Genus Power Gets ICICI Securities Downgrade On Recent Stock Run-Up

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ICICI Securities Report

On the heels of a robust Q3 FY25, Genus Power Infrastructures Ltd. delivered an even stronger performance in Q4 FY25. It witnessed a sharp uptick in execution and profitability in H2 FY25 – revenue in H2 FY25 surpassed its full-year FY24 figure, while Ebitda margin improved 480 bps over H1 FY25’s level. As a result, FY25 revenue/Ebitda/PAT grew to ~2x/3.5x/4x its FY24 levels; Ebitda margin surged to 19.2% (+790bps YoY).

Genus has almost achieved its guided revenue of Rs 25 billion for the fiscal and surpassed its Ebitda margin guidance of 15–16%. It has also increased its guidance for FY26 – revenue growth of ~65% (vs 30–40% earlier) and Ebitda margin of 18% (vs 15–16% earlier).

Its order book, as of Mar’25, also surged to Rs 301 billion (+43% YoY). Note that a number of smart meter tenders are yet to be finalised.

As a result, we expect new opportunities from smart meters to be healthy in FY26E/FY27E. However, given the recent run-up in Genus’ stock price, we downgrade the stock to Add, from Buy.

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