Profit After Tax: INR 654 million (fifth consecutive profitable quarter)
Interest & Finance Charges: INR 9,927 million
Depreciation: INR 4,933 million
Key Financial Figures - Consolidated H1FY27
Gross Income: INR 82,730 million
Net Income: INR 63,082 million
EBITDA: INR 31,362 million (50% margin)
Profit After Tax: INR 2,133 million (vs loss of INR 1,021 million in H1FY26)
Interest & Finance Charges: INR 19,306 million
Depreciation: INR 9,489 million
Operational Performance - Q2FY27
Total Passengers: 28 million (up 0.6% YoY)
Domestic: unchanged YoY
International: up 2.1% YoY
Aero Yield Per Pax: INR 414
Non-Aero Income Per Pax: INR 159 (not comparable to previous periods due to recent concession wins)
Market Share: 29% of total India passenger traffic (Delhi Airport: 20%)
Operational Performance - H1FY27
Total Passengers: 58.4 million (up 0.8% YoY, highest H1 traffic on record)
Domestic: up 1.1% YoY
International: almost unchanged YoY
Aero Yield Per Pax: INR 416
Non-Aero Income Per Pax: INR 158
Debt Position - Q2FY27
Net Debt: INR 340 billion (unchanged QoQ)
DIAL and GHIAL: INR 3.8 billion net debt decrease
Vizag (Bhogapuram) Airport: INR 2.0 billion net debt increase
Delhi Car Park subsidiary: INR 1.3 billion net debt increase
Others: Includes GMR Airports Greece (INR 3.8bn) and GLPPL (INR 4.2bn)
FCCB: INR 29.1 billion held by Groupe ADP not considered in debt
Regulatory Updates
DIAL: TDSAT issued favorable judgment on all issues pertaining to CP-4 tariff order issued by AERA, to be implemented within three months unless appealed
GHIAL: Multi Year Tariff Proposal (MYTP) for Control Period 4 (CP-4) from April 1, 2026 to March 31, 2031 issued by AERA and implemented from September 1, 2026
Vizag (Bhogapuram): AERA issued ad-hoc tariff effective from commercial date of operation until implementation of regular tariff for CP-1; consultation paper on MYTP for CP-1 issued
Significant Business Developments
Credit Rating Activities
DIAL: Raised INR 35 billion through 15-year NCDs at 8.71% to refinance US$522.6 million notes; S&P upgraded credit rating on senior secured notes to BB+ from BB
GHIAL: S&P upgraded long-term issuer credit rating by two notches to BBB- from BB; Fitch upgraded long-term issuer default rating to BBB- from BB+
GAL: Raised INR 15 billion in non-convertible bonds at 9.56% to refinance debt carrying 10.75% interest; Crisil upgraded ratings on NCBs to Crisil AA- from Crisil A+; CARE assigned rating of CARE AA- on INR 15 billion NCBs
New Concessions and Agreements
F&B: GMR Hospitality Limited (70% owned subsidiary) won bid for F&B outlets at Delhi Terminal 3 for initial period up to May 2036 (extendable by 10 years)
Cargo:
Delhi: License agreement with FedEx for express cargo terminal at Cargo City
Hyderabad: MoU with Brussels Airport to strengthen air cargo connectivity
Vizag: Operationalized non-aero concessions post commencement of airport operations
MRO Partnerships:
GMR Aero Technic and StandardAero agreement for APAC region engine support
MoU with Logic Air Inc for aircraft modification, engineering, certification solutions
Airport Developments
Vizag (Bhogapuram) Airport: Inaugurated on August 1, 2026 by Prime Minister; commercial operations started August 17, 2026; initial capacity 6 million passengers annually
Nagpur Airport: Took over operations on June 25, 2026; focusing on modernization and upgradation
Delhi Airport: International operations commenced at Pier C of Terminal 3, increasing international capacity by 50% to 32 million passengers
Real Estate Development Projects
DIAL:
Self-development project (Aerocity One): ~1 million sq.ft. commercial office building, pre-leasing underway, expected handover within FY27
Build-to-suit Terminal Hotel (Taj): ~0.6 million sq.ft., ~380 keys, partial operations in Q4FY27
Hospital Project (AIG): 500+ beds, excavation works progressing
Self-development hotel: Hilton (350 keys) and Waldorf (150 keys), shoring & excavation works progressing
GHIAL:
Self-development project GMR Interchange: ~0.77 million sq.ft. built-up area, ~0.58 million sq.ft. leasable area (first retail project)
Build-to-suit projects in SEZ for XDLinx, CFM and TechnipFMC
Mopa (Goa): Third party hotel projects: 4 hotels (Radisson, Ginger, Hyatt, Mariott) with 900+ keys, ~0.62 million sq.ft. built-up area
Vizag: 152-key hotel under Vivanta brand: Phase 1 (74 keys) handover expected Q3FY27, Phase 2 (78 keys) in Q4FY27
Equity Transactions
Issued 102 million equity shares to wholly owned subsidiary of Aeroports de Paris S.A. post conversion of 2.55 million OCRPS (conversion ratio 1:40)
Conversion pursuant to Composite Scheme of Amalgamation & Arrangement effective from July 25, 2024
Awards and Recognitions
DIAL:
Ranked #28 in world's most connected international airport hubs (OAG Megahubs 2026)
ACI ASQ Customer Experience Award 2025 - Best Airport at Departures (Over 40 million passengers, Asia-Pacific)
