GMR Airports LimitedQ1 FY27 Results & Financial Update
GMR Airports Limited: Q1 FY27 consolidated results and company financials – revenue ₹3,963.99 Cr, PAT ₹147.96 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore GMR Airports Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
GMR Airports Limited reported a consolidated total income of INR 4,085 crore for Q1 FY27, representing a 23% year-on-year increase compared to INR 3,321 crore in Q1 FY25, alongside a consolidated EBITDA of INR 1,568 crore, which grew 22% year-on-year from INR 1,280 crore.
The company registered a consolidated Profit After Tax (PAT) of INR 148 crore for the quarter ended June 30, 2026. This marks the fourth consecutive quarter of positive net profit for the platform, reversing from a net loss of INR 137 crore recorded in Q1 FY25.
Total passenger traffic handled across GAL-owned airports reached 30.5 million during the quarter, with Delhi Airport handling 20.4 million passengers (up 6.9% YoY), Hyderabad Airport handling 7.1 million passengers (down 12.1% YoY due to West Asian geopolitical instability, rising airfares, and airline route rationalization), and Mopa Goa handling 1.16 million passengers.
Operating performance was bolstered by robust momentum in non-aeronautical and duty-free segments despite localized traffic headwinds. Delhi Duty Free recorded quarterly revenue of INR 5.8 billion with a spend-per-passenger (SPP) of INR 1,116, while Hyderabad Duty Free achieved revenue of INR 1.1 billion and a record SPP of INR 956, supported by the expansion of its departure store size.
The operational portfolio expanded during the quarter with the takeover of Nagpur Airport operations on June 25, 2026, where initial focus centers on modernizing terminals and enhancing passenger amenities.
Financing costs and asset depreciation remained sizeable constituents of the earnings structure, with quarterly interest and finance charges standing at INR 938 crore and depreciation at INR 456 crore, reflecting the capital-intensive nature of airport infrastructure assets.
Profit after tax was ₹147.96 Cr for the reported quarter. EPS was ₹0.07 for the reported quarter.
01 · Business model
What does GMR Airports do?
GMR Airports Limited (GAL) is a leading global airport platform company with over two decades of experience in designing, constructing, and operating sustainable airports. Its operations encompass aeronautical services, retail, duty-free concessions, food and beverage outlets, cargo handling, car parking, and real estate development through the Aerotropolis concept.
The company's operational portfolio includes key major domestic gateways such as Indira Gandhi International Airport in Delhi, Rajiv Gandhi International Airport in Hyderabad, and Manohar International Airport in Mopa (Goa), alongside international assets such as Medan Airport in Indonesia and ongoing greenfield development projects such as Crete Airport in Greece.
Strategic growth is supported by co-promoter Groupe ADP, which joined the platform in 2020. GAL also provides specialized aviation services including third-party maintenance, repair, and overhaul (MRO) through GMR Air Cargo and Aerospace Engineering Limited, and digital innovations via GMR Innovex.
Revenue is generated primarily through aeronautical charges, non-aeronautical commercial concessions, duty-free retail, cargo operations, and land development projects across its airport cities and SEZ land parcels.
02 · Historical context
What shaped the business before this quarter
Groupe ADP joined GMR Airports as a strategic partner and co-promoter in 2020, bringing global airport management expertise from Paris-Charles de Gaulle and Paris-Orly.
Manohar International Airport at Mopa, Goa, previously commenced operations, establishing a meaningful system traffic market share in Goa reaching approximately 44% in Q1 FY27.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹3,963.99 Cr |
| Total income | ₹4,084.52 Cr |
| Profit before tax | ₹174.12 Cr |
| Profit after tax | ₹147.96 Cr |
| EPS | ₹0.07 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Delhi Airport total income rose 17.1% year-on-year to INR 2,068 crore, driven by a 24% increase in aeronautical revenues and a 13% increase in non-aeronautical revenues alongside 6.9% passenger growth to 20.4 million.
Mopa (Goa) total income grew 23.4% year-on-year to INR 126 crore, supported by a 31% increase in aeronautical revenues driven by the normalization of tariffs following the discontinuation of special introductory programs.
Medan Airport in Indonesia reported total income of INR 147 crore, up 9.3% year-on-year, underpinned by an 8% increase in aeronautical revenue and a 15% increase in non-aeronautical revenue.
What drove margins
Consolidated EBITDA increased 22% year-on-year to INR 1,568 crore, benefiting from higher commercial yields, retail spend-per-passenger expansion, and operating leverage across major domestic airports.
Interest and finance charges remained elevated at INR 938 crore for the quarter, exerting substantial pressure on pre-tax profitability prior to exceptional items and share of joint ventures.
05 · Demand, customers & order book
Where demand is coming from
GAL-owned airports collectively handled 30.5 million passengers in Q1 FY27, maintaining the highest quarterly share of India's international passenger traffic in four years.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Delhi Duty Free revenue held steady at INR 5.8 billion with SPP rising to INR 1,116 (compared to INR 1,038 in Q4 FY26). Hyderabad Duty Free maintained revenue at INR 1.1 billion with a record SPP of INR 956, aided by expanding departure store retail space from 400 to 1,300 square meters.
Commercial real estate leasing and build-to-suit developments progressed across Delhi (Aerocity One office building with ~1mn sq.ft. BUA expected to handover in Q3 FY27), Hyderabad (GMR Interchange retail project and Firan Technology Group industrial facility), and Mopa Goa (signed sub-license agreements for retail interchange and MICE hotel developments).
Geography and market mix
Delhi Airport strengthened its position as India's primary aviation hub, facilitating seamless international transfers via Air India's 'Easy Connect' service where passengers complete check-in and immigration at spoke origins like Varanasi and Amritsar.
Medan Airport in Indonesia handled 1.81 million passengers, up 2.4% year-on-year, though domestic growth was constrained by fleet reactivation delays among airlines.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The takeover of Nagpur Airport operations was completed on June 25, 2026, with a phased expansion plan envisaged to scale capacity up to 50 million passengers in its saturation phase.
Construction of Bhogapuram Airport was completed ahead of schedule, with inauguration by the Prime Minister of India on August 1, 2026, and commercial operations slated to begin shortly with an initial capacity of 6 million passengers annually.
Projects, capex and execution
The greenfield airport project in Crete, Greece, achieved 73.5% overall progress as of June 26, 2026; the project is fully funded primarily through an already received State Grant and development taxes, making it a debt-free build.
08 · Strategy & new businesses
How the company is trying to change its growth mix
GMR Aero Technic (subsidiary of Hyderabad Airport) signed a license agreement with Honeywell Aerospace for the maintenance, repair, and overhaul of seven Line Replaceable Units (LRUs) on LEAP engines powering Airbus A320neo and Boeing 737 MAX aircraft.
09 · Reported developments
What changed operationally
The Government of Delhi reduced Value Added Tax (VAT) on Aviation Turbine Fuel (ATF) from 25% to 7% effective May 16, 2026, improving airline operating economics at Delhi Airport.
Both Delhi (DIAL) and Hyderabad (GHIAL) airports earned Level 5 Airport Customer Experience Accreditation from Airports Council International (ACI), representing the highest tier in global customer experience frameworks.
10 · Pressure points & risks
What is not going smoothly
Hyderabad Airport experienced a 12.1% year-on-year decline in passenger traffic to 7.1 million, driven by international traffic contraction due to West Asian geopolitical instability and rising airfares, alongside domestic declines from airline route rationalization.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
CARE Ratings upgraded GAL's credit ratings to CARE A+ (Positive) from CARE A (Stable) for INR 1,500 crore Non-Convertible Bonds and long-term bank facilities, and upgraded short-term bank facilities to CARE A1+ from CARE A1.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Goa Prive Greet Launch
Mopa (Goa) Airport launched 'Goa Prive Greet', becoming India's first airport to offer an integrated premium greeting experience, alongside opening a new Meeters & Greeters Area on June 1, 2026.
13 · Key Q&A
The quarter, answered directly
What does GMR Airports do?
GMR Airports Limited (GAL) is a leading global airport platform company with over two decades of experience in designing, constructing, and operating sustainable airports. Its operations encompass aeronautical services, retail, duty-free concessions, food and beverage outlets, cargo handling, car parking, and real estate development through the Aerotropolis concept.
What is the clearest takeaway from Q1 FY27?
GMR Airports Limited reported a consolidated total income of INR 4,085 crore for Q1 FY27, representing a 23% year-on-year increase compared to INR 3,321 crore in Q1 FY25, alongside a consolidated EBITDA of INR 1,568 crore, which grew 22% year-on-year from INR 1,280 crore.
What drove revenue or demand?
Delhi Airport total income rose 17.1% year-on-year to INR 2,068 crore, driven by a 24% increase in aeronautical revenues and a 13% increase in non-aeronautical revenues alongside 6.9% passenger growth to 20.4 million.
What mattered most for margins or profitability?
Consolidated EBITDA increased 22% year-on-year to INR 1,568 crore, benefiting from higher commercial yields, retail spend-per-passenger expansion, and operating leverage across major domestic airports.
What changed operationally beyond the headline numbers?
The takeover of Nagpur Airport operations was completed on June 25, 2026, with a phased expansion plan envisaged to scale capacity up to 50 million passengers in its saturation phase.
What are the main pressure points disclosed for the quarter?
Hyderabad Airport experienced a 12.1% year-on-year decline in passenger traffic to 7.1 million, driven by international traffic contraction due to West Asian geopolitical instability and rising airfares, alongside domestic declines from airline route rationalization.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Bhogapuram Commercial Launch: Monitor the commencement of commercial operations at the newly inaugurated Bhogapuram Airport and the initial ramp-up of its 6 million passenger capacity.
- 02
Nagpur Modernization Progress: Track terminal modernization and infrastructure upgrade milestones following the operational takeover of Nagpur Airport.
- 03
Aerocity One Handover: Watch for the scheduled handover of the Aerocity One commercial office building at Delhi Airport in Q3 FY27.
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