GMR Power and Urban Infra Limited (GMRP&UI)
₹101.25 +1.58% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, GMR Power's revenue was ₹1,705 Cr (+3.4% year on year, -14.9% on the previous quarter), and net profit ₹-35.4 Cr (a bigger loss than a year earlier); the operating margin was 26.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,705 | +3.4% | -14.9% |
| Operating profit | ₹453 | +13.2% | -1.2% |
| Net profit | ₹-35.4 | loss widened | loss narrowed |
| EPS (₹) | -0.53 | loss widened | loss narrowed |
| Operating margin | 26.6% | — | — |
GMRP&UI delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 44.06% of the GMRP&UI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 43.5%. That is close to its usual level. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 47.5% · 17.1% · 46.0% · 47.8% · 44.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Shareholders of GMR Power and Urban Infra approved alterations to the Articles of Association (AoA) at the 7th AGM held on September 21, 2026. Key amendments include inserting Article 1A, enabling further issues of share capital via rights issues, preferential allotments, ESOPs, sweat equity, convertible securities, and loan-to-equity conversions. Additionally, Article 58A sets the maximum board strength at 20 directors, alongside updated provisions for nominee and alternate directors under Articles 64 and 64A. While administrative, these changes lay the structural groundwork for potential future capital raises or debt restructuring against its current debt of Rs 1,996 crore.
- Shareholder approval obtained at the 7th AGM held on September 21, 2026
- Inserted Article 58A setting the maximum board size at 20 directors
- Inserted Article 1A enabling capital issuance including rights, preferential issues, ESOPs, and debt-to-equity conversion
- Substituted Articles 64 and 64A regarding appointment of Additional, Alternate, and Nominee Directors
At the 7th Annual General Meeting held on September 21, 2026, shareholders of GMR Power and Urban Infra approved the re-appointment of four Independent Directors. Dr. Siva Kameswari Vissa, Mr. Suresh Lilaram Narang, Dr. Satyanarayana Beela, and Dr. Emandi Sankara Rao have been re-appointed for a second consecutive term of five years. The renewed tenure is effective until the conclusion of the 12th AGM, ensuring continuity in board oversight.
- Shareholders approved re-appointment of 4 Independent Directors at the 7th AGM on September 21, 2026
- Re-appointed for a second term of 5 consecutive years, lasting until the conclusion of the 12th AGM
- Appointees include Dr. Siva Kameswari Vissa (28+ years experience) and Mr. Suresh Lilaram Narang (44+ years banking experience)
- Technical and academic oversight retained with Dr. Satyanarayana Beela (49 years experience) and Dr. Emandi Sankara Rao
GMR Power and Urban Infra Limited reported the voting results of its 7th Annual General Meeting held on September 21, 2026. All 12 resolutions were approved by shareholders with the requisite majority, with overall turnout representing 60.59% of voting capital. Key approvals included an enabling special resolution to raise funds via Qualified Institutions Placement (QIP) or FCCBs passed with 97.12% votes in favour, and material related-party transactions with GMR Warora Energy passed with 98.78% votes in favour.
- All 12 resolutions passed at the 7th AGM held on September 21, 2026
- Overall 47,31,93,147 votes polled out of 78,10,17,529 shares, marking a 60.59% turnout
- Resolution 10 enabling fundraise through QIP/FCCB passed with 97.12% votes in favour (45,95,52,548 votes)
- Resolutions 11 and 12 regarding material related party transactions with GMR Warora Energy passed with 98.78% in favour
- Total number of shareholders on record date (September 14, 2026) stood at 3,27,006
GMR Power and Urban Infra Limited has issued notice for its 7th Annual General Meeting (AGM) scheduled for September 21, 2026. The company is seeking an enabling approval from shareholders to raise up to ₹3,000 Crore via QIP, equity shares, FCCBs, or convertible securities. The proposed ₹3,000 Crore fundraise represents ~44.0% of the company's current market capitalization of ₹6,824 Crore. The notice also covers the reappointment of independent directors and sets the cut-off date for e-voting as September 14, 2026.
- Shareholder approval sought for fundraise of up to ₹3,000 Crore in one or more tranches
- Instruments include QIP, Equity Shares, NCDs with warrants, and/or FCCBs
- 7th AGM scheduled for Monday, September 21, 2026 at 11:00 AM IST via Video Conferencing
- Cut-off date for voting eligibility set as Monday, September 14, 2026, with e-voting open from September 17 to September 20, 2026
GMR Power and Urban Infra released its Q1FY27 investor presentation highlighting operational and financial metrics across key segments. Consolidated continuing operations posted a net loss of ₹35.4 Cr (INR 354 mn) in Q1FY27 compared to a loss of ₹35.0 Cr in Q1FY26. The Energy segment generated revenue of ₹1,355 Cr with an EBITDA of ₹459 Cr (33% margin), supported by strong Plant Load Factors (PLF) of 90% at Warora (600 MW) and 87% at Kamalanga (1,050 MW). In Smart Metering, cumulative installations crossed ~41 lakh units by July 31, 2026, though the segment reported a quarterly EBITDA loss of ₹2.6 Cr.
- Energy business delivered Q1FY27 revenue of ₹1,355 Cr (INR 13,550 mn) with EBITDA of ₹459 Cr and PAT of ₹73 Cr
- Warora and Kamalanga thermal plants achieved high PLFs of 90% and 87% respectively, outperforming private IPP average of ~77%
- Smart meter installations reached ~41 lakh units as of July 31, 2026 (40.2 lakh as of June 30, 2026) against a total portfolio of 7.57 Mn meters
- Smart Meter segment logged Q1FY27 revenue of ₹224.5 Cr with an EBITDA loss of ₹2.6 Cr and net loss of ₹33.9 Cr
- Highway business reported Q1FY27 revenue of ₹57 Cr with EBITDA of ₹35.3 Cr (54% margin) and toll traffic growth of 5.8% YoY
GMR Power and Urban Infra Limited submitted its quarterly statement of deviation or variation under Regulation 32 for the quarter ended June 30, 2026. The company confirmed nil deviation in the utilization of funds from its Rs 1,200 crore preferential issue raised on January 27, 2026. Out of the total issue size, Rs 900 crore has been received up to June 30, 2026, including an upfront 25% consideration on warrants. The remaining Rs 300 crore (75%) is slated to be received upon warrant conversion within the 18-month tenure, with CARE Ratings Limited acting as the monitoring agency.
- Total preferential issue size stands at Rs 1,200 crore, raised on January 27, 2026
- Rs 900 crore collected as of June 30, 2026, including 25% upfront warrant subscription
- Balance Rs 300 crore (75%) receivable upon warrant conversion during the 18-month tenure
- Zero deviation reported from the stated objects of the issue, reviewed by Audit Committee and CARE Ratings Limited
GMR Power and Urban Infra's Board has approved an enabling resolution to raise funds up to Rs 3,000 crore via equity, QIP, convertible securities, NCDs with warrants, or FCCBs, subject to shareholder approval. This enabling limit represents ~43.0% of the company's current market cap of Rs 6,979 crore and ~40.9% of TTM revenue (Rs 7,332 crore). The Board also approved unaudited standalone and consolidated financial results for Q1 ended June 30, 2026, and recommended alterations to the Articles of Association (AOA). Furthermore, four Independent Directors were re-appointed for a second 5-year term, and M/s JSN & Co. was re-appointed as Cost Auditor for FY 2026-27.
- Approved enabling resolution for raising funds up to Rs 3,000 crore in one or more tranches via equity, QIP, NCDs, or FCCBs.
- Proposed fundraise limit represents ~43.0% of current market capitalization (Rs 6,979 crore).
- Approved un-audited standalone and consolidated financial results for the quarter ended June 30, 2026.
- Approved alteration of the Articles of Association (AOA) to broad-base with the Companies Act 2013.
- Re-appointed four Independent Directors for a second term of 5 consecutive years.
GMR Power and Urban Infra's Board has approved an enabling resolution to raise up to ₹3,000 crore through equity shares, QIP, FCCBs, or convertible securities, subject to shareholder approval. The proposed fundraise is sizable, representing ~43.0% of the company's current market cap of ₹6,979 crore and ~40.9% of TTM revenue (₹7,332 crore). Additionally, the Board approved Q1 unaudited financial results, re-appointed four Independent Directors for a second 5-year term, and re-appointed M/s. JSN & Co. as Cost Auditor for FY 2026-27.
- Approved enabling resolution for raising funds up to ₹3,000 crore via equity, QIP, FCCBs, or convertible debentures, subject to shareholder approval.
- Proposed fundraise limit of ₹3,000 crore equals ~43.0% of company market capitalization (₹6,979 crore).
- Re-appointed four Independent Directors for a second 5-year term from the 7th AGM to the 12th AGM.
- Re-appointed M/s. JSN & Co., Cost Accountants, as Cost Auditor for FY 2026-27 for a term of 1 year.
- Auditor review notes highlight investments of ₹2,747.56 crore in GEL and pending Supreme Court dispute over ₹616.33 crore transmission charges.
GMR Power and Urban Infra's Board approved an enabling resolution to raise up to Rs 3,000 crore through equity shares, QIP, convertible securities, NCDs with warrants, or FCCBs, subject to shareholder and regulatory approvals. The proposed fundraise represents ~43.0% of the company's current market cap of Rs 6,979 crore and ~83.4% of its net worth. The Board also approved unaudited standalone and consolidated financial results for Q1 ended June 30, 2026. Additionally, the re-appointment of four Independent Directors for a second 5-year term was recommended to shareholders.
- Board approved an enabling resolution for raising funds up to Rs 3,000 crore across one or more tranches via QIP, equity, debt, or FCCBs.
- Proposed fundraise ceiling of Rs 3,000 crore compares against current market cap of Rs 6,979 crore (~43.0%).
- Approved unaudited financial results (standalone and consolidated) for the quarter ended June 30, 2026.
- Auditor review note highlighted carrying investment of Rs 2,747.56 crore in GEL and contested MSEDCL transmission claims of Rs 616.33 crore.
- Approved re-appointment of four independent directors for a second five-year term and cost auditor M/s. JSN & Co. for FY 2026-27.
GMR Power and Urban Infra Limited (GMRP&UI) has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent, KFin Technologies Limited, confirmed that no dematerialization requests were received during the quarter ended June 30, 2026. The filing also clarifies that the company currently has no physical shares in circulation, indicating a fully digitized shareholding structure.
- Zero demat requests were received or processed during the quarter ended June 30, 2026
- Registrar KFin Technologies Limited issued the confirmation certificate on July 9, 2026
- The company confirmed it has 0 physical shares in existence
- Compliance filing submitted to BSE and NSE on July 15, 2026
GMR Power and Urban Infra's step-down subsidiary, GMR Kalinga Solar Power Limited (GKSPL), has transitioned from a wholly-owned subsidiary to a 71% owned subsidiary. This change follows an equity infusion by Grasim Industries Limited, which now holds a 29% stake in the project. GKSPL is developing a 10 MW captive solar power plant in Kamalanga, Odisha, specifically to supply power to Grasim under a long-term agreement. While the 10 MW capacity is small relative to GMR's overall operations, it represents a strategic partnership with a major industrial consumer.
- GKSPL is developing a ~10 MW captive solar power plant in Kamalanga, Odisha
- Grasim Industries Limited has acquired a 29% equity stake in the project company
- GMR Energy Limited (GEL) retains a 71% majority stake in the step-down subsidiary
- The share allotment was finalized on July 08, 2026, following the first tranche of subscription
- The project is based on a design, build, finance, and operate model for captive supply
GMR Power and Urban Infra Limited (GMRP&UI) has announced a change in its official website address from www.gmrpui.com to www.gmrpowerurbaninfra.com, effective July 7, 2026. This is a procedural update in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has confirmed that the old URL will automatically redirect to the new one to maintain information access. This administrative change has no impact on the company's TTM revenue of ₹7,332 crore or its operational performance.
- Official website changed from https://www.gmrpui.com/ to https://www.gmrpowerurbaninfra.com/
- Change is effective immediately as of July 7, 2026
- Automatic redirection implemented for users of the old website address
- Compliance filing under Regulation 46 of SEBI (LODR) Regulations, 2015
GMR Power and Urban Infra Limited has announced the closure of its trading window for all designated persons starting from the close of business hours on June 30, 2026. This is a mandatory regulatory step under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the announcement of financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are declared. The company will separately intimate the date of the board meeting to consider these results.
- Trading window closure begins from the close of business hours on June 30, 2026
- Closure pertains to the Un-audited Financial Results for the quarter ended June 30, 2026
- Window to remain closed until 48 hours after the declaration of financial results
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015
GMR Estate Management Private Limited has acquired 7,45,56,604 equity shares of GMR Power and Urban Infra Limited (GMRP&UI) from GMR Enterprises Private Limited. This transaction, representing 9.55% of the total share capital, was executed as an inter-se transfer among promoter group entities for internal restructuring. The acquisition took place on June 16, 2026, at a price of INR 107.48 per share. Consequently, the acquirer's stake has risen to 24.91%, while the seller's stake has decreased to 10.18%.
- Acquisition of 7,45,56,604 equity shares representing 9.55% of the total share capital.
- Transaction executed at a price of INR 107.48 per share on June 16, 2026.
- Acquirer's (GMR Estate Management) holding increased from 15.36% to 24.91%.
- Seller's (GMR Enterprises) holding reduced from 19.73% to 10.18%.
- The transfer is an exempt transaction under SEBI (SAST) Regulation 10(1)(a)(iii) for internal restructuring.
GMR Power and Urban Infra Limited (GMRP&UI) has entered into an agreement to sell its entire 26% stake in Portus Ventures Private Limited (PVPL) to Adani Airport City Limited. The divestment involves 2,600 equity shares for a nominal consideration of Rs 36,400. The exit was triggered by a tag-along option after the majority partner, Shree Naman Developers, decided to sell its stake. PVPL, a joint venture for land development at Mumbai Airport, contributed nil revenue and net worth to GMR in the last financial year.
- Divestment of entire 26% stake (2,600 equity shares) in Portus Ventures Private Limited.
- Total transaction consideration is a nominal amount of Rs 36,400.
- The buyer is Adani Airport City Limited, and the deal is expected to close by June 17, 2026.
- PVPL contributed zero turnover and net worth to the company during the last financial year.
- Strategic exit aligns with GMR Group's focus on real estate opportunities within existing businesses.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 41.34% to INR 6,343.97 Cr in FY25. Segment growth: Power segment grew 67.85% to INR 5,330.85 Cr; Smart Meter Infrastructure segment contributed INR 320.54 Cr (new); Road segment fell 44.69% to INR 396.69 Cr; EPC segment fell 44.04% to INR 190.75 Cr; Others segment fell 46.23% to INR 315.23 Cr.
Geographic Revenue Split
Primarily India-focused with major operations in Warora (Maharashtra), Kamalanga (Odisha), Gujarat, and Krishnagiri (Tamil Nadu). Specific % split by region is not disclosed in available documents.
Profitability Margins
Operating Profit Margin improved from 54.47% to 63.75% in FY25. Net Profit for FY25 was INR 1,552.25 Cr, a significant turnaround from a loss of INR 127.47 Cr in FY24, largely driven by exceptional income of INR 1,899.72 Cr.
EBITDA Margin
Consolidated EBITDA margin for FY25 was 34.38% (INR 2,180.95 Cr), up from 31.48% (INR 1,413.11 Cr) in FY24. However, H1FY26 EBITDA margin declined to 27% from 37% in H1FY25.
Capital Expenditure
Historical capex is reflected in the consolidation of GMR Energy Limited (GEL) assets. Planned capex is not explicitly valued in INR Cr, but credit reports warn that large debt-funded capex could deteriorate the financial risk profile.
Credit Rating & Borrowing
Ratings reaffirmed with a 'Stable' outlook. Borrowing costs are significant, with finance costs rising to INR 1,571.01 Cr in FY25 due to full-year consolidation of GEL entities. Interest coverage ratio stood at 1.05 in FY25.
Operational Drivers
Raw Materials
Key raw materials include Coal (Fuel), Steel, Cement, Stone, Asphalt/Bitumen, and Sand. Fuel consumption (Coal) represents 39.7% of total revenue at INR 2,519.23 Cr.
Import Sources
Materials are usually sourced from large players and dealers at proximate distances within India to manage logistics costs.
Key Suppliers
Not disclosed in available documents, though 45+ vendors participated in a recent Vendor Meet focused on transparency and sustainability.
Capacity Expansion
Current capacity includes thermal and solar power plants (GWEL, GKEL, GGSSPL). Expansion is focused on the Smart Meter Infrastructure segment, which began contributing revenue in FY25.
Raw Material Costs
Fuel consumption costs grew 181.45% YoY to INR 2,519.23 Cr in FY25. Cost of materials consumed grew 176.37% to INR 297.13 Cr. Procurement strategies focus on vendor meets and sustainability.
Manufacturing Efficiency
Operating profit margin of 63.75% indicates high core efficiency in power generation, though absolute EBITDA is sensitive to fuel price fluctuations.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth will be achieved through the full-year consolidation of GMR Energy Limited (GEL), the rollout of the Smart Meter Infrastructure segment (which added INR 320.54 Cr in FY25), and asset monetization of land parcels like Krishnagiri SIR to deleverage the balance sheet.
Products & Services
Electrical energy (thermal and solar), smart meter installation and control services, EPC services for railways and roads, and aviation management services.
Brand Portfolio
GMR
New Products/Services
Smart Meter Infrastructure segment is the primary new launch, contributing 5% of total revenue in its first year (FY25).
Market Expansion
Expansion into smart metering across India and value unlocking through the Krishnagiri Special Investment Region (SIR).
Strategic Alliances
Consolidation of GMR Energy Limited (GEL) and its subsidiaries (GWEL, GKEL) as a result of increased stake acquisition in November 2023.
External Factors
Industry Trends
The industry is shifting toward smart utility infrastructure and renewable energy. GMRP&UI is positioning itself by launching a smart meter segment and maintaining solar assets.
Competitive Landscape
Intense competition in tender-based EPC and road businesses, which constrains margins and requires aggressive bidding.
Competitive Moat
The company possesses a durable moat through its experienced promoters (G.M. Rao, founded 1978) and a diversified infrastructure portfolio that interlinks energy, transportation, and urban infra, providing operational synergies.
Macro Economic Sensitivity
Highly sensitive to inflation in fuel (coal) and construction materials (steel, cement), which directly impact the 44% of costs related to fuel and materials.
Consumer Behavior
Increasing demand for electrical energy and government-led shifts toward smart metering for better distribution efficiency.
Regulatory & Governance
Industry Regulations
Operations are subject to pollution norms for thermal plants, road concession agreements, and secretarial compliances under listing regulations.
Environmental Compliance
ESG program is rooted in materiality with comprehensive efforts to mitigate the impact of power operations on the environment.
Taxation Policy Impact
Effective tax rate for FY25 was 2.16% (INR 38.38 Cr tax on INR 1,776.28 Cr PBT) due to exceptional items and deferred tax adjustments.
Legal Contingencies
Arbitration and litigation risks are identified as 'Top Risks' for the organization. Specific INR values for pending cases are not disclosed in the available documents.
Risk Analysis
Key Uncertainties
Volatility in coal and raw material prices, which could fluctuate profitability margins by significant percentages over the medium term.
Geographic Concentration Risk
High concentration in India, specifically in states where major power plants and SIR projects are located.
Third Party Dependencies
Dependency on 45+ vendors for supply chain stability and performance.
Technology Obsolescence Risk
Risk of traditional metering becoming obsolete, mitigated by the company's pivot into smart meter infrastructure.
Credit & Counterparty Risk
Stretched liquidity with Gross Cash Accruals (INR 800.4 Cr) trailing maturing debt obligations (INR 974.3 Cr) in previous cycles, requiring constant asset monetization.
