Key Financial Performance

Consolidated Financial Highlights (INR Crores):

Q2FY27 Performance:

  • Total Income: INR 4,188 Cr (up 12% YoY from INR 3,754 Cr in Q2FY26)
  • Net Income: INR 3,202 Cr
  • EBITDA: INR 1,569 Cr (up 2% YoY from INR 1,531 Cr)
  • Interest & Finance Charges: INR 993 Cr
  • Depreciation: INR 493 Cr
  • PBT (Before exceptional items & share of JVs): INR 83 Cr
  • Share of Profit from JVs/Associates: INR 55 Cr
  • Exceptional Item: INR 0 Cr
  • PBT: INR 137 Cr
  • Profit After Tax: INR 65 Cr (fifth consecutive quarter of positive PAT)

H1FY27 Performance:

  • Total Income: INR 8,273 Cr (up 17% YoY from INR 7,075 Cr)
  • Net Income: INR 6,308 Cr
  • EBITDA: INR 3,136 Cr (up 12% YoY from INR 2,812 Cr)
  • Interest & Finance Charges: INR 1,931 Cr
  • Depreciation: INR 949 Cr
  • PBT (Before exceptional items & share of JVs): INR 257 Cr
  • Share of Profit from JVs/Associates: INR 104 Cr
  • Exceptional Item: INR 0 Cr
  • PBT: INR 361 Cr
  • Profit After Tax: INR 213 Cr

Airport Traffic Performance

GAL owned airports handled 28 million passengers in Q2FY27, up 1% YoY:

  • Delhi Airport: 18.1 million passengers (up 3.0% YoY)
  • Hyderabad Airport: 6.5 million passengers (down 11.2% YoY)
  • Mopa (Goa) Airport: 0.9 million passengers (down 24% YoY)

Key Developments and Strategic Updates

Airport Non-Aero Businesses:

  • GMR Hospitality Limited (70% owned subsidiary) won bid for F&B outlets at Delhi Airport Terminal 3 until May 2036 (extendable by 10 years)
  • GMR Cargo and Logistics Ltd. entered License Agreement with FedEx for express cargo terminal at Delhi Airport
  • Signed MoU with Brussels Airport to strengthen air cargo connectivity between Hyderabad and Europe
  • Operationalized non-aero concessions at Vizag (Bhogapuram) post commencement of operations

Credit Rating Upgrades and Refinancing:

  • Delhi Airport (DIAL): Raised INR 35 billion through 15-year NCDs at 8.71% p.a. to refinance US$522.6 million notes; S&P upgraded senior secured notes to BB+ from BB
  • Hyderabad Airport (GHIAL): S&P upgraded long-term issuer credit rating to BBB- from BB; Fitch upgraded long-term issuer default rating to BBB- from BB+ (international investment grade)
  • GAL: Raised INR 15 billion through non-convertible bonds at 9.56% to refinance debt carrying 10.75% interest; Crisil upgraded NCB ratings to Crisil AA- from Crisil A+; CARE assigned CARE AA- rating

MRO Business Partnerships:

  • GMR Aero Technic and StandardAero signed agreement for authorized service center for on-wing engine support in APAC region
  • Signed MoU with Canada-based Corporation Logic Air Inc for aircraft modification, engineering, certification solutions

Airport Land Development Activities:

  • DIAL: Construction underway on Aerocity One (1 million sq.ft. commercial office), Taj Hotel (380 keys, partial ops Q4FY27), AIG Hospital (500+ beds), Hilton/Waldorf hotels (500 keys)
  • GHIAL: Construction on GMR Interchange retail project (0.77 million sq.ft. BUA), build-to-suit industrial in SEZ for XDLinx, CFM and TechnipFMC
  • Mopa (Goa): Four third-party hotel projects with 900+ keys (Radisson, Ginger, Hyatt, Mariott) under construction
  • Vizag (Bhogapuram): 152-key Vivanta brand hotel - Phase 1 (74 keys) handover expected Q3FY27, Phase 2 (78 keys) Q4FY27

Regulatory Updates and Tariffs:

  • GHIAL: MYTP for Control Period 4 (April 1, 2026 to March 31, 2031) implemented from September 1, 2026
  • Vizag (Bhogapuram): AERA issued ad-hoc tariff effective from commercial date of operation; consultation paper for MYTP for CP-1 (July 1, 2026 to March 31, 2032) issued
  • DIAL: TDSAT issued favorable judgment on all issues pertaining to CP-4 tariff order; decision to be implemented by AERA within 3 months unless appealed

Capital Structure Update:

  • GAL issued 102 million equity shares to wholly owned subsidiary of Aeroports de Paris S.A. upon conversion of 2.55 million OCRPS (conversion ratio 1:40)

Operational Enhancements:

  • Enhanced international capacity at Delhi Airport Terminal 3 by operationalizing Pier C (formerly domestic), increasing annual international capacity by 50% to 32 million passengers
  • Operationalized Vizag (Bhogapuram) Airport inaugurated by Prime Minister on August 1, 2026; commercial operations started August 17, 2026
  • Nagpur Airport handover process completed on June 25, 2026

Individual Airport Performance Details

Delhi Airport (DIAL):

  • Q2FY27 Total Income: INR 2,084 Cr (up 12.7% YoY)
  • Q2FY27 EBITDA: INR 759 Cr (up 12.4% YoY)
  • Q2FY27 PAT: INR 121 Cr (vs INR 74 Cr Q2FY26)
  • Handled highest ever H1 passenger traffic (38.5 million), H1 passenger ATMs, and cargo volumes
  • Connected to 90 domestic and 70 international destinations

Hyderabad Airport (GHIAL):

  • Q2FY27 Total Income: INR 632 Cr (down 6.2% YoY)
  • Q2FY27 EBITDA: INR 402 Cr (down 6.6% YoY)
  • Q2FY27 PAT: INR 91 Cr (vs INR 100 Cr Q2FY26)
  • Handled highest ever cargo volumes in Q2 and H1FY27
  • Connected to 73 domestic and 27 international destinations

Mopa (Goa) Airport:

  • Q2FY27 Total Income: INR 104 Cr (up 24.5% YoY)
  • Q2FY27 EBITDA: INR 24 Cr (doubled from INR 12 Cr Q2FY26)
  • Captured ~42% market share of Goa system traffic in Apr-Sep'26
  • Connected to 18 domestic and 2 international destinations

Medan Airport (Indonesia):

  • Q2FY27 Total Income: INR 151 Cr (up 4.3% YoY)
  • Q2FY27 EBITDA: INR 46 Cr (up 32% YoY)
  • Q2FY27 PAT: INR 8 Cr (vs loss of INR 4 Cr Q2FY26)
  • Fourth consecutive quarter of positive PAT
  • Connected to 21 domestic and 7 international destinations

Crete Airport (Greece):

  • Project fully funded through State Grant and Airport Modernisation & Development Tax (debt free)
  • Overall progress of 78% achieved as of September 2026

Awards and Recognition

  • 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 mn Pax, APAC; ACI Airport Customer Experience Accreditation Level 5
  • GHIAL: ACI ASQ Customer Experience Award 2025 Best Airport at Arrivals Globally; ACI Airport Customer Experience Accreditation Level 5; ACI Accessibility Enhancement Accreditation Level 2
  • ESG Initiatives: DIAL won TERI Water Sustainability Award 2025-26; GHIAL recognized as "National Energy Leader" at CII National Excellence in Energy Management Awards 2026; Mopa (Goa) received national award for energy excellence