GMR Power and Urban Infra financials and balance sheet

NSE: GMRP&UIBSE: 543490PowerSmall Cap

₹95.67₹0.95 (0.98%)BSE ₹95.60

Share price at the NSE close on 23 Oct 2026. Previous close ₹96.62.

52-week range of traded prices to 23 Oct 2026

₹86.80Low, 2 Sep 2026₹136.30High, 20 Nov 2025

Market cap: ₹7,472 Cr625th largest listed
P/E: 13.2
P/E without one-offs: Lossover the last 12 months
P/B: 3.9
Dividend yield: Nonein the last 12 months
ROE: 45.5%
ROE without one-offs: −26.5%
ROCE: 7.2%
Debt to equity: 5.46
Volume, NSE: 8,95,78335.8% delivered

5 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.GMR Power and Urban Infra annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 2 of the 5 years shown

Operating and net margin, per cent

Operating margin
Net margin

The years either side of a change of basis do not compare. From the year to Mar 2025, the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue7,332
Materials and goods−2,067
Employee costs−283
Other expenses−3,378
Operating profit1,604
Depreciation−666
Other income+416
One-off items+964
Finance costs−1,659
Profit before tax660
Tax−195
Joint ventures+121
Discontinued businesses+27
Net profit614

What the company owns

Plant, investments and other assets₹13,611 Cr
Receivables₹1,180 Cr
Cash and bank₹1,174 Cr
Current investments₹585 Cr
Inventory₹499 Cr

What pays for it: net worth and liabilities

Borrowings₹11,503 Cr
Other liabilities₹2,150 Cr
Net worth₹2,109 Cr
Owed to suppliers₹1,288 Cr

GMR Power and Urban Infra business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.GMR Power and Urban Infra segment results by quarter

Revenue by segment

₹7,522 CrTotal

Power₹5,407 Cr71.9% of total
Smart Meter Infrastructure₹1,418 Cr18.8% of total
Others₹387 Cr5.1% of total
Roads₹218 Cr2.9% of total
EPC₹92 Cr1.2% of total

Profit by segment

Power₹1,162 Cr84.3% of total
Smart Meter Infrastructure₹156 Cr11.3% of total
Roads₹49 Cr3.5% of total
EPC₹13 Cr0.9% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Power
Revenue, ₹ crore
2,175
3,473
3,176
5,331
5,407
Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
247
711
429
1,082
1,162
Mar 22Mar 23Mar 24Mar 25Mar 26
Smart Meter Infrastructure
Revenue, ₹ crore
321
1,418
Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
21
156
Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
339
434
586
315
387
Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
159
176
96
1
−12
Mar 22Mar 23Mar 24Mar 25Mar 26
Roads
Revenue, ₹ crore
532
655
717
397
218
Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
201
297
210
113
49
Mar 22Mar 23Mar 24Mar 25Mar 26
EPC
Revenue, ₹ crore
1,179
1,083
341
191
92
Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
63
3
45
71
13
Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	4,225	5,645	4,821	6,554	7,522
Company revenue, as in its results	4,102	5,525	4,489	6,344	7,332
Revenue	2,175	3,473	3,176	5,331	5,407
Revenue growth	–	59.7%	−8.5%	67.8%	1.4%
Profit	247	711	429	1,082	1,162
Profit growth	–	187.8%	−39.7%	152.4%	7.4%
Margin	11.4%	20.5%	13.5%	20.3%	21.5%
Return on capital	9.0%	–	4.8%	12.4%	82.5%
Assets	5,433	1,879	12,512	11,828	10,650
Liabilities	2,688	2,817	3,667	3,116	9,241
Capital employed	2,745	−938	8,846	8,712	1,409
Revenue	–	–	–	321	1,418
Revenue growth	–	–	–	–	342.3%
Profit	–	–	–	21	156
Profit growth	–	–	–	–	644.4%
Margin	–	–	–	6.5%	11.0%
Return on capital	–	–	–	4.0%	22.5%
Assets	–	–	–	811	2,224
Liabilities	–	–	–	291	1,531
Capital employed	–	–	–	520	693
Revenue	339	434	586	315	387
Revenue growth	–	28.1%	35.2%	−46.2%	22.6%
Profit	159	176	96	1	−12
Profit growth	–	10.4%	−45.2%	−98.9%	–
Margin	47.0%	40.5%	16.4%	0.3%	−3.0%
Return on capital	9.4%	8.2%	17.7%	0.2%	−6.0%
Assets	2,022	2,230	728	628	686
Liabilities	335	96	185	186	491
Capital employed	1,687	2,134	543	442	195
Revenue	532	655	717	397	218
Revenue growth	–	23.1%	9.5%	−44.7%	−45.0%
Profit	201	297	210	113	49
Profit growth	–	47.6%	−29.4%	−46.0%	−57.1%
Margin	37.8%	45.4%	29.2%	28.5%	22.3%
Return on capital	10.1%	16.5%	21.5%	17.4%	–
Assets	3,427	3,437	2,918	919	631
Liabilities	1,439	1,639	1,945	266	1,207
Capital employed	1,988	1,798	973	653	−575
Revenue	1,179	1,083	341	191	92
Revenue growth	–	−8.2%	−68.5%	−44.0%	−51.8%
Profit	63	3	45	71	13
Profit growth	–	−94.8%	1,282.8%	57.4%	−82.0%
Margin	5.4%	0.3%	13.2%	37.2%	13.9%
Return on capital	8.1%	0.5%	6.7%	9.2%	1.6%
Assets	1,394	1,395	1,208	1,072	1,039
Liabilities	615	706	533	305	253
Capital employed	778	689	675	767	787

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.GMR Power and Urban Infra quarterly results

₹ crore	Mar 2022Filed 23 May	Mar 2023Filed 24 May	Mar 2024Filed 4 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
Revenue from operations	4,102	5,525	4,489	6,344	7,332
	3,606	5,132	3,429	4,677	5,728
Materials and goods bought	2,709	3,990	1,492	957	2,067
Employee costs	72	96	151	252	283
Other expenses	826	1,045	1,786	3,468	3,378
Operating profit before depreciation	495	393	1,060	1,667	1,604
Operating margin	12.1%	7.1%	23.6%	26.3%	21.9%
Materials, % of revenue	66.0%	72.2%	33.2%	15.1%	28.2%
Employee costs, % of revenue	1.7%	1.7%	3.4%	4.0%	3.9%
Other expenses, % of revenue	20.1%	18.9%	39.8%	54.7%	46.1%
Depreciation and amortisation	128	151	305	600	666
Operating profit after depreciation	367	241	755	1,067	938
Other income	180	368	346	514	416
Finance costs	1,354	1,350	1,479	1,571	1,659
Profit before one-off items and tax	−807	−741	−379	10	−304
One-off items	15	1,232	456	1,900	964
Profit before tax	−792	491	77	1,910	660
	106	93	34	38	195
Current tax	106	93	34	12	8
Deferred tax	0	0	0	26	187
Share of profit of joint ventures and associates	246	741	−155	−134	121
Profit from discontinued businesses	0	0	−16	−186	27
	−652	1,139	−127	1,552	614
Belonging to the company's shareholders	−648	1,183	−103	1,418	600
Belonging to outside owners of subsidiaries	−4	−44	−24	135	13
Other comprehensive income	6	180	−10	−74	−15
Total comprehensive income	−646	1,320	−137	1,479	598
Net margin	−15.9%	20.6%	–	–	8.4%
Net margin without joint ventures and associates	−21.9%	7.2%	–	–	6.7%

Net margin is left blank for the years to Mar 2024 and Mar 2025: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2022Filed 23 May	Mar 2023Filed 24 May	Mar 2024Filed 4 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
	−2,233	−2,741	−2,982	718	2,109
	−2,164	−2,621	−2,917	587	1,904
Share capital	302	302	302	357	391
Reserves	−2,466	−2,923	−3,219	229	1,513
Belonging to outside owners of subsidiaries	−68	−120	−65	131	205
	10,413	8,201	13,855	10,238	11,503
Repayable after a year	7,424	6,481	11,684	8,770	9,657
Repayable within a year	2,989	1,720	2,171	1,468	1,847
	8,405	7,522	9,466	6,038	4,367
Trade payables	2,449	2,604	2,596	1,155	1,288
Other financial liabilities	1,993	2,299	2,626	1,868	501
Other liabilities	201	247	1,277	1,089	515
Provisions	752	641	759	420	180
Tax owed	22	12	37	39	36
	7,716	6,999	12,962	9,975	10,550
Other financial liabilities	225	278	1,039	973	541
Other liabilities	17	19	47	21	14
Provisions	50	69	148	136	84
Deferred tax	0	0	44	75	255
Trade payables	0	152	0	0	0
Liabilities going with businesses held for sale	184	23	23	255	24
	14,073	11,803	19,469	16,987	17,050
Held for sale or for a demerger	351	206	320	949	247
	10,069	6,868	13,726	9,769	10,612
Plant in use, after depreciation	300	284	7,889	7,125	6,671
Plant being built	0	0	357	505	454
Intangible assets	2,185	2,078	2,672	840	461
Goodwill	0	0	37	37	37
Intangible assets being developed	0	0	0	0	3
Property held to earn rent	527	550	340	165	156
Investments	610	1,191	215	114	351
Stakes in joint ventures and associates	4,322	903	198	4	254
Loans given	1,052	792	870	67	54
Other financial assets	1,016	831	946	803	1,680
Deferred tax	4	4	2	4	2
Trade receivables	1	153	110	32	0
Other assets	50	81	89	74	490
	3,653	4,729	5,423	6,269	6,191
Inventories	87	50	212	395	499
Trade receivables	623	545	1,541	1,705	1,180
Cash and cash equivalents	455	966	430	689	560
Other bank balances	85	138	252	298	614
Current investments	46	17	237	247	585
Loans given	387	1,234	20	26	148
Other financial assets	1,749	1,639	2,259	2,215	1,859
Other assets	221	139	473	694	746
Net debt	9,827	7,080	12,936	9,005	9,744

Borrowings are counted again inside the liabilities due within a year and after a year.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2022Filed 23 May	Mar 2023Filed 24 May	Mar 2024Filed 4 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
	1,215	1,230	1,690	2,833	1,260
	1,306	1,324	1,695	1,466	1,340
Of which working capital	972	1,060	657	−2,119	−190
Tax paid	−92	−94	−5	−2	−80
Interest paid	0	0	0	1,579	0
Capital spending	152	24	99	270	238
Free cash flow	1,063	1,206	1,592	2,562	1,022
	1,267	3,094	−903	−159	−809
Plant and property sold	202	95	59	180	211
Companies bought	0	0	−546	−223	0
Interest received	282	148	116	207	166
Dividends received	843	806	0	0	0
	−2,213	−3,840	−1,324	−2,417	−583
Borrowings raised	1,360	1,534	2,754	1,097	5,171
Borrowings repaid	−2,350	−4,282	−3,042	−2,625	−4,298
Interest paid	−1,219	−1,085	−1,023	−883	−2,334
Lease payments	−4	−6	−2	−5	−21
Dividends paid	0	0	0	0	0
Shares bought back	0	0	0	0	0
Shares issued	0	0	0	0	899
Net change in cash	268	484	−536	256	−132

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2022Filed 23 May	Mar 2023Filed 24 May	Mar 2024Filed 4 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
Earnings per share	−₹10.73	₹19.60	−₹1.71	₹20.72	₹8.26
Diluted earnings per share	−₹10.73	₹19.60	−₹1.71	₹20.72	₹8.20
Book value per share	−₹35.86	−₹43.43	−₹48.33	₹8.21	₹24.38
Shareholder yield	0.0%	0.0%	0.0%	0.0%	−12.8%
Market cap at the year end (₹ crore)	2,028	963	2,586	8,173	7,009

Ratios

Consolidated, years to March.GMR Power and Urban Infra PE ratio and valuation

Ratio	Mar 2022Filed 23 May	Mar 2023Filed 24 May	Mar 2024Filed 4 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
Revenue growth	–	34.7%	−18.7%	–	15.6%
Operating profit growth	–	−20.7%	170.0%	–	−3.8%
Net profit growth	–	–	–	–	−60.5%
Earnings per share growth	–	–	–	–	−60.1%
	29.9%	−49.4%	3.7%	−121.7%	48.2%
	–	−79.3 pts	53.1 pts	−125.4 pts	169.9 pts
From the net margin	–	−70.5 pts	–	–	–
From asset turnover	–	−18.9 pts	–	–	–
From borrowing	–	10.0 pts	–	–	–
Return on capital employed	4.5%	4.4%	6.9%	9.7%	6.9%
Cash conversion	–	108.0%	–	182.5%	205.3%
Interest cover	0.3	0.2	0.5	0.7	0.6
Debt to equity	–	–	–	14.26	5.46
Receivable days	55	36	125	98	59
Inventory days	12	5	52	151	88
Payable days	330	238	635	440	227
Cash conversion cycle, days	−263	−198	−458	−192	−81
Working capital days	−209	−145	−227	27	95
Asset turnover	0.29	0.43	0.29	0.35	0.43
Assets per rupee of net worth	−6.50	−5.41	−5.65	−15.64	13.67
Sales per rupee of plant	13.65	19.43	0.57	0.89	1.10
Capital spending to depreciation	1.18	0.16	0.32	0.45	0.36
Plant being built, % of plant in use	0.0%	0.0%	4.5%	7.1%	6.8%

Debt to equity is left blank for the years to Mar 2022, Mar 2023 and Mar 2024: net worth is below zero, so there is no shareholders' money to set the borrowings against. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2024, Mar 2025 and Mar 2026: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth and operating profit growth are left blank for the year to Mar 2025: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 3.5%
Cash from operations against operating profit: 78.5%

Measure	5 years	3 years
Revenue growth, yearly rate	–	9.9%
Profit growth, yearly rate	–	−20.2%
Return on equity, average	−17.8%	−23.2%
Return on capital employed, average	6.5%	7.9%
Operating margin, average	18.2%	23.9%
Asset turnover, average	0.36	0.36
Cash conversion cycle, days, average	−238	−243
Interest cover, average	0.4	0.6
Debt to equity, average	–	9.86

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	8,228	5,783	1,260
Cash from investing	2,490	−1,870	−809
Cash from financing	−10,377	−4,324	−583
Capital spending	783	607	238
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	899	899	899
Borrowings raised	11,916	9,022	5,171
Borrowings repaid	16,599	9,966	4,298

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	4	7	5
Altman Z-scorePublished threshold 1.1	−2.66	−1.51	−1.50	1.56	2.05
Beneish M-scorePublished threshold −1.78	–	−2.83	−0.41	−2.88	−2.77
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	−24.62	−5.85	−6.15	0.95
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	11.48	2.24	2.84
Receivables growth less revenue growthOur threshold 0 percentage points	–	−47.25	201.67	−30.69	−46.37
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−89.62	384.27	122.17	−89.49
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−3.46	21.23	2.80	−4.16
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.00	0.05	–	2.14
Effective tax ratePublished threshold 17.16 per cent	–	18.90	43.54	2.01	29.48
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	−0.19	37.62	1.90	17.35

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
29 May 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Long Term Rating	IVR BBBReview, Upgrade	Stable	380
25 Feb 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Long Term Bank Facilities	IVR BBB-Review, Re-affirm	Stable	380
25 Feb 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Short Term Bank Facilities	IVR A3Review, Re-affirm		5.30
25 Feb 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Non Convertible Debentures	WithdrawnReview, Other

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.