Genus Power: The order book is only half the story

# Genus Power: The order book is only half the story Genus Power Infrastructures Limited has an executable order book of about ₹24,020 crore, but the bigger opportunity may be the recurring revenue that follows smart-meter installations. Genus has already installed more than 1 crore smart meters and is targeting another 1 crore installations in FY27. Its manufacturing capacity exceeds 1.8 crore meters annually. The important shift is from project execution to operations and maintenance. Management expects O&M revenue to become meaningful from FY28, potentially reaching ₹600–700 crore initially and ₹1,100–1,200 crore in subsequent years as the installed base matures. This matters because AMISP projects have concession periods of around 8–9 years. As more projects become operational, Genus can potentially build a more predictable revenue stream beyond the initial meter installation. The risk is execution. A large order book does not automatically become cash flow. Raw-material costs have already pressured margins, while working capital remains an important metric to monitor. **My view:** The key Genus Power story is evolving from simply winning smart-meter contracts to converting those contracts into installations, cash flow and eventually recurring O&M income. **What I'm watching:** meter installations, working-capital days, operating cash flow and O&M revenue from FY28 onward. **Disclosure:** I am a SEBI Registered Research Analyst. Please refer to the applicable disclosures before taking any investment decision.