This article first appeared on GuruFocus .
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Total Income:INR 37.5 billion, up 45% year on year.
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EBITDA:INR 15.3 billion, growth of 59% year on year.
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EBITDA Margin:Improved to 53% in Q2.
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Profit from Continuing Operations:INR 351 million versus a loss of INR 4.3 billion in the previous year.
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Consolidated Net Debt:INR 341 billion, excluding FCCBs.
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Passenger Traffic:Fell 3.5% year on year to 27.8 million passengers.
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Delhi Airport Total Income:INR 18.5 billion, up 34% year on year.
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Delhi Airport EBITDA:INR 6.7 billion, up 69% year on year.
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Hyderabad Airport Total Income:INR 6.7 billion, up 17% year on year.
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Hyderabad Airport EBITDA:INR 4.3 billion, up 17% year on year.
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Mopa (Goa) Airport Total Income:INR 836 million, down 15% year on year.
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Non-Aero Revenue Growth:Combined non-aero revenues at Delhi, Hyderabad, and Goa airports rose 13% year on year.
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Duty-Free Sales Per Passenger (SPP) at Delhi:Increased to INR 1,046 in the first half of fiscal '26.
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Duty-Free Sales Per Passenger (SPP) at Hyderabad:INR 777 in the first half of fiscal '26.
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Refinancing Activities:Raised INR 59 billion in non-convertible bonds, saving 300 basis points.
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Release Date: November 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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GMR Airports Ltd ( BOM:532754 ) reported a significant increase in total income for Q2 FY 2026, reaching INR 37.5 billion, up 45% year on year.
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EBITDA grew by 59% year on year to INR 15.3 billion, with an improved EBITDA margin of 53% despite a foreign exchange loss.
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The company successfully took over Delhi duty-free and cargo businesses, contributing to revenue growth.
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Non-aero revenue at Delhi, Hyderabad, and Goa airports rose 13% year on year, indicating strong performance in non-aeronautical segments.
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GMR Airports Ltd reported a profit from continuing operations of INR 351 million for the quarter, compared to a loss in the previous year.
Negative Points
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Traffic at GMR-operated airports fell by 3.5% year on year in Q2, reaching 27.8 million passengers, due to temporary disruptions in flight operations.
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Consolidated net debt increased by INR 13 billion versus Q1 FY 2026, standing at INR 341 billion.
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Mopa or Goa Airport reported a decline in total income by 15% year on year, with aero revenues declining by 27%.
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The company faced geopolitical and operational challenges, impacting the first half of fiscal '26.
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There was a notional foreign exchange loss of about INR 0.6 billion in Q2 due to currency fluctuations.
Q & A Highlights
Q: Can you explain the sharp increase in GMR Airport's standalone business revenues? Are some non-aero businesses being carried out directly by GMR Airports? A: Yes, the increase is due to the transition of non-aero businesses like Delhi and Hyderabad duty-free operations, cargo, car park, and F&B retail to GMR Airports. These transitions are now reflecting in our financials. - Rajesh Arora, President, CEO - Commercial & Growth
Q: Could you elaborate on the real estate development projects at Delhi Airport, particularly the 12 million square feet mentioned? A: The 12 million square feet refers to third-party projects, including the Bharti transaction. These are legacy projects where monetization occurred years back, and they are building commercial and retail spaces. The self-development projects are separate and ongoing. - Saurabh Chawla, Executive Director, Finance & Strategy
Q: What is the status of Hyderabad Airport's next phase of expansion? A: Hyderabad Airport is planning a new terminal and runway with a proposed investment of INR 14,000 crore. The master planning is underway, and we expect the development to commence in calendar year 2027. - Unidentified Company Representative
Q: Can you provide insights into the cargo city development at Delhi Airport? A: The cargo city will cater to tier 2 and tier 3 cargo infrastructure needs, including warehousing and processing zones. We have rights to develop 50.5 acres, with the first phase covering 30.5 acres. The project aims to enhance cargo operations and is expected to be completed within 24 to 30 months. - Rajesh Arora, President, CEO - Commercial & Growth
Q: What are the conditions for the renewal of the Delhi Airport concession post-2030? A: The renewal process is straightforward, contingent on maintaining EQ scores. There are no renegotiations expected, and the precedent set by Hyderabad Airport suggests a smooth transition. - Saurabh Chawla, Executive Director, Finance & Strategy
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
