GMR Airports (GMRINFRA) Q3 25/26 earnings summary

Executive summary

• Q3 FY2026 saw record financial and operational performance, with consolidated gross income rising 49% YoY to INR 40.8 billion and EBITDA up 65% YoY to INR 17.9 billion, reversing a prior year loss.

• Passenger traffic at operated airports reached 31.9 million in Q3 FY2026, with international growth outpacing domestic and major airports posting EBITDA margins above 50%.

• Strategic focus on expanding Non-Aero businesses, duty-free operations, and real estate monetization is driving sustainable growth.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.

• Auditors issued unqualified review reports, with emphasis on ongoing DIAL and GHIAL litigations.

Financial highlights

• Total income for Q3 FY2026 was INR 40.8 billion, up 49% YoY; EBITDA grew 65% YoY to INR 17.9 billion, with margins improving to 55%.

• PAT (excluding exceptional items) was INR 3.6 billion, a turnaround from a INR 2.1 billion loss in Q3 FY2025.

• Delhi Airport’s total income rose 41% YoY to INR 20.2 billion, with Aero revenues up 173% YoY and EBITDA margin at 68%.

• Hyderabad Airport’s total income was INR 6.6 billion (up 8% YoY), with Non-Aero revenues up 24% YoY and EBITDA margin at 68%.

• Mopa Airport’s traffic rose 21.6% YoY, Non-Aero revenues grew 30% YoY, but total income declined 15% YoY due to special initiatives.

Outlook and guidance

• Non-Aero revenue growth is expected to sustain at 15%+ annually, supported by new store openings and terminal expansions.

• Net debt is projected to peak in FY2026 and start declining from FY2027 as major CapEx projects complete.

• EBITDA base of INR 18 billion per quarter is expected to be sustainable, with further growth anticipated.

• Management expects further improvement in revenue and margins post receipt of tariff orders for DIAL and GHIAL.

• Accelerated progress in greenfield projects at Crete and Bhogapuram, with Bhogapuram nearing completion.