GMR Airports FY26 Revenue Surges 40% to Rs. 152 Billion; Bhogapuram Airport Nears Operational Readiness

Published at : Sep 08, 2026 04:21 AM (IST)

Total Views : 87

GMR Airports FY26 Revenue Surges 40% to Rs. 152 Billion; Bhogapuram Airport Nears Operational Readiness

GMR Airports Limited delivered a strong FY26 performance, with total income rising 40% year-on-year to Rs. 152 billion and EBITDA increasing 47% to a record Rs. 61.5 billion. The company reported a positive PAT of Rs. 472 crore for FY26, marking its first full-year profit in more than a decade. Passenger traffic across its operated airports reached a record 121.6 million during the year. Despite near-term challenges from geopolitical tensions, higher jet fuel prices and airspace disruptions, GMR Airports maintained its focus on non-aeronautical revenue growth, asset utilization and long-term airport expansion. Bhogapuram Airport reached 98.7% physical progress by March 2026 and is targeted for operationalization in Q2 FY27.

The Print Times

GMR Airports Limited (GAL) reported a resilient financial and operational performance for FY26, with total income rising 40% year-on-year to Rs. 152 billion and EBITDA increasing 47% to a record Rs. 61.5 billion. The company also reported a positive annual PAT of Rs. 472 crore, marking the first time in more than a decade that it has posted a full-year profit.

GMR operates across airports, energy, transport, urban infrastructure, and sports. We build interconnected assets that support national progress, enable global connectivity, and improve life for millions across India and beyond.

According to Mr. Saurabh Chawla, Executive Director, Finance and Strategy, GMR Airports, the company continued to deliver strong performance despite a challenging aviation environment marked by geopolitical conflicts, higher jet fuel prices, airspace closures and temporary international route suspensions.

For Q4 FY26, total income stood at Rs. 40.4 billion, registering 36% year-on-year growth, while EBITDA increased 38% to Rs. 15.5 billion. PAT for the quarter stood at Rs. 4 billion compared with a loss of Rs. 2.5 billion in Q4 FY25.

The company said the current aviation slowdown is viewed as temporary, with the broader long-term growth drivers for Indian aviation remaining intact. GMR Airports is focusing on optimizing non-aeronautical revenues and maximizing asset utilization while continuing with its long-term expansion strategy.

Passenger traffic reaches record 121.6 million

Traffic across GAL-operated airports increased 1% year-on-year to 31.7 million passengers during Q4 FY26. Despite multiple disruptions during the year, the airports handled a record 121.6 million passengers during FY26.

At Delhi Airport, total income increased 23% year-on-year to Rs. 20.2 billion in Q4 and 33% for the full year. Aero revenues increased 161% during FY26, supported by implementation of revised tariffs. Delhi Airport's EBITDA rose 42% year-on-year to Rs. 7.5 billion in Q4 and 64% to a record Rs. 28.8 billion for FY26. The airport reported PAT of Rs. 1.2 billion for Q4 and Rs. 4.8 billion for FY26.

Hyderabad Airport reported Q4 total income of Rs. 6.2 billion, up 5% year-on-year, while FY26 income increased 10% to Rs. 25.8 billion. Non-aero revenues grew 23% during FY26. EBITDA rose 9% to a record Rs. 16.1 billion for the full year, while PAT increased to Rs. 4.3 billion from Rs. 1.9 billion in FY25.

Mopa Airport reported total income of about Rs. 1.1 billion in Q4 and Rs. 4.1 billion for FY26. While aero revenue declined due to a special incentive programme for airlines, passenger traffic increased 15% year-on-year and non-aero revenues grew 25%. The airport remained EBITDA positive, reporting Rs. 502 million in Q4 and Rs. 1,273 million for FY26.

Non-aero business gains momentum

GMR Airports said its non-aeronautical business continues to gain momentum as the company works towards building a scaled consumer platform. Combined aero yield per passenger at Delhi, Hyderabad and Mopa stood at Rs. 434 in Q4, while non-aero income per passenger was Rs. 640.

Duty-free operations also recorded progress, with Delhi reporting its highest monthly sales in January 2026 and Hyderabad achieving its highest monthly sales per passenger in March 2026. Duty-free sales have commenced at international lounges at both airports, while Hyderabad has operationalized the first phase of a larger duty-free store at departures.

The company also won the concession for Cargo Terminal 1, which it had been operating on an interim basis. At Hyderabad, Cargo Terminal 2 was commissioned with an initial annual capacity of 50,000 metric tonnes, expandable to 100,000 metric tonnes, including a temperature-controlled pharmaceutical zone.

Delhi international capacity to rise 50%

At Delhi Airport, Pier C in Terminal 3 has been converted from domestic to international operations. This will increase the terminal's international capacity by 50% to 32 million passengers. The move is aligned with GMR Airports' strategy of increasing its exposure to international traffic and expanding non-aero offerings for international passengers.

The company is also developing its third business platform around real estate. FY27 is expected to see the handover of its first self-developed commercial building at Delhi Aerocity, with pre-leasing discussions already underway.

The MRO business has expanded into the defence sector after signing an agreement with Boeing Defence India for Phase 56 heavy maintenance checks for the Indian Navy's P-8I maritime patrol aircraft fleet.

Bhogapuram airport construction nears completion

Construction of the new airport at Bhogapuram is progressing ahead of schedule. Physical progress reached 98.7% as of March 2026, and GMR Airports aims to operationalize the airport in Q2 of the current financial year, ahead of its original December 2026 target.

At Crete, construction progress stood at 69% as of March 2026.

The company said consolidated net debt, excluding FCCBs of Rs. 28.8 billion that are expected to convert into equity, stood at Rs. 340 billion, a reduction of Rs. 4.7 billion from Q3 FY26. Net debt-to-EBITDA stood at 5.5x for FY26, with the company targeting a reduction to below 4x over the next 18 to 24 months.

Despite near-term challenges from geopolitical tensions and fuel-price volatility, GMR Airports said India's long-term aviation growth story remains intact, supported by rising travel demand, infrastructure development and an expanding middle class. The company remains focused on strengthening its core airport operations while scaling its non-aero and real estate platforms.
 

Published at : Sep 08, 2026 04:21 AM (IST)

Total Views : 87