Company Overview
Genus Power Infrastructures Limited (referred to as Genus or the Company), established in 1992, is a prominent player in Indias smart metering solutions sector, backed by over three decades of industry experience. Renowned for its legacy of innovation and deep expertise in energy metering, Genus has evolved from being solely a meter manufacturer into a leading ‘Advanced Metering Infrastructure Service Provider (AMISP). Genuss R&D centre—recognised by the Ministry of Science and Technology, Government of India, and accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL)—serves as the innovation nucleus for smart metering technologies and digital infrastructure. Empowered by in-house design and development, a skilled talent pool, and comprehensive manufacturing capabilities, the Company delivers high-quality, reliable, and efficient smart metering solutions and services. This foundation fuels the Companys dedicated software division, which develops advanced platforms to support metering functionality and utility operations. Building on this robust foundation, Genus has emerged as a key player in the Utility ecosystem—driving innovation through advanced software capabilities, SaaS platforms, its own prepaid vending software, data analytics, and an unwavering commitment to research and development. As metering infrastructure increasingly integrates cutting-edge technologies such as IoT, AI, and smart analytics, Genus is positioning itself at the forefront of future energy and Utility management.
Genus offers a comprehensive and innovative portfolio of energy metering solutions, designed and developed to meet the evolving needs of power utilities and distribution companies (DISCOMs). The Companys product range spans from non-AMI offerings such as Anti-Tamper Meters, Multi-Functional Single and Three-Phase Whole Current Meters, CT-Operated Meters, ABT & Grid Meters, Distribution Transformer (DT) Meters to Advanced Smart Metering systems. This includes Group Metering, Smart Meters in both postpaid and prepaid configurations, Net Meters and complete solutions that support Advanced Metering Infrastructure (AMI), comprising Head End Systems (HES), Meter Data Management Systems (MDMS), user-friendly Smart Meter Apps etc.
In addition to manufacturing meters, Genus has firmly established itself as a key player in the Advanced Metering Infrastructure Service Provider (AMISP) domain, backed by extensive experience in delivering tailored and sustainable smart metering solutions. Genus undertakes Smart Metering AMI projects on a Design-Build-Finance-Own-Operate-Transfer (DBFOOT) model, expanding its role in the industry beyond its core metering business. As an AMISP, Genus is responsible for implementing comprehensive smart metering solutions. This includes the supply and installation of meters – along with removal of legacy meters – provision of LT accessories, Data Concentrator Units (DCU) and Communication modules (where applicable); deployment of Head-End Systems (HES), Meter Data Management Systems (MDMS), and the operation of Facility Management Services (FMS) in designated AMI project areas. The scope also covers consumer indexing, development of user-friendly mobile applications, automated energy audit reporting, and integration with cloud infrastructure—all supported by a centralised Network Operation & Monitoring Centre (NOMC) and enabled through coordination with Network Service Providers (NSPs) to ensure reliable connectivity and system uptime.
Genus manages AMI projects for a specified number of Total Meter-months and, upon completion of the contract term (the end of the concession period), transfers ownership of the entire AMI system to the respective DISCOM. This holistic approach ensures the delivery of seamless, efficient, and sustainable metering infrastructure, significantly enhancing the operational efficiency of Utilities. AMISP concessions are awarded by State Power Utilities under the Revamped Distribution Sector Scheme (RDSS), typically with a concession period of up to ten years. This comprehensive, long-term model reinforces Genuss position in the power infrastructure value chain. Genus has also progressively expanded its product portfolio beyond electricity meters to include data loggers, gas meters, and smart water meters, positioning it as a leading provider of these solutions to meet the evolving demands of the Utilities sector. The data loggers play a vital role in reading data from existing gas and water meters, enabling seamless integration and improved monitoring. Genuss gas meters ensure accurate consumption measurement, while its smart water meters offer advanced features such as leak detection and consumption tracking. By utilising cutting-edge metering technology, Genus focuses on real-time data monitoring, remote reading, and high measurement accuracy. Backed by a strong commitment to innovation and quality, Genus is well-positioned to rapidly expand into and establish a strong presence in the smart gas and water meter markets. Genus boasts an annual production capacity of 18 million meters, establishing itself as a leader in the metering industry. To further enhance efficiency and meet rising demand, the Company is focused on expanding its manufacturing capacity. This expansion will strengthen delivery capabilities, elevate customer satisfaction, and support internal requirements, while also enabling OEM supply to other AMISPs for smart metering solutions.
Building on these production capabilities, Genus operates a fully integrated manufacturing ecosystem—from plastic components to finished meters—with automation and robotic-assisted processes embedded across key stages, including SMT lines and Lean Assembly techniques. Genus demonstrates its commitment to excellence through a range of prestigious certifications, including ISO 9001, ISO 14001, ISO 45001, ISO 20000, ISO 27001, BIS, STS, EMC, and AEO-T1, among others. These certifications reflect the Companys dedication to quality, environmental sustainability, occupational health and safety, IT service management, information security, product & regulatory compliance, and international trade facilitation. For gas and water meters, Genus adheres to key industry standards and certifications, such as BIS, Legal Metrology (W&M), PESO, ATEX, MID, and WATER MARK, ensuring accuracy, safety, and reliability. This synergy between research, software, and production enables Genus to deliver reliable, smart, and cost-e_ective metering solutions across the electricity, gas, and water sectors.
Genus is accredited by most State and Private Power Utilities across India, reflecting its strong, long-lasting client relationships and consistent repeat business.
Industry Structure, Developments, Opportunities, and Challenges
Energy Metering & AMISP Concession: A Paradigm Shift in Power Distribution
Energy metering, at its core, is the process of accurately measuring and recording electricity consumption through electronic devices. This technology has evolved from basic mechanical meters to electronic meters, and now to intelligent smart meters capable of real-time data exchange. These advancements are crucial in meeting the modern needs of grid management, accurate billing, and efficient energy usage.
Indias energy metering sector is witnessing significant growth, propelled by rising electricity demand, rapid urbanisation, and robust government initiatives aimed at improving energy access and distribution efficiency. Historically dominated by mechanical meters, the industry has seen a systematic transition to electronic and now smart meters, reflecting the broader push towards digitalisation and smarter infrastructure. Key government programmes like UDAY, Smart Meter National Programme (SMNP), National Smart Grid Mission (NSGM), and most notably the Revamped Distribution Sector Scheme (RDSS), are driving this transformation. These initiatives target the reduction of technical and commercial losses, boost billing accuracy, support renewable integration, and enhance grid resilience.
The Government of Indias bold goal to deploy 250 million smart meters under RDSS – conceived as part of Smart Meter National Programme launched in 2017 and formalised under RDSS in July 2021 – underscores the tremendous potential of the power sector. Backed by an estimated $30 Billion investment, this initiative is driving increased order volumes, accelerating operational scale-up, and promoting greater transparency and efficiency in power distribution. The Revamped Distribution Sector Scheme (RDSS) has emerged as a transformational initiative aimed at modernising Indias power distribution landscape, with smart metering at its core. Operating under the DBFOOT (Design, Build, Finance, Own, Operate, Transfer) framework and TOTEX (CAPEX + OPEX) model, the scheme enables Advanced Metering Infrastructure Service Providers (AMISPs) to deliver end-to-end smart metering solutions on behalf of DISCOMs. These providers handle supply, installation, operation, and maintenance of smart meters—including communication networks and software systems—while financing the infrastructure upfront and receiving performance-linked payments over the concession period.
By overseeing every aspect—from design to long-term system upkeep—AMISPs help DISCOMs focus on core distribution functions while ensuring reliable, data-driven energy management across the Transmission and Distribution (T&D) value chain.
This model positions Indias power Transmission and Distribution (T&D) industry for substantial order inflows, robust revenue growth, improved operating margins, and better working capital efficiency. With clearly delineated roles between AMISPs and DISCOMs under the RDSS framework, it is not only streamlining implementation but also accelerating transformation across the electricity distribution ecosystem. Guided by standardised bidding and performance-linked payments, the programme is helping reduce Aggregate Technical and Commercial (AT&C) losses, enhance billing efficiency, and advance digitalisation—all of which collectively pave the way for a more efficient, reliable, and consumer-centric energy future.
As of March 2025, out of approximately 23.9 million smart meters installed across India, 13.4 million were installed during FY 2024-25. Despite this progress, the overall installation rate remains below expectations. The slower-than-anticipated rollout is attributed to several persistent challenges, including delays in tendering and testing approvals, difficulties in establishing direct debit billing mechanisms, and technical hurdles such as data validation and consumer indexing. In certain regions, public resistance has also emerged, driven by concerns over data privacy and misinformation surrounding smart meter functionality.
To address these bottlenecks and ensure progress towards national smart metering targets, the Ministry of Power had formally proposed a two-year extension of the RDSS scheme beyond its original deadline. Following this extension, the revised implementation target is to deploy 250 million smart meters by FY 2027–28. Continued efforts are needed and are being worked out to resolve procedural delays and promote balanced rollout across states. Experts anticipate a marked acceleration in installations over the next one to two years, which is expected to strengthen key performance indicators such as billing efficiency, AT&C loss reduction, and overall modernisation of Indias electricity distribution infrastructure.
Smart Metering:
Revolutionising Energy Consumption
Smart metering refers to the use of advanced digital devices—that measures and records energy consumption (electricity, gas, or water) in real-time or at frequent intervals. Unlike traditional meters, which provide limited and delayed consumption data, smart meters automatically transmit usage information to Utility providers via wireless communication networks such as PLC (Power Line Communication), RF (Radio Frequency), Cellular (2G/3G/4G/NB-IoT), and other emerging communication technologies. In an era marked by rapid technological advancements and an urgent need for sustainable energy solutions, smart metering stands out as a transformative innovation. By enabling real-time monitoring and data-driven decision-making, smart meters are not only changing how energy is consumed but also reshaping the dynamics between Utilities, consumers, and the environment. Looking forward, the integration of smart meters with artificial intelligence, IoT (Internet of Things), and blockchain could revolutionise energy ecosystems further—enabling peer-to-peer energy trading, personalised energy solutions, and smarter cities. Importantly, smart meters in India are designed to support both postpaid and prepaid modes, enabling utilities to switch between them remotely without any hardware replacement.
Smart metering is not just a technological upgrade but a paradigm shift in energy consumption. By empowering users, enhancing efficiency, and fostering sustainability, it plays a pivotal role in addressing the global energy crisis. As adoption grows, smart metering is poised to become a cornerstone of the smart grid and a catalyst for a more resilient, equitable, and green energy future. Indias smart metering programme has received substantial budgetary support and witnessed a surge in contract awards. As of Mid-July 2025, approximately 223.7 million smart consumer meters have been sanctioned and around 143.4 million have been awarded. However, actual installations remain behind schedule with only about 35.4 million meters installed nationwide by mid-July 2025. (Source: https://www. nsgm.gov.in) The next one to two years therefore appears to be the make-or-break years for scaling up deployment nationally. The market is projected to grow from $219.7 Million in 2023 to $3,179.5 Million by 2032, at an impressive CAGR of 34.57%. (Globe Newswire / latest Astute Analytica research). This growth trajectory reflects strong government backing, rising consumer awareness, and increasing demand for energy efficiency and digital infrastructure in the power distribution sector.
Smart Meters with Prepaid Flexibility: Enhancing Financial Efficiency
Smart prepaid meters i.e., smart meters with prepaid functionalities, are transforming how Indian utilities manage energy distribution and billing by combining the benefits of real-time monitoring with flexible payment options. By allowing users to pay for electricity in advance, these meters introduce a more transparent and efficient financial model for both Utility providers and consumers. These meters provide DISCOMs with assured revenue collection, lower AT&C losses, and improved cash flow. Smart prepaid meters are more than just technological upgrades—they are financial enablers. By fostering accountability, improving cash flow, reducing operational burdens, and empowering consumers, they significantly enhance the financial efficiency of energy Utilities while contributing to a more equitable and sustainable energy ecosystem.
India has been actively promoting the deployment of Smart Prepaid Meters as part of its broader power sector reform and modernisation strategy. These initiatives are aimed at improving billing efficiency, reducing aggregate technical and commercial (AT&C) losses, and enhancing consumer satisfaction.
Key Government Initiatives for Smart Prepaid Meters in India
A brief overview of the key government initiatives for Smart Prepaid Meters in India are outlined below:
Revamped Distribution Sector Scheme (RDSS) – 2021
• Launched by: Ministry of Power, Government of India
• Outlay: H_3.03 lakh crore (with H_97,631 crore as Central Government support)
• Objective: Reduce AT&C losses to 12–15%, improve billing efficiency, and ensure 24x7 reliable power
• Smart Prepaid Meters: A core component of the scheme, with the target revised to install 250 million smart meters by FY 2027-28
• Implementation Model: TOTEX (CAPEX + OPEX) under DBFOOT framework
• Nodal Agencies: REC and PFC
• Includes feeder segregation, system strengthening, and modernisation of urban distribution networks
National Smart Grid Mission (NSGM) – 2015
• Promotes smart grid technologies, including smart metering
• Provides technical support for:
- Advanced Metering Infrastructure (AMI)
- Data management systems for utilities
• Pilots across cities like Chandigarh, Puducherry, and Bengaluru have shown successful outcomes
• Includes capacity building, SCADA integration, and rooftop solar monitoring
Smart Meter National Programme (SMNP)
• Nodal agency: REC and PFC, under the Ministry of Power
• Goal: Initial target of 250 million smart meters across India
• Business Model: BOOT (Build-Own-Operate-Transfer) model with zero upfront CAPEX for DISCOMs
• Focus on improving billing and collection efficiency, reducing AT&C losses, and enabling remote meter reading
Consumer Empowerment and Digitalisation
• Unified Smart Metering App: Mobile apps (State- or DISCOM-specific) for prepaid recharge, usage tracking, and alerts
• It enables:
- Real-time energy usage data
- Load limiting and remote disconnection/ reconnection
- Tariff-based and time-of-day billing in future
• Examples include Bharat Smart Services and Bharat eSmartMeter App, offering AI-powered insights and secure payment options
State-level Rollouts
• States have issued or are issuing tenders. With tenders being floated, States are now moving into the phased deployment stage
• As of mid July 2025, 203.3 million smart meters have been sanctioned under RDSS out of which around 24.1 million smart meters have been installed India has therefore made significant progress in rolling out smart prepaid meters under the collective framework of the Revamped Distribution Sector Scheme (RDSS), the Smart Meter National Programme (SMNP), and the National Smart Grid Mission (NSGM). While challenges remain, these coordinated initiatives—backed by policy reforms, financial support, and private sector participation—are setting the stage for widespread adoption, greater energy accountability, and a more digitally empowered electricity distribution network.
Net Meter: Facilitating Renewable Integration
A Net Meter (or Net Energy Meter) is an electricity meter used in renewable energy systems—especially solar rooftop setups—that measure both the electricity consumed from the grid and the electricity exported back to it. Smart meters, which are being widely deployed across India, increasingly serve this dual-purpose function, enabling seamless net metering through their bidirectional measurement and communication capabilities. Net metering enables consumers to receive credits for the surplus solar energy they generate and feed back into the electricity grid. For instance, when a rooftop solar system produces more power than is consumed during the day, the excess electricity is exported to the grid. In return, the consumer earns energy credits, which are adjusted against electricity drawn from the grid. Alternatively, if the system is equipped with inverter and battery storage, the excess energy can be stored and used whenever needed.
Solar rooftop systems are increasingly becoming popular in India due to declining solar panel costs, government incentives, and rising electricity tariffs. Net metering is a crucial smart energy policy that supports the integration of renewable energy sources—especially distributed generation like rooftop solar—into the power grid. It is a foundational mechanism in transitioning towards a cleaner, decentralised, and more resilient energy system. While challenges exist, evolving policies and technologies can ensure that it remains a powerful enabler of renewable energy integration. India has implemented several government initiatives to promote net metering, aimed at encouraging the adoption of rooftop solar power and integrating renewable energy into the grid. The key initiatives and policy highlights related to net metering in India are outlined below:
National Solar Mission (NSM) – 2010
• Launched under the National Action Plan on Climate Change (NAPCC)
• Aimed to install 100 GW of solar capacity by 2022, including 40 GW from rooftop solar
• Net metering policies are a vital part of reaching the rooftop solar target
Ministry of Power (MoP) Guidelines – 2021
• MoP issued "Electricity (Rights of Consumers) Rules, 2020", with amendments in 2021 and 2023, introducing Time-of-Day (ToD) tariffs and smart metering provisions
• Net metering is permitted for rooftop systems up to 500 kW, while systems above 500 kW may be eligible for gross metering or hybrid models, subject to State regulations
• States are encouraged to align their policies with these central guidelines
State Electricity Regulatory Commissions (SERCs)
• Each Indian state has its own net metering policy, regulated by its SERC
• States like Gujarat, Tamil Nadu, Maharashtra, and Delhi have robust net metering frameworks.
• Innovative models like Virtual Net Metering (VNM) and Group Net Metering (GNM) have been introduced in select states including Delhi, Maharashtra, and Odisha
Grid Connected Rooftop Solar Programme – Phase II
• Launched by MNRE (Ministry of New and Renewable Energy) in 2019
• Targets 4 GW of residential rooftop solar capacity by providing:
- Subsidies of up to 40% for systems up to 3 kW, and 20% for systems between 3–10 kW
- Central Financial Assistance (CFA) for DISCOMs to support infrastructure upgrades for net metering
- Extended until March 2026, with implementation through DISCOMs and empanelled vendors
PM Surya Ghar: Muft Bijli Yojana (2024)
• Launched by the Prime Minister in 2024, with an outlay of H_75,021 crore
• Provides financial support and subsidies for installing rooftop solar on 1 crore households by FY 2026-27
• Includes simplified net metering application and connection processes via the National Portal
• Encourages self-consumption and grid injection via net metering
• Offers subsidies up to H_78,000 and collateral-free loans at 7% interest for systems up to 3 kW
The government has set an ambitious target of achieving 40 GW of rooftop solar capacity by 2030. Based on this goal, and considering that approximately 90% of these installations will require net meters, the projected demand for net meters could reach around 36 million units over the next five years. This translates to a cumulative hardware market valued between H_540 Billion and H_900 Billion from now until 2030.
Gas Metering: Expanding Coverage with Smart Infrastructure
The gas metering industry is expanding its coverage through intelligent infrastructure, balancing proven technologies with emerging innovations. The diaphragm gas meters, remain the backbone of Indias metering landscape due to their reliability, accuracy, and widespread use in residential and light industrial applications. These mechanical meters, manually read, continue to play a vital role in billing and consumption tracking. At the same time, smart gas metering technologies are gradually being introduced, particularly in urban centres, offering capabilities such as real-time consumption data, leak detection, remote monitoring, and support for prepayment systems. The deployment of smart gas meters align with the countrys broader digital infrastructure goals and represent a future-ready solution.
The evolution of gas metering promises a future where Utilities can operate more efficiently and customers can better manage their energy usage. With growing advancements in IoT, AI, and communication technologies, Indias gas distribution sector is evolving into a hybrid metering ecosystem—where traditional diaphragm meters, enhanced with data loggers and AMR/ communication modules (Retrofits), are coexisting with next-generation smart gas meters. This layered transition is already underway, enabling utilities to improve safety, operational efficiency, and customer engagement across diverse consumer segments. Despite challenges like infrastructure readiness and high initial costs, policy support from the Petroleum and Natural Gas Regulatory Board (PNGRB) is fostering market growth. Under the GtG scenario, the consumption of natural gas is expected to reach 297 mmscmd by 2030 (PNGRB).
The global smart gas meter market in terms of shipment volume is expected to expand from 19.11 million units in 2025 to 27.70 million units by 2030 at a CAGR of 7.71%, with India emerging as a key growth market. (GII Global Information).
Smart Water Meters: Addressing Scarcity with Intelligence
Water scarcity and ine_cient water management have become critical challenges worldwide, threatening sustainable development and public health. Aging infrastructure, water loss due to leaks, and lack of real-time monitoring contribute to waste and rising costs. In this context, Smart water meters emerge as a vital technology to combat these issues by providing accurate, real-time data on water consumption and system performance.
Smart water meters use advanced sensors, communication technologies, and data analytics to monitor water flow continuously and transmit usage data remotely. Utilising technologies like ultrasonic, electromagnetic, and multi-jet meters, coupled with IoT connectivity (LoRaWAN, NB-IoT), these devices enable real-time consumption monitoring, leak detection, and efficient billing. Unlike manual readings, they provide detailed, real-time insights, enabling better resource management.
Government missions such as Smart Cities Mission, Jal Jeevan Mission and AMRUT (Atal Mission for Rejuvenation and Urban Transformation) are actively promoting smart infrastructure, including water metering. These missions are catalysing the adoption of smart water metering, although challenges related to costs and infrastructure continues to persist. In 2024, Indias smart water meter market was valued at approximately US$ 337.2 million, with projections indicating growth to US$ 708.2 million by 2030, at a CAGR of 13.2% from 2025 onward (Source : HORIZON Grand View Research). This expansion is driven by favourable government policies and increasing demand across municipal, industrial, and residential sectors. Key growth factors include rapid urbanisation, heightened awareness of water scarcity, and infrastructure modernisation under initiatives such as AMRUT, Smart Cities Mission, and Jal Jeevan Mission.
The global smart water meter market was valued at approximately US$_3.56 Billion in 2022, and is predicted to reach US$ 9.05 Billion. This expansion is fuelled by rising water stress, regulatory mandates, government-driven smart city initiatives, and the integration of IoT and AI technologies into water infrastructure. (Source: NMSC).
Data Loggers: Critical Links in the Smart Metering Chain
In the evolving world of energy management and smart metering, data loggers play a pivotal role as the backbone of metering intelligence. These devices are essential for capturing, storing, and transmitting critical data that helps in decision-making, improves efficiency, and enables predictive analytics.
Data loggers are compact, electronic devices designed to record measurement data over time or in relation to location. Data loggers, when retrofitted to conventional gas or water meters, enable automatic meter reading by digitally capturing and transmitting consumption data. These add-on modules help utilities transition from manual reading to automated monitoring without replacing the entire metering infrastructure. With the rise of the Internet-of-Things (IoT) and smart grids, data loggers are becoming more integrated, intelligent, and scalable. They are expected to evolve from simple data collectors to active nodes in a connected metering ecosystem, enabling autonomous decision-making and real-time responses. By bridging the gap between legacy systems and full-fledged smart metering, data loggers offer a cost-e_ective solution for improving operational efficiency, billing accuracy, and customer service. There is vast potential for the deployment of such retrofit-able solutions across emerging economies, ageing infrastructure in developed markets, and cost-sensitive utility segments worldwide. Innovations in AI-powered analytics and sustainable energy management will further accelerate adoption.
Smart Metering Software: Digitising Utility Intelligence
Metering software forms the digital backbone of smart metering ecosystems, enabling utilities to manage, analyse, and act on consumption data across electricity, water, and gas networks. Globally, the metering software market was valued at US$_1.5 Billion in 2024 and is projected to reach US$_3.8 Billion by 2033, growing at a CAGR of 10.9%. In India, the power metering software segment alone is expected to grow from US$_1.08 Billion in 2025 to US$_2.76 Billion by 2035, driven by RDSS-led deployments and digitalisation of DISCOM operations.
MDMS
At the core of this ecosystem is the Meter Data Management System (MDMS)—a centralised platform (a critical layer) that collects, stores, validates, and processes data from smart meters and related devices. Acting as the digital backbone of smart metering infrastructure, MDMS ensures that meter data is transformed into actionable insights for billing, analytics, operational planning, and customer services. The India MDMS market, often bundled within broader AMI deployments, is projected to grow at a CAGR of 15–18% through 2030, aligned with the national rollout of over 250 million smart meters under RDSS. The global MDMS market meanwhile is projected to grow at a CAGR of 10–12% from 2024 to 2030, driven by large-scale smart meter deployments, energy transition initiatives, smart grid investments, and the increasing demand for real-time billing and dynamic pricing capabilities.
HES
The Head End System serves as the communication gateway between smart meters and the MDMS. It collects raw meter data, manages firmware updates, and ensures secure, reliable data transmission across heterogeneous networks (Cellular / RF / PLC / NB-IoT). In India, Head-End System (HES) platforms are increasingly being deployed by Advanced Metering Infrastructure Service Providers (AMISPs) under DBFOOT contracts to enable centralised data acquisition and remote monitoring of smart meters. HES is also evolving to support edge computing and real-time event processing, enabling faster outage detection and localised control in distributed energy environments.
Mobile Apps
Mobile apps are becoming essential interfaces for consumers and field technicians, offering real-time consumption tracking, recharge options (for prepaid meters), outage alerts, and demand response participation.
• In India, mobile apps like Smart Bijli, Urja Mitra, and DISCOM-specific platforms are being scaled to support 250 million consumers, with integration into MDMS and vending systems
• Apps are also being used for remote diagnostics, firmware updates, and consumer education, especially in prepaid and net-metering contexts
Vending Software
Complementing this ecosystem is Prepaid Vending Software, which enables consumers to purchase utilities such as electricity, gas and water in advance through smart meters. Vending software enables prepaid meter recharges, tari_ configuration, and transaction logging. This model not only enhances revenue assurance for Utilities providers but also promotes better consumption control and financial planning for consumers. Where applicable, it interfaces with mobile apps, and payment gateways to ensure seamless top-ups and credit management.
Way Forward
Indias metering landscape is undergoing a significant digital transformation, fuelled by policy support, technological advancements, and the growing need for efficiency and sustainability. While challenges remain — from infrastructure bottlenecks to financial constraints — the long-term direction is clear: a smarter, more connected, and more efficient ecosystem for managing electricity, gas, and water.
Performance and Outlook of Genus Products and Services:
Smart Energy Metering Solutions
With over 30 years of industry expertise, Genus remains a pioneer in delivering technologically advanced, sustainable, and integrated smart metering solutions. Our portfolio covers every stage of the energy distribution measurement lifecycle — from metering hardware to software platforms, and system integration to ongoing operational support.
Our product line is uniquely positioned to meet the diverse and evolving needs of residential, commercial, and industrial consumers, and includes:
• Anti-tamper, multi-functional single and three-phase whole current meters
• LT/HT CT-operated meters
• Prepaid and postpaid smart meters
• Metering for Distribution Transformers (DTs), feeders, and substations
• Net meters supporting renewable energy integration and prosumer billing
• Communication devices (GSM/GPRS/NB-IoT/ LoRa)
• AMI software solutions, including Head-End Systems (HES), Meter Data Management Systems (MDMS), analytics dashboards and Prepaid Vending Software
• Facility Management Services (FMS) and mobile apps for real-time access
• Smart Street Light Management Systems (SSLMS) for urban infrastructure efficiency
• Original Equipment Manufacturer (OEM) supply of smart meter to other AMISPs
• Group metering
• Tailored offerings for non-utility segments, such as sub-metering, prepaid metering and panel metering systems
Genus Key Di_erentiators:
• End-to-End Capability: A rare provider of the complete AMI stack — from smart meters to software platforms and data analytics — all developed in-house
• Interoperability and Cyber Security: Solutions are designed to work with existing Utility IT/OT systems and adhere to global cybersecurity standards
• Customisability: Modular architecture enables tailored deployments across geographies, regulatory frameworks, and Utility business models
• Integrated Design and Manufacturing: In-house R&D, product design, and manufacturing ensure quality control, faster innovation cycles, and supply chain resilience
• Scalability: Our systems are architected to support millions of endpoints across diverse terrains and utility sizes, designed for large-scale rollouts
• Data-driven Intelligence: Robust HES and MDMS capabilities, with forward-looking analytics designed to empower utilities with actionable insights across critical operational parameters
Smart metering systems assist Utilities in reducing AT&C losses while also facilitating energy accounting, enhancing peak load management, and boosting customer engagement. Our solutions also align with regulatory mandates like the Revamped Distribution Sector Scheme (RDSS) and are future-ready to integrate with smart grid, DERs (Distributed Energy Resources), Net Metering, and EV charging infrastructure.
Operational Highlights (FY 2024-25)
• During the period under review, smart energy metering solutions and services have demonstrated strong market acceptance, achieving a sales growth of 103% compared to the previous period.
• Manufactured over 10 million smart meters, and sold over 9.40 million smart meters, reflecting strong execution capacity.
• Customer feedback reflects encouraging levels of satisfaction levels, with appreciation for product quality, ease of use, and its potential contribution to reducing AT&C losses.
• As of March 31, 2025, the total executable order book (including SPVs and GIC Platform) stood at approximately H_ 30,110 crore (net of taxes), covering around 32.20 million meters – providing strong visibility into future revenue growth.
• Repeat and ongoing orders have shown consistent improvement,reflectinggrowingcustomerconfidence and satisfaction in our offerings.
This Exceptional Performance is Backed by:
• Accelerated execution across ongoing smart metering projects
• Strengthened internal operational integration enabling responsiveness and delivery consistency
• Rapid rollout of RDSS-sanctioned projects across geographies
• Strategic project wins across multiple States and Utilities
• Growing engagement in Utility-scale AMISP contracts under DBFOOT model
• Active participation in government-led programmes and competitive tenders
• Increased adoption of prepaid meters by DISCOMs, supported by policy momentum
• Robust in-house capabilities spanning design, software, manufacturing and execution Genus continues to support smart metering programmes through responsive, need-based assistance to Utilities across all stages of implementation.
Genus acknowledges that competitive landscape remains dynamic, making ongoing innovation and responsiveness to market trends essential for sustaining and growing market share. As digital reach expands and new customer segments are targeted, the Companys smart metering solutions and services are well-positioned to maintain their positive growth trajectory.
Export Performance
The export performance during FY 2024–25 was relatively subdued due to a confluence of external factors, including geopolitical uncertainties, currency constraints and fluctuations, extended procurement cycles, and shifting policy priorities in key regions. Despite these headwinds, Genus remained firmly engaged in its focus markets and strategically advanced its global positioning through breakthrough orders, pilot wins, and new market entries that are poised to drive robust growth in the coming years.
Our primary international focus continued to be on SAARC, Southeast Asia, the Middle East, and Africa—regions where utility advancements, modernisation, and digitisation agendas remain strong and evolving. In Southeast Asia, Genus executed smart meter orders for a Malaysian utility, reafirming its reputation for technical excellence and product reliability. Although regulatory delays impacted short-term order flows, the region remains attractive due to active and upcoming smart metering rollouts in countries such as Indonesia (targeting over 15 million smart meters by 2030), Thailand (with over 1 million smart meters planned in the next phase), Vietnam, and the Philippines. These ongoing infrastructure upgrades signal high potential for re-engagement in the near future.
The Middle East offered important strategic breakthroughs. Genus fulfilled orders for one of the UAE utilities and also secured a pilot order from another leading UAE utility, marking a significant milestone in this quality-conscious and competitive market. With smart grid investments projected to exceed US$_20 Billion in the GCC by 2030, and national metering programmes gaining momentum in Oman (with over 1.2 million smart meters targeted under Nama Group), Abu Dhabi, and Saudi Arabia (aiming to install around 10 million smart meters as part of its digital utility roadmap), Genus is well-positioned to scale its presence. Furthermore, advanced discussions are underway with utilities in the region to establish long-term supply partnerships and localisation tie-ups.
In Africa, despite challenges posed by foreign exchange constraints and shifting import norms, Genus successfully entered Burundi with its first supply to a local utility—an important new foothold in Central Africa. Additionally, it fulfilled orders for a Nigerian utility, tapping into the evolving opportunities under the second phase of Nigerias National Mass Metering Programme (NMMP), which aims to install over four million additional meters. We continue to engage with stakeholders in Zanzibar, Kenya, Ethiopia, Central African Republic, and Ghana, supported by active collaborations with reputed local partners. Genus is also interacting with well-known Indian EPCs and reputed solution integrators for the supply of meters in their overseas turnkey power projects. Discussions are in progress to become a technical partner for smart meter assembly units in select nations, paving the way for SKD/CKD model exports aligned with local manufacturing mandates.
In the SAARC region, Genus re-established its presence in Bhutan after nearly a decade by securing a smart meter order from a Bhutanese utility. This re-entry marks the beginning of a sustained relationship in a market known for its reliability standards. While Nepal saw continued traction, Bangladesh remained largely dormant due to complex technical requirements, political changes, and local policy shifts.
The outlook remains encouraging across regions such as Malaysia, Oman, and other Middle Eastern and ASEAN countries, where national smart metering initiatives are gaining pace. Genuss strong product engineering, compliance credentials, and focus on localisation continue to distinguish it as a credible global partner.
One of the most promising highlights of the year was Genuss entry into newer geographies beyond its traditional markets, particularly in the Pacific region, where the smart metering landscape is rapidly evolving. These countries are witnessing major digital utility transformations, supported by progressive regulations and strong policy push towards energy transition and smart infrastructure. With an estimated demand exceeding 15 million electricity smart meters by 2030, Genuss early engagements in these markets—through technical tie-ups and strategic partnerships aligned with local standards—are expected to generate steady, recurring business and reinforce its status as a global metering solutions provider.
While export turnover in FY 2024–25 did not match the previous years level, the strategic groundwork, breakthrough wins, and market expansions achieved this year are poised to translate into significant future growth. With a calibrated international strategy and an expanding pipeline, Genus is confident of regaining strong export momentum and further enhancing its global footprint in the years to come.
Amisp Concessions – A Long-Term Growth Engine
Genus has established itself as a prominent Advanced Metering Infrastructure Service Provider (AMISP) in the Indias power distribution sector. As an AMISP, it undertakes the design, deployment, operation, and maintenance of end-to-end AMI systems - including smart metering - under long-term ‘Design-Build-Finance-Own-Operate-Transfer (DBFOOT) contracts. These contracts follow a Total Expenditure (TOTEX) model, combining capital expenditure (CAPEX) and operational expenditure (OPEX) components. Under the framework, the government provides a one-time payment to AMISP upon successful installation of each meter, capped at a certain amount or percentage of the meter cost. The balance is paid monthly on a per-meter basis, linked to the Service Level Agreement (SLA) with the Utility.
Key Highlights:
• Contract tenure range from 8 to 10 years, offering long-term revenue visibility
• Scope includes deployment of Smart Meters, HES, MDMS, mobile apps, communication infrastructure, and integration with Utility billing and legacy systems
• At contract closure, ownership of all deployed assets, software, and collected data is transferred to respective utilities
Execution of these AMISP contracts typically involves a mobilisation period of 9-12 months. Building on the groundwork and initial implementation activities undertaken during FY 2023–24, the Company has commenced revenue realisation from these concessions in FY 2024–25, marking the start of billing for work executed in the prior financial year. The operational learnings and execution experience from early projects are proving valuable in streamlining delivery and accelerating progress across subsequent deployments. During the year under review, we posted revenue of H_ 2,442 crore, more than doubling from H _ 1,201 recorded in the previous year. This strong growth in revenue was driven by the successful scale-up of AMISP projects, commissioning of new capacities, and enhanced production throughput - marking the onset of a robust growth phase for the Company. While the working capital position experienced temporary elongation during the execution ramp-up; it is expected to progressively normalise as project lifecycles mature, and monthly OpEx-linked payments stabilise.
Smart Gas Metering Solutions
Genus offers the Diaphragm Gas Meter G1.6 (SKG-16), a positive displacement meter engineered for precise volume measurement of low-pressure natural gas. Diaphragm gas meters remain a globally preferred solution for residential, commercial, and small industrial applications due to their proven mechanical reliability, a_ordability, and long term accuracy. The diaphragm gas meter market is expected to expand steadily, fueled by rising demand for piped natural gas (PNG), especially in developing regions, where urbanisation and infrastructure expansion continue at pace. This transition away from legacy fuels like LPG and coal is a major driver of adoption in domestic and small enterprise segments.
Genuss smart gas metering ecosystem includes "g-Setu", a retrofit Meter Interface Unit (MIU), that transforms basic gas meters into smart meters. It uses RF walk-by and LoRaWAN communication protocols to capture readings and securely transmit consumption data to a centralised Head-End System (HES). A companion mobile application can also be enabled, empowering consumers to monitor real-time usage. This retrofit approach allows Utilities to upgrade existing infrastructure economically, avoiding full meter replacement while achieving smart functionality with integrated AMR-RF and IntelliLog capabilities.
Global growth is especially strong in markets such as India, China, and across Southeast Asia, Latin America, and parts of Africa. While next-generation metering technologies are emerging, diaphragm gas meters are expected to remain dominant due to their scalability, a_ordability, and adaptability for mass deployment. Ongoing digitisation and smart city initiatives will accelerate innovations in this segment, particularly through the adoption of IoT and telemetry solutions like g-Setu.
Expanding beyond electricity, Genus is gaining traction in the smart gas metering domain. In FY 2024-25, we successfully supplied 1.58 lakh smart gas meters, each offering:
• High-accuracy measurement
• AMI/AMR communication (LoRaWAN and RF)
• Advanced features like tamper detection and battery life management We have got three major pilots of the g-setu logger active to international customers on both residential and commercial customer meters. We have successfully integrated our logger to global mechanical meters vendors. We anticipate these pilots will lead to good volumes of our loggers being deployed in the coming years.
This segment is poised for rapid expansion, supported by:
• Government-led expansion of City Gas Distribution (CGD) networks and PNG infrastructure in urban and semi-urban areas
• Increasing emphasis on digital billing, remote monitoring, and automated meter reading (AMR) to improve operational efficiency and transparency
• Rising adoption of IoT, analytics, and cloud-based platforms for smarter utility management and predictive maintenance
• Regulatory mandates promoting energy efficiency, accurate billing, and consumer empowerment through usage visibility
• Cost-e_ective retrofit solutions (e.g. MIUs like g-Setu) enabling utilities to upgrade legacy meters without full replacement
• Growing investments in smart city initiatives and utility digitalisation, especially across Asia, Latin America, and Africa
Smart Water Metering Solutions
Genus has forayed into the global smart water metering space with the introduction of SALIL – Static Ultrasonic Smart Water Meter, capable of:
• Highly accurate flow measurement with zero moving parts
• Remote data reading via AMR/AMI
• Tamper alerts and leak detection
• Integration with HES and Utility billing systems Genus has implemented pressure sensing capability in its ultrasonic water meters and has deployed them in international pilots recently. Our products with the pressure sensor capability are seen as one of the most advanced meters in the market competing against global competitors. In FY 2024–25, we reached a major milestone by shipping our first smart water meter to an international customer under a pilot project, marking the launch of our global expansion strategy in water metering. This continued to gain momentum throughout the year. Further, we have recently had huge interest in our ultrasonic water meter from Europe and there is a prospective customer who wants Genus to develop a custom designed meter in Europe. They have given initial projections of procuring approx 500K meters per year from 2028 onwards.
We have also received interest from a customer in the USA to build meters for them based on US requirements. We anticipate starting developing these meters soon with product in the market from late 2026. So, there is tremendous global interest in our Ultrasonic smart water meters and we anticipate being a major global player in the years ahead.
Genus believes Smart water meters are central to the digital transformation of water Utilities worldwide. With urbanisation intensifying and water stress emerging as a critical challenge, smart water metering is increasingly central to sustainable infrastructure planning. This vision is especially relevant for emerging markets, where scalable and modular metering solutions can directly support both urban and rural water supply initiatives. Genuss SALIL platform reinforces global sustainability goals by reducing non-revenue water, improving billing efficiency, and enabling consumers to actively monitor and manage their water usage.
Software Solutions
Genus HES
Genus offers a Head-End System (HES), a secure, web-based platform designed as the central interface for smart meter communication and remote operation. It offers Utility companies an intuitive interface to manage data and interact seamlessly with both AMR (Automatic Meter Reading) and AMI (Advanced Metering Infrastructure) systems. As a foundational component of AMISP and AMI projects, Genus HES collects interval data from deployed smart meters and interfaces seamlessly with the Meter Data Management System (MDMS), enabling unified data validation, storage, and onward integration into billing and operational workflows. Its modular design ensures scalability across diverse deployment scenarios while supporting streamlined connectivity with MDMS, mobile apps and utility billing infrastructure.
Genus MDMS – Urja+: A Complete Meter Data Management System (MDMS)
Urja+ by Genus is a comprehensive Meter Data Management System (MDMS) developed to support Indias evolving smart metering landscape. It plays a pivotal role in AMISP and AMI projects by collecting, validating, and managing interval data from smart meters via integration with the Head-End System (HES). Together, HES and MDMS form the central data backbone, enabling efficient end-to-end visibility, billing automation, and regulatory reporting for DISCOMs and other service entities.
The Meter Data Management System (MDMS) play a critical role in modernising the Utility sector, improving grid management, enhancing customer service, and supporting various energy management programmes. The system enables efficient storage, archiving, retrieval, and analysis of meter data with built-in validation and verification algorithms. Acting as a central data repository, the MDMS can import raw or validated data, and export processed data to upstream systems like billing, customer information, customer care, analytics, reporting, network planning, load forecasting, Peak Load Management, and Outage Management.
Beyond core MDMS functionality, Urja+ includes consumer (engagement) app, a workforce management (field service) app, and customisable modules to meet specific Utility needs. Already deployed across multiple DISCOMs under key national programmes, Urja+ reflects Genuss commitment to scalable, interoperable, and standards-compliant smart metering infrastructure in India.
Genus Prepaid Vending Software
To cater to STS-based prepaid meters more common in African markets, Genus also offers a Prepaid Vending Software platform / a web based system tailored for specific use cases outside India. It is also suitable for prepaid meters deployed in non-utility segments in India for gated communities, industrial parks, and institutional campuses.
Strategic Outlook
Looking ahead, Genus is strategically positioned to capitalise on the evolving dynamics of the Utilities sector. Our approach aligns with the sectors most significant trends:
• Policy and Financial Support: Leveraging robust government initiatives such as RDSS and SMNP, along with international climate financing mechanisms
• Service Model Evolution: Adapting to the industry shift from capital expenditure (CAPEX) to operational expenditure (OPEX)-based models, including AMISP frameworks
• Technology- Driven Optimisation: Harnessing AI/ML, predictive analytics, and IoT technologies to enhance efficiency, reliability, and resource management
• Decarbonisation and Digitisation: Embracing cleaner energy solutions and advanced digital infrastructure to drive sustainable transformation
We anticipate sustained momentum and new opportunities across key business areas:
• Electricity Metering: Continued strong order inflows driven by the RDSS initiative
• Global Expansion: Entry into international markets for gas and water metering solutions, building on our existing footprint in electricity metering
• Recurring Revenue Growth: Securing recurring revenue via long-term AMISP (Advanced Metering Infrastructure Service Provider) contracts
• Non-Utility Business Penetration: Deeper market presence in non-utility segments, including residential complexes, commercial properties, and industrial zones
• Software Solutions: Scalable utility-focused software offerings spanning analytics, operational optimisation, and consumer engagement Genus is poised to enter a new era of sustainable growth and value creation. Backed by a robust order book, a diversified product suite, and a strong foundation in technological innovation, we are well-equipped to lead the transformation of digital infrastructure across electricity, gas, and water sectors—both in India and globally. Our steadfast focus on innovation, integrity, and long-term value creation positions us to play a key role in accelerating the global energy transition and promoting more efficient, responsible use of resources worldwide.
Development and Implementation of Risk Management System/Policy
In recognition of the rapidly evolving technological and regulatory landscape in which the Company operates, particularly in the domain of smart metering solutions, the Board has assumed a central role in formulating and institutionalising a dynamic Risk Management Policy. This policy is designed to proactively address the emerging strategic, operational, financial, and technological risks expected ahead.
To implement and oversee this policy effectively, the Board has constituted a ‘Risk Management Committee ("RMC"). The RMC has been entrusted with the responsibility of identifying, evaluating, and prioritising risks across key functions such as business continuity, supply chain continuity, cyber security, project execution, SLA compliance, regulatory alignment, customer engagement and cost volatility—each of which is particularly relevant to the smart meter manufacturing sector.
The Board reviewed, approved, and formally adopted the updated Risk Management Policy, aligning it with current business realities, anticipated project scales under government initiatives like RDSS, and potential risks arising from geopolitical and market fluctuations. This policy is now fully operational across the Company. The Board also conducts an annual evaluation of the performance of the Risk Management Committee to ensure its continued effectiveness. Mechanisms for real-time reporting and communication have been put in place to keep the Board informed of any significant risk events or developments, enabling swift decision-making and response.
Through this proactive and structured risk management framework, the Company aims to fortify its operations, ensure business continuity, and maintain stakeholder confidence amid the complexities anticipated in FY 2025–26 and beyond.
Risks and Concerns
Operating in the smart metering industry, a sector characterised by rapid technological advancements, stringent approvals, and evolving customer demands—inevitably exposes the Company to various risks, including supply chain disruptions, geopolitical issues, stringent approvals, cybersecurity threats, financial risks, human capital challenges, and manufacturing plant continuity risks.
The key risk categories (including ESG) and mitigation strategies, to ensure business continuity, sustainable growth and secure excellent ESG ratings from key external business stakeholders, are outlined below:
Strategic Risks
Technological Changes and Obsolescence
The rapid evolution of smart metering technology, driven by global trends in digital transformation and sustainability, poses a strategic risk to the Company. Innovations such as AI-powered energy analytics, edge computing, wireless mesh networks, and the integration of distributed energy resources (DERs) are significantly accelerating the pace of technological change. This environment has shortened product life cycles and increased the likelihood of current offerings becoming outdated.
There is a material risk that, without continuous innovation and timely product upgrades, the Companys existing portfolio could become technologically obsolete. Such obsolescence could undermine the Companys competitive position, reduce revenue potential, and negatively affect customer acquisition and retention. As smart meters are increasingly comprised of advanced electronics components that evolve rapidly, the Company must remain agile and invest in ongoing product development to mitigate this risk and sustain long-term profitability.
Impact
Failure to keep pace with technological advancements may erode the Companys leadership position in the smart metering sector. Consequences could include loss of market share, delays in securing new projects, and potential exclusion from key government-led initiatives such as smart grid and smart city programmes. Additionally, product obsolescence may lead to increased return rates, heightened after-sales service costs, and reputational challenges. Collectively, these risks can undermine long-term sustainability, adversely impact financial performance, and diminish shareholder value.
Mitigation Measures and Strategic Initiatives
To proactively address these risks, the Company has institutionalised a forward-looking innovation strategy backed by robust infrastructure, collaborative partnerships, and a customer-centric approach:
• Strong R&D Ecosystem
- In-house R&D Center: The Company operates a state-of-the-art R&D laboratory, recognised by the Ministry of Science & Technology, Government of India, and accredited by NABL. This facility enables rapid prototyping, firmware development, and iterative testing, allowing for quick adaptation to new technological paradigms
- Future-Tech Focus: Research is increasingly focused on next-gen features like AI-based analytics, NB-IoT integration, cloud-native architecture, and cyber-secure communication protocols
• Agile Product Development
- Customer-driven Innovation: Product development roadmaps are aligned with feedback from DISCOMs, system integrators, and regulators to ensure relevance and practical utility
- Modular Architecture: Meters are designed with modular hardware and firmware components, enabling easy upgrades without complete hardware replacement
• Advanced Manufacturing Capabilities
- End-to-End Integration: The Company owns a comprehensive manufacturing value chain—including CAD, dies and molds, SMT lines, and Lean Assembly—enabling faster turnaround from concept to commercial production
- Smart Factory Readiness: Adoption of Industry 4.0 practices and data-driven production systems enhances responsiveness to design changes and supports flexible batch manufacturing
• Software Competency and Digital Readiness
- Dedicated Software Division: The in-house software team builds secure and scalable applications, including HES (Head-End System), MDM (Meter Data Management), and consumer mobile platforms
- Edge & Cloud Integration: Products are increasingly developed with interoperable protocols for seamless integration with cloud platforms, distribution automation systems, and utility apps
• Continuous Market Surveillance
- Technology Intelligence Team: A cross-functional team monitors global trends, competitor launches, and regulatory changes to feed into the innovation cycle
- Participation in Standards Bodies: Active engagement with BIS, IEC, and international standardisation bodies helps anticipate compliance shifts early
• Strategic Alliances and Global Insights
- Board-Level Expertise: The Company benefits from the guidance of global technology experts, who contribute deep insights into emerging metering trends worldwide.
- Collaborative R&D: The Company always strives to partnerships with international research institutions and technology startups to help the Company develop emerging metering and grid solutions
• Talent and Capability Building
- Continuous Skill Development: Engineers and software professionals undergo regular up skilling in areas such as AI, firmware engineering, IoT architecture, and cyber security
- Innovation Culture: The Company promotes a culture of continuous learning, ideation, and cross-functional collaboration through internal innovation challenges and knowledge-sharing platforms
Disaster Risk
Disasters—whether natural, human-induced, or complex in nature—pose significant threats to business continuity, infrastructure, personnel, and long-term sustainability. These may include:
• Natural disasters (e.g., earthquakes, floods, droughts)
• Human-made disasters (e.g., fire, chemical leakage, industrial accidents)
• Complex emergencies (e.g., pandemics, geopolitical conflicts, supply chain gridlocks)
Impact
Any such event may result in:
• Operational shutdowns or reduced capacity at manufacturing plants
• Damage to critical infrastructure, including R&D labs and assembly lines
• Interruptions in supply chain flow and component availability
• Delayed project execution and non-compliance with contractual SLAs
• Safety and well-being risks to employees
• Loss of institutional data and digital asset disruption
• Reputational damage and loss of customer trust
• Project deferrals or cancellations by utility clients affected by regional disasters
Mitigation Measures
To build organisational resilience, the Company has implemented a robust Disaster Risk Management Framework, including:
• Preparedness and Response
- ISO 22301-aligned Business Continuity Plans (BCP) with site-specific risk mitigation protocols
- Periodic risk assessments and vulnerability mapping for all manufacturing and support locations
- Fire safety audits, evacuation drills, and emergency response simulations conducted quarterly
- 24x7 CCTV monitoring and on-premises fire suppression systems
• Infrastructure Resilience
- Design and construction of facilities based on seismic zone considerations
- Use of fire-retardant materials, automatic fire detection and suppression systems
- Backup power systems and secondary communication lines to ensure unbroken operations
• Digital Continuity
- Cloud-based data backup systems and disaster recovery protocols to secure operational and design data
- Deployment of remote access infrastructure to enable secure, offsite working for key personnel in case of access restrictions
• Health, Hygiene & Safety (HHS)
- Preventive healthcare initiatives, vector control measures, and workplace sanitisation
- Hygiene awareness campaigns and personal protective equipment (PPE) readiness
- Partnerships with local healthcare providers for rapid response
• Stakeholder & Supply Chain Coordination
- Business impact assessments of key suppliers and service partners
- Supply chain diversification to prevent over-dependence on a single region
- Predefined alternate supplier arrangements and rerouting protocols
• Insurance and Risk Transfer
- Comprehensive coverage for property, business interruption, and third-party liability
- Periodic review of insurance adequacy aligned with new risk exposures
Financial Risk
Inability to Pass on Cost
Smart metering contracts, particularly under BOOT/ AMISP and TOTEX models, often require upfront capital investments and operate on long-term fixed-price terms with power utilities (DISCOMs). Further, the Company operates in a volatile global market influenced by:
• Fluctuating raw material costs (e.g., semiconductors, copper, resins, lithium cells)
• Foreign exchange volatility, especially due to dependence on imports for key electronic components
• Unanticipated logistics surcharges, including container shortages and fuel price hikes
Impact
Escalation in input costs without proportionate escalation clauses may significantly squeeze operating margins. Volatile foreign exchange movements, especially against the US dollar and Chinese yuan, could further impact landed component costs. Sustained cost inflation can erode profitability and affect the Companys ability to competitively price future tenders.
Mitigation Measures
The Company has adopted a combination of financial prudence, operational agility, and strategic sourcing to mitigate inflationary and FX risks:
• Strategic Procurement & Sourcing
- Multi-year fixed-price supply agreements with critical component vendors and EMS partners
- Development of alternate vendor ecosystems, including localised suppliers, to reduce import dependency
- Early inventory procurement and hedging strategies for high-risk components (e.g., MCUs, RF modules)
• Design Optimisation
- Continuous R&D efforts to redesign products with optimum materials cost or interchangeable components
- Value engineering initiatives to reduce bill-of-materials cost while preserving performance and compliance
• Financial Hedging and Treasury Controls
- Currency risk hedging policies using forward contracts and options to minimise forex volatility
- Centralised treasury management ensures consistent FX monitoring and compliance with RBI regulations
• Contractual Reforms
- Engaging with regulatory authorities and DISCOMs through industry bodies to advocate for price variation clauses, particularly in long-duration AMISP contracts
- Inclusion of input cost escalation triggers and risk-sharing mechanisms in new tenders
• Efficiency and Cost Control
- Process digitisation and lean manufacturing practices to improve cost efficiency
- Integration of ERP-based forecasting tools for proactive demand and procurement planning
- Reduction of production wastage and logistics bottlenecks
• Diversification of Revenue Streams
- Increasing revenue from software licensing, MDM systems, analytics services, and exports, which are less impacted by raw material inflation
- Exploring forward integration into smart water meters and EV charging metering, which have different component cost structures
Realisations and Liquidity Risk
A significant portion of the Companys business involves contracts with state-owned DISCOMs (electricity distribution companies), which frequently face financial constraints. These customers may delay payments due to their own structural and liquidity challenges.
Impact
Delayed or inconsistent realisation of receivables can adversely impact the Companys cash flow, limit working capital availability, affect ongoing project execution, and erode profitability. In a business model reliant on upfront capital investment and milestone-based billing, such payment delays may disrupt procurement, production schedules, and employee deployment, particularly for large-scale smart metering rollouts.
Mitigation Measures
Recognising the centrality of cash flow to sustaining operations, the Company has adopted a multi-layered receivables management strategy to proactively handle realisation risks:
• Focused on Government Clients with Low Default Risk: Most of the Companys clients are government or PSU entities, which, while slow in payment, generally pose minimal risk of actual default
• Active Receivables Monitoring: A centralised receivables tracking system with real-time dashboards is used to monitor overdue accounts and trigger escalation protocols
• Structured Follow-Up: A dedicated collections team manages continuous follow-up with DISCOM finance departments to expedite processing, documentation, and payment approvals
• Top Management Intervention: Escalation to senior leadership and even Board-level discussions are initiated in cases of critical or high-value delayed payments
• TREDS & Invoice Discounting: Integration with the Trade Receivables Discounting System (TREDS), along with bill discounting arrangements with NBFCs and banks, helps convert receivables into immediate liquidity
• Robust Working Capital Facilities: The Company has pre-sanctioned working capital lines with multiple banks and financial institutions to bridge any cash flow mismatches
• Prudent Client Selection: Prospective client evaluations include financial diligence and credit history analysis to reduce exposure to high-risk DISCOMs
• Overseas Operations – Risk Mitigation:
- Preference for Letters of Credit (LCs) backed by reputed global or Indian banks for export orders
- ECGC insurance coverage for open credit transactions, ensuring security in international receivables
- Thorough credit assessment of overseas buyers and country-risk analysis before onboarding These measures ensure the Company maintains liquidity resilience, even in an environment with elongated payment cycles from utility customers.
Operational Risk
Non-availability of Critical Raw Materials
The manufacturing of smart meters depends on timely availability of high-precision electronic components such as microcontrollers, MLCCs, RF modules and PCBs. Many of these parts are sourced globally. Disruptions caused by geopolitical tensions, pandemic-related lockdowns, trade restrictions, or logistic bottlenecks can lead to significant delays in sourcing.
Impact
• Disruption of production lines and project execution timelines
• Penalties due to non-compliance with delivery schedules under AMISP or TOTEX models
• Increased procurement costs and margin pressure due to supply shortages
• Strained customer relationships and potential contract losses
Mitigation Measures
To build resilience against global supply chain disruptions, the Company has implemented a strategic sourcing and inventory management framework:
• Multi-source Procurement: Key components are procured from multiple approved vendors located across different geographies to avoid over-dependence on any single region
• Strategic Supply Agreements: Long-term partnerships with global component manufacturers and distributors ensure prioritised allocation during shortage periods
• PPC-driven Inventory Planning: A dedicated Production Planning & Control (PPC) function integrates procurement, production, and delivery forecasting, minimising delays and excess inventory
• Safety Stock for Critical Parts: Bu_er inventory and safety stock are maintained for long-lead-time and single-source components to prevent line stoppages
• Kraljic Matrix Implementation: Raw materials and components are classified based on risk and business impact, helping prioritise procurement strategy and supplier relationships
• Geopolitical Diversification: Active efforts are underway to source alternate chipsets and key electronic parts from regions such as South Korea, Japan, the EU, and India under the "China+1" strategy
• Vendor Risk Assessment: Ongoing technical and financial evaluation of suppliers to ensure sustainability and contingency readiness These strategies enhance supply chain flexibility, allowing the Company to continue delivering smart metering solutions despite external disruptions.
Quality Failures
Risk: Smart meters are long-life field devices deployed in varying climatic and electrical conditions for 10–15 years. Any design flaw, substandard component, or manufacturing lapse can compromise performance, leading to meter failure or communication issues, which are highly undesirable in performance-linked TOTEX and AMISP contracts.
Impact
• Rejections or recalls of supplied meters
• Field service costs for replacements or fixes
• Non-compliance penalties under SLAs
• Loss of reputation and customer confidence
• Revenue impact from contract terminations or business loss
Mitigation Measures
The Company has made quality a core operational pillar through a comprehensive, preventive, and technology-enabled quality assurance ecosystem:
• In-House Product Design and Validation: Advanced R&D capabilities with tools for Design for Reliability (DfR), FMEA, and simulation testing during the product development stage
• Stringent Component Screening: All incoming components undergo rigorous QC checks, including source traceability, RoHS compliance, and electrical tolerance tests
• State-of-the-Art Manufacturing: Fully automated SMT lines and optical inspection systems ensure uniformity, precision, and traceability in assembly
• In-Line and End-of-Line Testing: Process Poke- yoke implementation, Multi-stage testing includes In-Circuit Testing (ICT), Functional Testing (FCT), and Automated Final Inspection to detect any nonconformance before dispatch
• Accelerated Life Testing (ALT) & HALT: Meters are subjected to extreme stress testing conditions to evaluate longevity, thermal resilience, and electromagnetic compatibility
• Digital Quality Management System (QMS): Integrated systems for tracking field failure rates, triggering CAPA (Corrective and Preventive Actions), and supplier quality audits
• Focus on ‘Zero Defect Manufacturing: Robust implementation of lean, Six Sigma, 5S, and Kaizen methodologies across all plants
• Training and Certification: Ongoing employee training, certification programmes, and quality awareness drives ensure a culture of excellence at every level
• Warranty and After-Sales Monitoring: Dedicated service support for post-deployment meter issues, with systematic logging of failure trends and feedback loops into R&D
These quality-centric initiatives help the Company uphold its reputation as a trusted smart meter OEM, delivering meters that not only meet but often exceed performance and durability expectations.
Delays in Execution of Projects
The Companys smart metering projects, particularly under the AMISP (Advanced Metering Infrastructure Service Provider) framework, are exposed to potential delays due to several operational, technical, and administrative factors. These include procedural delays in obtaining statutory approvals and clearances such as Site Acceptance Testing (SAT), challenges in acquiring or integrating communication bandwidth (RF, 4G/5G, NB-IoT), and manpower constraints at project sites. Moreover, current industry-wide disruptions such as limited availability of field installation teams, delays in DISCOM-side readiness (such as unavailability of feeder data or mapping issues), and dependency on third-party system integrators can significantly impact project timelines.
Impact
Such delays may result in:
• Financial penalties for missing time-bound contractual deliverables under BOOT/ TOTEX models
• Escalation in project costs due to longer deployment cycles
• Reduced margins and working capital stress
• Delays in revenue recognition and milestone-based billing
• Negative customer perception, risking future order flows or contract renewals
• Reputational risks impacting trust with DISCOMs and stakeholders
Mitigation Measures
To manage and mitigate these challenges effectively, the Company has instituted a comprehensive project execution strategy that includes:
• Dedicated Project Management Office (PMO): The Company operates a centralised PMO that monitors timelines, identifies bottlenecks early, and ensures coordinated action across internal teams, DISCOMs, and other stakeholders
• Early Engagement & Site Readiness Mapping: Initiating early coordination with utilities to map site readiness, including GIS tagging, feeder mapping, and bandwidth testing, prior to deployment commencement
• Smart Resource Allocation: Flexibly reallocating trained technical manpower across regions to meet project demands dynamically, backed by an internal resource pool and external installation partners
• Strong Field Infrastructure: Leveraging our pan-India network of service centres and project offices to ensure fast mobilisation and support
• Robust ERP Integration: Use of integrated ERP and project management tools for real-time tracking of site-level progress, inventory status, and compliance documentation
• Proactive Regulatory Liaisons: Proactively coordinating with approval authorities for SAT, SLDC/NOC, and telecom service providers to expedite bandwidth availability and communication testing
• System Redundancy Planning: Engineering backup provisioning for communication modules (dual SIM, hybrid technologies like RF + NB-IoT) to avoid delays due to network issues
• Strategic Component Bu_ering: Holding bu_er stocks of critical items, including modems, SIMs, CT-PT modules, and meter enclosures, to mitigate installation stoppages due to supply-side lag
• Continuous Stakeholder Reviews: Holding joint progress reviews with DISCOMs and implementation partners to identify issues early and ensure transparency in timelines The Companys structured and agile execution model ensures timely delivery of smart metering solutions even in a complex, multi-stakeholder ecosystem, helping maintain client satisfaction and operational efficiency.
Litigation Risks
Given the scale and complexity of its operations, the Company is exposed to various potential litigation risks. These may arise from commercial and contractual disputes, tax assessments, regulatory non-compliance, intellectual property (IP) claims, product liability, and employment-related matters. As a manufacturer of smart metering systems deployed under large-scale contracts—often in partnership with public utilities and under strict service level agreements (SLAs)—the risk of litigation can also emerge from disputes related to performance obligations, warranty claims, field failures, cyber security vulnerabilities, or communication infrastructure issues. Furthermore, Directors and officers may inadvertently face legal exposure due to alleged statutory violations or governance lapses while executing their duties.
Impact
Litigation may result in:
• Financial Losses: Including legal fees, settlement payouts, or adverse court judgements
• Operational Disruptions: Senior managements time and company resources may be diverted to handle legal proceedings, impacting business continuity and focus on growth
• Reputational Damage: Legal disputes—particularly those involving government contracts, product failures, or regulatory breaches—can attract adverse media attention, impacting stakeholder confidence and future business opportunities
• Contractual Setbacks: Ongoing disputes with utilities or vendors may delay current projects or jeopardise future tenders
• Regulatory Scrutiny: Repeated or unresolved litigation may lead to increased regulatory oversight, compliance audits, or penalties
Mitigation Measures
The Company has taken a proactive and structured approach to minimise litigation exposure, especially considering its role as a technology-driven smart meter manufacturer:
• Contractual Safeguards: All commercial agreements are reviewed by experienced legal teams to include robust dispute resolution clauses, limitation of liability provisions, and clearly defined performance obligations and acceptance criteria
• Rigorous IP Due Diligence: The Company conducts end-to-end IP vetting during product development stages to prevent infringement of third-party patents or technology licenses, particularly in software, communication modules, and embedded systems
• Product Liability Management: All products undergo stringent quality checks and certification processes to comply with BIS, IEC, and relevant DISCOM specifications. Warranty and field support protocols are legally backed to minimise liability for operational failures
• Robust Legal Oversight: The Company maintains an in-house legal department and works with specialised law firms—both domestic and international—to provide expertise on corporate, IP, tax, labor, and contractual matters
• Regulatory Compliance Program: The Company has put in place a structured compliance management system to monitor and adhere to industry regulations, including those under the Electricity Act, cyber laws related to smart grid infrastructure, and data privacy regulations
• D&O Liability Insurance: Directors and senior officers are covered under a comprehensive Directors & Officers Liability Insurance policy to protect them against personal legal exposure arising from decisions made in good faith during the course of business
• Early Dispute Resolution Mechanism: A framework is in place for early identification of legal risks through periodic audits and management reviews. The Company also actively promotes Alternative Dispute Resolution (ADR) mechanisms such as arbitration and mediation to resolve disputes efficiently, avoiding protracted litigation
• Cyber & Data Risk Legal Safeguards: As smart meters are part of critical infrastructure, the Company has instituted cyber security protocols and legal safeguards to address liability concerns in case of a data breach or network compromise By embedding legal risk awareness into all layers of its operations—from design to delivery and support—the Company aims to reduce litigation exposure, ensure regulatory compliance, protect stakeholders, and preserve its reputation in the highly competitive and regulated smart metering industry.
Cyber Security and Information Risk
Given our dependence on digital technologies in manufacturing and smart meter functionality, we face growing cyber security risks. These include ransomware attacks, data breaches, IP theft, and network disruptions. The risks are heightened by the interconnected nature of smart metering systems, which collect, transmit, and analyse real-time customer data.
Impact
Cyber incidents can result in operational downtime, financial loss, reputational damage, theft of customer data, and regulatory penalties. A compromised meter network can also disrupt customer services or national power grid data.
Mitigation Measures
We treat cyber security as a core enterprise risk. Steps taken include:
• Deployment of multi-layered firewalls and intrusion prevention systems
• Establishment of a centralised Security Operations Center (SOC)
• Data segmentation through VLANs and secured endpoints with real-time monitoring
• Implementation of ISO 27001 standards and regular third-party audits
• Continuous training on cybersecurity hygiene for all staff
• Controlled access policies for key data points and data centres
• Periodic training and simulation drills for cyber security risk Through these integrated and evolving strategies, the Company ensures operational resilience, regulatory compliance, and long-term stakeholder trust in a rapidly advancing smart technology ecosystem.
Environmental, Social and Governance (ESG) Risks
Environmental Risk
As one of the largest smart meter manufacturing companies, we are exposed to several interconnected environmental risks. These include greenhouse gas emissions from our manufacturing operations, energy consumption, and potential discharge of pollutants such as chemicals and electronic waste (e-waste). The production of electronic devices involves processes that may generate hazardous byproducts, if not properly controlled. Additionally, the manufacturing and end-of-life disposal of smart meters contribute to global e-waste concerns. Compliance with evolving environmental regulations—both domestic and international—also presents ongoing challenges.
Impact
Failure to meet applicable environmental norms and regulations could result in:
• Regulatory Sanctions: Fines, operational restrictions, or closure of facilities for non-compliance with environmental standards set by pollution control authorities or environmental boards
• Market Access Limitations: Non-adherence to global environmental norms such as RoHS (Restriction of Hazardous Substances) or WEEE (Waste Electrical and Electronic Equipment) could limit our ability to export to environmentally conscious jurisdictions
• Environmental Degradation: Improper chemical and waste management may harm local ecosystems, deplete biodiversity, and create long-term community health concerns
• Reputational Damage: Stakeholder trust could be eroded if the Company is perceived as environmentally negligent, which may impact investor sentiment, employee morale, and business partnerships
• Climate Change Liability: High carbon emissions and poor climate risk mitigation strategies may lead to long-term liability, especially with the rising global focus on Net Zero targets and carbon disclosure standards
Mitigation Measures
The Company adopts a strategic, proactive approach to managing and mitigating environmental risks, aligning operational excellence with environmental stewardship:
• Green Product Impact: At the heart of our business, our smart metering solutions inherently promote environmental sustainability. By enabling precise energy monitoring, theft reduction, and demand-side management, our products help reduce overall electricity consumption and support carbon footprint reduction at the grid level
• Renewable Energy Integration: We have expanded our use of renewable energy through rooftop solar grid-connected power plants across our key manufacturing units. This reduces our dependence on fossil fuels and supports Indias national renewable energy mission
• Energy Efficiency Initiatives:
- Company-wide replacement of conventional lighting with energy-e_cient LED and solar-powered lighting
- Retrofitting of high-consumption equipment with energy-efficient models (e.g., HVAC systems, compressors, production line motors)
- Deployment of smart energy meters across our own facilities to monitor and optimise internal energy consumption
• Water and Waste Management:
- Rainwater harvesting systems and water recycling initiatives are deployed to reduce freshwater usage
- Strict monitoring of wastewater discharge as per CPCB/SPCB norms with regular audits and compliance tracking
- E-waste is managed through authorised recyclers certified under the E-Waste (Management) Rules, ensuring responsible disposal of end-of-life electronic components
• Eco-Friendly Materials and Design:
- Use of RoHS-compliant components in product design to minimise hazardous substances
- Product lifecycle assessments and design-for-disassembly techniques to facilitate future recycling or reuse of parts
• Environmental Certifications and Standards:
- Operations are aligned with globally recognised environmental management systems such as ISO 14001
- Regular internal environmental audits and third-party inspections ensure strict adherence to environmental policies
• Climate Change Risk Monitoring:
- We are evaluating our Scope 1 and Scope 2 carbon emissions and are exploring future alignment with global frameworks such as the Carbon Disclosure Project (CDP) and Science-Based Targets initiative (SBTi)
- Climate resilience is being embedded into site selection, infrastructure investments, and supply chain decisions Through these comprehensive measures, the Company not only ensures compliance with environmental standards but also fosters long-term sustainability in line with global ESG expectations. By integrating environmental responsibility into our business model, we position ourselves as a responsible leader in the smart metering ecosystem, committed to delivering value with environmental consciousness.
Social Risk
As a leading manufacturer in the smart metering industry, our operations inherently involve a wide range of human and community interactions. Key social risks arise from employee relations, customer engagement, and community impact. These include challenges in maintaining fair, equitable, and lawful employment practices, such as adherence to labor laws, minimum wage standards, workplace safety, and work-life balance. We must also proactively prevent any form of caste-based or gender-based discrimination, regional biases, or social insensitivity that could create internal discord or societal backlash. Additionally, as our smart meters are deployed across diverse regions, cultural misalignment or insensitivity in deployment or communication strategies may lead to reputational harm.
Impact
Unmanaged social risks can significantly affect the Companys internal culture and external standing. Internally, issues may lead to employee dissatisfaction, higher attrition, reduced productivity, and even labor unrest. Externally, failure to meet societal expectations can damage the Companys brand image, reduce customer loyalty, and lead to public protests or boycotts. Non-compliance with labor or human rights standards can also invite penalties, lawsuits, and regulatory scrutiny.
Mitigation Measures
To address these risks, the Company has institutionalised a robust human resources and corporate governance framework focused on inclusivity, safety, and well-being. We implement:
• Regularly updated HR policies promoting diversity, equity, and inclusion
• Strict enforcement of policies such as Whistleblower Protection, Prevention of Sexual Harassment (POSH), and anti-discrimination codes
• A structured grievance redressal mechanism and an internal complaints committee
• Leadership and employee development programmes tailored to support career growth
• Periodic employee engagement initiatives, cultural celebrations, and health drives to maintain high morale
• Compliance with international standards such as ISO 9001 (Quality), ISO 14001 (Environment), and ISO 45001 (Occupational Health & Safety)
• Local community engagement initiatives aligned with our CSR goals
Governance Risk
Governance risks primarily arise from potential failures in board oversight, opaque decision-making, inadequate internal controls, and weak risk governance structures. The regulatory landscape, especially in the smart metering and energy sectors, is evolving rapidly. This poses risks of inadvertent non-compliance due to complex, overlapping, and frequently changing legal requirements across jurisdictions.
Impact
Poor governance can lead to regulatory violations, legal penalties, shareholder litigation, financial fraud, and erosion of investor trust. It may also stifle innovation, delay strategic execution, and lead to long-term value erosion.
Regulatory non-compliance can result in fines, operational restrictions, damage to market access, and loss of stakeholder confidence. It can also slow down product certification and affect cross-border expansion plans.
Mitigation Measures
The Company has adopted a strong governance framework to ensure compliance, transparency, and accountability. Measures include:
• A highly qualified, diverse Board of Directors overseeing major decisions
• A comprehensive Code of Conduct for the Board and senior management
• Internal audit mechanisms for financial control and risk identification
• Quarterly compliance reviews and external statutory audits
• Adoption of international corporate governance best practices
• Transparent disclosures to regulators, investors, and stakeholders
• Regular legal and regulatory training for key employees
• Real-time monitoring of relevant laws, especially those related to electrical standards, consumer data privacy, and import/export controls
• Strong internal audits and cross-functional compliance assessments
• Engagement with regulators and industry forums to stay ahead of changes Genus is committed to proactive risk management to safeguard business continuity, financial resilience, and regulatory compliance. All employees and stakeholders are aligned with the Genus Risk Management Policy, reinforcing our commitment to building a robust, sustainable, and future-ready organisation.
Business Continuity Plan
In todays rapidly changing business environment, especially in the technologically driven utility sector, Business Continuity Planning (BCP) is a strategic imperative. For a smart meter manufacturing company, uninterrupted operations are critical not only for profitability but also for maintaining trust with utility providers, government clients, and end consumers. BCP is designed to ensure resilience in the face of disruptions—be they operational, environmental, digital, or geopolitical—while facilitating swift recovery and continuity of critical services.
Key pillars of our BCP are as follows:
(1) Operational Resilience: We ensure continuity of key manufacturing, R&D, calibration labs, and customer support operations with minimal downtime. Contingency plans are in place for:
• Equipment breakdowns
• Raw material shortages
• Factory-level interruptions
• Third-party service failures (e.g., AMI system integrators) (2) Technological Continuity: Given our digital product lines:
• Disaster recovery systems with real-time data replication are in place
• Smart meter firmware and design files are backed up in cloud-based secure servers and off-site locations
• Production software and calibration systems are mirrored across facilities to ensure uninterrupted operations
• A redundant ERP system ensures supply chain and order management continuity (3) Economic Continuity: We have built economic resilience through:
• Hedging mechanisms to counter commodity price fluctuations (e.g., copper, semiconductor chips)
• Flexible pricing models and vendor contracts to absorb cost escalations
• Strategic reserves of critical electronic components prone to global shortages (4) Workforce Continuity
• Cross-training programmes ensure functional flexibility among staff
• Remote access protocols for design and analytics teams
• On-call rotational staffng plans for service and support teams during lockdowns or travel restrictions (5) Employee Health & Safety
• Emergency health protocols including on-site medical staff, PPE kits, and isolation rooms
• Mental health and counseling support, especially during extended disruptions (6) Environmental Readiness
• Smart meter production facilities are equipped with climate-resilient infrastructure to withstand floods, heatwaves, and other natural events
• Workplace layout and ventilation meet pandemic-ready standards (7) Physical & Cyber Security
• 24/7 surveillance, intrusion detection, and access control at facilities
• Cyber resilience measures including:
- Endpoint Detection and Response (EDR)
- SOC monitoring for AMI systems
- Role-based access to meter firmware/ software development environments (8) Reputation Management
• Proactive communication with utility clients, discoms, and regulators during disruptions
• Crisis management protocols for addressing media narratives, social media scrutiny, and stakeholder concerns (9) Supply Chain Agility
• Multiple sourcing agreements with alternate vendors for PCBs, MCUs, metering ICs, and other critical parts
• Localised vendor development to reduce dependency on global supply chains
• Real-time monitoring of logistics through GPS-enabled tracking of components and deliveries (10) Power Continuity
• Smart meter factories are equipped with UPS systems, solar PV rooftops, and diesel generator backups
• Grid independence is ensured for R&D and server rooms via hybrid energy systems (11) Digital Transformation & IT Continuity
• Integration of Industry 4.0 tools like predictive maintenance, IoT monitoring, AI, and ML for advance analytics
• Agile development tools for continuous meter firmware improvement even in remote conditions
• Virtual testing labs for smart meter certifications and remote diagnostics (12) Government & Regulatory Liaison
• Dedicated relationship teams engage with:
- IEEMA, BIS, CEA, CERC and other regulatory bodies
- DISCOMs and Smart Metering System Integrators for compliance and updates
• Quick adaptation plans for new smart grid policies or mandates (13) Community & Local Ecosystem Engagement
• Active CSR programmes in plant-adjacent regions
• Local employment and skill development tie-ups reduce labor migration risk during crises (14) Financial Hedging & Currency Risk Management: Strategies in place to manage exposure to:
• Import price variances
• Forex fluctuations impacting component procurement from overseas suppliers (15) Crisis Communication: A dedicated Corporate Communication Group:
• Manages real-time updates to clients and government stakeholders.
• Controls narratives on traditional and digital media.
• Maintains active social media engagement and grievance redressal channels.
(16) Product Lifecycle Continuity: In the event of disruptions, we maintain:
• Bu_er stocks of smart meters (including STS, prepaid, and RF models).
• Pre-tested replacement modules for field-deployed meters.
• Remote firmware updates capabilities.
This plan ensures that our organisation is equipped not just to survive disruptions, but to emerge from them more agile, secure, and future-ready.
Internal Control Systems and their Adequacy
The Company maintains a robust and comprehensive internal control system well-suited to its scale, operational complexity, and the evolving dynamics of the smart metering industry. These controls are designed to provide reasonable assurance on the accuracy and reliability of financial reporting, safeguarding of assets, regulatory compliance, and the efficiency and effectiveness of operational processes.
Key highlights of the internal control framework include:
• Compliance Alignment: The Companys internal financial controls are aligned with the requirements of the Companies Act, 2013, SEBI (LODR) Regulations, 2015, and relevant industry-standards governing smart device/meter manufacturing and data security
• Structured Delegation of Authority: A clearly defined Delegation of Power Matrix governs contract approvals, procurement decisions, and capital expenditure control, ensuring transparency and accountability at every level
• Strategic Planning & Execution: Strategic goals are cascaded through Policy Deployment Matrix (PDM) and then into functional and departmental targets, promoting alignment and focused execution across functions
• Technology-Driven Integration: Our SAP S/4HANA-based ERP system enables end-to-end integration of processes — from procurement, production, and inventory to financial accounting and order fulfillment — offering real-time data visibility and facilitating predictive analytics for decision-making across the enterprise
• Smart Meter-Specific Controls:
- Quality Management Systems (QMS) ensure compliance with metering standards (BIS/ IEC), calibration protocols and utility specific requirements
- Automated traceability systems track each smart meters lifecycle covering production, testing, and dispatch
• Audit and Risk Oversight:
- A qualified internal auditor conducts risk-based audits across high-priority functions and operational areas
- The Audit Committee meets regularly with statutory and internal auditors to review audit findings, control gaps, and mitigation actions
• Regulatory Assurance: The statutory auditors have confirmed the adequacy of the Companys internal controls over financial reporting in compliance with Section 143 of the Companies Act, 2013
• Cybersecurity Compliance: Internal controls extend to data privacy and cybersecurity, vital to safeguarding consumer and utility data embedded in smart metering solutions. Role-based access controls, regular vulnerability assessments, and firmware integrity checks are enforced Based on its assessment in accordance with Section 177 of the Companies Act, 2013 and Regulation 18 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Audit Committee has concluded that the Companys internal financial controls were adequate and effective for the financial year 2024–25.
Material Developments in Human Resources and Industrial Relations (Including Number of People Employed)
In FY 2024–25, the Company made significant strides in Human Resources (HR) and Industrial Relations (IR), in alignment with the evolving needs of the manufacturing and services sector. As the organisation expands its technological footprint, human capital remains a cornerstone of its innovation and operational excellence.
Key Developments and Initiatives:
• Digitalisation of HR Operations
- End-to-end automation of HR functions, including e-onboarding, digital attendance, competency-based hiring, training, and performance management using dedicated platforms and mobile apps
- Deployment of HR analytics to track workforce efficiency, turnover trends, and training effectiveness
• Technical Workforce Development
- A dedicated focus on up skilling engineers and technicians in areas such as: ? Smart Metering fundamentals ? Communication technology and standrads (DLMS/COSEM) ? IoT protocols (e.g., NB-IoT, LTE Cat-M1) ? Cyber security fundamentals for smart metering ? Lean Manufacturing Principles and Practices ? Critical Process Awareness and Control in Meter Manufacturing ? K a i z e n a n d C o n t i n u o u s Improvement Techniques ? Application of Quality Tools (e.g., QC Tools, FMEA, Root Cause Analysis, Control Charts) ? On-the-Job Training (OJT) across manufacturing, testing, and field implementation functions for real-time skill development and performance excellence ? AI Usage
- Certification programmes in embedded systems, smart grid technology and related domains are offered in collaboration with academic and industry partners
• Diversity, Equity & Inclusion (DEI)
- Gender diversity, with women comprising over 30% of the workforce at the manufacturing plant
- Inclusive hiring practices, including employment opportunities for persons with different abilities
- Increased recruitment and leadership development initiatives for women in tech and manufacturing roles
- Active DEI forums to promote representation and inclusivity in product design and customer engagement
• Employee Health & Financial Wellness
- Extended wellness offerings include telehealth services, stress management workshops, and financial literacy programmes
- Customised wellness campaigns tailored to factory workforce, focusing on ergonomics, heat stress awareness, and balanced nutrition.
• Global Workforce Synergy
- Cross-border knowledge sharing between design centres, manufacturing plants, and sales offices in India and abroad
- HR is actively facilitating multi-location project teams and remote working models for R&D and software teams during business needs
• Integrated Learning Platforms
- Introduction of Learning Management Systems (LMS) for micro learning modules, safety training, and functional skills across departments
- Inter-functional rotations between R&D, PMG (Product Management Group), Marketing, Quality, Manufacturing, and Service to foster versatility and leadership pipeline development
• Enhanced Industrial Relations
- Continued engagement with shop-floor employees through Joint Works Committees, Kaizen competitions, and Quality Circles
- Zero disruption in IR during the fiscal year; the workplace environment remained collaborative and performance-oriented
• Performance Management & Career Development
- Transparent Performance Management Systems (PMS) linked to individual development plans and project outcomes
- 360? feedback mechanisms and competency-based growth frameworks implemented across functions
• Talent Acquisition & Retention
- Strategic hiring for data analytics, firmware development, and smart grid solutioning roles
- Retention initiatives include career pathing, internal job postings, and selectively applied flexible work models for specialised and high-skill roles
• Town Halls & Leadership Communication
- Regular Town Hall meetings, led by the CEO and leadership team, promote transparency and ensure consistent, two-way communication across all levels, business units and locations
• Ethical Governance & Compliance
- Reinforcement of HR policies in line with: ? Labour law amendments ? Data privacy regulations ? POSH (Prevention of Sexual Harassment) Act ? ESG compliance in hiring and workplace conduct As of March 31, 2025, the total number of employees is disclosed in the Business Responsibility and Sustainability Report, which forms part of this Annual Report. The Company is committed to align its human capital strategy with its long-term vision to lead Indias digital metering revolution.
Details of Significant Changes in Key Financial Ratios, Along with Detailed Explanations
In accordance with the SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018, the Company is required to give details of significant changes (change of 25% or more as compared to the immediately previous financial year) in key sector-specific financial ratios. Accordingly, the Company has identified the following ratios as key financial ratios:
| Particulars | March 31, 2025 | March 31, 2024 | Variance (%) | Remarks (if Variance is > 25%) |
| 1 Current ratio | 1.95 | 2.20 | -11% | Not Applicable |
| 2 Debt-Equity Ratio | 0.74 | 0.38 | 97% | Variance is due to increase in debt in the current year for increased business activities. |
| 3 Debt Service Coverage (Interest Coverage) ratio | 2.71 | 2.46 | 10% | Not Applicable |
| 4 Inventory Turnover ratio | 2.09 | 1.87 | 12% | Not Applicable |
| 5 Trade Receivable Turnover (Debtors Turnover) Ratio | 2.50 | 2.28 | 10% | Not Applicable |
| 6 Trade Payable Turnover Ratio | 3.78 | 3.55 | 6% | Not Applicable |
| 7 Net Capital Turnover Ratio | 1.47 | 1.01 | 45% | The variance is due to increase in sales during the current year. |
| 8 Return on Capital Employed | 0.15 | 0.07 | 119% | The variance is due to increase in net profit of the Company on account of growth in operations. |
| 9 Return on Investment | 0.07 | 0.08 | -19% | Not Applicable |
| 10 Operating Profit* Margin (%) | 19.24 | 11.27 | 71% | The variance is due to increase in operating profit of the Company on account of growth in operations |
| 11 Net Profit Margin (%) | 12.21 | 6.26 | 95% | The variance is due to increase in net profit of the Company on account of growth in operations. |
| 12 Return on Net Worth (%) | 16.32 | 4.86 | 236% | Variance is on account of increase in net profit in the current year on account of growth in operations. |
*Profit before interest, tax, depreciation & amortisation (excluding other income)
Review Of Financial Performance
The financial performance of the Company has been reviewed separately in the Directors Report.
| For and on behalf of the Board of Directors |
| Ishwar Chand Agarwal |
| Chairman |
| DIN: 00011152 |
| Jaipur, August 30, 2025 |
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