ICICI Securities research report on Genus Power Infrastructures
Genus Power Infrastructures (Genus) has reported a sharp uptick in order inflow in smart meters over the last six quarters and it’s not yet over. Ordering activity is likely to remain strong over the next few years. Armed with capital commitment from GIC, it remains in a pole position to win further set of orders. It reported revenue growth of 40% YoY and EBITDA growth of 2x on improvement in operating margins by 330bps YoY to 10.9% on higher execution of smart meter orders and easing raw material prices. Orderbook for Genus has increased to INR 82bn as on date with the share of legacy orders (low margin orders) dropping to mere 6% of the orderbook.
Outlook
We maintain BUY with a revised TP of INR 250/share (prior: INR 185). We introduce our FY26E estimates and value Genus at 28x FY26E EPS of INR 9/share.
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