Key Quantitative Figures (Consolidated - Q2 FY26)

  • Total Income: ₹4,084.52 crore (Q2 FY25: ₹3,320.70 crore)
  • EBITDA: ₹1,567.65 crore (Q2 FY25: ₹1,280.14 crore)
  • Profit Before Tax (PBT): ₹223.17 crore (Q2 FY25: Loss of ₹65.04 crore)
  • Profit After Tax (PAT): ₹117.96 crore (Q2 FY25: Loss of ₹137.11 crore)
  • Total Comprehensive Income: ₹145.05 crore
  • Earnings Per Share (EPS): Basic ₹0.09 | Diluted ₹0.07
  • Paid-up Equity Share Capital: ₹1,055.90 crore

Board Meeting Outcomes (Approved on August 12, 2026)

1. Approval of Financial Results: Approved the Un-audited Financial Results (Standalone and Consolidated) for the quarter ended June 30, 2026.

2. Fundraising Resolution 1: Approved an enabling resolution for raising funds up to ₹5,000 crore in one or more tranches. The instruments may include:

  • Fully paid-up Equity Shares
  • Non-convertible debentures along with warrants
  • Other convertible securities
  • Foreign Currency Convertible Bonds (FCCBs)

The method may be Qualified Institutions Placement (QIP) or any other permissible method. This is subject to shareholder and regulatory/statutory approvals.

3. Fundraising Resolution 2: Approved an enabling resolution for the issuance of INR-denominated Non-Convertible Bonds (NCDs) for an aggregate amount of up to ₹1,500 crore in one or more tranches on a Private Placement basis. The stated purpose is for the re-financing of existing NCDs of the Company.

The Board Meeting commenced at 5:00 PM and concluded at 7:20 PM.

Key Updates and Disclosures

1. Arbitration Matter - DIAL vs. AAI (Monthly Annual Fee)

  • Context: Dispute over the payment of Monthly Annual Fee (MAF) by Delhi International Airport Ltd. (DIAL) to the Airports Authority of India (AAI) for the period affected by COVID-19 (19-Mar-2020 to 28-Feb-2022). DIAL sought excusal from payment citing a force majeure event.
  • Arbitral Award (06-Jan-2024): The Tribunal directed that DIAL is excused from making payment of Annual Fee to AAI for the period 19-Mar-2020 to 28-Feb-2022.
  • AAI Challenge: AAI filed a petition in the Delhi High Court in April 2024 to set aside the Award.
  • High Court Judgment (07-Mar-2025): The Hon'ble High Court of Delhi upheld the Arbitral Award and dismissed AAI's petition.
  • Current Status (as of 12-Aug-2026): AAI has filed an appeal against the High Court's order with the Divisional Bench of the Delhi High Court. The hearing is scheduled for August 12, 2026.
  • Management's View: Based on an independent legal assessment, management believes DIAL has a favorable case.
  • Financial Impact: Previously, DIAL had provided for an advance of ₹446.21 crore paid to AAI under protest. This provision was reversed in FY24 and classified as an exceptional item. AAI has pre-deposited ₹471.04 crore with the court.
  • Subsequent Payment: DIAL paid MAF and interest for March 2022 amounting to ₹156.81 crore and ₹8.03 crore, respectively, to AAI on 06-May-2024.

2. Tariff Regulation Matters

  • GHIAL (Hyderabad Airport): Ongoing litigation with the Airport Economic Regulatory Authority (AERA) regarding the determination of aeronautical tariffs for past control periods (FCP, SCP). AERA filed an appeal in the Supreme Court against a TDSAT order. The matter was last heard on 24-Nov-2025 and is sub-judice. No adjustments have been made in the financial results for this matter.
  • DIAL (Delhi Airport): Ongoing litigation with AERA regarding tariffs for Control Periods 2, 3, and 4 (CP2, CP3, CP4). AERA issued the CP4 tariff order on 28-Mar-2025, effective 16-Apr-2025, which DIAL has implemented. DIAL has appealed the CP4 order to TDSAT; arguments are heard and judgment is reserved. Separately, AERA's order dated 07-Apr-2026 reduced landing/parking charges for domestic flights by 25% for three months from April 2026, which has no impact on the reported period.

3. Utilization of Proceeds from Non-Convertible Bonds (NCDs)

  • ISIN INE776C08067: Raised ₹400 crore via private placement on 03-Apr-2025. The entire amount has been utilized towards the stated end-use: (a) security deposit for duty-free business concession requirement, (b) fees and expenses related to the issue, and (c) investment in Airport Group Entities. There was no deviation in the use of proceeds.
  • Other NCDs (INE776C08059, INE776C08075, INE776C08083): Proceeds from these issuances have already been fully utilized as per their respective offer documents with no deviation, hence not required to be disclosed for this quarter.

4. Change in Accounting Estimate

Effective 01-Apr-2025, the Group reassessed and extended the useful life of Terminal & associated Buildings and other Buildings from 30 years to 50 years (or till the end of the concession period, whichever is earlier). This change in estimate reduced the depreciation charge for the quarter/year by ₹150.97 crore and will have a similar impact in future years.

5. Cargo Concession Update (Celebi Matter)

  • On 15-May-2025, the Bureau of Civil Aviation Security (BCAS) revoked the security clearance of the Celebi group on national security grounds.
  • Consequently, DIAL terminated its cargo concession agreement with Celebi.
  • DIAL subsequently awarded the cargo services concession for Cargo Terminal I to GMR Airports Limited (the holding company) on 11-Mar-2026. The Company entered into a License Agreement for this on 17-Apr-2026.
  • Celebi's legal challenges against the revocation and termination have been dismissed or not pursued further.
  • The net impact of derecognizing lease-related balances and remeasuring security deposits for Celebi amounted to ₹113.47 crore, disclosed as an exceptional item in FY26.

6. Auditor's Emphasis and Scope

  • The independent auditor's review report includes an "Emphasis of Matter" paragraph drawing attention to Note 2 concerning the ongoing DIAL-AAI litigation, the outcome of which could have a significant impact on the financial statements.
  • The auditor relied on the review reports of other auditors for 17 subsidiaries and 3 joint ventures whose financial results are included in the consolidation.
  • The financial results of 5 subsidiaries and 2 associates & 4 joint ventures are included with a quarter lag and were not reviewed/audited by their auditors, as per management's certification that they are not material to the Group.

7. Capital Structure & Financial Ratios (Consolidated)

  • Total Equity: Negative ₹(1,428.68) crore, attributed primarily to unrealized forex losses and high depreciation/finance costs post-project capitalization. Management believes these losses are temporary.
  • Debt Equity Ratio: (30.39) times
  • Debt Service Coverage Ratio (DSCR): 0.87 times
  • Interest Service Coverage Ratio (ISCR): 1.64 times
  • Current Ratio: 0.83 times
  • Net Profit Margin: 3.73%
  • Operating Profit Margin (EBITDA): 39.55%

Standalone Financial Highlights (Q2 FY26)

  • Total Income: ₹1,230.13 crore
  • PAT: ₹57.68 crore (Q2 FY25: Loss of ₹178.00 crore)
  • EPS: Basic ₹0.05 | Diluted ₹0.04

Enclosures

1. Annexure-A: Un-audited Financial Results (Standalone and Consolidated) with Limited Review Report.

2. Annexure-B: Statement on utilization of NCD proceeds under Regulation 52(7) and 52(7A).