BSECompany Update2d ago · 29 Oct 2026, 12:10 am
Press Release on the Un-audited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2026
GMR Airports Ltd · 532754
✦ AI Summary▲ PositiveResults
GMR Airports Ltd reported a 12% YoY increase in total income to INR 4,188 Crs in Q2FY27, driven by improvement in Aero and Non-Aero revenues. EBITDA increased by 2% YoY to INR 1,569 Crs in Q2FY27, and PAT of INR 65 Crs was reported in Q2FY27, the fifth consecutive quarter of positive PAT.
Analysis Scores
Earnings Impact8/10
Growth Catalyst6/10
Governance Concern2/10
Regulatory Risk4/10
Balance Sheet Risk5/10
Liquidity Impact9/10
Market Sentiment8/10
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GMR Airports Ltd - 532754 - Announcement under Regulation 30 (LODR)-Press Release / Media Release
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GMR AIRPORTS LIMITED
(Formerly GMR Airports Infrastructure Limited)
October 29, 2026
BSE Limited, National Stock Exchange of India Ltd.
Phiroze Jeejeebhoy Towers, Exchange Plaza,
Dalal Street, Plot no. C/1, G Block,
Mumbai 400001 Bandra-Kurla Complex, Bandra (E)
Equity Scrip: 532754 Mumbai - 400051
Debt Scrip: 976449, 976601, Symbol: GMRAIRPORT
977026, 977027, 978133
Sub: Press Release on Un-audited Financial Results (Standalone and
Consolidated) for the quarter ended and half year ended
September 30, 2026
Dear Sir/Madam,
In continuation of our letter dated October 28, 2026, please find enclosed
herewith the Press Release on Un-audited Financial Results of the Company
(Standalone and Consolidated) for the quarter and half year ended September
30, 2026.
Request you to please take the same on record.
For GMR Airports Limited
T. Venkat Ramana
Company Secretary &
Compliance Officer
Corporate Office: New Udaan Bhawan, Opp. Terminal 3, Indira Gandhi International Airport, New Delhi - 110 037
Registered Office: Unit No. 12, 18th Floor, Tower A, Building No. 5, DLF Cyber City, DLF Phase– III, Gurugram– 122002, Haryana, India
CIN L52231HR1996PLC113564 T +91 124 6637750 E gal.cosecy@gmrgroup.in W www.gmraero.com
GMR Airports Limited (GAL)
Resilient business performance driven by improvement in Aero and Non-Aero revenues
despite muted traffic
Total Income increased by 12% YoY to INR 4,188 Crs in Q2FY27
EBITDA increased by 2% YoY to INR 1,569 Crs in Q2FY27
PAT of INR 65 Crs reported in Q2FY27, the fifth consecutive quarter of positive PAT
GAL owned airports handled 28mn passengers in Q2FY27, up 1% YoY
▪ Delhi Airport - Handled 18.1mn passengers
▪ Hyderabad Airport - Handled 6.5mn passengers
▪ Mopa (Goa) Airport - Handled 0.9mn passengers
Key Developments
Steady progress in Airport non-aero businesses (“GAL Platform”)
o Food & Beverages (F&B): GMR Hospitality Limited (GHL), a 70% owned subsidiary of GAL, won1
the bid for designing, financing, developing, setting up, operating, managing and maintaining the
F&B Outlets at the Terminal 3 of Delhi Airport for an initial period of up to May 2036, extendable by
10 additional years
o Cargo:
▪ Delhi: GCLL2 entered into License Agreement with FedEx for the operation of an express cargo terminal at
Cargo City in Delhi Airport
▪ Hyderabad: Signed MoU with Brussels Airport to strengthen air cargo connectivity between Hyderabad
and Europe
o Vizag (Bhogapuram): Operationalized non-aero concessions post CoD of airport operations
Credit Rating Upgrades and Refinance Activities
o Delhi Airport (DIAL):
▪ Raised INR 35bn through 15-year non-convertible debentures (NCDs) at interest rate of 8.71% per annum
payable quarterly and used the proceeds to refinance US$ 522.6mn of notes
▪ S&P upgraded credit rating on senior secured notes to BB+ from BB
o Hyderabad Airport (GHIAL):
▪ S&P upgraded long-term issuer credit rating by two notches to BBB- from BB
▪ Fitch upgraded long-term issuer default rating to BBB- from BB+
▪ These rating upgrades take GHIAL to international investment grade
o GAL:
▪ Raised4 INR 15bn in form of non-convertible bonds (NCBs) at 9.56% and used the proceeds to refinance
debt carrying 10.75% interest
▪ Crisil upgraded3 the NCB ratings to Crisil AA- from Crisil A+; CARE assigned rating of CARE AA- on INR
15bn NCBs
MRO business forged strategic partnerships
o GMR Aero Technic (GAT), the MRO subsidiary of Hyderabad Airport, and StandardAero signed
agreement towards establishing GAT as an authorized service centre for on-wing engine support in
the Asia-Pacific (APAC) region
▪ Proposed scope includes engine and module replacement activities, borescope inspections, fan blade and
fuel nozzle replacements, gearbox changes, engine preservation and storage, Quick Engine Change build-
up, Electronic Control Unit software upgrades, engine logistics support and engine change services
o Signed Memorandum of Understanding with Canada based Corporation Logic Air Inc to collaborate
on aircraft modification, engineering, certification and obsolescence solutions
1Corporate Announcement dated 23 Sep’26; 2GMR Cargo and Logistics Ltd. 3Corporate Announcement dated 2 Sep’26; 4Corporate
Announcement dated 7 Sep’26
Steadily advancing Airport Land Development activities
o DIAL:
• Construction underway on:
▪ Self-development project (Aerocity One) – Commercial office building with ~1mn sq.ft. built-up area
(BUA); Pre-Leasing discussions underway with marquee clients. Expected handover within FY27
▪ Build-to-suit Terminal Hotel (Taj - ~380 keys) ~0.6mn sq.ft. BUA – Hotel to commence partial
operations in Q4FY27
▪ Hospital Project (AIG - 500+ beds) – Excavation and D-Wall works progressing
▪ Self-development hotel project (500 keys) – Hilton (350 keys) and Waldorf (150 keys): Shoring &
Excavation works progressing
o GHIAL:
• Construction underway on:
▪ Self-development project - GMR Interchange (GAL’s First Retail Project) with ~0.77mn sq.ft. BUA and
~0.58mn sq.ft. leasable area
▪ Build-to-suit industrial in SEZ - For XDLinx, CFM and TechnipFMC
o Mopa (Goa):
• Third Party Hotel Projects with ~0.62mn sq.ft. BUA (4 hotel projects - Radisson, Ginger, Hyatt and Mariott
with 900+ keys) - Under various stages of construction and approvals
o Vizag (Bhogapuram): 152 key hotel under Vivanta Brand - Phase 1 (74 keys) handover expected in
Q3FY27 and Phase 2 (78 keys) in Q4FY27
Securing airport tariffs and other regulatory updates
o GHIAL: Multi Year Tariff Proposal (MYTP) for Control Period 4 (CP-4) from 1 Apr’26 to 31 Mar’31
issued by AERA1 and implemented from 1 Sep’26
o Vizag (Bhogapuram): AERA has issued2 ad-hoc tariff w.e.f. commercial date of operation until
implementation of regular tariff for CP-1. Consultation paper pertaining to MYTP for CP-1, including
pre-control period from 1 Jul’26 to 31 Mar’32 issued by AERA
o DIAL: TDSAT3 issued4 favorable judgment on all issues pertaining to CP-4 tariff order issued by AERA which
DIAL had appealed against, including appeal pertaining to non-implementation of previous TDSAT order.
Aforesaid decision to be implemented by AERA within 3 months from date of Judgment, unless appealed
Equity shares issued on OCRPS5 conversion
GAL Issued6 102mn equity shares to a wholly owned subsidiary of Aeroports de Paris S.A. post receipt of
notice of conversion of 2.55mn OCRPS (conversion ratio of 1:40 in accordance with the terms of the issue
of OCRPS pursuant to the Composite Scheme of Amalgamation & Arrangement amongst erstwhile GMR
Airports Ltd, erstwhile GMR Infra Developers Limited and the Company, which became effective from
25 Jul 2024)
Enhancing international capacity at Delhi Airport Terminal 3
o Commenced international operations at Pier C of Terminal 3 which was erstwhile a domestic Pier
o Terminal 3’s annual international capacity increased by 50% up to 32mn passengers with this
operationalization. This has also increased wide-body stand availability for international operations,
further strengthening hub strategy of Delhi Airport
Operationalized Vizag (Bhogapuram) Airport at Visakhapatnam
o Airport inaugurated by Hon. Prime Minister on 1 Aug’26
o Commercial operations started from 17 Aug’26
o All major non-aero concessions have been awarded to GAL via competitive bidding process
1 Airports Economic Regulatory Authority of India; 2 Corporate Announcement dated 29 Jul’26; 3 Telecom Disputes Settlement and Appellate
Tribunal; 4 Corporate Announcement dated 20 Sep’26; 5 Optionally Convertible Redeemable Preference Shares; 6 Corporate Announcement
dated 29 Sep’26
Awards, Recognition and Accomplishments - Continuing to innovate and excel
o DIAL:
• Climbed 11 places to rank # 28 in world's most connected international airport hubs as per OAG Megahubs
2026 report, the only Indian Airport in top 50. Also ranked #9 in Asia Pacific as well as in top 25 low-cost
megahubs
• ACI1 Airport Experience Summit 2026: Honored with two recognitions
▪ ACI ASQ Customer Experience Award 2025 - Best Airport at Departures – Over 4
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