GMR AIRPORTS LIMITED
8,959words
12turns
0analyst exchanges
0executives
Key numbers — 40 extracted
rs,
27.3%
rs7
74%
5.0%
3.0%
9.4%
4.1%
100%
45.99%
4.0%
36.99%
Guidance — 4 items
Construction underway on
opening
“o Self-development project (Aerocity One) – Commercial office building with ~1mn sq.ft.”
Construction underway on
opening
“o Self-development project – GMR Interchange (GAL’s First Retail Project) with ~0.77mn sq.ft.”
Construction underway on
opening
“Aim to operationalize airport by Q2FY27 ▪ Crete Airport: Construction works progressing as per schedule.”
GHIAL
opening
“exceptional items, PAT of INR 4.1bn vs INR 3.6bn in Q3FY26 and PAT loss of INR 3.4bn in Q4FY25 ▪ EBITDA: • • FY26: ▲47% YoY to INR 62bn FY26 EBITDA at record high ▪ Net Profit After Tax FY26: Profit of INR 4.7bn vs loss of INR 8.2bn in FY25 First positive PAT reported in over a decade • • • Non-cash FX loss of ~INR 2.6bn in FY26 due to EUR appreciation • Excl.”
Risks & concerns — 1 flagged
ESG Risk Rating MSCI: The use by GAL of any MSCI ESG Research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of GAL by MSCI.
— Leasable Area
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Opening remarks
Under development
~25 m 1342 m Passengers handled across all gateway airports ~2,510 acres4 Of land with strong real estate ("RE") development potential 27.3%5 share of passenger traffic in India in FY26 Long remaining concession period with rated capacity of ~400m pax positioned to capitalize on robust traffic growth outlook Integrated plus end-to-end capabilities across the entire airport value chain 1) GMR Airports is the 2nd largest private airport operator in the world based on CY2025 passengers; 2) FY26 data including DIAL, GHIAL, Goa, Medan and Cebu 3) ACI: Airport Council International; 4) Includes DIAL (230 acres), GHIAL (1,500 acres), Goa (232 acres), Bhogapuram (294 acres), Nagpur (247 acres), Greece (~10 acres); 5) Only includes operational Indian airports in GMR Airports Ltd. (GAL) portfolio in FY26 – DIAL, GHIAL and Mopa (Goa); 6) Includes Cebu where GAL will operate as the Technical Services Provider until Dec’26; 7) 2025 Airport Service Quality Customer Experience Awards by Airports Coun
Construction underway on
o Self-development project (Aerocity One) – Commercial office building with ~1mn sq.ft. built-up area; Pre-Leasing discussions underway with marquee clients. Expected handover in Q3FY27 o Build-to-suit Terminal Hotel (~380 keys) with ~0.6mn sq.ft. built-up area Airport Land Development ▪ GHIAL: • • Signed agreement to lease with TechnipFMC for build-to-suit industrial (phase 2) in SEZ
Construction underway on
o Self-development project – GMR Interchange (GAL’s First Retail Project) with ~0.77mn sq.ft. built-up area and ~0.58mn sq.ft. leasable area o Build-to-suit industrial facility in SEZ for Firan Technology Group ▪ Mopa (Goa): o Third Party Hotel projects with ~0.62mn sq.ft. built-up area (4 hotel projects – 900+ keys) under various stages of construction and approvals ▪ Bhogapuram: o Indian Hotels Company (IHCL) has been identified as an operator for 165 key hotels under the Vivanta Brand MRO agreement for Indian Navy’s Patrol Aircrafts • GMR Aero Technic (subsidiary of GHIAL) signed an agreement with Boeing Defence India to undertake Phase-56 heavy maintenance checks for the Indian Navy's P-8I maritime patrol aircraft fleet o Scope of work includes structural upgrades, comprehensive inspections, painting and system upgrades in-line with Boeing and defence aviation maintenance standards Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & In
DIAL
o Named Best Airport in India and South Asia for the 8th consecutive year o Awarded 2nd best airport staff in India and South Asia o Global ranking improved to 28 (from 32 earlier) – the only Indian airport amongst the World’s Top 30; Ranked #3 in 70+ mn passengers annually o Ranked #7 among Top 10 Best Layover Airports Globally
GHIAL
o Received Best Airport Staff Service in India and South Asia for 5th time o 3rd best airport in India and South Asia o Ranked #8 globally in 20-30mn passenger category o Global ranking improved to 43 (from 56 earlier) • Mopa (Goa): o Received best airport under 5mn passenger category o Cleanest airport in India and South Asia o Global ranking improved to 64 (from 80 earlier) ▪ DIAL: • • • Ranked #10 Busiest Global Airport by Seats in May'26 by OAG, up from 11th position in May’25 Remained 5th busiest airports in APAC in 2025 by OAG Awarded Cargo Airport of the Year – India at the STAT Trade Times International Awards for Excellence in Air Cargo ▪ GHIAL: Awarded Innovative Airport of the Year – India at Air Cargo India 2026 Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality 1Airport Service Quality 12 GAL Operated Airports - Passenger Traffic Resilient FY26 Traffic
Note
1. All financials state above at 100% 2. Subsidiary financials are included in respective line items of consolidated financials while for JV’s only GAL share of profits are included in “Share in Profits of JVs / Associates” Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality 22 Hyd / GoaQ4FY26(INR mn)Advertise--mentFood & BeverageCar ParkCargoMROHotelAdvertise--mentFood & BeverageAccounted as JVJVSubsidiarySubsidiarySubsidiarySubsidiaryJVSubsidiaryStake (%)49.90%40.00%100.00%100.00%100.00%100.00%49.00%70.00%Revenue1,3646019107481,731384389407EBITDA1661422812183321599445PAT1106015324120646218Delhi AirportHyderabad AirportDelhiHyderabadGoaRevenue5,9182,1531,173319401764117EBITDA1,2736312411141582927(18)PBT1,022629160831552121(27)Q4FY26(INR mn)Duty FreeCargoDuty FreeRetailCar ParkDuty FreeCar ParkCargo GAL Financial Highlights – FY26 Key Non-Aero Business Performance GA