GMR POW AND URBAN INFRA L

Operates a portfolio of power generation, smart meter infrastructure, roads and EPC businesses, with power generation accounting for 71.9 percent of segment revenue at Rs. 5,406.99 crore in FY26 and smart meter infrastructure contributing 18.8 percent at Rs. 1,417.78 crore. The power segment runs thermal power plants that maintained plant load factors of 91-92 percent, with the Warora plant posting 30 percent EBITDA margins and Kamalanga at 34 percent. The smart meter infrastructure business installs electricity meters under long-term contracts, having deployed around 39 lakh meters against a 7.57 million total contract in Uttar Pradesh. Roads, a toll-road operation, contributed 2.9 percent of segment revenue at Rs. 218.37 crore though traffic fell 13.3 percent year-on-year. Other opex at 46.1 percent of revenue and materials at 16.6 percent are the largest cost lines, with depreciation at 9.1 percent reflecting the asset-heavy plant base. Total net debt stands at Rs. 91.6 billion and the company raised about Rs. 900 crore through a preferential issue in January 2026 to repay borrowings.