Financial Performance
GMR Airports Limited reported a significant turnaround in FY26, achieving consolidated profit after tax of ₹472.39 crore compared to a loss of ₹816.90 crore in FY25, marking its first profit after over a decade of losses. Revenue from operations grew 42.2% to ₹14,807.41 crore, while total income reached ₹15,200.75 crore, representing 40% growth. EBITDA increased 47% to ₹6,150.3 crore with margin improvement of 120 bps to 52.3%. Standalone performance also improved with PAT of ₹142.05 crore versus a loss of ₹190.74 crore in FY25.
Operational Highlights
The company handled 121.6 million passengers across its airports, maintaining 27% market share of India's passenger traffic and 34% of air cargo volumes. Delhi Airport served 78.7 million passengers with 1.15 MMT cargo, while Hyderabad Airport achieved a record 30.5 million passengers. Goa Airport saw 15.7% growth to 5.4 million passengers, capturing ~47% of Goa system traffic. Aero yield per passenger increased 62% to ₹433 across Delhi, Hyderabad, and Mopa airports.
Strategic Developments and Expansion
GMR expanded its portfolio significantly with the operational takeover of Nagpur Airport on June 25, 2026, and the inauguration of Bhogapuram Airport by the Prime Minister on August 1, 2026, which was 99.73% complete by June 2026. The company commenced duty-free operations at Delhi (July 2025) and Hyderabad (September 2025) airports and was awarded concessions for Cargo Terminal 1 at Delhi and the Cargo City project. Internationally, Crete International Airport reached 74% construction progress by June 2026.
Capital Structure and Financing
Total borrowings stood at ₹42,195.88 crore, including foreign currency convertible bonds of ₹3,605.74 crore (EUR 330.87 million) and various non-convertible debentures. The company completed significant debt refinancing, with GHIAL raising ₹2,100 crore through 15-year NCDs at 7.60% (saving >150 bps) and DIAL raising ₹1,000 crore at 8.75% (saving >120 bps). Credit ratings remained stable with GAL at CARE A/Stable and CRISIL A+/Stable, DIAL at IND AA/Stable, and GHIAL at CRISIL AA+/Positive.
Corporate Governance and Management
The Board comprised 20 directors with 6 meetings held during FY26. Key management changes included the appointment of new directors including Christelle Florence Nicole Jacquemet de Robillard, Matthieu Daubert, Regis Sebastien Lacote, Normand Boivin, Mathilde Lemoine, and Salil Anil Gupte. Mr. Prabhakara Rao Indana resigned as Executive Director and was re-designated as Non-Executive Director effective December 1, 2025. The company maintained full compliance with SEBI Listing Regulations and Companies Act, 2013.
Sustainability and ESG Initiatives
GMR demonstrated strong environmental performance with Delhi and Hyderabad airports maintaining ACI Level 5 carbon accreditation and achieving 100% renewable electricity operations. The company implemented Zero Liquid Discharge across all airports, with Delhi Airport achieving water-positive status and IGBC Net Zero Waste to Landfill Platinum Certification across all terminals. ESG ratings improved with S&P CSA score rising to 64 from 53 and MSCI ESG Rating upgraded to A from BB.
Regulatory and Legal Matters
The company faced ongoing regulatory matters including DIAL appeals against AERA decisions for second and third control periods with TDSAT, and GHIAL's CP4 tariff determination process with AERA. DIAL received a favorable arbitral award against AAI for force majeure during COVID-19, which was upheld by Delhi High Court. The company maintained compliance with all environmental regulations including Water Act, Air Act, and Environment Protection Act.
Shareholding and Corporate Actions
Promoters' shareholding increased to 66.33% as of March 2026, with Aeroports De Paris S.A. holding 29.86%. No dividend was recommended for equity shares for FY26, but a dividend of 0.001% p.a. (₹0.0004 per share) was recommended for OCRPS aggregating ₹26,045. The 30th AGM is scheduled for September 21, 2026, to seek shareholder approval for fundraising up to ₹5,000 crore and material related party transactions with DIAL up to ₹2,500 crore for FY27.
Risk Factors and Outlook
Key risks identified include geopolitical tensions affecting aviation, airline financial distress, regulatory interventions, foreign exchange volatility, climate change impacts, cybersecurity threats, and talent retention challenges. The company's growth strategy focuses on expanding its airport portfolio through government privatization, scaling adjacency businesses (duty-free, cargo, retail), digital transformation, and sustainability initiatives toward net-zero commitments.