GMR Power & Urban Infra slips into Q1 loss as tax overwhelms pre-tax profit
Interest of Rs 318.1 cr and tax of Rs 44.24 cr left profit before tax at Rs 8.87 cr despite operating profit of Rs 453.49 cr.
Filed 14 Aug 2026, 18:55 IST · after market close · GMR Power & Urban Infra Ltd (GMRP&UI)
Key takeaways
- Consolidated Q1FY27 ended in a Rs 35.38 cr net loss as tax of Rs 44.24 cr more than offset profit before tax of Rs 8.87 cr.
- Interest of Rs 318.1 cr and depreciation of Rs 162.74 cr left only Rs 8.87 cr of profit before tax against operating profit of Rs 453.49 cr.
- Operating margin of 26.59% was 4.5 percentage points below the 31.09% Utilities median across 26 reported peers.
Price around the results
Operating profit did not carry through to the bottom line
The consolidated quarter generated operating profit of Rs 453.49 cr on revenue of Rs 1,705.18 cr, but interest of Rs 318.1 cr and depreciation of Rs 162.74 cr left profit before tax at only Rs 8.87 cr. Tax of Rs 44.24 cr implied a 498.76% tax rate and pushed net profit to a loss of Rs 35.38 cr. Other income of Rs 36.22 cr was larger than profit before tax, highlighting that the reported pre-tax result was not being generated solely by operations.
Margin trails the Utilities peer median
GMR Power & Urban Infra's operating margin was 26.59%, 4.5 percentage points below the 31.09% median for 26 Utilities peers that had reported the quarter. The company ranked 11th from the bottom among those reported peers. With no year-on-year or sequential comparison in this release, the main available benchmark is the sector gap.
Results were filed after market close
The company filed its consolidated Q1FY27 results at 18:55 IST on 14 Aug 2026, after market close. A share-price reaction is therefore not part of this initial results read.
Q1FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹1,705 cr |
| Other income | ₹36 cr |
| Expenses | ₹1,252 cr |
| Operating profit | ₹453 cr |
| Operating margin (%) | 26.59% |
| Interest | ₹318 cr |
| Depreciation | ₹163 cr |
| Profit before tax | ₹9 cr |
| Tax | ₹44 cr |
| Net profit | ₹-35 cr |
| EPS (₹) | ₹-0.53 |
Operating margin of 26.59% compares with a Utilities sector median of 31.09% across 26 peers that have reported Q1FY27.
What to watch
- Whether operating margin moves from 26.59% toward or away from the 31.09% Utilities peer median.
- The relationship between interest of Rs 318.1 cr and operating profit of Rs 453.49 cr.
- Whether the reported tax rate changes from 498.76% and other income remains above the Rs 8.87 cr profit-before-tax level.