Buy Genus Power Infrastructures; target of Rs 445: ICICI Securities

ICICI Securities is bullish on Genus Power Infrastructures has recommended buy rating on the stock with a target price of Rs 445 in its research report dated August 02, 2024.

Broker Research

August 06, 2024 / 14:55 IST

BUY

26 Aug, 2025 12:21

Volume

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ICICI Securities's research report on Genus Power Infrastructures

Genus Power (Genus) reported a healthy set of Q1FY25 numbers with its revenue growing to INR 4.1bn, up 60% YoY. Gross margins improved markedly to 44.4% (vs. 34.6% YoY) owing to stable raw material pricing. As a result, with significant growth in execution, EBITDA margin expanded to 15.3% (vs. 10.9% YoY) and EBITDA grew 2.3x YoY to INR 630mn. As a result, PAT more than doubled to INR 420m. Order book (OB) remains robust at INR 215bn and its pipeline for tenders remains strong at 90–100m meters over the next 1–2 years. As a result, we maintain our BUY rating on Genus with a revised target price of INR 445, valuing the stock at 35x FY26E EPS of INR 12.5/share (vs. 30x FY26E EPS of INR 11.5/share previously).

Outlook

We retain our BUY rating on Genus with a revised TP of INR 445, valuing the stock at 35x FY26E EPS of INR 12.5/share (vs. 30x FY26E EPS of INR 11.5/share).

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