✅ At a Glance
| Metric | FY24 | FY25 | YoY Change |
|---|---|---|---|
| Revenue (Ops) | ₹13,407 Cr | ₹15,752 Cr | 🔼 +17.5% |
| Net Profit | ₹100 Cr | ₹15,522 Cr | 🚀 +15,400% |
| EPS (Basic) | ₹0.17 | ₹20.72 | 🔥 |
| CMP (May 19) | ₹147.10 | – | |
| TTM P/E | ~7.1x | Very low due to one-off |
From tiny PAT to “Ambani-level” net profit? Bro, this is not a power company. It’s a balance sheet magician. 🪄
🏗️ About the Company
GMR Power and Urban Infra Ltd is part of the GMR Group – dealing in:
- Power generation & distribution
- Smart meters and infra
- Urban infra projects (roads, EPC, others)
It’s a mix of infra-tech and legacy public-private projects – heavy on capex, light on glamour.
📊 FY25 Financial Highlights (Consolidated)
| Item | FY25 (₹ Cr) |
|---|---|
| Revenue from Operations | ₹15,752 Cr |
| Other Income | ₹5,138 Cr |
| Total Income | ₹68,578 Cr |
| Expenses | ₹68,477 Cr |
| Exceptional Items | ₹18,997 Cr ✅ |
| Net Profit (PAT) | ₹15,522 Cr |
| EPS | ₹20.72 |
➡️ 98% of PAT came from exceptional items — this ain’t operational flex.
➡️ Actual PBT before exceptional = ₹101 Cr. So, yeah.
🚨 Exceptional Item Breakdown
The ₹18,997 Cr “profit” came from:
- Asset revaluations
- Sale of stakes or internal restructuring
- Tax credits and deferrals
No, they didn’t build 50 dams overnight.
💰 Segmental Revenue (FY25)
| Segment | Revenue (₹ Cr) |
|---|---|
| Power | ₹53,308 Cr |
| Smart Meter Infra | ₹3,205 Cr |
| Roads | ₹3,966 Cr |
| EPC | ₹1,907 Cr |
| Others | ₹3,152 Cr |
🚨 Power biz = 81% of revenue.
Everything else = just garnish.
🧮 Forward Value (FV) Estimate
Let’s remove the accounting fireworks.
- Normalized EPS = Assume ₹1.25 (ex-exceptionals)
- Sector P/E = 25 (infra/utility)
👉 FV = ₹1.25 × 25 = ₹31.25
CMP = ₹147.10
📉 Massively Overvalued (based on real earnings)
Unless you’re buying into dreams of future infra dominance – this is expensive.
🏦 Balance Sheet Snapshot
| Item | ₹ Cr |
|---|---|
| Total Assets | ₹1,69,867 Cr |
| Equity | ₹7,177 Cr |
| Borrowings (Long-term) | ₹87,704 Cr |
| Cash & Bank | ₹6,886 Cr |
| Trade Receivables | ₹17,049 Cr |
| D/E Ratio | 12.2x (brutal) |
| Interest Expense | ₹15,710 Cr |
This is a debt volcano with EBITDA hiding behind the mountain.
💸 Cash Flow Insights
| Flow | ₹ Cr |
|---|---|
| OCF | ₹28,327 Cr |
| Capex | ₹2,703 Cr |
| FCF | ₹25,624 Cr ✅ |
| Finance Outflow (Loans + Interest) | ₹35,388 Cr ❌ |
They earned cash. But almost all of it went into debt service.
📉 Red Flags
- 🧨 PAT driven by one-offs
- 🧮 EPS not sustainable
- 🏦 Insanely high debt
- 📉 Low interest coverage ratio (1.05x)
- 🏗️ Infra execution risks
- 🏛️ Dependent on state discom payments
🧠 EduInvesting Take
“This is not a power stock. It’s a circus tent for financial engineering.”
If you think FY26 will have another ₹19,000 Cr exception item – good luck.
But if not – stock is 25–30% overvalued based on core earnings.
Also, massive debt risk still looms large.
🏁 Final Verdict
✔️ One-time earnings bonanza
✔️ Infra leadership
❌ Profit not from ops
❌ EPS unsustainable
❌ D/E ratio = madness
“Great for quarterly headlines. Not so much for long-term compounding.”
Tags: GMR Power FY25 results, EPS ₹20.72, exceptional item PAT, one-time profit stocks, infra stock analysis, smart meter stocks India, EduInvesting power sector
