the group and other than group that is going out. Got it. Looks good, sir. Thank you so much, sir, for the insight. Thank you. Thank you, sir. The next question is from the line of Harshal from Titanium. Please go ahead. Yes. Thank you for the opportunity. First of all, congratulations on the results. Sir, I had a question regarding the debtor days only. What will be your future guidance regarding the debtor days? Is there any different practices from the industry you are following to increase the operational efficiency? Your voice is not very clear, but what I understand, you are talking about the debtor days. Correct. So debtor days, as I see- Yeah. Can you please clarify your question? Your voice is not clear. Okay. Am I audible now? Yes, sir. Not very well. Can you please use your handset, sir? Am I audible now? Yes, sir. Yes. Better. Better. Yes, sir. What would be your future guidance regarding the debtor days? Is there any different practices you will be implementing from the industry which increases your operational efficiency? Data days, for us, we are supplying most of the meters or most of all AMISPs being done through the platform. Correct We will have certain agreements with the platform about the data days. But initially, as I told earlier also, it is an initial phase where we are starting the projects. That is why it is getting delayed in terms of inventory also, and in terms of data day also. The exact proper numbers of data day, we will be seeing another one quarter also, and after second quarter, as I told in the earlier question also, we will be in a better position to give you a proper number where we could see our data days. Okay. Got it. Thank you. Thank you for the opportunity. Thank you, sir. The next question is from the line of Alok Shah from SRE PMS. Please go ahead. Hello, sir. Am I audible? Yes, sir. Yes, please. I just want to understand that in this current year, are we expecting any fresh raise of funds through debt, or can you guide me the debt level at the end of the year? I have answered the same thing for an earlier question also, that debt levels, we are just working on our working capital, that how it looks like. We have our internal target for debt and working capital. We will be more clear after this quarter, after quarter two H1. In the conference, we will give you a proper number where we see that our debt will lie in this financial year and how our working capital cycle will be. Okay. Thank you. Thank you, sir. The next question is from the line of Rahul Kothari from VRK Ventures. Please go ahead. Mr. Rahul, your line is unmute. Please go ahead. As there is no response, the next question is from the line of Pranjal Mukhija from Growthspire Ventures LLP. Please go ahead. Hi, sir. Thank you for giving me this follow-up opportunity, sir. Just one question. Could you please share some data around the total capacity of smart meters in India currently? Do we foresee this capacity to be sufficient to cater to the demand of 31 crore to 32 crore meters? I am only asking this because, again, there are new players who are trying to break into this market, and they are citing this lack of demand. This difference between demand and supply to be the reason why they are entering this market. Just wanted to understand, given that the government has also sort of extended the deadline for this target. What is the current capacity in India, and will it be sufficient to cater to the 31 crore, 32 crore meter demand? Current capacity in terms of manufacturing of the smart meters? Right. Yeah, it is more than sufficient. Current capacity is not a problem. Rather, I will suggest all the new players who want to enter into this market, please do your survey before entering into the manufacturing. Any idea on the number part of it? What will be the number, approximate number? In general, what we understand from the manufacturing capability of the large players, the country has a comfortable capacity of, I would say, 7 crore to 8 crore meters per annum. Great. Thank you, sir. This was really helpful. Thank you. Thank you, sir. Thank you, ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to Mr. Jitendra Agarwal for closing comments. Over to you, sir. Thank you all for joining today's call and your continued engagement. Q1 FY 2026 has reinforced the strength of our integrated business model, our execution agility and the structural tailwinds driving India's smart metering transformation. With over INR 29,000 crore order book, clear revenue visibility, and projects steadily transitioning to the operational phase, we are uniquely positioned to capitalize on this transformative national infrastructure upgrade. We remain focused on disciplined execution, prudent capital allocation, and delivering long-term value to all stakeholders. I thank you once again. Thank you, everybody. Thank you, sir. On behalf of Kaviraj Securities Private Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your line.