GSPL Transmission H1FY27 Results (NSE: GSPLTRANS)
Signal: Steady quarter
The read
The trajectory is modestly improving at the consolidated level: revenue grew 4.57% and PAT 9.87% as associate losses narrowed 26.02%, but negative operating cash flow of ₹4,755.88 lakh versus ₹34,412.87 lakh inflow last year is the key quality concern while CWIP rose 66.83%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹566.7 Cr | +4.57% | N/A |
| Net profit | ₹212.89 Cr | +9.87% | |
| EPS | ₹6.81 | +9.84% |
P&L walk
Revenue increased 4.57% YoY to ₹56,669.73 lakh, while total expenses rose 8.99% to ₹31,521.73 lakh; PAT still grew 9.87% to ₹21,289.48 lakh as associate losses narrowed 26.02% to ₹4,535.65 lakh.
Segments
The company reports a single operating segment; the main consolidated drag is the ₹4,535.65 lakh loss from equity-accounted investees, although this loss narrowed 26.02% YoY from ₹6,130.17 lakh.
Key positives
- Consolidated PAT increased 9.87% YoY to ₹21,289.48 lakh, ahead of revenue growth of 4.57%.
- Loss from equity-accounted investees narrowed 26.02% YoY to ₹4,535.65 lakh, reducing the consolidated drag versus standalone earnings.
- EPS increased 9.84% YoY to ₹6.81 and tracked PAT, with no material dilution signal.
- CWIP increased 66.83% to ₹58,294.19 lakh from 31 March 2026, indicating an expanding transmission asset build-out.
Key concerns
- Operating cash flow swung to an outflow of ₹4,755.88 lakh from a ₹34,412.87 lakh inflow in H1FY26, despite consolidated PAT of ₹21,289.48 lakh.
- Total expenses increased 8.99% YoY versus revenue growth of 4.57%, indicating adverse operating-cost progression.
- Consolidated PAT of ₹21,289.48 lakh was ₹4,535.65 lakh below standalone PAT because of losses from equity-accounted investees.
- Finance cost rose 94.65% YoY to ₹351.28 lakh, albeit from a low base.
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