Genus Power Q1 FY27: consolidated PAT up 43% YoY to ₹196.6 Cr, near top of Street range

Genus Power's consolidated Q1 FY27 (quarter ended June 30, 2026) revenue rose 44.8% YoY to ₹1,364.9 Cr from ₹942.4 Cr, while consolidated PAT climbed 43.2% YoY to ₹196.6 Cr from ₹137.3 Cr — both landing near the top of Street estimates (Univest's Q1 preview pegged revenue at ₹1,345-1,547 Cr and PAT at ₹160-203 Cr). Sequentially, revenue fell 11.2% and PAT rose 14.5% off a seasonally strong Q4FY26 (revenue ₹1,537.1 Cr, PAT ₹171.8 Cr) — Q1 is structurally the softest quarter for this metering-rollout business, so the QoQ dip is normalization rather than a slowdown signal. Basic consolidated EPS was ₹7.11, up from ₹4.97 a year ago and ₹6.21 in Q4FY26.

The consolidated print is flattered by two items. Other income included a ₹14.36 Cr fair-value gain on a subsidiary's financial instrument versus just ₹0.52 Cr a year ago; stripping this swing out, adjusted PBT grows ~25.9% YoY and adjusted PAT growth narrows to roughly 33% against the 43.2% reported. Separately, the Group's share of profit from its 26%-owned associate Gemstar Infra Pte Ltd — the SPV platform executing the company's AMISP order book — jumped to ₹21.94 Cr from ₹8.44 Cr YoY, alone explaining over a third of the YoY PAT increase. Standalone (parent-only) PAT grew a slower 26.7% YoY to ₹162.8 Cr, so the two bases diverge materially (~16-17 percentage points) — readers seeing the standalone number elsewhere should not read it as an error. Operating margin (OPM) compressed to ~19.0% from 21.2% YoY, consistent with management's own FY27 guidance of ~18% EBITDA margin (down from FY26's 20.3%) on product-mix and raw-material/forex pressure, though it recovered from Q4FY26's seasonally weak 17.4%. Net margin was roughly flat YoY at ~14.0% (vs 14.2%) and up sharply QoQ from 11.0%.

The stock went into the print at ₹306.55, down 2.9% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records.

Against management's FY27 outlook (₹6,000-6,500 Cr revenue, ~18% EBITDA margin, positive operating cash flow by Q1/Q2 FY28, laid out on the May 19, 2026 concall), Q1 revenue of ₹1,364.9 Cr is about 21-23% of the full-year range — plausible for a business whose execution is second-half-weighted, though it is only one quarter into the guidance period, so a full beat/miss call is premature. The margin trajectory is tracking the guided compression closely. The Board disclosed a total executable order book of ₹24,020 Cr as of June 30, 2026, of which ₹22,183 Cr routes through the Gemstar Infra JV SPVs — the same structure now boosting associate income. The quarter also saw shareholding churn (Chiswick Investment exiting an 11.03% stake while Blue Diamond Properties raised its holding to 6.12%) and a CFO transition (Vinod Raheja appointed mid-May); neither shows up in the P&L. The ongoing PMLA/ED matter at the corporate office and Chairman's residence remains unresolved and is again flagged by the auditors, whose review opinion is otherwise unmodified. No separate management press release or MD&A commentary accompanied this filing beyond the regulatory board-outcome letter and result notes.