GMR Power and Urban Infra Reports FY26 Financial Results Amid Strategic Focus on Smart Mobility and Renewable Energy

GMR Power and Urban Infra Reports FY26 Financial Results Amid Strategic Focus on Smart Mobility and Renewable Energy​

GMR Power and Urban Infra Limited reported its audited financial results for the quarter and year ended March 31, 2026. The company highlighted key operational performance across its energy, smart metering, and urban infrastructure segments, alongside strategic corporate developments in renewable energy and asset monetization.

Financial Performance Summary​

GPUIL achieved a Total Income of INR 77.5bn in FY26, marking a 13% year-over-year (YoY) increase. For the fourth quarter of FY26 (Q4FY26), Total Income was INR 20.7bn, reflecting an 11% YoY rise and a 3% quarter-over-quarter (QoQ) increase.

Key consolidated financial metrics are detailed below:


The increase in total income was attributed to robust smart meter revenue, which generated INR 5.2bn in Q4FY26, compared to INR 1.5bn in Q4FY25. This growth partially offset a decline in coal trading revenue. EBITDA margins were reported at 25% in Q4FY26, and the EBITDA for the full year FY26 was INR 20.2bn.

Segment Operational and Financial Highlights​

Energy Business
The company reported key operational updates across its energy portfolio:

• Thermal Power Plants: The energy business currently operates 1,650 MW, with 350 MW under development.
• Solar Power Plants: Operational capacity stands at 31 MW, with 10 MW under development.
• Wind Power Plants: The portfolio includes 2 operational wind plants, generating 3.4 MW.
• Toll Revenue: Traffic in the Ambala Chandigarh toll road project fell 13.3% YoY in Q4FY26.

Consolidated financial performance in the energy sector showed mixed results. The Kamalanga Power Project reported a Total Income of INR 7,075 million in Q4FY26, a 9.4% YoY decline. Conversely, the Warora Power Project saw a Total Income increase of 7% YoY to INR 4.8bn in Q4FY26, resulting in an EBITDA increase of 58% YoY to INR 1.5bn.

Smart Metering Business
The Advanced Metering Infrastructure (AMI) Project involves 7.57 million smart meters across 22 districts in Uttar Pradesh (UP). GMR Smart Electricity Distribution Private Limited, a GPUIL subsidiary, is implementing the project across three primary areas: Varanasi, Azamgarh zone of UP, Prayagraj, Mirzapur zone of UP, and Agra, and Aligarh zone of UP. The combined contract value for these projects reached INR 75.9bn (including GST).

Transportation and Urban Infrastructure (T&UI)
The T&UI segment includes multiple assets, such as:

• Highways & EPC: The company has 2 annuity projects spanning 133 kms, 1 toll project of 35 kms, and DFCC projects for the Eastern Corridor.
• Urban Infrastructure: GPUIL manages a Special Investment Region (SIR) of approximately 347 acres in Tamil Nadu.
• Highway Performance: In Q4FY26, the Average Daily Traffic on the Ambala - Chandigarh route recorded 42.5 thousand vehicles, a 13% YoY drop.

Corporate and Strategic Developments​

On the corporate front, GPUIL completed an equity transaction, allotting approximately 66.18 million Equity Shares with a face value of Rs. 5/- each, at an Issue Price of Rs. 120.88/, upon receipt of the entire consideration amount (~INR 8bn). Additionally, 33.09 million Warrants were issued, convertible into Equity Shares within 18 months from the allotment date.

In the renewable energy space, GMR Energy Limited (GEL) increased its ownership in GMR Kamalanga Energy Limited (GKEL) to 100% by acquiring a 2.37% stake from IDFC First Bank Limited. GEL also incorporated two subsidiaries—GMR Karnataka Renewable Energy-I Limited and GMR Andhra Pradesh Renewable Energy-I Limited—to explore renewable energy opportunities.

Looking ahead, the company outlined its strategy centered on establishing "GPUIL 2.0." This strategy focuses on several growth verticals:

1. Smart Distribution: Expanding smart metering and utilizing distribution franchise models.
2. Smart Mobility: Developing EV charging solutions, with a specific focus on fast DC chargers and fleet electrification.
3. Adjacencies: Targeting energy efficiency and energy trading.
4. Infrastructure: Engaging in Highways, Krishnagiri SIR, and EPC projects.

The company also highlighted efforts to expedite the receipt and settlement of pending operational and litigation claims, noting overdue accounted receivables totaling approximately INR 6.8bn, excluding claims under litigation.

Governance and ESG Achievements​

The company noted several achievements in governance and environmental, social, and governance (ESG) practices. For FY26, GKEL received the Excellence in Energy Efficiency Management Award while GWEL received the Efficient Energy Management Award from CII. Furthermore, both GWEL and GKEL were honoured with the Sarvashreshtha Suraksha Puraskar (Golden Trophy) and Safety Shield at the NSCI Safety Awards 2025.

GMRP&UI Stock Price Movement​

On Thursday, GMR Power and Urban Infra Limited shares edged higher to close at ₹116.13, achieving a 3.67% gain for the day. The stock traded on a robust volume of 3.38 million shares, capitalizing on the positive momentum.