GSPL Transmission Q2 FY27 results: net profit ₹99.45 crore

How did GSPL Transmission perform in Q2 FY27?

GSPL Transmission reported consolidated revenue of ₹289.57 crore for Q2 FY27, EBITDA of ₹169.14 crore and an EBITDA margin of 58.4%. Profit before tax was ₹162.12 crore, tax was ₹41.68 crore and net profit was ₹99.45 crore. Basic EPS was ₹3.18, and there was no exceptional item.

On a standalone basis, revenue was ₹289.57 crore and net profit was ₹120.44 crore. The available figures do not provide the year-ago or previous-quarter consolidated comparisons for revenue, EBITDA, profit and EPS.

For the first half of FY27, consolidated revenue was ₹566.7 crore, total income was ₹661.68 crore, profit before tax was ₹346.46 crore and net profit was ₹212.89 crore. Basic EPS for the first half was ₹6.81.

What do the balance sheet and cash flow show?

As of 30 September 2026, consolidated total assets were ₹8,101.77 crore and total equity was ₹6,881.11 crore. The company reported no borrowings and ₹59.95 crore of cash. Inventories were ₹229.34 crore, trade receivables ₹103.04 crore and trade payables ₹79.21 crore.

For the first half of FY27, operating cash flow was negative ₹47.56 crore, investing cash flow was negative ₹49.69 crore and financing cash flow was negative ₹0.25 crore. Capital expenditure was ₹298.01 crore. The available filing excerpt does not provide the previous balance-sheet date or year-earlier cash-flow figures.

What else did the company announce?

The board approved the un-audited standalone and consolidated financial results for the quarter and half-year ended 30 September 2026. The company also filed its Q2 and H1 FY27 investor presentation, which described an expansion-led capex programme of ₹3,500 crore across more than 10 projects and 700 km.

The board approved Gujarat State Energy Generation Limited's request for reclassification from promoter to public shareholder, subject to necessary approvals and compliance with Regulation 31A of the SEBI Listing Regulations. The filing stated that shareholder approval was not applicable because the promoter and related persons did not together hold more than 1% of total voting rights in the company. The same-day filings did not announce a dividend, fund raise or appointment.

What did GSPL Transmission's management say?

Management said funding is expected mainly from internal accruals and current cash, with limited debt financing remaining an option if needed. Maintenance capex is expected at ₹60-100 crore per year over the next couple of years. GIGL may require another couple of years to reach break-even as customer demand develops, while dividend payout is expected to remain at current levels; no tariff uplift or near-term buyback was committed.

Management identified schedule risk for the Anjar-Palampur project, insufficient contracted demand for GIGL break-even, and a KG-basin gas-sourcing issue constraining GITL investment and customer ramp-up. It also cited regulatory and recovery uncertainty from the pending PNGRB appeal over the 2024 tariff order. CEO Prakash Karnik said: "In July 2026, we awarded EPC contracts worth rupees 1,800 crores for Anjar-Palampur pipeline project." CFO Lokesh Agarwal said: "As of September 30th, we are debt-free and have a net worth of approximately 7,150 crores."

How did GSPL Transmission shares react?

The results appeared after market hours. From the price when the filing appeared, the stock fell 1.9% after 5 minutes, 2.6% after 15 minutes and 2.1% after 30 minutes. It closed the first session that could trade on the news 1.4% below the previous close of ₹114.22.

By the next day's close, the stock was down 3.0% from its pre-results close. No five-day move or industry-median comparison was available, so no excess performance against the sector or benchmark can be stated. There were no earlier results-day reactions provided for comparison.