GMR Airports Limited (GAL) – Investor Presentation Summary

Key Operational Highlights

  • Total passenger traffic across GAL operated airports was 30.5mn in Q1FY27, up 1.0% YoY.
  • Domestic passenger traffic increased 2.0% YoY while international passenger traffic decreased 2.2% YoY.
  • GAL's Indian airports handled 27% of total India passenger traffic in Q1FY27, with Delhi Airport handling 20%.
  • Share of international traffic handled was 36% (Delhi Airport: 29%), the highest quarterly share in past 4 years.
  • International passengers comprised 23% of total passengers handled by GAL operated Indian airports.
  • Key drivers: Market share gains despite geopolitical headwinds in Middle-East, Ukraine and Russia.

Segment-wise Performance

  • Delhi Airport: Q1FY27 traffic up 7% YoY; handled highest ever Q1 passenger traffic, ATMs of ~120,900, and cargo volumes of ~310.6 kT.
  • Hyderabad Airport: Q1FY27 traffic down 12% YoY; international traffic declined due to West Asian geopolitical instability and rising airfares; domestic traffic declined due to route rationalization by airlines.
  • Mopa (Goa) Airport: Q1FY27 traffic down 6% YoY; captured ~44% market share of Goa system traffic.
  • Medan Airport (Indonesia): Q1FY27 traffic at 1.81mn, up 2.4% YoY and 4.3% QoQ.

Financial Highlights

Revenue: INR 39,640mn (Q1FY27)

EBITDA: INR 15,677mn (Q1FY27)

PAT: INR 1,480mn (Q1FY27)

EPS: Not Specified

Margins: EBITDA margin at 50%, stable YoY

YoY/QoQ comparison: Revenue ▲23.7% YoY; ▲0.7% QoQ; EBITDA ▲22% YoY; ▲1% QoQ; PAT profit vs loss of INR 1,371mn in Q1FY26

Drivers of financial performance: Increase in aero revenues, growth in non-aero and adjacency businesses

Comparison to market estimates: Not Specified

Key Risks: Geopolitical instability affecting international traffic, rising airfares

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not Specified

Regional Breakdown: Not Specified

Balance Sheet Snapshot

Net Debt/Equity: Net debt of INR 340bn as of 30 Jun'26 (unchanged QoQ)

Reserves: Not Specified

Current Assets/Liabilities: Not Specified

Working Capital/Leverage Metrics: Not Specified

Financial Health Insights: CARE upgraded GAL credit ratings to CARE A+ (Positive) from CARE A (Stable) for INR 15bn NCBs and Long-Term Bank Facilities; CARE A1+ from CARE A1 for Short-Term Bank Facilities

Capex & Cash Flow Health

Capital Expenditure: Not Specified

Free Cash Flow: Not Specified

Operating Cash Flow: Not Specified

Net Debt Movement: INR 5.9bn net debt decrease at DIAL and GHIAL; INR 3.1bn net debt increase at Bhogapuram Airport; INR 2.9bn net debt increase at GAL standalone

Investment Rationale: Focus on capacity expansion, real estate development, and airport services business

Strategic & R&D Initiatives

Investments in Innovation: MRO agreement with Honeywell Aerospace for maintenance of LRUs on LEAP engines; expansion of duty-free stores; development of cargo packhouse at Goa

Expected impact on growth: Enhanced non-aero revenue streams and service capabilities

Strategic Rationale: Creating integrated airport platform with end-to-end capabilities across value chain

Industry Trends & Business Environment

Macro/Industry Trends: Geopolitical instability in West Asia affecting international air traffic; route rationalization by airlines; strong growth potential in Indian aviation market

Impact on Company: International traffic decline at Hyderabad; overall traffic growth despite challenges

Management Commentary & Growth Outlook

Strategic Outlook: Focus on improving profitability through premiumization and margin expansion; stabilizing new airport operations; strengthening adjacencies businesses at platform level; monetizing real estate assets

FY Guidance: Not Specified

Market Share Targets: Not Specified

Risks and Opportunities: Prioritizing timely issuance of regular tariff order for Bhogapuram Airport; participating in capex-light opportunities in South & South-East Asia and Middle East

ESG Updates

  • Delhi Airport's GMR Aerocity achieved IGBC Green City Platinum Rating
  • Mopa (Goa) Airport achieved ACI Airport Carbon Accreditation Level 3+ certification
  • DIAL received Management Accounting Award from ICMAI
  • GAL's ESG ratings improved across S&P CSA, Sustainalytics and MSCI
  • 25,000 people positively impacted through CSR initiatives in Q1FY27
  • New Skill Development Centre started at Bhogapuram with 250 youth enrolled