GMR Power Q3 Results 2026: Loss at ₹160 Cr | Smart Meter Revenue Jumps 150% to ₹433 Cr

New Delhi: GMR Power and Urban Infra Limited (GPUIL) presented its investor update for the quarter ended December 31, 2025. The company reported a wider consolidated net loss, driven by one-time provisions in its energy business, even as its new smart metering vertical showed explosive growth.

Q3 FY26 Consolidated: Key Financial Highlights

Total Income: Increased by 14% YoY to ₹2,002.6 Crore, driven by smart metering.
EBITDA: Marginally increased by 1% YoY to ₹502.4 Crore, with margins at 25%.
Net Loss (from Continuing Operations): Loss widened to ₹(159.9) Crore from a loss of ₹(89.9) Crore in Q3 FY25.
- Adjusted Performance: Excluding exceptional items and non-cash finance costs, the loss narrowed significantly to ₹(14.1) Crore from ₹(58.5) Crore in Q3 FY25.
Smart Metering Revenue: Became a major contributor, accounting for 72% of total income in Q3 FY26 (₹433.0 Crore vs ₹17.2 Crore in Q3 FY25).

Segment-Wise Performance & Updates

1. Energy Business (Incl. Smart Metering):

Total Income: ₹1,443.1 Crore.
Smart Metering: Installed ~30 lakh smart meters as of Jan 26, 2026. Revenue surged to ₹433.0 Crore in Q3.
Conventional Power:
- Kamalanga (1,050 MW): Reported a net loss of ₹(176.3) Crore, including a one-time exceptional loss of ₹193.0 Crore. Plant Load Factor (PLF) was strong at 83%.
- Warora (600 MW): Reported a net profit of ₹179.0 Crore, including an exceptional gain of ₹142.2 Crore. PLF stood at 84%.
Key Development: Successful refinancing of Kamalanga's debt reduced the average cost of borrowing from ~12.15% to 9.50%, saving an estimated ₹72-75 Crore annually.

2. Transportation & Urban Infra Business:

Highways: Total income declined to ₹51.0 Crore. Traffic on the Ambala-Chandigarh toll road fell 15.2% YoY.
Krishnagiri SIR (Special Investment Region): Holds ~387 acres with ongoing monetization plans, including a potential sale of 32 acres to the Tamil Nadu government.

Strategic & Corporate Highlights

Capital Raise: Successfully completed a preferential issue of equity shares and warrants, raising approximately ₹1,200 Crore to strengthen the balance sheet.
Debt Management: Proforma net debt (including joint ventures) has reduced significantly over the last three years, aided by recent settlements and the Haryana DISCOM claim receipt of ₹1,140 Crore.
GPUIL 2.0 Strategy: Company is pivoting towards a future portfolio focusing on Smart Distribution (metering), Renewable Energy & Conventional Power, and Smart Mobility (EV charging).

Outlook

GPUIL's Q3 was marked by a transition. While legacy energy assets faced profitability pressures and one-time accounting adjustments, the aggressive rollout of the smart metering business is starting to yield substantial revenue. The successful capital raise and debt refinancing initiatives provide financial flexibility to execute its "GPUIL 2.0" strategy focused on energy transition and smart infrastructure.