GenusPlus Shares Bounce Nearly 5% as Power Infrastructure Contractor Recovers From Steep October Sell-Off

GenusPlus Group Ltd shares rose nearly 5% on Thursday, extending a recovery for the power infrastructure contractor after a sharp sell-off earlier this month.

The stock closed at A$8.41, up 38 cents, or 4.7%. It traded as high as A$8.65 and as low as A$8.29 during the session. About 783,000 shares changed hands, and the Perth-based company's market value is about A$1.7 billion.

GenusPlus did not lodge a price-sensitive announcement on Thursday, and there was no clear company-specific trigger for the move.

Recovering from October slide

The gain continues a rebound that began after the stock hit its October low.

GenusPlus shares reached A$10.19 on Oct. 6, then fell to a low of A$7.32 on Oct. 26. That was a drop of more than 28% in less than three weeks, and no company-specific news was disclosed at the time to explain it.

Since that low, the stock has recovered about 15%. It remains about 17% below its early October peak but is up about 25.7% over the past 12 months, making it the only one of Thursday's five biggest ASX gainers in positive territory over a year.

Riding the grid build-out

GenusPlus builds and maintains power transmission lines, substations and communications networks, as well as infrastructure for the resources sector. It has become one of the main listed beneficiaries of Australia's push to upgrade its electricity grid for renewable energy.

Its biggest recent win is the TasNetworks North West Transmission Developments project in Tasmania. In late August, TasNetworks issued GenusPlus a notice to proceed with the Stage 1 construction phase of a contract worth about A$750 million in total, including early works. Construction began immediately and is scheduled to finish in 2029.

"Genus has worked closely with TasNetworks to reach this important milestone," Managing Director David Riches said at the time. "We're committed to creating opportunities for Tasmanians throughout the project."

Market reports have also noted recent contracts with Western Power and with Fortescue for infrastructure work.

Record results

GenusPlus reported record results in August for the year ended June 30.

Key fiscal 2026 figures:

Revenue: A$1.281 billion, up 70.5% Normalised EBITDA: A$100.8 million, up 49.6% Underlying net profit after tax: A$54.7 million, up 44% Operating cash inflow: A$194 million Total dividends: 5.6 cents per share, fully franked, up 55.6% Order book: A$2.2 billion, excluding recurring revenue

"The business has delivered exceptional results in FY2026 with record revenue, EBITDA and NPAT," Riches said when the results were released.

Riches also pointed to a "very strong orderbook" tied to renewable energy and to "Rewiring the Nation" projects moving into execution. Rewiring the Nation is the federal government's program to finance new transmission infrastructure.

Doubling earnings guidance

The company's fiscal 2027 outlook implies another year of strong growth. GenusPlus has guided to EBITDA of between A$200 million and A$205 million, roughly double the prior year's normalised result, with recurring revenue of about A$764 million.

GenusPlus ended fiscal 2026 with about A$476 million in cash, including proceeds from a A$195.6 million equity raise completed in May 2026.

Broker interest

The stock has drawn broker attention in recent months. Market commentary in May highlighted that the shares had risen about 200% over the previous year, with Bell Potter saying it was not too late to buy. Analysts have also included GenusPlus on lists of ASX 300 stocks tipped for further gains.

The October sell-off took some of the heat out of that run. It may also reflect broader caution toward stocks that had risen sharply ahead of next week's Reserve Bank of Australia meeting, where markets are pricing a strong chance of an interest rate increase after hotter-than-expected inflation data.

What to watch

Investors will look for further contract announcements and any trading update at the company's annual general meeting, as well as progress on the TasNetworks project.

With a A$2.2 billion order book and guidance for EBITDA to roughly double, Thursday's bounce suggests some investors see the October pullback as an opportunity, though the stock remains well below its recent high.