GMR Airports LimitedQ2 FY27 Results & Financial Update
GMR Airports Limited: Q2 FY27 consolidated results and company financials – revenue ₹4,095.44 Cr, PAT ₹65.38 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 Q2 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 consolidated total income of INR 4,188.49 crore for Q2 FY27, reflecting an increase compared to INR 4,084.52 crore in the preceding quarter (Q1 FY27). Consolidated net profit after tax (PAT) stood at INR 65.38 crore, marking the fifth consecutive quarter of positive reported profitability despite challenging global macroeconomic and passenger traffic headwinds.
The company's consolidated EBITDA reached INR 1,569 crore for the quarter, advancing 2% year-on-year, supported by robust growth in non-aero revenue streams across key operating airports even as passenger traffic experienced localized softness.
At the asset level, Delhi Airport (DIAL) generated total income of INR 2,084 crore in Q2 FY27 (up 12.7% YoY) driven by a 20.3% surge in non-aero revenues, while handling 18.1 million passengers. Delhi Airport achieved positive PAT of INR 121 crore, marking its sixth consecutive profitable quarter.
Hyderabad Airport (GHIAL) handled 6.5 million passengers, registering a passenger traffic decline due to regional geopolitical headwinds in West Asia and airline route rationalization, yet total income reached INR 632 crore and PAT stood at INR 91 crore.
Mopa (Goa) Airport recorded total income of INR 104 crore, representing a 24.5% year-on-year increase fueled by a 35% jump in aero revenues following tariff normalization, while EBITDA doubled year-on-year to INR 24 crore.
Medan Airport in Indonesia contributed INR 151 crore in total income (up 4.3% YoY) and delivered its fourth consecutive quarter of positive PAT at INR 8 crore, despite domestic fleet reactivation delays constraining passenger growth.
Financing costs and depreciation rose during the quarter, largely attributable to the operationalization of the newly inaugurated Visakhapatnam (Bhogapuram) Airport, which commenced commercial operations on August 17, 2026.
01 · Business model
What does GMR Airports do?
GMR Airports Limited (GAL) operates as a leading global airport platform company, engaged in designing, constructing, and operating sustainable aviation infrastructure with over two decades of operating experience.
The company's core asset portfolio includes key international gateways in India such as Indira Gandhi International Airport in Delhi, Rajiv Gandhi International Airport in Hyderabad, Manohar International Airport in Mopa (Goa), Nagpur Airport, Bidar Airport, and the newly operationalized Visakhapatnam (Vizag/Bhogapuram) Airport, alongside overseas assets including Medan Airport in Indonesia and a greenfield project in Crete, Greece.
Beyond pure aeronautical operations, GAL generates diversified revenue streams through non-aero services, duty-free retail, food and beverages (F&B), commercial car parking, cargo logistics, O&M services, PMC fees, and aerotropolis-style real estate developments.
Groupe ADP participates as a strategic co-promoter in GAL following a partnership initiated in 2020, bringing extensive international airport management expertise to the platform.
02 · Historical context
What shaped the business before this quarter
In July 2024, the Composite Scheme of Amalgamation & Arrangement amongst erstwhile GMR Airports Ltd, erstwhile GMR Infra Developers Limited, and the Company became effective, consolidating airport operations under GAL.
Groupe ADP acquired a strategic stake in GAL in 2020, becoming a co-promoter and establishing a long-term operational partnership.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹4,095.44 Cr | ₹3,963.99 Cr |
| Total income | ₹4,188.49 Cr | ₹4,084.52 Cr |
| Profit before tax | ₹82.54 Cr | ₹174.12 Cr |
| Profit after tax | ₹65.38 Cr | ₹147.96 Cr |
| EPS | ₹-0.01 | ₹0.07 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Non-aero revenues expanded robustly across major assets, including a 20.3% year-on-year growth at Delhi Airport, offsetting softer passenger traffic growth.
Mopa (Goa) Airport registered a 35% year-on-year increase in aero revenues driven by the normalization of tariffs following the discontinuation of special introductory initiative programs.
What drove margins
Consolidated finance charges reached INR 992.70 crore and depreciation stood at INR 493.33 crore, reflecting capital capitalization and operational commencement at newer assets such as Bhogapuram Airport.
Improved retail and commercial yield per passenger across key hubs supported profitability despite flat-to-lower passenger volumes at select regional locations.
05 · Demand, customers & order book
Where demand is coming from
GAL-owned airports collectively handled 28 million passengers in Q2 FY27, representing a 1% year-on-year increase.
Delhi Airport connected 90 domestic and 70 international destinations, climbing to rank #28 in the OAG Megahubs 2026 report as the only Indian airport in the top 50.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Handled 18.1 million passengers in Q2 FY27 (up 3.0% YoY), with total income rising 12.7% YoY to INR 2,084 crore and EBITDA increasing 12.4% YoY to INR 759 crore.
Handled 6.5 million passengers (down 11.2% YoY); total income stood at INR 632 crore and EBITDA at INR 402 crore, with PAT recorded at INR 91 crore.
Handled 0.86 million passengers, capturing ~42% market share of the Goa airport system, with total income up 24.5% YoY to INR 104 crore and EBITDA doubling to INR 24 crore.
Handled 1.58 million passengers, generating total income of INR 151 crore and positive PAT of INR 8 crore for the fourth consecutive quarter.
Geography and market mix
Vizag (Bhogapuram) Airport was inaugurated by the Prime Minister on August 1, 2026, with commercial operations successfully commencing on August 17, 2026.
The greenfield airport project in Crete, Greece, achieved 78% overall progress by September 2026, remaining a debt-free project funded primarily through state grants and airport development taxes.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Commenced international operations at Pier C of Terminal 3 (formerly a domestic pier), increasing T3's annual international capacity by 50% up to 32 million passengers and expanding wide-body stand availability.
Projects, capex and execution
Construction is underway on Aerocity One commercial office building (~1 mn sq. ft. BUA) at Delhi Airport with pre-leasing discussions ongoing and handover expected within FY27.
GHIAL is progressing on GMR Interchange, GAL's first retail project in Hyderabad, spanning ~0.77 million sq. ft. BUA and ~0.58 million sq. ft. leasable area.
Build-to-suit Taj hotel (~380 keys, ~0.6 mn sq. ft. BUA) at Delhi Airport is scheduled to commence partial operations in Q4 FY27, alongside ongoing shoring and excavation for Hilton (350 keys) and Waldorf (150 keys) hotels.
08 · Strategy & new businesses
How the company is trying to change its growth mix
GMR Aero Technic (GAT), a subsidiary of Hyderabad Airport, signed an agreement with StandardAero to establish GAT as an authorized service centre for on-wing engine support in the APAC region, alongside an MoU with Canada's Corporation Logic Air Inc.
GMR Hospitality Limited won the bid for F&B outlets at Delhi Airport's Terminal 3 until May 2036, while GCLL entered into a license agreement with FedEx for an express cargo terminal at Delhi Airport.
09 · Reported developments
What changed operationally
GAL reported consolidated PAT of INR 65.38 crore in Q2 FY27, sustaining profitability for the fifth successive quarter.
10 · Pressure points & risks
What is not going smoothly
Hyderabad Airport passenger traffic declined 11.2% year-on-year due to West Asian geopolitical instability, rising airfares, and airline route rationalization.
11 · Items worth noticing
The line items that can distort a quick read
Reported current tax expense for the quarter stood at INR 72.00 crore.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
Delhi Airport raised INR 35 billion through 15-year non-convertible debentures at 8.71% per annum to refinance US$ 522.6 million of notes, resulting in an S&P credit rating upgrade to BB+.
Hyderabad Airport received two-notch long-term issuer credit rating upgrades to BBB- from S&P and Fitch, achieving international investment grade.
GAL raised INR 15 billion via non-convertible bonds at 9.56% to refinance higher-cost debt at 10.75%, earning credit rating upgrades to AA- from Crisil and CARE.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Customer Experience Awards
Delhi and Hyderabad airports received multiple accolades at the ACI Airport Experience Summit 2026, including ACI ASQ Customer Experience Awards and Level 5 Customer Experience Accreditations.
14 · Previous-quarter changes
What changed since the previous quarter
Total income rose from INR 4,084.52 crore in Q1 FY27 to INR 4,188.49 crore in Q2 FY27, while PBT moved from INR 174.12 crore to INR 82.54 crore.
15 · Key Q&A
The quarter, answered directly
What does GMR Airports do?
GMR Airports Limited (GAL) operates as a leading global airport platform company, engaged in designing, constructing, and operating sustainable aviation infrastructure with over two decades of operating experience.
What is the clearest takeaway from Q2 FY27?
GMR Airports Limited reported consolidated total income of INR 4,188.49 crore for Q2 FY27, reflecting an increase compared to INR 4,084.52 crore in the preceding quarter (Q1 FY27). Consolidated net profit after tax (PAT) stood at INR 65.38 crore, marking the fifth consecutive quarter of positive reported profitability despite challenging global macroeconomic and passenger traffic headwinds.
What drove revenue or demand?
Non-aero revenues expanded robustly across major assets, including a 20.3% year-on-year growth at Delhi Airport, offsetting softer passenger traffic growth.
What mattered most for margins or profitability?
Consolidated finance charges reached INR 992.70 crore and depreciation stood at INR 493.33 crore, reflecting capital capitalization and operational commencement at newer assets such as Bhogapuram Airport.
What changed operationally beyond the headline numbers?
Commenced international operations at Pier C of Terminal 3 (formerly a domestic pier), increasing T3's annual international capacity by 50% up to 32 million passengers and expanding wide-body stand availability.
What are the main pressure points disclosed for the quarter?
Hyderabad Airport passenger traffic declined 11.2% year-on-year due to West Asian geopolitical instability, rising airfares, and airline route rationalization.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Aerocity One Handover: Monitor the scheduled handover of the Aerocity One commercial office building at Delhi Airport within FY27.
- 02
Tariff Implementation Milestones: Track the implementation timeline of AERA tariff orders for Hyderabad Airport (CP-4) and Visakhapatnam Airport (CP-1).
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