NSE: GMRP&UI · BSE: 543490
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Power (72%), Smart Meter Infrastructure (19%), Others (5%), Roads (3%), EPC (1%). Asset-heavy, capital-intensive power generation with growing smart meter and road infrastructure operations.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,102 | 5,525 | 4,489 | 6,344 | 7,332 |
| EBITDA (ex other income) | 511 | 1,625 | 1,516 | 3,567 | 2,568 |
| margin % | 12.4 | 29.4 | 33.8 | 56.2 | 35.0 |
| Owners' profit | (648) | 1,183 | (103) | 1,418 | 600 |
| EPS, as reported (₹) | (10.73) | 19.60 | (1.71) | 20.72 | 8.26 |
| ROE % · ROCE % | 29.2 · 9.9 | (41.6) · 43.0 | 4.3 · 15.6 | 216.3 · 31.8 | 29.1 · 18.3 |
| Debt / equity (x) | (4.66) | (2.99) | (4.65) | 14.26 | 5.46 |
| Cash from operations | 1,215 | 1,230 | 1,690 | 2,833 | 1,260 |
| Capex | (152) | (24) | (99) | (270) | (238) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,384 | 1,612 | 1,737 | 1,648 | 1,810 | 1,869 | 2,004 | 1,705 |
| Profit before tax | 224 | (23) | 257 | (15) | 888 | (167) | (46) | 17 |
| Net profit | 250 | (108) | 49 | (7) | 895 | (160) | (114) | (35) |
| EPS (₹) | 3.63 | (1.49) | 0.61 | (0.11) | 12.43 | (2.36) | (1.47) | (0.53) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Power | 5,407 | 71.9 |
| Smart Meter Infrastructure | 1,418 | 18.8 |
| Roads | 218 | 2.9 |
| EPC | 92 | 1.2 |
| Others | 387 | 5.1 |
| Total, before eliminations | 7,522 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NTPC LTD | 2,95,264 | 10.6 | 1.40 | 9.7 | 13.0 | 5.5 | 10.9 | 32.8 |
| ADANI GREEN ENERGY LTD | 2,09,663 | 86.6 | 7.02 | 27.0 | 6.7 | 1.3 | 32.9 | 95.1 |
| JSW ENERGY LIMITED | 88,507 | 43.1 | 2.64 | 14.6 | 8.2 | 1.9 | 22.3 | 59.6 |
| NHPC LTD | 74,383 | 19.6 | 1.54 | 19.8 | 8.7 | 2.7 | 3.8 | 65.7 |
| NTPC GREEN ENERGY LIMITED | 69,947 | 116.9 | 3.65 | 37.4 | 2.7 | 1.2 | — | 90.7 |
| NLC INDIA LIMITED | 31,560 | 9.5 | 1.25 | 8.9 | 14.9 | 5.4 | 12.2 | 34.4 |
| ACME SOLAR HOLDINGS LTD | 28,962 | 41.9 | 5.72 | 20.2 | 9.8 | 2.7 | — | 96.9 |
| SJVN LTD | 20,030 | 31.5 | 1.41 | 14.4 | 4.5 | 2.8 | 12.7 | 65.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.6 | 19.2 | 6 of 22 | 76% |
| P/B | 3.5 | 1.4 | 21 of 26 | 20% |
| ROCE | 5.2 | 2.7 | 9 of 29 | 71% |
| ROE | 29.1 | 5.3 | 2 of 26 | 96% |
| Debt / Equity | 5.5 | 0.8 | 26 of 26 | 0% |
| EBITDA margin | 29.2 | 53.8 | 21 of 24 | 13% |
| Revenue growth | 3.4 | 10.0 | 15 of 24 | 39% |
| Profit growth | (394.1) | 4.2 | 24 of 25 | 4% |
| Market cap | 7283 | 3356 | 13 of 29 | 57% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 17 Oct 2026 · Step-down Singapore subsidiary GCRPL voluntarily wound up | strategic transactions | medium | — | — |
| 13 Oct 2026 · Compliance Certificate under SEBI Regulation 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed from Sep 30 until Q2 FY26 results declaration | compliance | minimal | — | — |
| 22 Sept 2026 · Shareholders approve amendment to Articles of Association | corporate actions | medium | — | — |
| 22 Sept 2026 · Reappointment of four Independent Directors for second term | management changes | medium | — | — |
| 22 Sept 2026 · GMR Power & Urban Infra: All 12 AGM resolutions passed | board shareholder meetings | medium | — | — |
| 21 Sept 2026 · 7th AGM held via video conferencing; 12 resolutions voted on; results pending | board shareholder meetings | medium | — | — |
| 28 Aug 2026 · Newspaper ad published for 7th AGM notice and annual report | compliance | minimal | — | — |
| 27 Aug 2026 · BRSR Report for FY 2025-26 submitted with assurance from Grant Thornton Bharat | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.