Kela Bets Big on India's Smart Meter Future

Investor Madhusudhan Kela has acquired a 0.45% stake in Genus Power Infrastructure Limited, a move valued at ₹40 crore, purchased on June 30, 2026. This investment aligns with Kela's known preference for high-conviction, long-term growth opportunities.

Genus Power is a significant player in India's energy sector, specializing in manufacturing meters and providing comprehensive metering solutions. The company offers both traditional and advanced smart meters, positioning itself as a full-stack Advanced Metering Infrastructure Service Provider.

This strategic investment by Kela appears driven by the substantial opportunity in India's smart metering market, which is still in its early stages of deployment. The total demand for smart meters across India is estimated at 31 to 32 crores.

Genus Power boasts solid manufacturing capabilities with four units and has produced over 10.5 crore meters to date. The company is also expanding into smart gas and water meters and exploring foreign markets, supported by significant R&D investments.

Furthermore, Genus Power benefits from a strategic partnership with GIC, a global investment company, providing access to a US$2 billion platform. This collaboration enhances its role as an original equipment manufacturer.

The company's financial outlook is strong, with a current order book of ₹25,173 crore as of March 2026, ensuring multi-year revenue visibility. Its sales and profits saw substantial year-on-year growth of over 90% in FY26.

Trading at a Price-Earnings ratio of 16.1x, Genus Power appears to be a value pick compared to the industry median of 31x, suggesting it is potentially undervalued given its growth prospects and performance metrics.