While headlines often spotlight AI or tech giants, some of the most compelling opportunities lie in companies delivering the essentials — the critical infrastructure that keeps Australia running.
One such name is GenusPlus Group (ASX: GNP), a Western Australian-based electrical infrastructure specialist whose shares have surged more than 98% over the past 12 months, touching a double return from trough to peak.
So what's powering this ASX small-cap success story?
What GenusPlus does
Founded in 2017, GenusPlus designs, builds, and maintains power and communications infrastructure across Australia. Its core services include overhead and underground powerline construction, high-voltage testing, mechanical fabrication, and renewable energy infrastructure. Clients range from mining companies to major utilities and government agencies.
The business spans three divisions:
Communications – Supporting the rollout and maintenance of telecommunications infrastructure across Australia, with highly skilled teams handling everything from fibre and data cabling to communications network upgrades.
Infrastructure – Delivering innovative power solutions for transmission and distribution networks, this division connects the grid through end-to-end services, from design and construction to commissioning and maintenance.
Industrial Services – Providing fully integrated electrical, instrumentation, and mechanical services for complex industrial and energy projects, including substations, process plants, and heavy infrastructure.
In essence, GenusPlus is involved in the entire asset lifecycle — from planning and design to construction, operation, maintenance, and eventual decommissioning.
Strong momentum and a deep pipeline
GenusPlus reported a 33% revenue lift in 1H FY25, underpinned by growth in both its Industrial Services and Communications segments. However, it's been the company's forward visibility that has really impressed the market.
According to recent broker commentary from Bell Potter, approximately 90% of GenusPlus's revenue for FY25–FY27 is already contracted across eight major projects. These include transmission and distribution infrastructure, renewable energy, and telecoms-related upgrades — sectors seeing structural growth across the country.
Bell Potter noted that the high proportion of contracted revenue "gives us a high degree of confidence in our 23% EPS CAGR outlook" through to FY27. The broker added that any additional contract wins could act as upside catalysts for forecasts moving forward. Importantly, the broker acknowledges that its base case doesn't even factor in the full earnings potential from recent acquisitions and smaller subsidiaries — leaving potential for positive surprises.
On top of that, GenusPlus has made a series of bolt-on acquisitions — including Partum Engineering, Geographe Tree Services, L&M Powerline Constructions, and Blue Tongue Energy — helping to expand its footprint, diversify capabilities, and deepen customer relationships.
A lean, well-managed business
Alongside operational growth, GenusPlus has maintained a conservative balance sheet, which leaves headroom for future investment or opportunistic acquisitions. The company also upgraded its earnings guidance earlier this year, reinforcing management's confidence in the outlook.
While small-cap names can carry more risk than their larger peers, GenusPlus has begun to stand out for its execution and capital discipline — qualities not always easy to find in fast-growing businesses.
Foolish Takeaway
While shares have more than doubled over the past year, Genusplus's growth story may still be in its early stages.
With tailwinds from electrification, renewables, and communications upgrades driving long-term demand, this under-the-radar infrastructure player could remain one to watch. Investors seeking exposure to Australia's "nuts and bolts" economy — not just the hype — may want to keep GenusPlus on their radar.
