GMR Power And Urban Infra (GMRP&UI) Q2 25/26 earnings summary

Executive summary

• Q2FY26 total income rose 28% YoY to INR 19.2bn; EBITDA fell 12% to INR 4.8bn, with a 25% margin. H1FY26 income increased 14% to INR 36.9bn while EBITDA declined 16% to INR 10.0bn.

• Q2FY26 PAT was INR 9.0bn versus INR 2.7bn a year earlier; adjusted for exceptional items and non-cash finance costs, the quarter recorded a INR 379mn loss versus INR 949mn profit.

Financial highlights

• Consolidated Q2FY26 revenue was INR 18.1bn and total income INR 19.2bn; H1FY26 revenue was INR 34.6bn and total income INR 36.9bn.

• Q2FY26 EBITDA was INR 4.75bn versus INR 5.39bn YoY; H1FY26 EBITDA was INR 9.95bn versus INR 11.79bn.

• Q2FY26 PAT from continuing operations was INR 8.95bn, including exceptional income of INR 10.23bn; H1FY26 continuing-operations PAT was INR 8.60bn.

Outlook and guidance

• Priorities include smart-meter deployment and upcoming opportunities, conventional-energy efficiency, energy trading, renewable projects, EV charging, and continued transportation and urban infrastructure initiatives.

• Renewable strategy targets commercial and industrial customers and hybrid/firm-dispatchable renewable supply; EV charging plans focus on fast DC chargers and fleet electrification.

• Plans include monetizing Krishnagiri SIR land, growing the EPC order book through railway EPC/PPP opportunities, and settling pending operating and litigation claims.