Q4 24/25

Jun 2, 2025

Summary

FY25 standalone revenue more than doubled to INR 2,442 crore, while EBITDA rose 247%. FY26 guidance targets INR 4,000 crore revenue and an 18% EBITDA margin, supported by a large order book and rising meter installations.

Ladies and gentlemen, good day and welcome to Q4 FY 2025 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 the 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 expectation of the company as on date of this call. These statements are not a guarantee 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 Private Limited welcomes you all for Q4 and FY 2025 earnings conference call of Genus Power Infrastructures Limited. Today on the call we have with us Mr. Kailash Agarwal, Vice Chairman, and Mr. Jitendra Kumar Agarwal, Joint Managing Director. I now hand over the call to Mr. Kailash Agarwal, post which 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 the Q4 FY 2025 earning calls of Genus Power Infrastructures Limited. The result and press release are uploaded on the stock exchange and company website. I hope everybody had a chance to look at it. FY 2025 has truly been a landmark year for Genus Power. A year that showcased our strategic execution strength, significant scale-up, and robust financial performance. It was a period marked by record-breaking growth across key operating and financial metrics, driven by strong tailwinds from the nationwide smart metering rollout under the RDSS scheme and our focused efforts to maximize throughput, operational efficiency, and customer engagement. Despite a dynamically evolving policy and operational environment, we have delivered a performance that has firmly solidified our leadership in India's smart metering transformation. Let me begin with an overview of our performance for the quarter ended March 31, 2025. In Q4 FY 2025, we achieved standalone revenue of INR 937 crores, representing a strong growth of 123% over Q4 FY 2024 and 55% on a sequential basis. This sharp uptick was driven by accelerated execution across ongoing smart metering projects and improved offtake of smart meters from various utilities. Our EBITDA came in at INR 208 crores, rising sharply by 276% year-on-year, with margins expanding by 905 basis points to 22.3%. This expansion was driven by improved operating leverage, disciplined cost controls, and a favorable product mix. Profit after tax for the quarter stood at INR 129, more than four times higher than Q4 FY 2024. Coming to our full-year standalone performance for FY 2025, our revenue more than doubled to INR 2,442 crores from INR 1,201 crore in the previous year, reaffirming our ability to execute at scale. EBITDA surged 247% year-on-year to INR 470 crores, with EBITDA margin improving 797 basis points to 19.2%. PAT grew nearly four times to INR 298 crores. These results underscore the strength of our end-to-end model from in-house manufacturing to software integration and validate the foresight of our early investment in capacity technology and backward integration. It also highlights the sharp operating leverage embedded in our business model. As on March 31, 2025, our order book stood at INR 30,110 crores net of taxes, covering projects across multiple SEBs and the GIC platform. These concessions span 8-10 years, offering clear multi-year revenue visibility. While new tender activity has moderated temporarily, we believe this is a natural pause as utilities absorb earlier orders, and we expect activity to resume over the medium term, particularly from the southern states. Our working capital positions saw temporary elongation during the ramp-up phase, a trend we had foreseen and communicated earlier. However, with more projects moving into their stable operational phase, we expect gradual normalization over the coming quarters. We are also pleased to share that the honorable NCLT Allahabad bench has sanctioned the scheme of arrangement of the demerger of our strategic investment business into Genus Prime Infra Limited. The strategic move enhances focus, improves capital allocation, and unlocks value for the shareholders. As we step into FY 2026, we are entering the year with enhanced visibility, strong momentum, and a sharper focus on operational delivery. For FY 2026, we are targeting a top line of INR 4,000 crores, which would translate into a year-on-year growth of almost 60%, and EBITDA margins of 18%. This reflects our confidence in the robustness of our execution pipeline and the operational maturity of key projects moving into OPEX phase. As a forward-integrated technology-enabled AMISP with software solutions such as headend systems and meter data management, Genus Power is uniquely positioned to lead India's smart meter grid revolution. Our continued investment in innovation, people and infrastructure are creating a robust platform for sustained long-term valuation. We thank all of our stakeholders, customers, partners, investors, employees for their unwavering trust and support. We look forward to building on this momentum in FY 2026 and beyond. I now request to open the line for Q&A. Thank you very much, sir. 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 withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset 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 Aditya Welekar from Axis Securities. Please go ahead. Yeah, thanks a lot and congrats for the great set of numbers, sir. My question is with respect to new tendering or order pipeline. You mentioned in your prepared remarks that you expect that to pick up in the medium term, especially from southern states. Can we expect this pipeline to increase by FY 2026? Are you seeing any tailwinds emerging in southern states that they will go ahead with the tendering? Any color on this, sir? Currently, you see already the tenders have started floating. As on date when we are talking, there is a tender value worth INR 27,300 crores is already open up. Which will be quoted in the next three to four months. Yes, tender pipeline is improving. Majorly right now, Madhya Pradesh, Tamil Nadu, Haryana is coming out with large tenders. In future, we also expect lot of tenders from West Bengal, Telangana, Kerala, Chhattisgarh. All the states will be coming. Since the program of RDSS has taken a very good shape now and it is moving in a very rapid pace, these people will also cover up in the times to come. Next three to four months, you will see a good pipeline of tenders coming out. But it will take Tenders will come out, you quote. It takes three to six months for them to convert into orders. Okay, understood, sir. Second question, sir, with respect to guidance. Last time you said that we expect margins in the range of 15%-16%, but you are now confident of 18%. What has changed? What are the drivers for improving our margins from previous guidance to now? The major driver has been our cost control and what we envisioned three years back. We could see the results clearly with our backward integration of the software and forward integration of providing end-to-end solution. That is helping us in the margin. Of course, with the volumes increasing, both combined together, we are giving this guidance now. Understood. That's it from my side. Thank you. Thank you. Thank you. The next question is from the line of Ashwini. Please go ahead. Yeah. Sir, good afternoon and congratulations for a stellar performance. My first question is on the. Sir, if you could share us with the number of meters that have been installed in FY 2025 and in Q4, that will be helpful, sir. For the whole industry or for Genus? Genus, sir. Exact number I do not remember, but it will be approximately 1.5 million meters. 1.5. When you say INR 4,000 crore of top line, in terms of volume, how much it would be, sir? In terms of volume, it will be a significant increase in the installation of meters because the pace has picked up significantly. I expect at least 7 to 8 million meters to be installed in this year. Okay, sir. And sir, in terms of working capital, where do you see. I mean, if you can just give us some idea in which all states we have achieved the OGLs and in the near term, which all states you will achieve that. Just to get some fair understanding on the working capital, how it is panning out. So as on date, all the projects, as you see the last year, all the projects came almost at the same time. They all decided almost at the same time. That is why there was suddenly a lot of backlog being created. Now on the operational go-live, most of the states are either done or will be done in maximum next 2-3 months. Rajasthan being the last one to get into the order, so it will take 2-3 months, but otherwise already on the go-live is Chhattisgarh is already go-live. Maharashtra is go-live. Assam, all the projects are go-live. Bihar, all the projects are go-live. And further, which will be very soon go-live will be Uttarakhand, Uttar Pradesh, Rajasthan. So almost every project will be operational go-live in maximum next 3 months. Okay. Third is on the margin front. Our EBITDA margin for FY 2025 was very strong, upwards of 22%. We are guiding 18%. Why we are guiding for a lower margin for the entire year? Is it conservatism or you think that things will kind of Do you see some increase in the cost going ahead? We want to maintain this 18%. We want to commit what we are sure of. Okay. Lastly, We want to maintain this 18. Lastly, our contribution on the platform. If you can just, is there any update on our investment in the platform? Exact numbers, the total is not available with me right now. We can provide you those numbers. Otherwise, you can find all the things on the website of the platform also, where it is always updated. What are the numbers that have come from GIC and what is the contribution of Genus Power also. Still, we will get back to you on that with the exact numbers that what our contribution has gone in there. Sure, sir. Thank you very much and all the very best. Thank you. The next question is from the line of Darshil Pandya from Fintrust Capital. Please go ahead. Hello. Yeah, we can hear you. Yes, Darshil, you are audible. Please go ahead. Am I audible, sir? Yeah. Thank you. Sir, congratulations firstly on a very great set of numbers. Congratulations to the whole team. Sir, first question would be in the line of what kind of order inflow are we expecting for this year? As I just answered the same thing to the previous gentleman, currently few states have come out with the large tenders, which will be decided in next three to six months. We are confident that we will be having our own share in these tenders. All the order pipeline, order booking, I would expect will happen in next three to six months. It will take some time because the tenders will be quoted, and evaluation. It takes minimum six months for them to have a final. But any ballpark number or something that this kind of order inflows are something that we will be expecting? Historically, we have been maintaining our mark. Historically, whatever the market share we have been maintaining from so many years, we try our best to continue to maintain the same. Okay, fine. Got you. Second point will be on the interest and the debt cost for this financial year. What are we expecting? Will the debt, we will be increasing our debt or what position it will be in this financial year? I just wanted to understand that. Yes, there will be certainly some increase in the debt, but not in the ratio of increase in revenue. So revenue will increase by another 60%, but debt will not increase in that ratio. Any figure do you have, sir, in Exact figures I do not want to give right now because we are expecting a good number of improvement in the working capital in coming quarters. Say, next one or two quarters, we are expecting a good improvement in our debtor day and improvement in working cycles and inventories. We are working on that. After one or two quarters, we will be very clear that, what position or where we will be standing in the terms of debt. Absolutely we can say right now that it will be, if there will be any increase or it will be increase, there won't be in the same ratio what we will increase in the revenues. Got it. Sir, final question for Kailash Agarwalji. Sir, just wanted to understand the opportunity right now as compared to what it was last year. What kind of opportunities are we seeing with regards to smart metering? JK will answer that. He can answer that. We are expecting the same opportunity because if you see the overall program of the RDSS, only 50% is, not even complete 50% is yet decided. There is a long opportunity available in the market for all of us. Got it. I will fall back in with you, sir. Thank you so much for taking my questions. Thank you. The next question is from the line of Nikhil Jain from Galaxy International. Please go ahead. Yeah. Thank you for the opportunity, and congratulations on a great set of numbers. A couple of questions. What do you think would be the peak debt that we would be kind of looking? Would 2026 be the year of peak debt or going forward also there would be further increase against the execution? Very difficult to say that for sure because from 2026, 2027, we will be certainly better in terms of revenue, seeing the order books and all. As I told in the last answer also, this is only one year. This was only 2025 was only first year where we have started doing execution of the smart meters and all. We are just exploring and working that where our working cycle or working capital debtors will land up. Next three months to six months, we will be very clear that where our working cycle days will end up, and according to that, we will have a plan of going for a debt and all. We expect a very good improvement in our working capital cycle because in next six months, our most of the projects will be go live, all the projects will be started or all the payments, we will see how the payments are coming with the utilities and all. Basically, there will be a clear clarity on our mind. Then it will be good for us to give a clear picture that what will be the best or the highest rate at which our debt will land up. Surely, we personally expect that it will be, in terms of percentage, it will be to the total revenue, it will be coming down, but in absolute numbers it can go up. Okay. Thank you for that. Just another question on this. Projects where we have already done the go-live, how has been the experience in terms of receiving the payment from utilities? Whatever was earlier thought or, let's say, anticipated, is that happening? The payments are coming on time, or is there any gap or the initial, let's say, hiccups that are actually happening? There are initial hiccups in some of the utilities, but in general, they are as per the expected timeline. RDSS is a central government scheme, so every state utility is following it up, and even central government is also reviewing it very religiously. I do not see There are initial hiccups, but in the longer run, I do not see any problem in that. Okay. And sir, the final question. Sir, any update on the ED raid that actually happened last year? Besides whatever has been published in the notes so far. The information we have provided, we are still with the same information that we have provided to the exchanges and to our investors. After that search and all, we haven't received any communication either from the department or from any court or any summons and all. So we are at the status quo. Any information or anything comes to us, we will be first to inform to our investors and to the exchanges. Okay. Thank you. One thing I would also like to clarify one thing on this, that has not affected anything on the company's working, that you can see with the fourth quarter results and all and whatever the numbers we are expecting in the coming years. Okay. That's great. Great to hear. Thank you. Thank you. The next question is from the line of Bhavin Chheda from Enam Holdings. Please go ahead. Yes, sir. Congratulations on excellent numbers. Sir, a few questions for- I am sorry to interrupt. Mr. Bhavin, your voice is coming very low. Can you please come to the- Yeah, now it is clear. Yeah. Yeah. Sir, congratulations on excellent number and a strong guidance and a strong order book. If you can give two, three numbers, what was the execution of smart meter production as well as installation in fiscal FY 2025? If you can give the last quarter also. Last quarter, as I said, we installed at Genus Power, we did around 1.5 million meters. Overall in the country, as on date, around 22 million smart meters have been installed. I am not saying. I am just giving very ballpark numbers. There have been multiple programs in the past also. Different programs have different data. I am talking of the ballpark numbers. These are Genus Power numbers, right, sir? Genus last quarter has installed- Genus Power, yes. Genus Power, last quarter we have installed 1.5 million meters. 1.5 million meters, roughly 15 lakh. For a year it would be fiscal? In the last complete financial year? Yes. FY 2025. In the last complete financial, exact number I do not have, so I do not want to give any approximate number. I will let you know through our investor relations group. Not a problem. Okay. Second, sir, if I see debtors has gone up sharply and you also indicated that overall working capital will come down. But if you can guide some numbers there, because inventory is roughly INR 850 crores, debtors have more than doubled to INR 1,365 crores. So what are the steps? I think after the installation process, after the approval, these receivables starts coming down. And inventory also, what was the inventory like and when the additional meters would be installed and this number starts coming down? And how should we model the overall working capital requirement going forward? Because if I am seeing your number, it was roughly INR 1,800 crores, which was roughly 75% of annualized sales. So what number should we model as we go forward? Basically, one thing you have to understand that the total number you are saying is INR 1,350 or INR 1,800 crores, which is 75% of the total order book. When we talk about inventory, only inventory will remain almost at these levels or maybe a little higher or maybe a little lower. Because we have to understand that basically almost there are 25, 26 projects that will be working in different areas. And every different area, we have to keep the metering, the inventory for installation of meters and all, and then the raw material and the manufacturing. The manufacturing has also increased sharply. The production lines have also increased sharply. Basically, inventory, I don't think there will be any major improvements in the inventory. There may a little here and there. There will be certainly improvement in the debtors days, because basically last year only all the projects were started and initial hiccups were there for OGLs and FATs and everything. And now the things are improving. Basically, we are in a very good position. In next three to six months, we will be in a very clear position or very good position where we will see that where our debtors days are going. For sure, there will be improvement. And when we say 75%, there may be an improvement of 10%, 15% of this in next, say. And it will happen on quarter to quarter. It is not going to happen that next quarter you will see a tremendous number, or next two quarters you will see a tremendous number. Every quarter from this quarter, you will start seeing, even from June quarter, first quarter of this financial year, second quarter of this financial year, every quarter you will see some improvement is happening. Sure, sir. And sir, last one on FY 2026. What will be your equity infusion into the GIC platform? That exact calculation I don't have right now, but the broad numbers I can give you is around, you can say, $35 to $30 million USD. $30 to $35 million will be your contribution. $25 to $30 million. Your contribution from Genus Power standalone balance sheet into the platform. Into the platform, yeah. This year, if I see the balance sheet, this number was just roughly around ₹25 crores. Till date you have infused ₹25 crores? Yes. That is the right number, right? Which will go to- That exactly right number or not, I have not seen that, but it will be approximately like that only. Okay. Thank you, sir. Okay. Thank you. Our next question is from the line of Chandresh Malpani from Nivesha Investments. Please go ahead. Hello. Hello, am I audible? Yes, sir. Please go ahead. Yeah, you are audible. Please. Thank you for the opportunity, sir. Basically, like you mentioned, 1.5 million number of meters that was Genus supplied in Q4. Just trying to understand our average selling price per meter and the component breakup, if you can provide, out of this, are we booking revenue on the meter, headend system, communication, and also on the installation? This 1.5 million is the meter installed by us. That was the question asked. Yeah. In terms of supply, we supply much larger numbers than this. There are two ways of recognizing the revenue. One is what we supply to the platform, which is supply and installation, and what we sell otherwise to the different AMISPs, to electricity boards, our conventional meters. These are two different areas from where we recognize the revenues. Okay. And sir, it would be right to understand this sales component includes three to four components like meter, head-end system, communication also? When we are supplying to the platform, it includes everything. The meters, the head-end system, different softwares. When we do installation is also included as part of it. I mean, to the platform, it includes all this. Okay, got it, sir. Secondly, you mentioned about the working capital to improve further. Just, I want to understand on that INR 3,000 odd crores of trade receivable, how much would be outstanding from the platform? The exact number we will provide you. Exact numbers are not right now with me. It will be, I think, almost 60% to 70% will be with the platform only. But exact numbers we can provide you through our SGA. Okay, sir. Lastly, on the other expenses side, last quarter it went up because of some notional loss. This quarter, there was some improvement. Was it on account of this notional loss not there, or how should we see this other expenses going forward? It is almost at the same levels. There is no big difference in that. In absolute numbers, if you will see, whatever is the benefit that is in the terms of percentage only because of the revenue increase. Otherwise, in absolute numbers, it is almost at the same levels. Okay. Lastly, depreciation also increased during this quarter. Was it related to commercialization of the Guwahati plant? Yeah, absolutely. Whatever the CapEx the company has made in the Guwahati and other plants. Okay, got it, sir. Thank you. Thank you. The next question is from the line of Deepanshu from Hem Securities. Please go ahead. Good afternoon, sir. First of all, congratulations on great set of numbers. Sir, my first question is, can you help us understand the industry scenario as of now? Out of 25 crore meters, how much meters has been installed and what has been awarded and what are yet to be awarded? Out of 25 crore meters, around 12 crores has been awarded. Only 50%-55% of the numbers are still not. These 25 crores were decided in 2016, 2017. That number has also increased because the country is growing, and with every growth there is electricity meter connection required. Overall, the number has increased in the country, and in law, if you talk of the old number, only 50% has been decided. Out of that, around 12 crores, around 2 crores has been installed. Okay. Like 2 crores has been installed and 12 crores has already been awarded. Yes. Okay. Sir, like remaining- Out of 12 crores, 2 crores has been installed. Right. Sir, remaining 13, 14 crores has not been awarded yet. Yeah. Many states, they have not awarded. Okay. My second question is, what is the execution cycle of current order book? Our current order book is INR 3,000 crores. What is the execution cycle? It is basically 8-10 years in all our guidance. These orders are for 8-10 years because we have to supply many times to installation service, then maintain them for 10 years. 8-10 years. Sir, out of INR 13,000- Broadly you have to understand, 55%-60% of the revenue will be coming in next three years and remaining will last till 8-10 years. Okay. Like I said, out of 13,000 crore order book, how much is from AMISP platform? Primarily it is from the AMISP platform. Primarily, like I think 80%? I don't want to number it. Okay. Sure. Then, sir, lastly, like current capacity is 10 million meters. Are there any plans to increase this capacity in FY 2026? I could not get your question. There was some disturbance. Can you repeat? Sir, like current capacity is 10 million meters per annum. Is there any plans to increase this capacity? As in our last conference, we told to increase this capacity to 15 million meter in FY 2026. Are there plans intent? Plans are intent and already we are producing more than 10 million. The annual capacity is already increased from whatever the CapEx we have done in last 12 months. Further also, as and when needed, we will keep enhancing the capacity as required. We are adding some of the whole capacity. Okay. Whatever the CapEx company is making is only not the capacity enhancement. It is the CapEx that is being made in the automation of the systems also. Number one. Number two, in the technology also where the software or headend systems or MDM, there for that also a CapEx is being made. When you see a CapEx figure, whether for financial year 2025 or you will see a CapEx figure for a 2026 also, that is not purely for the enhancement of the capacities. Capacities already we have reached to a level of 15 million, and if required and when required, we will be putting a money on that. Because a lot of manpower is also required, so a lot of money is also infused in the automation of the systems also. Okay. As of now capacity is 15 million meters, right? Yes. Okay. Thank you so much, sir. That is it from my side. Thank you. Thank you. The next question is from the line of Abhilasha from QuantAM AMC. Please go ahead. Yeah, thank you for taking my questions and congrats for the great set of numbers. Most of the questions are answered. I just have one question, that when we will reach our peak execution because when we are saying that on the manufacturing side, the large part of the order is from AMISP. Next year, if we are executing, say, INR 4,000 crores, then after that, what is the roadmap like? What is the peak execution, when we'll reach? Peak execution, I see from next calendar year, we should be reaching our peak execution of the current order book. Let me clarify on that. For financial year 2027, we will be able to give a numbers on, say, after six months of this particular year. When we say peak numbers, it all depends and how our order book will build up in next, say, six months or one year, one and a half year, because almost half of the numbers that has still to come. It's almost 13 crore meters that has still to be tendered and to be awarded. Everything depends on that. With the current order book, we can reach to our top level maybe in 2027 or maybe in 2028. There will be a big clarity in next six months because we will come to know about the remaining orders also. Right. In 2027, maybe, we will reach that 6,000-6,500 kind of run rate to reach to the peak level. Then based on how the order book is panning out, the future run rate will get decided. There is a big possibility and chances of this, but we will give our guidance once we are very sure in, say, one or two quarters. Sure. The last one is, do you have any number for the Like as you are saying that working capital will improve, so anything internally we are targeting in terms of a number of days, say, is it possible that we can reach below 200 or something over next, say, three to six months? Inventories, as I told that there won't be any improvement in inventory, rather there might be some here and there in inventories. Debtors, absolutely, we right now are standing on almost 50% of the debtors with the total revenue. There, we see a good expectation of improvement, and there we can see improvement for surely, you can say coming to by another 20 days, 30 days. That even if more, it will happen gradually in quarter to quarter. Sure. Thank you. Thank you. The next question is from the line of Mahesh Patil from ICICI Securities. Please go ahead. Yeah. Hi, sir. My question is on the CapEx. Just wanted to understand, you mentioned 15 million of meter capacity, right? Just wanted to understand, in FY 2025, what was the CapEx incurred, and as you said, that you will be installing 7 to 8 million this year, in FY 2026. Then, comparing that to the 15 million capacity, considering the installation or the utilization of this capacity at close to around 60%, we won't be doing any CapEx in the near term, right? So 2025, when we say a number of 7 to 8 million meters, it is purely the meters where we will be doing the total work of EPC and supplying meters to our own platforms. Then many of the meters we are supplying to other AMISPs also. And capacity, you cannot always depend on the 100% of the capacity. There cannot be 100% efficiency on that. So if we need to see the ramp-up of the capacities, we will be surely doing that if required, number one. Regarding the CapEx that has happened in last financial year, it is almost around INR 150 crores, which consists of increase in capacity, increase in automation, and lot of CapEx that has happened is of in-house development of the software systems. You have to understand now, Genus is not a metering company, it's a technology company. A lot of part of this, the total business consists of the technology, where a lot of softwares and many other things are integrated. Basically, a lot of money of the company is being invested in that area to ramp up or to go ahead of the technology in that area also. The same thing is going to happen in 2026 also. Sure, sir. Got it. But sir, this 15 million capacity we have, so before this CapEx at the end of last year, what was the capacity? 10 million meters. 10 million. Okay, sir. 5 million we are making. Okay. And sir, you mentioned, apart from the 7 million, there is AMISP supply as well. Do you have any number in mind? Do you want to quantify for FY 2026? Exactly, we don't have those numbers. We also don't want to comment on those numbers. Okay, sir. Got it. Okay, sir. Thank you. Thank you very much. Thank you. The next question is from the line of Raj from FinVestis. Please go ahead. Sir, congratulations on the set of number. Although revenue realization should further increase quarter-on-quarter because now installation has increased. In FY 2025, installation per day was 40,000 average, and now it is increased in first and second month to 85,000 per day at industry level. How can we see our revenue quarter-on-quarter? As we have given the guidance of the whole year. Every quarter on quarter giving guidance is very difficult because there can be a quarter which, like next quarter will have lot of rainfalls, so installation may go down all across the country. It is very difficult to give quarter-on-quarter guidance. Okay, sir. I am not asking for quarter-on-quarter guidance, sir. Just because the speed is increasing, will it be with the increasing speed, the pricing there, sir? Can you repeat? Because I am not very clear on. What I understood is you wanted to know quarter-on-quarter guidance. No, sir. Not quarter-on-quarter guidance. I just wanted to ask that the speed of installation at industry level, it was 40,000 per day. Now it has increased to 85,000 per day in FY 2026 in first and second month. Absolutely. Yes, sir. How can we see our numbers going quarter-by-quarter? Should it read every quarter? Should we see like that? Or it should be like we should compare it year-on-year? What should be our benchmark? Our benchmark is the month-on-month, what we do internally. But yes, for the investors, you should see maybe quarter-on-quarter, half yearly. That will be easier for you. Definitely, with all the projects coming into the ramp-up phase, the numbers will increase all across, not only for Genus, for everybody in the country. Here, I would like to add that you have to understand that installation is a little typical thing that depends on many things. That depends on weather, that depends on elections, that depends on festivals. It cannot be compared from quarter-to-quarter. It is always better to compare on year-to-year or at least for half yearly to half yearly. There may be a very good quarter, there may be a little slower quarter. But when you put on a 6 months basis, you will find that, okay, it is increasing every half yearly. Okay, sir. Sir, just one question more. We have installed 1.5 million meters in the Q4, and now targeting almost 5 times the number of meters to be installed in this year, current year. Now our revenue guidance is INR 4,000 crore. If I extrapolate it must be in line with the targeted numbers as per the meters installation. Do the EBITDA margin should sustain at the last quarter because the scale of operation is increasing. Am I missing something or are we reading this so positively? Can you come with your question again? I could not exactly understand what you want to know. Our installation in the last quarter was 1.5 million meters, and now we are targeting for the full year 7 million-8 million in FY 2026. That is approx. five times installation which we have done in the last quarter. What we are targeting. But our revenue guidance is like INR 4,000 crore. It must be in line with the targeted numbers, five times of the last quarter revenue numbers. And the EBITDA margins were sustained at the Q4 level also. Are we being so conservative or am I missing something, sir? Basically, from the last quarter, if you compare, we are giving a guidance of almost, say, 4.5 times. And we want to stick on a particular guidance in the EBITDA levels. You may say that it is a little conservative, but we want to be on that only. Okay. Thank you very much, sir, and congratulations once again, and wish you best of luck for this current year. Thank you. Thank you. Thank you. The next question is on the line of Darsh Solanki from Axis Securities. Please go ahead. Yeah. Thank you, sir. Congratulations on the good set of numbers. My first question is, I know you mentioned that you would be increasing your capacity and doing CapEx as and when required, and it might also include the automation CapEx. I just wanted to check, can we put a number on this for FY 2026 and FY 2027? If it was INR 150 crores of FY 2025, can we have an estimate of what the CapEx numbers would be? It will be around like 25 only. Almost a little, maybe on a lower side, not on a higher side. But it will be around last year's CapEx. Question, I just wanted to check out, right now you are giving any top-line guidance for FY 2027, is it right? I earlier told also that we would like to give the top-line guidance for 2027. It will be surely better than 2026, a good betterment from 2026, but would like to give it, say, during the second quarter's conference call. Understood. Got it. Sir, my next question is, we installed but I just wonder how many meters you have actually manufactured and from the new plant in Assam. Your voice was breaking, but what I could understand, how many meters we have produced in last quarter. Correct. How much we produced in the last quarter? In the last quarter we produced. From that, how much was from Assam? Last quarter we produced around 3 million meters. When we say 3 million meters, it includes smart meters, conventional meters, where it's not that the conventional meters are completely being shut down. It's not selling. There are a lot of utilities which are buying the conventional meters. So it includes all types of meters. Understood. Sir, from this, how much was the contribution of the new plant of Assam, if we have that number? Don't have. Don't have? I've been actually- We don't have that. Yeah. Okay. Sure. No worries. Sir, the last question is just I wanted to check your view and outlook for the water meters and the gas meter orders. Water meter and gas meter, as I said earlier also, we have been working from last 2 years. Gas meter will be a very conventional meter kind of industry. Water meter, there are a lot of pilot projects we are currently doing on the gas meters. On the high-end gas meters also some pilot projects are going on. Their revenues will be very negligible in the current set of numbers. Their significant numbers we will start seeing only after 2 to 3 years. That it will be some sizable numbers start seeing. Right now, lot of work is going on in developing the products and developing the solutions. Currently it's all under pilot cycle. I understand. Okay, sir. Thank you. That's it from my side. Thank you. Thank you. The next question is from the line of Bhavin Chheda from Enam Holdings. Please go ahead. Sorry, did you mention that you will maintain quarter 4 margins, which was around 20- Your voice is a little low, Mr. Chheda. Can you please- Yeah. Sir, did you mention that you will maintain quarter 4 margins of 22% in FY 2026 as well? No, we haven't mentioned. We said that we are giving a guidance of 18% for financial year 2026. We might look little conservative, but we want to keep a guidance of 18%. Okay. Thank you, sir. Yeah. Thank you. Thank you. The next question is from the line of Nikhil Abhyankar from UTI Mutual Fund. Please go ahead. Thanks, sir. Sorry, I have joined a little bit late. First question is regarding our gross margins in Q4 are significantly below the nine-month average. Any specific burn off, or are these purely related to installations? Sorry, can you come again with your question? Yeah, it is very unclear. Yeah. I wanted to understand the gross margins, which are significantly below our nine-month average in this year. It is around 40.6%, whereas it was above 44% in the nine months. Just wanted to understand the reason for it. Also, is this the reason for a lower EBITDA margin next year? No, this is exactly not any particular reason for the gross margins that we are talking about the nine months average or just last quarter average of all. It all reflects on some of the key components or type of meters that is being supplied. So contribution comes from the what type of the meters is being supplied in that particular quarter. So it changes from quarter to quarter. Okay. How much has been your investment in the SPV till date? Till date, I don't have the exact numbers how much is the investment. We will let you know. I have to check the numbers. Okay. Also on the working capital side, going forward, I think you have guided for INR 4,000 crore revenue. So are you confident that we'll make some operating cash flow in the coming years? Yes, for sure. There will be a certain reduction in our debtors days for sure. There is no doubt in that. Every quarter you will see there is a reduction in our debtors day, and that will surely move us towards positive cash flows. Understood. Sir, will you be also publishing the SPV financials? No. It won't be there. Okay. Sure. Thank you. Thank you. The next question is from the line of Rohit Lara from Intelligent Capital. Please go ahead. Yeah, hi sir. My question was regarding one of the government portals which actually posts installation numbers of various AMISPs. I was tracking that month-on-month, and I could see that Genus Power's numbers in April 2025 and May 2025 has significantly increased. At least the projects where Genus Power is partnered with, maybe not purely as AMISP. Based on those numbers, I could see that if those numbers sustains month-on-month in FY 2026 overall, then the guidance can be much more than that. Just wanted to understand if the guidance is a bit conservative on INR 4,000 crores and if there's any chance to go beyond that. There's definitely a very good chance to go beyond that. We want to be conservative, and with the year passing on, we'll have more realistic numbers. But one thing that we have to see is- Yeah, JK, please carry on. Yeah. One thing you have to understand is that whatever gets operational go live, that is what comes in the portal from the government. There will be a lot of meters which were installed earlier, maybe have come into operational go live in the April and May. You can see a sudden spike in the numbers. That also makes a big difference. Just that portal won't give you an absolute picture. It will always keep confusing you. Got it. Because I actually was tracking it from past six months, and I could see that the numbers that were there. The Q4 performance was more or less similar to what the growth was showing in those installations on that portal. I was just trying to understand if that is how it is. Then I think that on the Q1 FY 2026 front only, there was significant increase in revenue I could see from Q4. Beyond what you mentioned. I was just trying to understand. Perfectly fine. Yeah. Okay. Sorry, my second question is on the capacity, sir. What was the capacity in maybe in total FY 2024, if you can mention, or maybe, only in the Q4 of FY 2025, capacity or existing capacity-wise, machinery. Hello. Hello. Sir, am I audible? Hello. Yes, sir, you're audible. Yeah. Sorry, maybe my question was incorrect. I was just trying to understand what was the percentage capacity on which are For FY 2024, our capacity was 10 million meters, and at the end of FY 2025, it is 15 million meters. JK, are you there or have you lost the connection? There was a problem in my connection. Okay not hearing anybody. Oh, yeah, that's what. I thought you are going to answer this. Anyways, we can take a next question now. Okay. Just last question from my side is on the supply chain risk, sir. Considering what's happening on the geopolitical front, we also import maybe chips or some other parts in our smart meter. Is there any such risk that you guys foresee due to many things happening on the global level? Is there any risk on the supply chain front? Currently, we are not seeing any risk, and we are very well diversified when it comes to buying components. It's not that we are particularly buying components. There can be one large company which has multiple manufacturing units in different parts of the world. Because of that, strategically, and as Genus, because we control our own design, we always have multiple component suppliers. Not from today, from last 15, 20 years, we've maintained that always, that we should have multiple suppliers. That is the reason during COVID also, we were impacted, but not very heavily impacted in terms of our supplies. We continue to maintain that at Genus, and we may have some challenges, but nothing significant at all. We don't foresee something significant also. Okay. Thank you so much, sir. And congratulations on the listing. Thank you. The next question is from the line of Ashwini Sharma from Emkay Global. Please go ahead. Yeah. Thanks for the opportunity again. Just one question, sir. This INR 31,000 crore that we have in terms of order book, how much it would be in number of meters? This INR 30,000 crore have supply orders also, installation order also, but in total, as a ballpark figure, you can take it as 30 million. One 3, right? 30. 30. I'm sorry. Yeah, 30. Sorry. Yeah. Okay. It includes a lot of meters from the suppliers. Okay, sir. Thank you. Thank you. Ladies and gentlemen, you are requested to limit your questions to one per participant, as there are several people waiting for their turn. The next question is from the line of Smita Mehta from Credent Inforage. Please go ahead. Hello? Yes, ma'am. Please go ahead. Hello? Yeah, we can hear you. Yeah. Am I audible? Yes, ma'am. Hello. Please. Yeah. Okay, sir. There were four bookkeeping questions mainly. Earlier when we had attended Genus Power call, you said that you also derive revenue from the maintenance of smart meters, right? One question is that how much is that currently of the revenue, percentage terms, and at what debt-to-equity is Genus Power comfortable? Second of all, do you see your pledged shares going down? These are three of my questions, sir. I will answer the first question. Rest two will be answered by the Vice Chairman. Yes, we will have the revenue from the operations and maintenance, but currently it is very negligible. The meters are currently being installed and going online. Once they go online, then it becomes a permanent revenue cycle. Currently, I don't want to speak any percentage because it is absolutely negligible. As for further questions you gave. If you see current debt-to-equity of the company, net debt-to-equity is hardly 0.6 or I say 0.5 to 0.6, when I talk net debt. Genus Power surely will not go more than one-to-one with the net debt equity. What was your second question? Yeah, that's Yes. Hello? Sorry. Pledged shares. Yeah. When we talk about the pledged shares, there is a wrong reflection when you see that there is a pledge of Genus promoter shares that is up to 66%. Genus has hardly any pledged shares. That I want to clarify. I clarified in earlier investors calls also. There is hardly any shares that has been pledged by Genus. There is, what word I should use? There is a commitment to the GIC platform that below this level, Genus promoters will not be going from a certain level. That shows in pledged because of some exchange softwares and all, I do not know why, that reflects as a pledged shares, not as a commitment given to the platform that the Genus promoters will not be going to lesser than this level. That is absolutely reflecting in the pledge. Otherwise, Genus promoters has no pledge. It is absolutely a negligible number, which is under the pledge. Okay. As we understand, sir, you were saying about revenue, you are seeing it at INR 4,000 crores. This is for FY 2026 or FY 2027? FY 2026. Okay. Thank you, sir. And your market share currently? Currently the market share is very difficult to define because AMISP has completely changed the way of working. But you can say ballpark figure of around 20%. Okay. Thank you, sir. Thank you. The next question is from the line of Nikhil Jain from Galaxy International. Please go ahead. Thank you for the opportunity again. I just wanted to ask one question. The growth story is looking very good, at least for the next couple of years. What are the key constraints or risks that you are actually seeing that can potentially hinder or delay the story? One of the potential risks is you are directly dealing with the consumer, and electricity is a very sensitive subject. There is always a risk. Then we have already all your weather conditions, everything makes part of it. But if you see historically also, electricity meters is a very important subject where everybody has some interest, from a common man to utilities to everybody. Beyond that, I don't see any major risk because smart meter has to happen. It's a necessity for the country, and not only for the country, for the world. With that amount of electricity being generated from so many different ways, and electricity can never be stored in such a large number, not at least next 2 to 3 decades. So smart meter has to come into the picture for the predictability and managing the electricity. It is very difficult for me to say what is a great risk. We see a smart meter has to happen. But yes, the things can get delayed if there is something because of some geopolitical political reasons internally, but as such, beyond that, I cannot see anything. It will be big growth. Okay. If you know- Operator, I would like to take a. Yeah, sorry. Yeah, sure. Please go ahead, sir. Thank you. Operator, I would like to take a last question, please. Yeah. Yes, sir. I would request you to come back in the queue for further questions. I would like to request for the last question here, please. Sir, there are people waiting in the queue. I would request you to come back. Thank you. The next question is on the line of Anurag Agarwal from Multifly Wealth. Please go ahead. Hi, sir. Most of my questions have been answered earlier. I just wanted to understand, are we doing anything to diversify our market and maybe enter into export market to improve the quality of our sustainability of our earnings in long term? In the long term, as we said earlier also, we have been working in some strategically important markets. The kind of business we are in, it takes at least three to five years to start seeing some substantial revenues. Yes, Genus is already working on some strategically large markets from last two to three years, and we are serious about it. We are already working on the products, developed products, doing multiple pilot projects in multiple places. You will start seeing very good results of the same after two to three years. We are very serious about it. Can you throw some light on it, sir? Which countries are we targeting probably, or where have we started our pilot projects? What could be that market size opportunity? Is it a country which is transitioning from traditional meters to smart meters, or is it just the replacement demand? There are three type of markets. One is countries which are transitioning from conventional meters to smart meters. There are some developed countries which are going for the phase 2 or phase 3 of the smart meters only. They are going with the new technologies with a very large number. That is also opportunity. I do not want to specifically name the countries we are working on. I do not want to give that information. Yes, we are working on both kind of markets. We are working on the market which are converting from conventional to smart meters, and also with some of the countries where they are already matured in smart meters, phase 1, and now they are working on to go for the phase 2. When you are saying phase 2, do you mean an upgradation of this technology to a further better technology? They have already reached the life cycle of the meters. There are countries, just to name, like Italy, they have already started the smart metering journey. They have completed that journey long back, and all the meters has to be replaced now. They have reached the life cycle. That kind of case is also there. Got it. Thank you. Thank you. Thank you. Ladies and gentlemen, this was the last question for today's conference call. I now hand the conference over to Mr. Kailash Agarwal for closing comments. Thank you all for joining today's call and all your continued engagement. FY 2025 has been transformational, not just in terms of our financial performance, but in the way Genus Power has scaled its capability, strengthened its market position, and laid down the foundation for sustained growth. I thank you all very much, all our investors, for the continuous support, and I feel that we will get all your support and love like this in future also. Thank you very much. Have a great day. Have a great evening. Thanks. Thank you, everybody. Have a great day. Great evening. Thank you very much. Thank you. On behalf of Kaviraj Securities Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.