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- Q2 FY27 results
GMR Power and Urban Infra Q2 FY27 results: net profit down 82.8% to ₹153.97 crore, revenue down 15.6%
GMR Power and Urban Infra Limited reported consolidated revenue of ₹1,527 crore and a net profit of ₹153.97 crore in Q2 FY27. Revenue fell 15.6% from Q2 FY26, while EBITDA declined 3.0% to ₹352.56 crore and EBITDA margin rose 3.0 percentage points to 23.1%; basic EPS was ₹1.97.
Key points
- Consolidated revenue was ₹1,527 crore in Q2 FY27, down 15.6% from Q2 FY26 and 10.4% from Q1 FY27.
- EBITDA was ₹352.56 crore, down 3.0% year on year and 22.3% sequentially, while margin was 23.1%.
- The company reported a net profit of ₹153.97 crore and basic EPS of ₹1.97, compared with a net loss of ₹35.38 crore and EPS of -₹0.53 in Q1 FY27.
- The quarter included an exceptional gain of ₹225.91 crore, against an exceptional gain of ₹1,023 crore in Q2 FY26.
- H1 FY27 revenue was ₹3,232.66 crore, down 6.5% from H1 FY26, while net profit fell 86.6% to ₹118.59 crore.
How did GMR Power and Urban Infra perform in Q2 FY27?
GMR Power and Urban Infra reported consolidated revenue of ₹1,527 crore in Q2 FY27, down 15.6% from ₹1,810 crore in Q2 FY26 and 10.4% from ₹1,705 crore in Q1 FY27. Total income was ₹1,590.73 crore, down 17.2% year on year and 9.1% sequentially. EBITDA fell 3.0% to ₹352.56 crore from ₹363.43 crore, while EBITDA margin rose 3.0 percentage points year on year to 23.1% and declined 3.5 percentage points from Q1 FY27.
Profit before tax was ₹180.16 crore, down 79.7% from ₹887.80 crore in Q2 FY26, while tax expense was ₹22.05 crore against a tax credit of ₹29.67 crore. The company reported a net profit of ₹153.97 crore, against ₹894.70 crore a year earlier and a net loss of ₹35.38 crore in Q1 FY27. Basic EPS was ₹1.97, down 84.2% from ₹12.43 and above -₹0.53 in the previous quarter. On a standalone basis, revenue was ₹41.99 crore, down 48.3%, and the company reported a net loss of ₹32.12 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,527 | 1,705 | 1,810 | −15.6% | −10.4% |
| Other income | 63.25 | 44.02 | 111.68 | −43.4% | +43.7% |
| Total expenses | 1,636 | 1,733 | 2,057 | −20.5% | −5.5% |
| EBITDA | 352.56 | 453.49 | 363.43 | −3.0% | −22.3% |
| EBITDA margin | 23.1% | 26.6% | 20.1% | +3.0 pp | −3.5 pp |
| Profit before tax | 180.16 | 16.67 | 887.80 | −79.7% | +980.7% |
| Tax | 22.05 | 44.24 | −29.67 | −50.2% | |
| Net profit | 153.97 | −35.38 | 894.70 | −82.8% | turned to profit |
| EPS (₹) | 1.97 | −0.53 | 12.43 | −84.2% | turned to profit |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in GMR Power and Urban Infra's costs and profit?
Total expenses fell 20.5% year on year to ₹1,636 crore. Cost of materials declined 67.5% to ₹81.02 crore, finance costs fell 32.5% to ₹301.25 crore, other expenses decreased 3.8% to ₹771.70 crore and depreciation fell 2.4% to ₹160.31 crore. Employee cost rose 4.3% to ₹78.09 crore. Other income fell 43.4% to ₹63.25 crore.
The quarter included an exceptional gain of ₹225.91 crore, compared with an exceptional gain of ₹1,023 crore in Q2 FY26; Q1 FY27 had no exceptional item. Tax moved from a ₹29.67 crore credit in Q2 FY26 to ₹22.05 crore of expense. The filing did not provide a further explanation for the year-on-year movement in profit beyond the reported income and expense lines.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 81.02 | 249.05 | −168.03 | −67.5% |
| Employee cost | 78.09 | 74.89 | +3.20 | +4.3% |
| Finance costs | 301.25 | 446.03 | −144.78 | −32.5% |
| Depreciation | 160.31 | 164.25 | −3.94 | −2.4% |
| Other expenses | 771.70 | 802.25 | −30.55 | −3.8% |
| Total expenses | 1,636 | 2,057 | −420.73 | −20.5% |
| Other income | 63.25 | 111.68 | −48.43 | −43.4% |
| Tax | 22.05 | −29.67 | +51.72 | |
| Exceptional items | +225.91 (gain) | +1,023 (gain) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹3,232.66 crore, down 6.5% from ₹3,458.81 crore in H1 FY26. Total income fell 9.5% to ₹3,338.09 crore, while profit before tax declined 77.5% to ₹196.83 crore and net profit fell 86.6% to ₹118.59 crore. Basic EPS was ₹1.44, down 88.3% from ₹12.32 in the first half of the previous year.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 3,233 | 3,459 | −6.5% |
| Profit before tax | 196.83 | 872.93 | −77.5% |
| Net profit | 118.59 | 887.52 | −86.6% |
| EPS (₹) | 1.44 | 12.32 | −88.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹16,634.66 crore, against ₹17,049.92 crore on 31 March 2026. Total equity fell to ₹2,026.86 crore from ₹2,108.63 crore, while borrowings declined to ₹11,270.84 crore from ₹11,503.24 crore. Cash and cash equivalents were ₹511.89 crore, lower than ₹560.47 crore; inventories were ₹324.53 crore against ₹499.11 crore, trade receivables ₹1,140.36 crore against ₹1,179.89 crore, and trade payables ₹1,087.01 crore against ₹1,288.03 crore.
H1 FY27 operating cash flow was ₹855.21 crore, compared with ₹342.1 crore in H1 FY26. Investing cash flow was -₹137.96 crore against -₹324.59 crore, financing cash flow was -₹771.18 crore against -₹319.16 crore, and capital expenditure was ₹274.27 crore compared with ₹132.03 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 16,635 | 17,050 |
| Total equity | 2,027 | 2,109 |
| Borrowings | 11,271 | 11,503 |
| Cash and equivalents | 511.89 | 560.47 |
| Inventories | 324.53 | 499.11 |
| Trade receivables | 1,140 | 1,180 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 855.21 | 342.10 |
| Cash from investing | −137.96 | −324.59 |
| Cash from financing | −771.18 | −319.16 |
| Capital expenditure | 274.27 | 132.03 |
Source: Company's results filing (XBRL).
How has GMR Power and Urban Infra done over the last 8 quarters?
Revenue reached a quarterly high of ₹2,004.09 crore in Q4 FY26 and then declined to ₹1,705.18 crore in Q1 FY27 and ₹1,527.48 crore in Q2 FY27. EBITDA margin peaked at 26.6% in Q1 FY27 before easing to 23.1% in Q2 FY27. Net profit was highest at ₹894.70 crore in Q2 FY26, moved to a net loss of ₹113.56 crore in Q4 FY26 and a net loss of ₹35.38 crore in Q1 FY27, then returned to ₹153.97 crore in the latest quarter.
Which businesses drove the quarter?
Power remained the largest segment, with revenue of ₹1,284.44 crore, down 8.8% from ₹1,408.53 crore in Q2 FY26, and EBIT of ₹201.87 crore against ₹235.84 crore. Its EBIT margin was 15.7%. Smart Meter Infrastructure revenue fell 61.2% to ₹112.01 crore, while EBIT declined to ₹17.33 crore from ₹30.87 crore, with a 15.5% margin.
Roads revenue rose 34.9% to ₹70.61 crore from ₹52.34 crore, and EBIT increased to ₹13.89 crore from ₹12.24 crore, at a 19.7% margin. EPC revenue fell 92.9% to ₹1.52 crore, and the segment reported EBIT of -₹1.79 crore against ₹4.80 crore in the year-ago quarter. Others revenue rose 10.2% to ₹86.03 crore, while EBIT was -₹0.30 crore against -₹17.87 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Power | 1,284 | −8.8% | 201.87 | 15.7% |
| Smart Meter Infrastructure | 112.01 | −61.2% | 17.33 | 15.5% |
| Roads | 70.61 | +34.9% | 13.89 | 19.7% |
| EPC | 1.52 | −92.9% | −1.79 | -117.8% |
| Others | 86.03 | +10.2% | −0.30 | -0.3% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 on 30 October 2026. A same-day monitoring-agency filing for the ₹1,200 crore preferential issue said that deviation from the issue objects was nil. CARE Ratings reported that the company had received ₹900 crore of the issue proceeds as of 30 September 2026 and that the entire proceeds received up to that date had been utilised according to the disclosures in the offer document.
What did the auditors point out?
The auditors drew attention to matters involving investments in GMR Energy and its subsidiaries, disputed transmission charges, arbitration with the National Highways Authority of India, and claims related to the Dedicated Freight Corridor Corporation project. They stated that their conclusion was not modified in respect of these matters. For GACEPL, the auditors also referred to a separate section on the material uncertainty relating to going concern, citing erosion of net worth and a net liability position.
The review report also stated that the auditors did not review the interim results of 64 subsidiaries and one joint operation included in the statement, which reflected total assets of ₹14,699.07 crore as of 30 September 2026 and total revenues of ₹817.71 crore and ₹2,044.66 crore for the relevant periods. The report noted that a review is substantially less in scope than an audit and does not provide the assurance associated with an audit.
What did GMR Power and Urban Infra's management say?
Management said the Q2 FY27 results reflected lower consolidated income and EBITDA, power-plant overhauling and lower plant load factors, a slower smart-meter installation pace, and finance costs of ₹3,013 million. It said reported Q2 PAT included ₹2,259 million of exceptional income, while the result excluding exceptional items was a loss of ₹728 million. Management also said net debt fell by ₹3.2 billion from the previous quarter.
Management said the company was advancing solar, hybrid and GPUIL 2.0 initiatives. The presentation listed 350 MW of brownfield expansion, 1,425 MW of hydro power under development, a solar project of approximately 26 MW AC at Kamalanga, and 7.57 million smart meters across 22 Uttar Pradesh districts. It also said proposals for a solar and wind hybrid project in Karnataka and Andhra Pradesh were being evaluated.
Management identified overdue accounted receivables of approximately ₹6.8 billion, excluding litigation claims, and said smart-meter installation had slowed temporarily. It also referred to the Ambala-Chandigarh traffic diversion claim and said the Supreme Court outcome would be followed by a de novo arbitration. The presentation said DFCC prolongation claims of ₹2,829 crore remained under litigation, with only ₹506 crore considered as of 30 September 2026.
How did GMR Power and Urban Infra shares react?
The filing was made after market hours. The stock rose 2.2% after 5 minutes, 2.8% after 15 minutes and 3.2% after 30 minutes. On the reaction day it closed 0.1% below the previous close, and by the next day's close it was down 1.0% from the pre-results close.
The Power Generation industry median moved 2.0% on the reaction day and 1.8% by the next day's close, while the Nifty Microcap 250 rose 1.4% on the reaction day. GMR Power and Urban Infra therefore underperformed the industry median by 2.1 percentage points on the reaction day and 2.8 percentage points by the next day's close.
Earlier reaction-day moves were negative on 21 May 2026 (-6.9%), 6 February 2026 (-4.0%), 30 July 2025 (-3.6%), 19 May 2025 (-3.2%) and 29 January 2025 (-4.6%), and positive on 14 November 2025 (7.2%), 25 October 2024 (5.0%) and 14 August 2024 (4.5%).
| After the filing | Stock | Power Generation median |
|---|---|---|
| 5 minutes | +2.2% | |
| 15 minutes | +2.8% | |
| 30 minutes | +3.2% | |
| Reaction day | −0.1% | +2.0% |
| Next day | −1.0% | +1.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 21 May 2026 | −6.9% |
| 6 February 2026 | −4.0% |
| 14 November 2025 | +7.2% |
| 30 July 2025 | −3.6% |
| 19 May 2025 | −3.2% |
| 29 January 2025 | −4.6% |
| 25 October 2024 | +5.0% |
| 14 August 2024 | +4.5% |
Source: MarketPing price-reaction measurement.
How did other Power Generation companies do?
Among 13 Power Generation companies compared for revenue growth, the median revenue growth was 21.2%. Eleven peers grew faster than GMR Power and Urban Infra and two grew slower than the company. Among 14 peers compared for profit, 11 reported higher profit.
| GMR Power and Urban Infra revenue growth (YoY) | −15.6% |
|---|---|
| Median of 13 other Power Generation companies | +21.2% |
| Companies with slower revenue growth than GMR Power and Urban Infra | 2 of 13 |
| Companies with faster revenue growth than GMR Power and Urban Infra | 11 of 13 |
| Companies whose net profit rose | 11 of 14 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was GMR Power and Urban Infra's revenue in Q2 FY27?
Revenue from operations was ₹1,527 crore, down 15.6% from ₹1,810 crore in Q2 FY26 (consolidated).
Did GMR Power and Urban Infra make a profit in Q2 FY27?
Yes. Net profit was ₹153.97 crore, against a net profit of ₹894.70 crore in Q2 FY26.
What was GMR Power and Urban Infra's EPS in Q2 FY27?
Basic earnings per share were ₹1.97, against ₹12.43 in Q2 FY26.
How did GMR Power and Urban Infra shares react to the Q2 FY27 results?
On the reaction day the stock moved −0.1% from the previous close; the median Power Generation stock moved +2.0%.
When did GMR Power and Urban Infra announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of The Un-Audited Financial Results Of The Company (Standalone And Consolidated) For The Quarter And Half Year Ended September 30, 2026. (BSE, 27 October 2026) · PDF
- Board Meeting Outcome for Outcome (BSE, 30 October 2026) · PDF
- Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended September 30, 2026 (BSE, 30 October 2026) · PDF
- The investor presentation (30 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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