Why Madhusudan Kela Bought This Stock: ₹25,173 Crore Order Book, 16x PE and Massive Smart Meter Opportunity

Veteran investor Madhusudan Kela has added Genus Power Infrastructure Ltd to his portfolio after purchasing 13.8 lakh shares, equivalent to nearly 0.45% stake, in a block deal worth around ₹40 crore. The investment has attracted significant attention as it comes at a time when India's smart meter rollout is accelerating, creating a multi-year growth opportunity for companies operating in the advanced metering infrastructure (AMI) space.

The transaction also witnessed participation from multiple institutional investors, including Buoyant Opportunities Strategy Fund, Buoyant Opportunities Strategy-III Fund, and Profitex Shares & Securities, highlighting growing institutional confidence in the company. The shares were sold by Chiswick Investment Pte Ltd, which offloaded more than 1.03 crore shares through block deals.

Genus Power is currently one of India's leading smart metering companies, backed by a robust ₹25,173 crore order book, improving financial performance, and relatively attractive valuations. With India still in the early stages of its nationwide smart meter rollout, analysts believe the company is well-positioned to benefit from one of the country's largest power infrastructure upgrades over the coming decade.

Madhusudan Kela Acquires Stake in Genus Power

According to exchange data, Madhusudan Kela acquired 13.8 lakh shares of Genus Power through a block deal executed on 30 June 2026. The investment was made in the name of Madhuri Madhusudan Kela and is estimated to be worth around ₹40 crore.

The same block deal also saw participation from foreign institutional investors and domestic institutional buyers, indicating broad investor interest in the company.

Investment Details	Information
Investor	Madhusudan Kela
Shares Purchased	13.8 Lakh
Stake Acquired	Around 0.45%
Estimated Investment	₹40 Crore
Transaction Date	30 June 2026

Why Genus Power Is Emerging as a Smart Meter Leader

Genus Power manufactures conventional electricity meters, smart prepaid and postpaid meters, advanced metering infrastructure (AMI) solutions, and turnkey power metering projects for electricity distribution companies (DISCOMs).

The company has evolved into a full-stack Advanced Metering Infrastructure Service Provider (AMISP) by offering smart metering hardware, software, installation, communication networks, analytics, and end-to-end project execution under a single platform.

Apart from electricity meters, the company is also preparing to expand into smart gas meters, smart water meters, and selected international markets, strengthening its long-term growth strategy.

India's Smart Meter Rollout Offers Massive Growth Opportunity

India's smart meter programme remains in its early stages despite being one of the largest digital infrastructure initiatives in the power sector.

Management estimates that the country requires nearly 31–32 crore smart meters, while only 15.6 crore meters had been tendered as of May 2026. This leaves a substantial untapped opportunity for companies such as Genus Power over the coming years.

As electricity distribution companies continue replacing conventional meters with smart meters, industry demand is expected to remain strong, providing long-term revenue visibility for leading manufacturers.

Smart Meter Opportunity	Figures
Estimated Smart Meter Requirement	31–32 Crore
Smart Meters Tendered	15.6 Crore
Opportunity Status	Early Stage
Growth Outlook	Multi-Year

₹25,173 Crore Order Book Provides Strong Revenue Visibility

One of Genus Power's biggest strengths is its sizeable order pipeline.

As of March 2026, the company reported an order book of ₹25,173 crore, which includes projects executed through its Special Purpose Vehicles (SPVs) and strategic partnership with Singapore's sovereign wealth fund-backed platform.

Although the order book declined from ₹30,110 crore a year earlier, management attributed the reduction primarily to higher project execution rather than weak order inflows.

The existing order pipeline provides significant revenue visibility over the next several years.

Financial Performance Remains Strong

Genus Power delivered another year of robust earnings growth during FY26.

Revenue surged nearly 95% year-on-year to ₹4,751 crore, while net profit increased more than 90% to ₹592 crore. The company also reported healthy profitability metrics, with ROCE at 23.9% and ROE at 29%, both comfortably above industry averages.

The company has maintained consistent earnings growth over the past several years while also rewarding shareholders through regular dividend payments.

Financial Highlights (FY26)	Figures
Revenue	₹4,751 Crore
Net Profit	₹592 Crore
Revenue Growth	95% YoY
Profit Growth	90% YoY
ROCE	23.9%
ROE	29%
Dividend Yield	0.76%

Attractive Valuation Compared With Peers

Despite strong earnings growth and a large order pipeline, Genus Power continues to trade at a valuation below many peers in the electrical equipment sector.

The stock currently trades at a Price-to-Earnings (P/E) ratio of around 16x, compared with an industry median of approximately 31x. Its PEG ratio of 0.09 also suggests that the company's earnings growth currently exceeds its valuation multiple.

This combination of strong business fundamentals and relatively attractive valuation could explain why experienced investors such as Madhusudan Kela have increased exposure to the company.

Market Analysis

India's nationwide smart meter rollout is expected to remain one of the largest opportunities in the country's power infrastructure sector over the next decade. Government initiatives aimed at reducing power losses, improving billing efficiency, and digitising electricity distribution are driving large-scale investments by state utilities and DISCOMs.

Genus Power appears well-positioned to benefit from this structural trend due to its integrated manufacturing capabilities, extensive execution experience, strategic partnership with GIC-backed platforms, and healthy order pipeline. With only around half of the country's estimated smart meter requirement tendered so far, the long-term demand outlook remains favourable.

While the company continues to invest in product innovation and expansion into adjacent segments such as smart gas and water meters, investors should monitor execution timelines, working capital management, and fresh order inflows, as these factors will play a crucial role in sustaining future earnings growth.

What Should Investors Watch?

Investors should closely monitor new smart meter tenders, quarterly execution of the existing order book, operating margins, cash flow generation, government policy on power distribution reforms, and expansion into new smart infrastructure segments.

The company's ability to maintain high execution levels while improving cash flows and profitability could determine its long-term valuation potential.

Key Takeaways

Highlights	Details
Veteran Investor	Madhusudan Kela
Shares Purchased	13.8 Lakh
Investment Value	₹40 Crore
Order Book	₹25,173 Crore
FY26 Revenue Growth	95%
FY26 Profit Growth	90%
Smart Meter Opportunity	31–32 Crore Meters
Current P/E Ratio	Around 16x
ROE	29%

Why did Madhusudan Kela invest in Genus Power?

The company offers strong long-term growth potential driven by India's smart meter rollout, a ₹25,173 crore order book, improving financial performance, and relatively attractive valuations.

What does Genus Power do?

Genus Power manufactures electricity meters, smart meters, and provides complete Advanced Metering Infrastructure (AMI) solutions for power utilities.

How large is Genus Power's order book?

As of March 2026, the company reported an order book of approximately ₹25,173 crore.

Is Genus Power attractively valued?

The stock trades at around 16x earnings, significantly lower than the industry median of approximately 31x, while delivering higher profitability than many peers.

What is the long-term opportunity for the company?

India is estimated to require around 31–32 crore smart meters, making smart metering one of the country's largest long-term infrastructure opportunities.