Financial Performance Highlights – Consolidated

Q2FY27 Performance (YoY Comparison):

  • Total Income: Decreased 17% YoY to INR 15,907 million from INR 19,220 million in Q2FY26
  • Revenue: Decreased to INR 15,275 million from INR 18,104 million in Q2FY26
  • Other Income: INR 633 million compared to INR 1,117 million in Q2FY26
  • EBITDA: Decreased 13% YoY to INR 4,149 million from INR 4,751 million in Q2FY26
  • EBITDA Margin: 26% compared to 25% in Q2FY26
  • Finance Cost: INR 3,013 million (INR 2,982 million cash finance cost + INR 30 million non-cash)
  • Profit After Tax (from continuing operations): INR 1,531 million compared to INR 8,950 million in Q2FY26
  • Excluding exceptional items: Loss of INR 728 million in Q2FY27 compared to loss of INR 1,279 million in Q2FY26

H1FY27 Performance (YoY Comparison):

  • Total Income: Decreased 9% YoY to INR 33,381 million from INR 36,867 million in H1FY26
  • EBITDA: Decreased 8% YoY to INR 9,124 million from INR 9,954 million in H1FY26
  • Profit After Tax: INR 1,177 million compared to INR 8,600 million in H1FY26
  • Excluding exceptional items: Loss of INR 1,082 million in H1FY27 compared to loss of INR 2,287 million in H1FY26

Operational Performance Highlights

Energy Business Performance:

  • Warora Plant Q2FY27: PLF of 69% (vs 73% in Q2FY26, 90% in Q1FY27) due to capital overhauling of Unit 1
  • Kamalanga Plant Q2FY27: PLF of 77% (vs 81% in Q2FY26, 87% in Q1FY27) due to overhauling of Units 1 & 2
  • All India Private IPP average PLF: ~72% for comparison

Highway Business Performance:

  • Ambala-Chandigarh toll road: Traffic increased 6.2% YoY in Q2FY27 to 40.7k daily average (from 38.4k)
  • Pochanpalli Expressway: Handed back to NHAI on September 25, 2026, after completion of concession period

Smart Metering Business:

  • Cumulative installations: ~42 lakh smart meters across all project areas as of September 30, 2026
  • Contract value: INR 75.9 billion (incl. GST) across three projects in Uttar Pradesh
  • Partnership: Executed bundled software service contract with BOSCH; BGSW holds 10% equity in each project SPV

Key Business Developments

Energy Segment Developments:

  • Received INR 3.01 billion from M/s. DNH and DD Power Corporation Limited towards full and final discharge of claims under the Power Purchase Agreement dated March 21, 2013, for Warora project
  • Solar Power Project (~26MW AC) under development at Kamalanga
  • Evaluating proposals to develop Solar + Wind Hybrid Power Project in Karnataka and Andhra Pradesh

Corporate Structure Update (as of September 30, 2026):

  • GPUIL holds 100% stake in GMR Generation Assets Limited (82.16% direct and 17.84% through wholly owned subsidiary)
  • Framework agreement executed for divestment of stake in Bajoli Holi (79.86%), Vemagiri (51%), and Rajahmundry (51%) projects

Debt Position

Consolidated Debt (as of September 30, 2026):

  • Gross Debt: Decreased by INR 1.5 billion QoQ
  • Net Debt: Decreased by INR 3.2 billion QoQ to INR 89.7 billion
  • Breakdown by Segment:
  • Energy Segment: INR 52.2 billion (decreased by INR 3.2 billion mainly due to claim receipt at Warora)
  • Smart Meter: INR 15.3 billion (increased by INR 1.0 billion)
  • Highway Segment: INR 6.5 billion (decreased by INR 1.0 billion)
  • Corporate: INR 13.0 billion
  • SEZ: INR 2.4 billion
  • Others: INR 0.3 billion

Segment-wise Financial Performance

Energy Sector (Consolidated):

Q2FY27:

  • Total Income: INR 13,046 million (▼13.2% YoY)
  • EBITDA: INR 3,590 million (▼13.9% YoY)
  • EBITDA Margin: 28% (vs 28% YoY)
  • PAT: INR 2,363 million (after share in JVs/Associates)

Warora (Standalone):

Q2FY27:

  • Total Income: INR 4,268 million (▼3.2% YoY)
  • EBITDA: INR 1,297 million (▼6.5% YoY)
  • EBITDA Margin: 30% (▼1% YoY)
  • PAT: INR 256 million (vs INR 421 million in Q2FY26)
  • Excluding exceptional items: PAT of INR 507 million
  • Net Debt: INR 15,027 million

Kamalanga (Standalone):

Q2FY27:

  • Total Income: INR 6,405 million (▼10.9% YoY)
  • EBITDA: INR 2,354 million (▼12.1% YoY)
  • EBITDA Margin: 37% (stable YoY)
  • PAT: INR 817 million (vs INR 5,772 million in Q2FY26)
  • Excluding exceptional items: PAT of INR 817 million (exceptional gain of INR 5,530 million in Q2FY26)
  • Net Debt: INR 20,414 million

Highways Sector (Consolidated):

Q2FY27:

  • Total Income: INR 774 million
  • EBITDA: INR 305 million
  • EBITDA Margin: 39%
  • PAT: Loss of INR 46 million

Smart Meter Business:

Q2FY27 (IND AS Consolidated):

  • Revenue: INR 1,120 million (▼61.2% YoY from INR 2,889 million)
  • EBITDA: INR 195 million
  • EBITDA Margin: 17%
  • PAT: Loss of INR 176 million

ESG Initiatives

  • GMR Warora Energy Limited commissioned India's first Mineral Carbonation-Based Carbon Capture System (2 TPD) at an operational thermal power plant
  • GWEL and GKEL received CII National Award for Excellence in Energy Efficiency Management 2026
  • GWEL was Runner-Up at TERI Water Sustainability Awards 2025-26 in 'Industrial Water Users' category
  • GKEL commissioned 345 kW rooftop solar, taking total installed solar capacity to 986.5 kWp
  • GWEL planted 1,100 saplings using Miyawaki plantation method

Litigation and Claims

  • DFCC Project: Prolongation claims under litigation totaling INR 2,829 crore for packages 201 and 202
  • Ambala Chandigarh Project: NHAI filed Special Leave Petition in Supreme Court challenging Delhi High Court judgement on referring dispute to denovo arbitration

Strategy and Way Forward

  • Focus on maintaining high operational efficiencies in existing energy assets
  • Implementation of smart metering business and participating in upcoming opportunities
  • Refinancing initiatives at Warora to mobilize cash flows for growth and deleveraging
  • Target opportunities in Renewable & EV Charging infrastructure, particularly at airports
  • Development and monetization efforts at Krishnagiri SIR (~367 acres)
  • Explore growing EPC order book and participate in Railway EPC/PPP opportunities
  • Expedite receipt/settlement of pending litigation claims for DFCC Project

Overdue Receivables

  • Total overdue accounted receivables: INR ~6.8 billion
  • Energy: ~INR 1.8 billion
  • DFCC: ~INR 5.0 billion
  • Excluding claims under litigation