Consolidated Financial Performance

Q4FY26 Performance:

  • Total Income: INR 4,043 Cr, increased by 36% YoY from INR 2,977 Cr in Q4FY25
  • EBITDA: INR 1,549 Cr, increased by 38% YoY from INR 1,123 Cr in Q4FY25
  • Profit After Tax: INR 400 Cr, compared to loss of INR 253 Cr in Q4FY25

FY26 Annual Performance:

  • Total Income: INR 15,201 Cr, increased by 40% YoY from INR 10,836 Cr in FY25
  • EBITDA: INR 6,150 Cr, increased by 47% YoY from INR 4,188 Cr in FY25 (highest on record)
  • Profit After Tax: INR 472 Cr, compared to loss of INR 817 Cr in FY25 (first positive PAT in over a decade)
  • Net Income: INR 11,757 Cr, increased from INR 8,201 Cr in FY25
  • Interest & Finance Charges: INR 3,859 Cr, increased from INR 3,705 Cr in FY25
  • Depreciation: INR 1,837 Cr, decreased from INR 1,910 Cr in FY25

Operational Highlights

Passenger Traffic:

  • GAL owned airports handled 31.7 million passengers in Q4FY26
  • Record 121.6 million passengers handled in FY26 across all airports

Key Developments:

  • Delhi Airport (DIAL): Handled record 21.2 million passengers in Q4FY26 (78.7 million in FY26)
  • Pier C at Terminal 3 converted to International Pier, increasing international capacity by 50% to 32 million passengers annually
  • Increased wide-body stand availability for international operations by ~40%
  • Handled highest-ever cargo volumes of ~1.15 MMT in FY26
  • Hyderabad Airport (GHIAL): Handled 7.3 million passengers in Q4FY26 (record 30.5 million in FY26)
  • Commissioned Cargo Terminal 2 with initial handling capacity of ~50,000 mtpa
  • Dedicated expansion areas available to double capacity to 100,000 mtpa
  • Features large, fully temperature-controlled pharma zone
  • Handled highest ever cargo volumes of ~1.87 Lakh Metric Tonnes in FY26
  • Mopa (Goa) Airport: Handled record 1.54 million passengers in Q4FY26 (5.4 million in FY26)
  • Captured ~49% market share of Goa system traffic in Q4FY26
  • Added new international destinations: Almaty, Manchester, Astana, Novosibirsk (Russia)
  • Added new domestic destinations: Bhubaneshwar, Diu, Hisar, Chandigarh, Nanded, Navi Mumbai, Shirdi, Solapur, Surat
  • Bhogapuram Airport: Physical progress of 98.7% achieved by March 2026
  • Airside works ~100% complete
  • Terminal building 98.8% complete
  • Air Traffic Control tower 95.8% complete
  • Validation flight successfully completed
  • Aim to operationalize airport by Q2FY27, earlier than original December 2026 target
  • Medan Airport (Indonesia): Handled 1.73 million passengers in Q4FY26 (7.0 million in FY26)
  • Crete Airport (Greece): Overall progress of ~69% achieved as of March 2026
  • Project fully funded through State Grant (already received) and Airport Modernisation & Development Tax
  • Debt free project

Airport Adjacency Businesses (GAL Platform)

Duty Free:

  • Delhi DF achieved highest ever monthly sales in January 2026
  • Hyderabad DF achieved highest ever monthly SPP in March 2026
  • Commenced DF sales at International Lounge (both Delhi and Hyderabad) in January 2026
  • Implemented enhanced DF baggage allowance to INR 75,000 in February 2026
  • Hyderabad DF operationalized phase 1 of new larger store at departures

Cargo:

  • GAL awarded concession to upgrade, modernize, finance, operate, manage and maintain Cargo Terminal 1 at Delhi Airport
  • Had been handling cargo operations from May 15, 2025 on interim basis post termination of previous concession

Refinancing Activities:

  • GHIAL raised INR 21 billion 15-year Non-Convertible Debentures (NCDs) carrying coupon of 7.6% p.a.
  • Proceeds used to refinance dollar denominated debt
  • Expected savings in interest cost of more than 150bps
  • CRISIL Ratings revised outlook on GHIAL to 'Positive' from 'Stable' while reaffirming rating at 'Crisil AA+'

Strategic Agreements:

  • GMR Aero Technic (subsidiary of GHIAL) signed agreement with Boeing Defence India for Phase-56 heavy maintenance checks for Indian Navy's P-8I maritime patrol aircraft fleet
  • Scope includes structural upgrades, comprehensive inspections, painting and system upgrades

Airport Land Development Activities

DIAL:

  • Executed License Agreement with M/s AIG Hospitals for development of 500+ beds healthcare facility
  • Construction underway on self-development project (Aerocity One) Commercial office building with ~1 million sq.ft. built-up area
  • Pre-Leasing discussions underway with marquee clients; expected handover in Q3FY27
  • Build-to-suit Luxury Hotel (~380 keys) with ~0.6 million sq.ft. BUA under construction

GHIAL:

  • Signed agreement to lease with TechnipFMC for build-to-suit industrial (phase 2) in SEZ
  • Construction underway on self-development project GMR Interchange (GAL's First Retail Project) with ~0.77 million sq.ft. BUA and ~0.58 million sq.ft. leasable area
  • Build-to-suit industrial in SEZ for Firan Technology Group under construction

Mopa (Goa): Third Party Hotel Projects with ~0.62 million sq.ft. BUA (4 hotel projects 900+ keys) under various stages of construction and approvals

Bhogapuram: Indian Hotels Company (IHCL) identified as operator for 165 key hotels under Vivanta Brand

Awards and Recognition

2025 ASQ Customer Experience Awards:

  • DIAL: Awarded "Best Airport" at departures (over 40mn pax) in Asia-Pacific region
  • GHIAL: Awarded "Best Airports" at arrivals, globally

Skytrax Awards 2026:

  • DIAL: Named Best Airport in India and South Asia for 8th consecutive year; global ranking improved to 28 (from 32); ranked #3 in 70+ mn passengers category
  • GHIAL: Received Best Airport Staff Service in India and South Asia for 5th time; global ranking improved to 43 (from 56)
  • Mopa (Goa): Received best airport under 5mn passenger category; Cleanest airport in India and South Asia; global ranking improved to 64 (from 80)

Additional Recognition:

  • DIAL: Ranked #10 Busiest Global Airport by Seats in May 2026 by OAG; Awarded Cargo Airport of the Year India
  • GHIAL: Awarded Innovative Airport of the Year – India at Air Cargo India 2026

ESG Initiatives

  • DIAL: GMR Aerocity, New Delhi achieved IGBC's Green City Platinum Rating
  • DIAL: 120 anti-smog fogger systems inaugurated, making Delhi Airport first in India to implement government-led dust control initiative
  • Bhogapuram: Received US LEED Platinum (pre-certified) certification

Individual Airport Performance Details

Delhi Airport (DIAL) Q4FY26:

  • Passenger traffic: 21.2 million, up 2.7% YoY (highest quarterly traffic on record)
  • Domestic traffic increased 4.3%; International traffic decreased 1.6% YoY
  • Total Income: INR 2,019 Cr, up 23.4% YoY
  • Aero revenues rose 178% YoY post implementation of revised tariffs
  • Non-aero revenues up 4% YoY
  • EBITDA: INR 748 Cr, up 42% YoY
  • PAT: INR 123 Cr vs loss of INR 59 Cr in Q4FY25

Delhi Airport (DIAL) FY26:

  • Passenger traffic: 78.7 million, down 0.7% YoY
  • Total Income: INR 7,653 Cr, up 33.5% YoY
  • EBITDA: INR 2,882 Cr, up 64.4% YoY (record high)
  • PAT: INR 477 Cr vs loss of INR 976 Cr in FY25
  • Destinations: 87 Domestic & 75 International

Hyderabad Airport (GHIAL) Q4FY26:

  • Passenger traffic: 7.3 million, down 7.4% YoY
  • Domestic traffic decreased 8.5%; International traffic decreased 1.8% YoY
  • Total Income: INR 621 Cr, up 5.4% YoY
  • Aero Revenue almost unchanged YoY; Non-Aero Revenue up 13.9% YoY
  • EBITDA: INR 365 Cr, up 1.9% YoY
  • PAT: INR 179 Cr vs INR 30 Cr in Q4FY25

Hyderabad Airport (GHIAL) FY26:

  • Passenger traffic: 30.5 million, up 3.4% YoY (highest yearly traffic on record)
  • Domestic traffic increased 2.4% YoY; International traffic increased 8.2% YoY
  • Total Income: INR 2,578 Cr, up 9.7% YoY
  • Aero Revenue up 6.8% YoY; Non-Aero Revenue up 22.9% YoY
  • EBITDA: INR 1,614 Cr, up 9.4% YoY (record high)
  • PAT: INR 427 Cr vs INR 190 Cr in FY25 (highest since FY20)
  • Destinations: 74 Domestic & 26 International

Mopa (Goa) Airport Q4FY26:

  • Passenger traffic: 1.54 million, up 21% YoY (highest quarterly traffic on record)
  • Domestic traffic increased 24%; International traffic decreased 1% YoY
  • Total Income: INR 114 Cr, down 5.4% YoY
  • Aero Revenues decreased 5.3% YoY impacted by special initiative program
  • Non Aero Revenues increased by 28.2% YoY
  • EBITDA: INR 50 Cr, almost doubling from INR 25 Cr in Q4FY25

Mopa (Goa) Airport FY26:

  • Passenger traffic: 5.4 million, up 15% YoY
  • Total Income: INR 406 Cr, down 7.1% YoY
  • EBITDA: INR 127 Cr, down 25% YoY
  • Destinations: 23 Domestic & 10 International

Medan Airport (Indonesia) Q4FY26:

  • Passenger traffic: 1.73 million, down 0.8% YoY
  • Total Income: INR 132 Cr, up 4.4% YoY
  • Aero Revenue up 1.1% YoY; Non-Aero Revenue up 16.1% YoY
  • EBITDA: INR 51 Cr, up 237% YoY

Medan Airport (Indonesia) FY26:

  • Passenger traffic: 7.0 million, down 1.1% vs FY25
  • Total Income: INR 555 Cr, up 7.8% YoY
  • EBITDA: INR 157 Cr, up 75% YoY
  • Destinations: 20 Domestic & 7 International

Corporate Actions

  • Hyderabad Airport Board declared interim dividend of INR 7.5/share on January 29, 2026, aggregating to INR 283.5 Cr