Key Quantitative Figures

Standalone Financials (FY2026 vs FY2025):

  • Total Income: ₹4,295.74 crore vs ₹1,267.08 crore
  • Revenue from Operations: ₹4,242.26 crore vs ₹1,263.40 crore (includes Dividend Income of ₹494.00 crore vs ₹270.98 crore)
  • Profit After Tax: ₹142.05 crore vs Loss of ₹(190.74) crore
  • EBITDA: ₹1,419.62 crore vs ₹685.27 crore
  • Basic EPS: ₹0.13 vs ₹(0.19)
  • Total Comprehensive Income: ₹5,513.05 crore vs ₹(340.56) crore
  • Other Equity: ₹58,507.64 crore vs ₹52,994.59 crore
  • Total Assets: ₹82,526.09 crore vs ₹73,181.98 crore

Consolidated Financials (FY2026 vs FY2025):

  • Total Income: ₹15,200.75 crore vs ₹10,835.89 crore
  • Revenue from Operations: ₹14,807.41 crore vs ₹10,414.24 crore
  • Profit After Tax: ₹472.39 crore vs Loss of ₹(816.90) crore
  • EBITDA: ₹6,150.25 crore vs ₹4,187.58 crore
  • Basic EPS: ₹0.17 vs ₹(0.43)
  • Total Comprehensive Income: ₹336.11 crore vs ₹(805.91) crore
  • Total Equity: ₹(1,549.17) crore vs ₹(1,788.82) crore
  • Total Assets: ₹54,764.27 crore vs ₹48,756.76 crore

Dates of Action

  • Board Meeting Date: May 27, 2026 (commenced at 5:00 PM, concluded at undisclosed time)
  • Financial Period: Quarter and Year ended March 31, 2026
  • Auditor Report Date: May 27, 2026

Parties Involved

  • Statutory Auditor: Walker Chandiok & Co LLP
  • Cost Auditor: M/s. Narasimha Murthy & Co., Cost Accountants (appointed for FY2026-27)
  • Subsidiaries: Delhi International Airport Limited (DIAL), GMR Hyderabad International Airport Limited (GHIAL), and 22 other subsidiaries
  • Joint Ventures: 9 entities including Laqshya Hyderabad Airport Media, Delhi Aviation Fuel Facility
  • Associates: 4 entities including TIM Delhi Airport Advertising, Celebi Delhi Cargo Terminal
  • Regulators: SEBI, Airports Economic Regulatory Authority (AERA)
  • Counterparties: Airports Authority of India (AAI), various concessionaires

Strategic and Operational Updates

Tariff and Litigation Matters:

  • DIAL-AAI MAF Dispute: Arbitral award dated January 06, 2024 excused DIAL from MAF payment from March 19, 2020 to February 28, 2022. Delhi High Court upheld award on March 07, 2025. AAI appeal pending with Divisional Bench, next hearing August 12, 2026.
  • DIAL Tariff Orders: AERA issued tariff order for CP4 effective April 16, 2025. DIAL filed appeal with TDSAT on June 26, 2025, next hearing May 28, 2026.
  • GHIAL Tariff Matters: TDSAT pronounced judgment favoring GHIAL on certain issues. AERA appeal pending in Supreme Court, last heard November 24, 2025.

New Business Concessions:

  • Delhi Duty Free Concession: Company received LOA from DIAL, started operations July 28, 2025
  • Hyderabad Duty Free: Started operations September 10, 2025 under Master Concession Agreement with GHIAL
  • Cargo Terminal Concession: Received LOA from DIAL for Cargo Terminal I operations following revocation of Celebi's security clearance. License agreement signed April 17, 2026

Corporate Actions:

  • Cost Auditor Appointment: M/s. Narasimha Murthy & Co. appointed for FY2026-27, subject to shareholder ratification
  • Non-Convertible Bonds: Proceeds fully utilized as per offer documents without deviation

Financial Impact

Standalone Impact:

  • Exceptional items loss of ₹13.29 crore (FY2026) vs gain of ₹106.14 crore (FY2025)
  • Tax credit of ₹45.77 crore vs tax expense of ₹2.79 crore
  • Other comprehensive income of ₹5,371.00 crore vs loss of ₹(149.82) crore

Consolidated Impact:

  • Exceptional items loss of ₹108.50 crore vs gain of ₹607.39 crore
  • Tax expense of ₹113.70 crore vs ₹181.59 crore
  • Share of profit from investments accounted using equity method: ₹239.53 crore vs ₹184.82 crore

Capital Structure Impact

  • Paid-up equity share capital unchanged at ₹1,055.90 crore
  • Investments increased to ₹76,106.75 crore (standalone) and ₹4,290.82 crore (consolidated current)
  • Borrowings: Standalone ₹10,626.05 crore (non-current ₹8,753.11 crore + current ₹1,872.94 crore); Consolidated ₹42,195.88 crore (non-current ₹34,498.27 crore + current ₹7,697.61 crore)

Cash Flow Implications

Standalone Cash Flows (FY2026):

  • Operating Activities: ₹102.73 crore inflow
  • Investing Activities: ₹229.57 crore outflow
  • Financing Activities: ₹217.12 crore inflow
  • Net increase in cash: ₹90.28 crore

Consolidated Cash Flows (FY2026):

  • Operating Activities: ₹4,883.53 crore inflow
  • Investing Activities: ₹3,576.56 crore outflow
  • Financing Activities: ₹1,238.33 crore outflow
  • Net increase in cash: ₹68.64 crore

Related Party Transactions

Disclosed extensive transactions across 500+ entries with subsidiaries, joint ventures, associates, and related parties including:

  • DIAL: Revenue share, concession fees, marketing funds, security deposits
  • GHIAL: Various operational transactions
  • Other group entities: Intercompany loans, services, guarantees
  • Total transaction values running into hundreds of crores rupees

Emphasis of Matter

Auditors highlighted uncertainties relating to Monthly Annual Fees claims and tariff matters pertaining to DIAL and GHIAL affecting carrying value of investments. Management believes favorable outcomes based on legal assessments.

Labour Code Impact

Company provided additional provision of ₹7.61 crore (standalone) and ₹69.65 crore (consolidated) towards gratuity and long-term compensated absences due to new Labour Codes effective May 08, 2026.