1. Smart metering scale-up - 7.57 mn UP meters - Cumulative installations reached \~3.9 mn smart meters by 30 Apr 2026 under the ₹7,590 crore Uttar Pradesh AMISP contract, with Q4FY26 revenue of ₹5,124 mn, up from ₹1,495 mn in Q4FY25. The remaining \~3.7 mn meters yet to be installed represent a near-doubling of the current revenue run-rate, with proforma EBITDA margins already at 72%.
2. Kamalanga debt refinancing - 265 bps interest cost cut - GKEL refinanced its ₹2,700 crore debt in Dec 2025, reducing the average cost of borrowing from \~12.15% to 9.50%, with a further step-down to 9.25% possible on a credit rating upgrade. The \~₹72-75 crore annual interest saving drops straight to the bottom line of a plant that reported ₹5.1 bn PAT in FY26, which included an exceptional gain of ₹3.2 bn (PAT excluding exceptional items was ₹1.9 bn).
3. ₹1,200 crore preferential issue - equity infusion completed - GPUIL allotted ₹800 crore of equity shares and ₹100 crore of warrant subscription (₹400 crore total warrants) on 28 Jan 2026, with the balance ₹300 crore receivable on warrant conversion within 18 months. The infusion strengthens the balance sheet for growth capex and de-leveraging at a company carrying ₹11,503 crore of debt.
4. Kamalanga stake consolidation - near-100% ownership - GMR Energy acquired a 2.37% stake in GKEL from IDFC First Bank for ₹60 crore in Mar 2026, consolidating GPUIL's holding to close to 100%. Full ownership captures all future cash flows from a plant that generated ₹5.1 bn PAT in FY26, with no minority leakage.
5. Warora PLF and margin improvement - refinancing catalyst ahead - Warora's Q4FY26 EBITDA rose 58% YoY to ₹1.5 bn with margins expanding 9pp to 30%, while PLF held at 91%. Management has flagged Warora refinancing as the next initiative to mobilise cash flows for growth and de-leveraging, mirroring the Kamalanga playbook.
6. DFCC claims - ₹2,828 crore under litigation - Claims under litigation from completed DFCC EPC packages total ₹2,828 crore, of which ₹506 crore has been recognised as of 31 Mar 2026. Any award or settlement flows directly to cash and earnings from projects that are already fully operational and have moved over 200 GMT of goods.
7. Upper Karnali hydro - 900 MW Nepal project with state partners - GEL signed an MoA with SJVNL and IREDA (34:34:5 shareholding) for the 900 MW Upper Karnali project, with NEA retaining 27% and CEA vetting of the DPR underway with TEC expected in Q2 FY26. Securing long-term PPAs with Indian states would convert a decade-old development asset into a construction-phase growth engine.