GMRAIRPORT - GMR Airports

📊 NSE: GMRAIRPORT 🏢 Miscellaneous 📅 Last Updated: 12/13/2025 22:25

💰 Financial Performance

Revenue Growth by Segment

Consolidated Revenue from Operations grew 47% YoY to INR 36.7bn in Q2FY26. Standalone revenue grew 234% YoY to INR 9,451 mn, driven by new non-aero platforms: Delhi Duty Free (INR 3,702 mn), Delhi Cargo (INR 2,216 mn), and Hyderabad Duty Free (INR 641 mn).

Geographic Revenue Split

India operations dominate with a 25.8% domestic and 34.6% international market share. Major contributions come from Delhi (DIAL), Hyderabad (GHIAL), and Goa (GGIAL). International presence includes Medan (Indonesia) and under-construction projects in Crete (Greece).

Profitability Margins

Consolidated PAT turned positive at INR 351 mn in Q2FY26 compared to a loss of INR 4.3bn in Q2FY25. Standalone EBITDA margin declined from 53% in Q2FY25 to 37% in Q2FY26 due to increased revenue share and operating expenses.

EBITDA Margin

Consolidated EBITDA grew 59% YoY to INR 15.3bn in Q2FY26, with margins at 53% (calculated on net income). Standalone EBITDA was INR 2,414 mn, up from INR 1,150 mn YoY.

Capital Expenditure

Major ongoing capex includes Bhogapuram (GVIAL) at ~87.5% progress and Crete at ~60% progress. Hyderabad expansion to 34 mn passengers and Goa expansion to 7.7 mn passengers were completed in FY25.

Credit Rating & Borrowing

CRISIL and CARE ratings monitor a target net debt/EBITDA of 5.5-6.0 times. The company raised INR 59bn in non-convertible bonds to repay INR 50bn of existing debt plus an INR 8.5bn redemption premium.

⚙️ Operational Drivers

Raw Materials

Revenue Share to partners (31.7% of standalone gross income), Personnel Costs (attrition at 12%), and Finance Charges (INR 3,840 mn standalone in Q2FY26).

Import Sources

Not disclosed in available documents as the company is a service provider.

Key Suppliers

AAI (Airports Authority of India) and Government of Telangana (partners in GHIAL), Travel Food Services (JV partner for GMR Hospitality).

Capacity Expansion

Hyderabad: Expanded from 12 mn to 34 mn passengers (+183%). Goa: Expanded from 4.4 mn to 7.7 mn passengers (+75%). Delhi: Capacity exceeds 100 mn passengers.

Raw Material Costs

Revenue share payments to AAI/partners reached INR 3,000 mn in Q2FY26 standalone, representing a 355% increase YoY from INR 659 mn.

Manufacturing Efficiency

Passenger traffic market share of 25.8% domestic and 34.6% international in India.

📈 Strategic Growth

Expected Growth Rate

47%

Growth Strategy

Achieved through the 'Airport Platform' strategy, taking over high-margin adjacency businesses like Delhi and Hyderabad Duty Free, expanding cargo operations, and completing organic expansions at Hyderabad and Goa airports.