Board approved Un-audited Financial Results for quarter and half year ended September 30, 2026
Board meeting on October 30, 2026 approved the Un-audited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,527.48 | 1,810.36 | −15.6% | 1,705.18 | −10.4% |
| Total income | 1,590.73 | 1,922.04 | −17.2% | 1,749.20 | −9.1% |
| Profit before tax | 176.04 | 865.37 | −79.7% | 8.87 | — |
| Profit after tax | 153.97 | 894.70 | −82.8% | (35.38) | — |
| Total comprehensive income | 151.96 | 859.45 | −82.3% | (33.91) | — |
| Basic EPS | 1.97 | 12.43 | −84.2% | (0.53) | — |
- Total income YoY change
- Year ago 1,922.04 (−17.2%)
- Profit after tax (latest)
- 153.97 (Year ago 894.70, −82.8%)
- Period
- Quarter ended September 30, 2026
Auditor's review
Conclusion: Unmodified
- Emphasis: GWEL accounted reimbursement of transmission charges of Rs. 616.33 crore from MSEDCL per APTEL order, contested in Supreme Court; later charges shown as contingent liability.
- Emphasis: GKEL disputed trade receivables of Rs 245.03 crores and carrying value of non-current assets of Rs. 5,309.42 crore dependent on valuation assumptions.
- Emphasis: GPCL/TANGEDCO claims pending; GACEPL not providing interest on negative grant of Rs. 60.32 crore; GACEPL auditor reported material uncertainty on going concern.
- Emphasis: DFCC project claims recognised as unbilled revenue considered fully recoverable based on legal opinion and DAB award.
Notes to the results
- Exceptional items of 225.91 (Rs. in crore) in the quarter ended September 30, 2026 (refer note 7).
- Loss after tax from discontinued operations of (0.02) (Rs. in crore) for the quarter ended September 30, 2026.
The outcome
The board met on October 30, 2026 and approved the Un-audited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026. The standalone statement is accompanied by a limited review report from Walker Chandhiok & Co LLP.
Standalone results: the main lines
- Revenue from operations: 41.99 for the quarter ended September 30, 2026 and 104.74 for the six months then ended. The table is stated in Rs. crore.
- Loss for the period: (32.12) for the quarter and (128.16) for the six months. Brackets in the table mean a loss.
- Finance costs for the quarter: 52.01, which is larger than revenue from operations for the same quarter.
Standalone figures describe the listed company on its own; the operating power and road businesses sit in subsidiaries, joint ventures and associates, which the consolidated statement covers.
Auditor's review conclusion
The auditor says nothing has come to its attention that causes it to believe the statement has not disclosed the information required under Regulation 33, or that it contains any material misstatement. This is a review conclusion, reached mainly through inquiries and analytical procedures; a review does not express an audit opinion.
Emphasis of matter
- The Company, together with subsidiary GMR Consulting Services Ltd, holds investments in GMR Energy Ltd (GEL) of Rs. 2,672.00 crore. The carrying value depends on the fair value of GEL's own holdings, arrived at by an external valuer using the discounted future cash flow method.
- GMR Warora Energy Ltd (GWEL): claims for reimbursement of transmission charges from MSEDCL of Rs. 616.33 crore, for the period from March 17, 2014 to November 30, 2020, were accounted as a reduction in transmission cost on the strength of an APTEL order. MSEDCL has appealed to the Hon'ble Supreme Court and the matter is pending.
- GMR Kamalanga Energy Ltd (GKEL): the coal-based power project in Kamalanga has accumulated losses; it carries trade receivables, including unbilled revenue, of Rs. 245.03 crore from GRIDCO Limited under the PPA, with petitions on tariff and related claims before regulatory authorities.
- The joint venture with SEW Infrastructure Ltd relates to a DFCCIL contract, where the venture's claims towards recovery of prolonged cost were recognised in earlier years and a favourable award was received from the Dispute Adjudicating Board.
Management's view is that the carrying values are appropriate, and the auditor's conclusion is not modified by these matters.
How to read it
Emphasis of matter paragraphs point to where judgement is heaviest; they are not a disagreement with the numbers. Here the judgement sits in the value of the energy investments and in claims that await regulatory or court outcomes.
The loss shown in the standalone results is one line among several; exceptional items and the gains or losses on fair value of equity securities held as investments move the total comprehensive income separately from the result for the period.
The consolidated statement covers the group and carries the operating businesses, so the two statements are best read together to see which part drives the result.
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More numbers
- Standalone Revenue from operations, quarter ended Sep 30, 202641.99
- Standalone Loss for the period, quarter ended Sep 30, 2026(32.12)
- Standalone Revenue from operations, six months ended Sep 30, 2026104.74
- Standalone Loss for the period, six months ended Sep 30, 2026(128.16)
- Standalone Finance costs, quarter ended Sep 30, 202652.01
- Investments in GMR Energy Ltd (Company with GCSL)Rs. 2,672.00 crore
- GWEL transmission charges reimbursement claim from MSEDCLRs. 616.33 crore
- GKEL trade receivables (including unbilled revenue) from GRIDCORs. 245.03 crore
- Total income, latest quarter1,590.73 (Rs. in crore)
- Total income, year-ago quarter1,922.04 (Rs. in crore)
- Total income, previous quarter1,749.20 (Rs. in crore)
- Total comprehensive income, latest quarter151.96 (Rs. in crore)
- Total comprehensive income, year-ago quarter859.45 (Rs. in crore)
- Total comprehensive income, previous quarter(33.91) (Rs. in crore)
- Profit after tax, latest quarter153.97 (Rs. in crore)
- Profit after tax, year-ago quarter894.70 (Rs. in crore)
- Profit after tax, previous quarter(35.38) (Rs. in crore)
- Revenue from operations, latest quarter1,527.48 (Rs. in crore)
- Revenue from operations, year-ago quarter1,810.36 (Rs. in crore)
- Revenue from operations, previous quarter1,705.18 (Rs. in crore)
- Profit before tax, latest quarter176.04 (Rs. in crore)
- Profit before tax, year-ago quarter865.37 (Rs. in crore)
- Profit before tax, previous quarter8.87 (Rs. in crore)
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