GMR Airports Limited Q2 FY27 Results; Total Income increased by 12% YoY to INR 4,188 Cr

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

Financial Performance
- Total Income: ₹4,188 Cr, up 12% YoY
- EBITDA: ₹1,569 Cr, up 2% YoY
- PAT: ₹65 Cr, marking the 5th consecutive profitable quarter
- Passenger Traffic: 28 million passengers, up 1% YoY

Key Growth Drivers
- Strong growth in aero and non-aero revenues
- Higher contribution from F&B, cargo, retail, and airport commercial businesses
- Revenue growth significantly outpaced passenger traffic growth

Airport Performance
Delhi Airport
- Passenger traffic: 18.1 million (+3% YoY)
- Revenue: ₹2,084 Cr (+13% YoY)
- EBITDA: ₹759 Cr (+12% YoY)
- PAT: ₹121 Cr
- Non-aero revenue grew 20% YoY
- International capacity increased by 50% to 32 million passengers annually

Hyderabad Airport
- Passenger traffic: 6.5 million (-11% YoY)
- Revenue: ₹632 Cr (-6% YoY)
- EBITDA: ₹402 Cr (-7% YoY)
- PAT: ₹91 Cr
- Non-aero revenue grew despite traffic decline

Goa (Mopa) Airport
- Passenger traffic: 0.9 million (-24% YoY)
- Revenue: ₹104 Cr (+25% YoY)
- EBITDA: ₹24 Cr (2x YoY)
- Benefited from tariff normalization and commercial initiatives

Key Business Developments
- Non-Aero Business Expansion
- Won long-term T3 Delhi Airport F&B concession
- FedEx cargo terminal agreement at Delhi Airport
- Hyderabad cargo partnership with Brussels Airport
- Non-aero concessions operationalized at Vizag Airport

Credit Rating & Refinancing
- Delhi Airport: Raised ₹3,500 Cr through NCDs; S&P upgraded to BB+
- Hyderabad Airport: Upgraded to investment grade (BBB-) by S&P and Fitch
- GAL: Raised ₹1,500 Cr bonds and refinanced higher-cost debt; CRISIL upgraded to AA-

MRO Growth
- GMR Aero Technic partnered with StandardAero for APAC engine support
- MoU signed with Canada's Logic Air for aircraft engineering and modification services

Airport City & Real Estate Development
Delhi Aerocity
- Office tower (~1 mn sq ft)
- Taj hotel (~380 keys)
- AIG hospital (500+ beds)
- Hilton & Waldorf Astoria hotels (500 keys)
Hyderabad
- GMR Interchange retail project
- Industrial and SEZ developments
Goa
- Hotel projects by Radisson, Ginger, Hyatt, and Marriott (900+ keys)
Vizag
- Airport operational from August 2026
- Vivanta hotel under development

Other Key Highlights
- Vizag (Bhogapuram) Airport commenced commercial operations
- Delhi Airport entered OAG's Top 50 Global Airport Hubs
- Hyderabad and Delhi received multiple ACI customer experience awards
- Continued recognition for ESG and energy sustainability initiatives

GAL delivered a resilient quarter, with earnings growth driven by non-aero businesses, cargo, commercial activities, and new airport assets despite subdued passenger traffic trends.