GMR Power Q3FY26: Income up 14% to Rs 2,003 cr

Board clears unaudited Q3FY26 results

GMR Power and Urban Infra Limited announced its financial results for Q3FY26, covering the quarter ended December 31, 2025. The company said its Board of Directors approved the unaudited standalone and consolidated financial results at a meeting held on February 6, 2026. The meeting commenced at 5:30 PM and concluded at 7:00 PM, as per the filing. The results were released through the stock exchange platform, with the source cited as BSE.

The company also released an investor presentation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The presentation covers the unaudited financial results for the quarter and nine months ended December 31, 2025. It was uploaded on the company’s website and submitted to BSE Limited and the National Stock Exchange of India Ltd.

Consolidated income rises year-on-year

On a consolidated basis, GMR Power and Urban Infra reported total income of Rs 2,003 crore in Q3FY26, compared with Rs 1,762 crore in Q3FY25. This implies a year-on-year rise of 13.7% in total income, as stated in the filing summary. The company reported EBITDA of Rs 502 crore for the quarter. It also reported an EBITDA margin of 25%.

The quarter included a loss after tax of Rs 160 crore, including exceptional items. The company’s filings indicate the numbers are unaudited and were approved by the Board. The disclosures were made alongside the investor presentation shared with exchanges.

Preferential allotment raises Rs 900 crore

The company highlighted a capital-raising step during the period through a preferential issue. The Board approved the issuance of equity shares and convertible warrants on a preferential basis to promoter and non-promoter entities on December 17, 2025. This was subsequently approved by shareholders on January 16, 2026.

As per the company’s disclosure, the preferential allotment raised Rs 900 crore. The filing positions the fundraising as part of the broader financial actions undertaken during the period.

Debt refinancing cuts borrowing cost

Another key development cited by the company was debt refinancing. GMR Power and Urban Infra stated that the refinancing reduced borrowing costs from 12.15% per annum to 9.50% per annum. The update was included alongside the quarterly results highlights.

While the disclosure does not specify the quantum of debt refinanced in the provided text, it frames the reduction in borrowing cost as a meaningful financial improvement. The company linked this to overall financial performance and capital structure actions during Q3FY26.

Operational metrics: PLF at two plants

GMR Power and Urban Infra also provided operating performance indicators for its thermal plants. It reported plant load factors (PLF) of 83% at the Kamalanga plant and 84% at the Warora plant. These operational numbers were presented as part of the company’s performance update.

The company’s filing describes this as maintaining strong operational performance. The PLF disclosures give investors a quick indicator of utilisation levels at the two plants during the period.

Haryana DISCOM claim receipt disclosed

The filing also noted a claim receipt from Haryana DISCOM. GMR Power and Urban Infra said it received a claim amount of Rs 1,140 crore from Haryana DISCOM. The disclosure is presented as part of key developments during the quarter.

Separately, the broader filing text references significant notes accompanying results related to investments, legal disputes, and settlements impacting subsidiaries and associates such as GMR Energy Limited (GEL), GMR Warora Energy Limited (GWEL), and GMR Kamalanga Energy Limited (GKEL). The same section references resolution of disputes with MSEDCL and SEPCO, and claims related to the DFCC project, stating these have been accounted for based on internal assessments, legal opinions, and external valuations.

Limited review by Walker Chandiok

Walker Chandiok & Co LLP conducted the limited review of both the standalone and consolidated financial results, according to the disclosure. The auditors stated that nothing came to their attention suggesting the financial statements were not prepared in accordance with applicable accounting standards.

The investor presentation was digitally signed by Vimal Prakash, Company Secretary and Compliance Officer, on February 8, 2026. The company also directed investors to the website and exchange portals for accessing the complete unaudited financial results and the investor presentation.

Where investors can access documents

The company stated that investors can access the unaudited financial results and investor presentation on its website at www.gmrpui.com. It also indicated availability on the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com). These access points were reiterated across the board meeting outcome and Regulation 30 announcement.

For investors tracking disclosure timelines, the company communicated the board meeting intimation earlier on February 3, 2026, stating that the meeting would consider and approve the unaudited financial results for the quarter ended December 31, 2025.

Key disclosed metrics at a glance

Why the update matters for investors

The disclosure combines earnings, financing actions, and operating metrics in one quarter, which helps investors map changes across performance and funding. The year-on-year rise in total income to Rs 2,003 crore and the reported EBITDA margin of 25% provide key reference points from the results. At the same time, the company reported a net loss of Rs 160 crore including exceptional items, highlighting that profitability remains affected by items beyond operating earnings.

The preferential raise of Rs 900 crore, along with a stated reduction in borrowing costs from 12.15% to 9.50% annually, are important financing updates for shareholders tracking leverage costs. Operationally, the PLF disclosures at Kamalanga and Warora provide context on utilisation levels referenced in the investor presentation.

Conclusion

GMR Power and Urban Infra’s Q3FY26 filing outlines higher consolidated total income, a reported EBITDA of Rs 502 crore, and a loss after tax of Rs 160 crore including exceptional items. It also details a Rs 900 crore preferential allotment, a reduction in borrowing costs through refinancing, and a Rs 1,140 crore claim receipt from Haryana DISCOM. The company has uploaded its investor presentation and unaudited results on its website and filed them with BSE and NSE, giving investors access to the full set of disclosures.