The Emerging 100: Genus Power is growing steadily, meter by meter

SMART METERS PROVIDE accurate billing for consumers and utility providers. For Genus Power Infrastructures Limited they’ve provided growth. Genus Power, an advanced metering infrastructure service provider (AMISP) for the power sector, has seen steady growth in recent years, powered by the smart metering initiative that has gripped the country for more than a decade.

AMI refers to the entire infrastructure ecosystem, beginning with smart meter installation to the communication network controlling the equipment and all the intermediate applications for gathering and transmission of energy usage data. Set up in 1994, Genus Power has transformed from a manufacturing and technology firm to an AMI integrator, and service and software provider in the energy segment. “At Genus Power, our journey began with a simple belief — that India must build its own world-class electronics and power infrastructure solutions. We pioneered electronic metering long before the industry recognised the shift,” Ishwar Chand Agarwal, chairman, Genus Power Infrastructures Ltd, tells Fortune India.

He says that over the past three decades, Genus Power has focussed on purpose-driven growth. “As India’s power sector enters a phase of rapid digitisation and grid modernisation, our commitment remains simple — deliver with integrity, operational excellence, and sustainable value for all our stakeholders,” he says.

Genus Power has several business divisions offering innovative and sustainable solutions to power sector utilities. “Since inception, Genus has believed in designing and manufacturing in India — not just as a philosophy, but as a responsibility to build self reliance through technology and execution,” says MD and CEO R.K. Agarwal. This belief has shaped Genus Power’s transformation from a product-focussed company to an end-to-end solutions and services provider for India’s power distribution ecosystem, he says. “Our growth has been anchored on four core pillars — people, execution, finance, and technology — ensuring that scale is always matched with discipline and trust. Our focus remains on creating long-term value for utilities, consumers, and the nation, while building Genus Power as a trusted, enduring institution in India’s energy infrastructure journey.”

Its metering solutions division offers electricity meters and solutions, including prepaid and smart meters. The engineering, construction, and contracts (ECC) division implements turnkey power projects such as sub-station erection up to 420kV, laying transmission and distribution lines, and rural electrification, and network refurbishment, among others. And Genus Power’s metering infrastructure service division implements the AMI for smart metering projects on a design, build, finance, own, operate, and transfer (DBFOOT) model.

As an AMISP, Genus Power installs the meters and operates them and the related infrastructure after the system goes live. According to the business model, the power utilities pay it a service charge on a monthly basis. At the end of the contract period, Genus Power transfers the ownership of the entire system — including all the hardware, software, and any data collected during the project—to the utility. The company claims it has installed more than 100 million meters and is empanelled with leading utilities.

This has electrified growth. Genus Power registered a CAGR of 72.52% in net sales in the past three years till FY26, according to data sourced from Capitaline by Fortune India Research. The company also logged CAGR of 165.77% in profit after tax in the past three years. Average return on capital employed (RoCE) has been around 16% in the past three years.

Not an easy transformation

The transformation to an AMISP was not an easy choice, says joint MD Jitendra Kumar Agarwal. “In India, there is an installed base of over 300 million electricity meters, excluding agricultural consumers. The shift towards smart metering started around 2015-16,” he says, adding that every household is gradually becoming both a generator and a significant consumer, and so smart grids are necessary. “The most critical component of a smart grid is smart meters.”

The government had initiated a plan to replace the entire meter base of around 310-320 million meters. “But the discoms were already financially stressed and the investment requirement was huge,” says the joint MD. Therefore, the Revamped Distribution Sector Scheme (RDSS) — under which the AMISP model was created — was introduced. “In this model, private players become service providers, while discoms float tenders based on standard guidelines issued by the central government,” he explains.

When RDSS was launched in 2021, says the joint MD, Genus had two options, adding that by then Genus Power was already one of the leading electricity meter manufacturers in the country, with revenues of ₹1,000-1,200 crore. “With the market expanding, even continuing as a supplier was a strong opportunity. Meter prices were increasing from around ₹1,000 to ₹2,500–3,000, and annual demand was expected to grow from 20-30 million to 50-60 million. The industry itself was expanding significantly,” the joint MD said, adding the company could have opted to continue as a meter manufacturer.

The second option was to become an AMISP. But that required significant financial investment. “We took an internal call to test this model. The first major opportunity came with the Bihar tender (that was awarded in 2023). We decided to bid as an AMISP, as our balance sheet could support it. At the same time, we approached international funding agencies,” says the joint MD.

The bet paid off. The company’s revenues and profits have grown manifold since FY20. Net income has grown over 2.3x from ₹1,060 crore in FY20 to ₹2,442 in FY25, while profit after tax has grown over fourfold to ₹311 crore in FY25 from ₹73 crore. The company has also forayed into markets in the Middle East and its order book stands at ₹27,127 crore as of December 2025.

Genus now plans to diversify into smart gas and smart water meters, for which there will be huge demand from AI and data centres. “Water will become a larger opportunity than electricity over time. Globally, this shift will begin in the next two to three years, while in India it may take five to six years,” says the joint MD, adding that Genus set up its water meter division with a focus on international markets. “With increasing adoption of AI and digital systems, both electricity and water will see a sharp rise in consumption,” he says, adding that the water meters it has developed in the past three years are primarily for the U.S. and Australia & New Zealand (ANZ) markets.

For the AMISP business, too, the runway is long. Of the total market of 310–320 million endpoints, around 156 million endpoints have been awarded, he says. “Around 31 million endpoints are with Genus as an AMISP,” he says, adding that it also continues to be a supplier to other AMISPs, such as Adani, IntelliSmart, and Montecarlo. “They compete with us during bidding, but if we do not win a bid, we supply to them,” says the joint MD.

The company sees clear visibility for the next five years with annuity income and also O&M income of ₹400 crore annually accruing from FY28 onwards from the current order book, and natural 3-5% growth in new service connections every year.

“With the sectoral tailwinds and a robust order book, Genus [Power] is well-positioned to chart its growth trajectory in the long term. However, tendering progress and export opportunities will be a key monitorable as the order book unwinds,” Aditya Welekar, senior research analyst at Axis Securities, said in a recent report.

Genus Power, it seems, is on the path of sustainable growth.