GMR Power and Urban Infra Limited
Standalone Financial Performance (Rs. crore)
Income Statement:
- Q2 FY2026 Revenue: ₹50.34 crore (Q2 FY2025: ₹84.89 crore)
- Q2 FY2026 EBITDA: ₹13.35 crore (Q2 FY2025: ₹49.17 crore)
- Q2 FY2026 Loss before exceptional items: ₹41.22 crore (Q2 FY2025: ₹35.19 crore loss)
- Exceptional items: ₹9.10 crore gain (mainly reversal of impairment provisions)
- Q2 FY2026 Net Loss: ₹32.12 crore (Q2 FY2025: ₹3.41 crore loss)
- H1 FY2026 Net Loss: ₹128.16 crore (H1 FY2025: ₹20.76 crore profit)
Key Balance Sheet Items (as of September 30, 2026):
- Investments: ₹3,812.89 crore (mainly in subsidiaries)
- Loans to group companies: ₹334.34 crore
- Borrowings: ₹1,715.35 crore (Non-current: ₹1,117.71 crore, Current: ₹597.64 crore)
- Total Equity: ₹3,249.08 crore
Cash Flow:
- Net decrease in cash and equivalents: ₹128.19 crore for H1 FY2026
- Cash and equivalents at period end: ₹14.54 crore
Consolidated Financial Performance (Rs. crore)
Income Statement:
- Q2 FY2026 Revenue: ₹1,590.73 crore (Q2 FY2025: ₹1,922.04 crore)
- Q2 FY2026 EBITDA: ₹415.81 crore (Q2 FY2025: ₹475.11 crore)
- Exceptional items: ₹225.91 crore gain (reversal of provisions and settlement gains)
- Q2 FY2026 Net Profit: ₹153.97 crore (Q2 FY2025: ₹894.70 crore profit)
- H1 FY2026 Net Profit: ₹118.59 crore (H1 FY2025: ₹887.52 crore profit)
Segment-wise Revenue (Q2 FY2026):
- Power: ₹1,284.44 crore
- Smart Meter Infrastructure: ₹112.01 crore
- Roads: ₹70.61 crore
- EPC: ₹1.52 crore
- Others: ₹86.03 crore
Key Balance Sheet Items (as of September 30, 2026):
- Total Assets: ₹16,634.66 crore
- Property, Plant & Equipment: ₹6,529.36 crore
- Borrowings: ₹11,270.84 crore (Non-current: ₹9,564.16 crore, Current: ₹1,706.68 crore)
- Total Equity: ₹2,026.86 crore
Critical Auditor Emphasis Matters
1. GMR Warora Energy Limited (GWEL) Transmission Charges Dispute:
- GWEL (subsidiary) has ongoing dispute with Maharashtra State Electricity Distribution Company Limited (MSEDCL) regarding transmission charges
- APTEL order dated May 8, 2015 directed MSEDCL to reimburse ₹616.33 crore for period March 17, 2014 to November 30, 2020
- MSEDCL paid but appealed to Supreme Court; matter pending
- For period December 2020 to September 2026, transmission charges directly billed by PGCIL to DISCOMS
- GWEL generated PAT of ₹25.54 crore (Q2) and ₹101.73 crore (H1) FY2026
- Carrying value of investments dependent on favorable outcome of Supreme Court case
2. GMR Kamalanga Energy Limited (GKEL) Receivables:
- GKEL has trade receivables of ₹245.03 crore disputed with GRIDCO Limited
- Claims relate to tariff determination, plant availability factors pending with regulatory authorities
- GKEL generated PAT of ₹81.74 crore (Q2) and ₹178.99 crore (H1) FY2026
- Carrying value of investments dependent on settlement of disputes
3. DFCCIL Arbitration Claims:
- Joint venture with SEW Infrastructure has claims of ₹2,828.75 crore against Dedicated Freight Corridor Corporation
- Claims for prolongation costs due to project delays
- ₹506.15 crore recognized as unbilled revenue in financial statements
- Multiple arbitration proceedings ongoing with next hearings scheduled between December 2026 and January 2027
- Management confident of full recoverability based on legal opinions
4. Other Significant Matters:
- GMR Generation Assets Limited has pending claims of ₹481.68 crore with TANGEDCO before Supreme Court
- GMR Ambala Chandigarh Expressways has arbitration claims of ₹1,003.35 crore against NHAI regarding traffic diversion
- GMR Energy Trading Limited has regulatory non-compliance with CERC net worth requirements
Capital Structure
- Paid-up equity share capital: ₹390.51 crore (face value ₹5 per share)
- No change in share capital during the period