GMR Airports Limited – Investor Presentation Summary

Key Operational Highlights

  • GAL operated airports handled 121.6mn passengers in FY26, up 0.9% YoY, and 31.7mn passengers in Q4FY26, up 0.7% YoY.
  • Domestic passenger traffic was up 1.5% YoY in Q4FY26 (FY26 up 0.5% YoY) and International passenger traffic was down 1.6% YoY in Q4FY26 (FY26 up 2.0% YoY).
  • Indian airports operated by GAL handled 27% of total India passenger traffic in FY26 (Delhi Airport: 19%).
  • Share of Domestic traffic handled was 26% (Delhi Airport: 17%) and share of International traffic handled was 34% (Delhi Airport: 27%).
  • International passengers comprised 24% of total passengers handled by GAL operated Indian airports in Q4FY26 and FY26.

Segment-wise Performance

Delhi Airport (Standalone)
  • Q4FY26 Net Income: INR 11,453mn; FY26 Net Income: INR 44,212mn
  • Q4FY26 EBITDA: INR 7,480mn; FY26 EBITDA: INR 28,824mn
  • Q4FY26 PAT: INR 1,233mn; FY26 PAT: INR 4,769mn
  • Handled 78.7mn passengers in FY26
  • Handled highest ever cargo volumes of ~1.15 MMT in FY26
  • 10-Year Passenger CAGR: 5.0%; 10-Year Cargo CAGR: 3.0%
Hyderabad Airport (Standalone)
  • Q4FY26 Net Income: INR 5,966mn; FY26 Net Income: INR 24,762mn
  • Q4FY26 EBITDA: INR 3,649mn; FY26 EBITDA: INR 16,142mn
  • Q4FY26 PAT: INR 1,786mn; FY26 PAT: INR 4,269mn
  • Handled 30.5mn passengers in FY26
  • Handled highest ever cargo volumes of ~1.87 Lakh Metric Tonnes in FY26
  • 10-Year Passenger CAGR: 9.4%; 10-Year Cargo CAGR: 4.1%
Mopa (Goa) Airport (Standalone)
  • Q4FY26 Net Income: INR 848mn; FY26 Net Income: INR 3,045mn
  • Q4FY26 EBITDA: INR 502mn; FY26 EBITDA: INR 1,273mn
  • Q4FY26 PAT: Loss of INR 633mn; FY26 PAT: Loss of INR 3,312mn
  • Handled 5.4mn passengers in FY26
  • Captured ~49% market share of Goa system traffic in Q4FY26
Medan Airport (Standalone)
  • Q4FY26 Net Income: INR 1,049mn; FY26 Net Income: INR 4,440mn
  • Q4FY26 EBITDA: INR 507mn; FY26 EBITDA: INR 1,573mn
  • Q4FY26 PAT: INR 57mn; FY26 PAT: INR 21mn
  • Handled 7.0mn passengers in FY26

Financial Highlights

Consolidated Performance
  • Q4FY26 Revenue from Operations: INR 39,382mn (▲37.5% YoY; ▼1% QoQ)
  • Q4FY26 Gross Income: INR 40,429mn
  • Q4FY26 Net Income: INR 31,140mn
  • Q4FY26 EBITDA: INR 15,494mn (▲38% YoY; ▼13% QoQ); EBITDA margin: 50%
  • Q4FY26 PAT: INR 4,005mn vs Loss of INR 2,527mn in Q4FY25
  • Excluding exceptional items, Q4FY26 PAT: INR 4,061mn
Full Year FY26 Performance
  • FY26 Revenue from Operations: INR 148,074mn
  • FY26 Gross Income: INR 152,008mn
  • FY26 Net Income: INR 117,572mn
  • FY26 EBITDA: INR 61,502mn (▲47% YoY); EBITDA margin: 52%
  • FY26 PAT: INR 4,724mn vs Loss of INR 8,169mn in FY25
  • Excluding exceptional items, FY26 PAT: INR 5,809mn
  • First positive PAT reported in over a decade
Key Drivers
  • Aero Yield Per Pax increased significantly driven by revised tariffs at Delhi Airport effective from mid-Apr'25
  • Non-aero revenues grew 23% YoY to INR 7.7bn in FY26
  • Retail revenues ▲16% YoY to INR 2.3bn; Duty Free SPP at INR 842 in FY26 vs INR 727 in FY25
  • F&B revenues ▲20% YoY to INR 1.6bn; Car-Park revenues ▲7% YoY to INR 0.9bn
  • Advertisement revenues ▲24% YoY to INR 1bn

Geographical Revenue Split

Not Specified

Balance Sheet Snapshot

  • Net Debt decreased by INR 4.7bn QoQ
  • INR 9.4bn net debt decrease in standalone debt
  • INR 4.2bn net debt increase at Bhogapuram Airport
  • Others includes net debt of GMR Airports Greece (INR 4.1bn) and GLPPL (INR 4.2bn)
  • FCCB of INR 28.8bn held by Groupe ADP not considered in debt

Capex & Cash Flow Health

Bhogapuram Airport
  • 98.7% overall progress achieved as of 31 Mar'26
  • Airside works ~100% complete, Terminal Building 98.8% complete, Air Traffic Control tower 95.8% complete
  • Target to operationalize airport by Q2FY27
Crete Airport
  • 69.3% overall progress achieved as of 31 Mar'26
  • Project fully funded through State Grant and Airport Modernisation & Development Tax (debt free)

Strategic & R&D Initiatives

Cargo Business
  • GAL awarded concession to upgrade, modernize, operate, manage and maintain Cargo Terminal 1 at Delhi Airport
  • GHIAL commissioned Cargo Terminal 2 with initial handling capacity of ~50,000 mtpa
MRO Business
  • GMR Aero Technic signed agreement with Boeing Defence India for Phase-56 heavy maintenance checks for Indian Navy's P-8I aircraft
Real Estate Development
  • DIAL: Self-development project Aerocity One (~1mn sq.ft. built-up area) expected handover in Q3FY27
  • DIAL: Build-to-suit Terminal Hotel (~380 keys, ~0.6mn sq.ft. built-up area)
  • GHIAL: Self-development project GMR Interchange (~0.77mn sq.ft. built-up area, ~0.58mn sq.ft. leasable area)
  • Mopa (Goa): Third Party Hotel projects (~0.62mn sq.ft. built-up area, 900+ keys)
  • Bhogapuram: Indian Hotels Company (IHCL) identified as operator for 165-key Vivanta brand hotel

Industry Trends & Business Environment

  • FY26 passenger traffic remained resilient amid challenging operating environment including evolving airspace conditions, isolated aviation incidents, temporary airline schedule adjustments, planned runway upgradation at Delhi Airport, and global geopolitical developments
  • Indian aviation market showing robust demand with operational adaptability

Management Commentary & Growth Outlook

Key Focus Areas
  • Improve Profitability: Rationalise costs and focus on margin expansion; optimize cost of debt
  • Operationalize & Develop: Operationalize Bhogapuram Airport by Q2FY27; takeover operations at Nagpur Airport; accelerate progress at Crete project
  • Adjacencies business at platform level: Strengthen non-aero adjacencies businesses at platform level
  • Monetize real estate: Harness potential of prime airport commercial land through self development and thematic monetization
  • Airport opportunities: Judiciously participate in capex light opportunities mainly in India, South & South-East Asia and Middle East
ESG Initiatives
  • DIAL achieved ACI Airport Carbon Accreditation Level 5 (largest airport in the world to achieve this certification)
  • Bhogapuram Airport received US LEED Platinum (pre-certified) certification
  • Significant improvement in ESG ratings across S&P CSA, Sustainalytics and MSCI
  • CSR interventions impacted 14,376 students in education, 1,05,000 people in health, and 8,900 people in livelihood empowerment

Awards and Recognitions

2025 ASQ Customer Experience Awards
  • DIAL: "Best Airport" at departures (over 40mn pax) in Asia-Pacific region
  • GHIAL: "Best Airports" at arrivals, globally
Skytrax Awards, 2026
  • DIAL: Best Airport in India and South Asia (8th consecutive year); 2nd best airport staff; Global ranking improved to 28
  • GHIAL: Best Airport Staff Service in India and South Asia; 3rd best airport; Global ranking improved to 43
  • Mopa (Goa): Best airport under 5mn passenger category; Cleanest airport in India and South Asia; Global ranking improved to 64
Other Awards
  • DIAL: Ranked #10 Busiest Global Airport by Seats in May'26 by OAG; Cargo Airport of the Year India
  • GHIAL: Innovative Airport of the Year India at Air Cargo India 2026

#GMR Airports Limited