Financial Performance
GMR Airports Limited reported consolidated Q2 FY26 net profit of ₹65.38 crore, a significant improvement from the H1 FY25 loss of ₹102.05 crore. Consolidated revenue stood at ₹4,095.44 crore with EBITDA of ₹1,568.57 crore. For the half year ended September 30, 2026, the company reported net profit of ₹213.34 crore on revenue of ₹8,059.43 crore. The standalone entity reported Q2 net profit of ₹2.13 crore on revenue of ₹1,133.04 crore.
Corporate Actions & Board Changes
The Board appointed Mr. Sanjeev Gupta as Executive Director and Deputy CEO effective October 29, 2026, while accepting the resignation of Non-Executive Director Mr. Alexis Benjamin Riols effective October 28, 2026. The company allotted 10.2 crore equity shares against conversion of Optionally Convertible Redeemable Preference Shares from GMR Infra Services Private Limited.
Related Party Transactions
Extensive related party transactions were disclosed, including ₹144.75 crore interest received from Aeroports De Paris S.A. and ₹69.93 crore dividend income from subsidiary GMR Hyderabad International Airport Limited. The company reported investments totaling ₹25,766.9 crore across multiple subsidiaries and joint ventures, including significant investments in Goa (₹1,572.5 crore), Hyderabad (₹1,399.6 crore), and Visakhapatnam (₹604.57 crore) airport projects.
Regulatory & Legal Matters
Auditors issued a clean review opinion but emphasized ongoing litigation between Delhi International Airport Limited and Airports Authority of India regarding Monthly Annual Fee payments for the period March 2020 to February 2022. The arbitral award excused payment obligations, which was upheld by Delhi High Court in March 2025, with AAI's appeal scheduled for hearing in December 2026. The company also faces ongoing tariff-related disputes with AERA for both Delhi and Hyderabad airports.
Operational Updates
The company commenced duty-free operations at Delhi and Hyderabad airports, acquired 70% equity stake in GMR Logistics Park Private Limited, and took over cargo operations at Delhi Airport after termination of Celebi contract. A change in accounting estimate extended the useful life of terminal buildings from 30 to 50 years, reducing annual depreciation charge by ₹150.97 crore.
Financial Position
Consolidated financials reflect negative equity of (₹1,425.82) crore primarily due to unrealized foreign exchange losses and higher depreciation post project capitalization. Total debt stood at ₹46,287.95 crore with cash equivalents of ₹4,100.46 crore. The company maintains significant investments across its airport infrastructure portfolio with comprehensive disclosure of all related party transactions as required under SEBI Listing Regulations.