Genus Power Infrastructures Limited

Industrials — Electrical Equipment & Parts · NSE

₹290.00−₹0.20 (−0.07%)

DalalBaazaar Score

72 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by moderate debt load, negative free cash flow, small-cap size, which brings sharper price swings.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:29 pm

Understanding the Business

Company site ↗

The 60-second version of Genus Power Infrastructures Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Genus Power Infrastructures Limited, together with its subsidiaries, provides smart metering solutions in India and internationally.

IndustryElectrical Equipment & Parts

SectorIndustrials

Employees2,242

Annual revenue₹4,700 Cr

How does it make money?

Turns over ₹4,700 Cr a year. Of every ₹100 of sales, about ₹13 reaches shareholders as profit, with ₹21 left at the operating level before interest, tax and depreciation. Each of its 2,242 employees supports ₹2.10 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.10 Cr

Who are its competitors?

The closest listed comparisons in its industry are SIEMENS LTD, ABB INDIA LIMITED, HAVELLS INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 26.5% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE17.1%

What is the outlook?

2 analysts covering the stock expect revenue to grow about 10.3% and earnings to grow about 13.1% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+10.3%

Est. earnings growth+13.1%

Analysts2

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +484% while net margin moved +250% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+484%

Margin effect+250%

DalalBaazaar Score

72/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.42 — historically steadier than the index
✗ Small Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

74/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

81/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

12.4x

3Y Median

99.3x

40 monthly readings · mean 104.9x · range 13.6x–303.0x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 88% below its 3y median of 99.3x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 86% below the peer median of 88.8x.

vs. its own history

Cheap

99.3x median over 40 months · -88%

vs. sector peers

Cheap

88.8x median of 3 peers · -86%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

10.0x

PEG

0.07

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 11.7% to 21.4% over 3 years.
Return on equity is rising
ROE has improved from 3.0% to 26.7%.
Return on capital is rising
ROCE has improved from 6.0% to 26.5%.
High return on capital employed
ROCE of 26.5% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

3 items require attention · 2 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 563% over 3 years, from ₹347 Cr to ₹2,302 Cr.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 20% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 26.5% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 11.7% to 21.4%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 88% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 86% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 60% a year✓ 80.1% CAGR
Latest reported year was 44.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 19%✓ 21.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.3x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✗ -₹516 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 24%✓ 26.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 4 neutral · 1 weak

Market Cap

₹8,021 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

12.4x

Cheap

Cheap against the generic band

P/B Ratio

3.62x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹23.42

Profitable

Profitable on a per-share basis

ROE

26.7%

Strong

Strong capital efficiency

ROCE

26.5%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

1.04x

Moderate

Moderate leverage

Revenue Growth (YoY)

44.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

43.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.17%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹516 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

P/E (Forward)

11.2x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

17.6%

Good

Healthy core-business profitability

Net Margin

12.6%

Good

Strong bottom-line conversion

Current Ratio

1.75

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.42

Defensive

Steadier than the market

52W Range Position

53%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

297.4 / 312.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

41.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹805 Cr	₹1,187 Cr	₹2,400 Cr	₹4,700 Cr	+80.1%
EBITDA	₹94 Cr	₹165 Cr	₹527 Cr	₹1,005 Cr	+120.3%
EBITDA Margin	11.7%	13.9%	22.0%	21.4%	—
PAT (Net Profit)	₹29 Cr	₹87 Cr	₹311 Cr	₹592 Cr	+173.4%
EPS	₹1.25	₹3.59	₹11.2	₹21.29	+157.3%
ROE	3.0%	5.5%	16.7%	26.7%	—
ROCE	6.0%	9.8%	18.7%	26.5%	—
Total Debt	₹347 Cr	₹588 Cr	₹1,366 Cr	₹2,302 Cr	+87.8%
Free Cash Flow	₹62 Cr	-₹224 Cr	-₹556 Cr	-₹516 Cr	—

🟢 Revenue has grown at 80.1% a year over 3 years.

🟢 EBITDA has grown at 120.3% a year over 3 years.

🟢 EBITDA Margin has risen from 11.7% to 21.4% over 3 years (+9.7 pts).

🟢 PAT (Net Profit) has grown at 173.4% a year over 3 years.

🟢 EPS has grown at 157.3% a year over 3 years.

🟢 ROE has risen from 3.0% to 26.7% over 3 years (+23.8 pts).

🟢 ROCE has risen from 6.0% to 26.5% over 3 years (+20.6 pts).

🔴 Total Debt has grown at 87.8% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹62 Cr to -₹516 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹6,343 Cr

Total Liabilities

₹4,125 Cr

Cash & Equivalents

₹259 Cr

Operating Cash Flow

-₹219 Cr

Capex

-₹297 Cr

Shareholding (proxy)

Institutional Holding

7.4%

Insider Holding

61.6%

Corporate Actions

Dividend Rate

₹0.5

Ex-Dividend Date

18 Sept 2026

Analyst Consensus

Recommendations

2 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹395

+36.2% vs CMP

Target Range

₹340 – ₹450

Peer Comparison

Company	P/E	ROE
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%
HAVELLS INDIA LIMITED	43.5x	17.1%

Recent News

1 positive2 mixed3 general

Genus Power Share Price Rises 6.71% on FY27 Guidance

Univest, 06 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Genus Power recommends ₹0.50 per share final dividend for FY26

scanx.trade, 24 AugCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Alpha Wave Ventures sells Lenskart shares worth Rs 1,857 crore; GIC Group pares over 1% stake in Genus...

Moneycontrol.com, 28 Aug

Genus Power Infrastructures (NSE:GENUSPOWER) Strong Profits May Be Masking Some Underlying Issues

Simply Wall Street, 24 May

Genus Power Infrastructures Ltd leads gainers in 'A' group

Business Standard, 20 Aug

Genus Power shares tumble over 11% after block deal; here is the buzz about buyers and sellers

Upstox, 29 JunPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Growth · Profitability · Valuation

MiddlingFinancial Health · Risk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 2 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Free cash flow remains positive · see Key things to watch ↑