GMR Power & Urban Infra Ltd(GMRP&UI)

NSE: GMRP&UIBSE: 543490

₹ 95.95-0.88%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 7,494 crWebsite: www.gmrpui.comUpdated: 24 Oct 2026

About

GMR Power & Urban Infra Ltd (GPUIL) is an Indian infrastructure conglomerate with interests in thermal power generation, smart meter infrastructure, roads, and urban development. Its two coal-fired plants - 600 MW at Warora (Maharashtra) and 1,050 MW at Kamalanga (Odisha) - together with a 25 MW solar plant give it an operating generation capacity of around 2,840 MW, with a further ~1,775 MW under development. In FY26 the Power segment contributed 71.9% of segment revenue, with Smart Meter Infrastructure a fast-growing second segment at 18.8%.^[1][2]

Business segments

Power segment: 71.9% of segment revenue (Rs 5,406.99 Cr) in FY26; operates coal-fired and solar plants under long-term PPAs.^[2]
Smart Meter Infrastructure: 18.8% of segment revenue (Rs 1,417.78 Cr) in FY26; AMISP for a 75.69 lakh-meter, 10-year RDSS project in Uttar Pradesh.^[2][1]
Roads: 2.9% of segment revenue (Rs 218.37 Cr) in FY26; three operational highway projects totalling 888 lane-km in Telangana, Haryana-Punjab and Tamil Nadu.^[2][1]
Others (including EPC and urban infra): 5.1% of segment revenue (Rs 386.55 Cr) in FY26; segment EBIT was negative at -Rs 11.7 Cr.^[2]

Installed capacity and plants

Warora (GWEL): 600 MW (2×300 MW) coal-fired plant in Warora, Maharashtra.^[1]
Kamalanga (GKEL): 1,050 MW (3×350 MW) coal-fired plant at Kamalanga village, Odisha; GMR Energy owns 100% following acquisition of residual 2.37% stake from IDFC First Bank in Q4 FY26.^[1][3]
Charanka Solar (GGSPL): 25 MW solar plant in Patan district, Gujarat, under a 25-year PPA with Gujarat Urja Vikas Nigam Limited.^[1]
Upper Karnali (Nepal): 900 MW hydroelectric project under development on river Karnali; GMR holds 34% alongside SJVNL (34%), IREDA (5%) and NEA (27%).^[1]
Total operating generation capacity ~2,840 MW; ~1,775 MW of power projects under various stages of development as of FY25.^[1]

Plant load factor and utilisation

Kamalanga PLF: 92% in Q4 FY26, 87% for full-year FY26 (vs 86% in FY25) - highest since commissioning. FY25 plant availability: 90%.^[3][1]
Warora PLF: 91% in Q4 FY26, 85% for full-year FY26 (vs 85% in FY25). FY25 plant availability: 93%.^[3][1]
Both thermal plants operate well above the All India Private IPP average PLF of ~71.47% in Q4 FY26.^[3]
Charanka solar plant achieved gross PLF of 13.53% in FY25.^[1]

Customers and PPA mix

Warora: 83% of 600 MW capacity tied under long/medium-term PPAs with MSEDCL (Maharashtra), TANGEDCO (Tamil Nadu) and HPPC (Haryana); remaining ~50 MW sold in the open market.^[1]
Kamalanga: 90% of 1,050 MW capacity tied under long/medium-term PPAs with Haryana (via PTC India), GRIDCO (Odisha), Bihar State Power and TANGEDCO (Tamil Nadu).^[1]

Smart metering operations

GPUIL won a 10-year AMISP contract to install 75.69 lakh smart meters across three UP districts under the Revamped Distribution Sector Scheme (RDSS).^[1]
Cumulative smart meters installed reached ~37.2 lakh as of Q4 FY26, up from ~13.1 lakh as of July 2025.^[3][4]
Smart meter revenue rose to INR 5.2bn in Q4 FY26 vs INR 1.5bn in Q4 FY25; full-year FY26 contribution was 18.8% of segment revenue.^[3][2]
IREDA sanctioned aggregate project loans of INR 21.28bn for the three UP smart meter SPVs.^[5]

Urban infrastructure - Krishnagiri SIR

GMR Krishnagiri SIR Limited holds ~990 acres in Krishnagiri district, Tamil Nadu; ~407 acres were sold in FY25, including ~286 acres to SIPCOT.^[1]
Tata Electronics has established a greenfield mobile phone component manufacturing facility on ~504 acres sold in Phase 1, with projected investment of Rs 4,500 crore and potential for 18,000 jobs.^[1]
As of Q4 FY26, ~56 acres were under discussion for sale to a Tamil Nadu government agency; the next development phase covers ~60 acres, targeting electronics, auto, logistics and aerospace players.^[3]

Expansion and capex

Brownfield thermal expansion of 350 MW is under development as part of the GPUIL 2.0 strategy; no target commissioning date disclosed.^[3][4]
GMR Kalinga Solar Power (10 MW, Kamalanga, Odisha) incorporated in Q3 FY26; PPA executed with Grasim Industries, which will also invest INR 36mn for a 29% equity stake.^[6]
Two further renewable energy subsidiaries - GMR Karnataka Renewable Energy-I and GMR Andhra Pradesh Renewable Energy-I - incorporated in Q4 FY26 to explore renewable opportunities.^[3]
GPUIL 2.0 strategy targets renewable energy (C&I/hybrid FDRE), EV fast-DC charging infrastructure, smart distribution and energy trading as new verticals.^[3][4]

Recent developments

In Q4 FY26, GPUIL allotted ~66.18mn equity shares at INR 120.88 each (~INR 8bn received) and ~33.09mn warrants (25% upfront ~INR 1bn), raising ~INR 9bn in total; warrants allotted 28 Jan 2026, convertible within 18 months.^[3]
Kamalanga debt refinanced in Q3 FY26: new INR 27bn senior loan cuts average cost of borrowing from ~12.15% p.a. to 9.50% p.a., saving an estimated INR 720 - 750mn in interest in the first full year.^[6]
In Q3 FY26, Kamalanga received INR 11.4bn from Haryana DISCOM following Supreme Court dismissal of civil appeals, reducing consolidated net debt by INR 10.0bn QoQ.^[6]
In Q2 FY26, Supreme Court upheld setting aside of an arbitral award in favour of EPC contractor SEPCO, confirming Kamalanga has no liability; INR 4.9bn exceptional gain booked in Q2 FY26.^[5]
In Q1 FY26, GPUIL divested its 70% stake in Bajoli Holi Hydropower and its 51% stakes in GMR Vemagiri (GVPGL) and GREL, completing an OTS with GREL lenders and de-leveraging the balance sheet.^[4]
Ambala-Chandigarh toll road average daily traffic fell 13.3% YoY in Q4 FY26 and 16% YoY for full-year FY26; NHAI has filed an SLP in the Supreme Court challenging a Delhi High Court order for de-novo arbitration on the diversion claim.^[3]

Market Cap

₹7,494 Cr

High / Low

₹136 / 87

Stock P/E

11.8

Price / Book

3.9

Book Value

₹24

EPS

₹7.7

No. of Shares

78.1 Cr

ROCE

11.3%

ROE

48.2%

OPM

17.5%

Debt / Equity

6.04

Sales

₹7,332 Cr

Net Profit

₹614 Cr

Promoter holding

46.5%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials