Sempra Q2 FY26 Results — Earnings Call Analysis
Published 29 May 2026 | Multi-Utilities | Market Cap: ₹58.9K Cr
- Sempra is executing a record $65 billion capital plan supporting strong projected rate base growth through the plan period. - Full year 2026 adjusted EPS guidance range affirmed at $4.80 to $5.30.
From Sempra's Q2 FY26 earnings-call transcript · updated 29 May 2026.
Price
₹90.03
Market Cap
₹58.9K Cr
P/E Ratio
31.1
Revenue Rank
Margin Rank
How does Sempra rank in Multi-Utilities?
Compare Sempra against every Multi-Utilities company this quarter on revenue, margins and earnings-call signals.
📊 Revenue & Sales Performance
Rank 3- →Sempra is executing a record $65 billion capital plan supporting strong projected rate base growth through the plan period.
- →Improving visibility into ~$9 billion of incremental capital opportunities beyond the base plan, primarily in Texas.
- →Expects to derive a majority of rate base from Texas by the end of the decade (~60% expected).
- →Oncor's earnings projected to grow at 30% annually through mid-2027.
- →Large load growth (127 GW qualifying load, mainly data center related) to drive higher levels of capital spending in Texas, beyond the base plan.
- →LNG segment expected to grow but capital allocation will reduce as Sempra focuses on pure-play utility business.
- →LNG projects (e.g., ECA) near substantial completion, supporting revenue recognition starting this summer.
- →Affirmed full year 2026 adjusted EPS guidance range of $4.80 to $5.30 and 2027 EPS guidance of $5.10 to $5.70, with long-term EPS growth projected at 7%-9%.
📈 Profitability & Margins
Rank 1- →Full year 2026 adjusted EPS guidance range affirmed at $4.80 to $5.30.
- →2027 EPS guidance range affirmed at $5.10 to $5.70.
- →Projected long-term EPS growth rate maintained at 7% to 9%, among the highest in the utility sector.
- →Oncor is growing earnings at approximately 30% annually through the midpoint of its 2027 guidance.
- →Capital plan supports strong projected rate base growth, with increasing investments primarily in Texas.
- →~$9 billion of incremental capital opportunities identified beyond the base plan, mainly in Texas.
- →Improved financial returns and regulatory developments (e.g., Oncor's ROE increasing closer to authorized 9.75%) support earnings growth.
- →Sempra's strategy focuses on durable earnings growth combined with current yield and long-term capital appreciation.
🏗️ Capital Expenditure Plans
Yes- →Sempra is executing a record $65 billion capital plan supporting strong rate base growth, with a majority focused in Texas by decade-end.
- →There is approximately $9 billion of incremental capital opportunities beyond the base plan, primarily concentrated in Texas.
- →Oncor’s current $47.5 billion capital plan is solid and does not depend heavily on large data center load arrivals.
- →An additional $10 billion incremental CapEx bucket is being actively pursued and expected to be updated by Q2.
- →ERCOT recently approved about $2.9 billion in South Dallas transmission projects, included in incremental opportunities.
- →Oncor is growing earnings at 30% annually through 2027 midpoint, supported by transmission infrastructure investments.
- →LNG capital allocation reduced as Sempra shifts to a pure-play utility business with lower risk focus, emphasizing Texas utilities.
- →Supply chain efforts are focused on securing equipment and labor availability beyond five years to support capital programs.
💰 Fundraising & Capital Structure
No information- →No explicit mention of new fundraising through debt or equity on page 12 or surrounding pages.
- →The company plans to focus on recycling capital back into utilities post the closing of Sempra Infrastructure Partners transaction, implying use of existing capital rather than new fundraising.
- →There's a focus on strengthening the balance sheet post-close through parent debt paydown and deconsolidation of SI Partners.
- →Capital allocation is primarily toward a $65 billion capital plan with about $9 billion upside, mostly funded internally rather than through new equity or debt issuance.
- →Efforts include improving credit profile and managing rating agency thresholds, suggesting prudent balance sheet management without immediate new debt/equity issuance.
- →No direct statements regarding issuing new debt or equity fundraising at this time in the transcript provided.
📋 Order Book & Pipeline
Yes- →Oncor has secured contracted slots for their base capital plan through 2028.
- →For the outer two years beyond 2028, Oncor has understandings or agreements (not all formalized) with suppliers to meet needs.
- →Some suppliers offer only 3-year contracts, but Oncor feels in excellent shape for the first 3 years and confident about the next 2.
- →The Board has authorized Oncor to secure slots and products beyond their base plan to handle incremental buckets.
- →There has been substantial progress in firming up $10 billion of incremental capital opportunities beyond the base plan, with updates expected later in 2024.
- →Orderbook includes significant equipment already ordered/acquired, e.g., 765kV equipment.
- →Oncor’s supply chain management and contracting efforts provide a competitive advantage in securing resources for future needs.
Key Metrics
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Frequently Asked Questions
What were Sempra Q2 FY26 results?
- Sempra is executing a record $65 billion capital plan supporting strong projected rate base growth through the plan period. - Full year 2026 adjusted EPS guidance range affirmed at $4.80 to $5.30.
What is Sempra share price analysis?
Sempra currently shows a below-average growth signal. The stock trades at a P/E of 31.1 with a market cap of $58,853. Investors should review the full earnings analysis for detailed insights.
Is Sempra planning capital expenditure?
- Sempra is executing a record $65 billion capital plan supporting strong rate base growth, with a majority focused in Texas by decade-end.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.