GMR Airports reports a strong Q2 FY26 with total income increasing by 45% YoY to ₹3,754 Crs. EBITDA also saw a significant rise of 59% YoY, reaching ₹1,531 Crs, a record high. For the first time in three years, the company reports a positive PBT. The airports handled 27.8 million passengers in the quarter.
Financial Performance
Total Income: Increased by 45% YoY to ₹3,754 Crs in Q2 FY26.
EBITDA: Increased by 59% YoY to ₹1,531 Crs in Q2 FY26, reaching a record high.
Positive PBT reported after more than three years.
GAL owned airports handled 27.8 mn passengers in Q2 FY26.
Key Developments
Steady progress on creation of “GAL Platform” to foray into Airport adjacency businesses.
Delhi Duty Free: Takeover completed in Jul’25, operations started July 28, 2025.
Delhi Cargo City: Received Letter of Intent to Award (LOIA) and signed concession to develop the Cargo City at Delhi International Airport (IGI) over 50.5 acres. Concession period up to 2036, extendable by another 30 years. Revenue share to DIAL estimated at ~₹416 Crs.
Hyderabad Duty Free: Takeover completed; operations started September 10, 2025.
Refinancing Activities
GAL: Raised ₹59bn via Non-Convertible Bonds (NCB) to refinance debt.
DIAL: Raised ₹10bn via Non-Convertible Debentures (NCD) for 15 years at a coupon rate of 8.75%.
Airport Performance
Delhi Airport (DIAL)
Q2 FY26: Pax traffic at 17.6mn, down by 7.5% YoY.
Q2 FY26: Total Income increased to ₹1,849 Crs, up by 34% YoY. EBITDA increased to ₹675 Crs, up by 69.4% YoY. Reported PAT of ₹74 Crs.
H1 FY26: Total Income increased to ₹3,615 Crs, up by 36% YoY. EBITDA increased to ₹1,310 Crs, up by 65.7% YoY. Reported PAT of ₹123 Crs.
Hyderabad Airport (GHIAL)
Q2 FY26: Pax traffic at 7.3mn, up by 5.5% YoY. Total Income increased to ₹674 Crs, up by 16.9% YoY. EBITDA increased to ₹430 Crs, up by 16.5% YoY. Reported PAT of ₹100 Crs.
H1 FY26: Pax traffic at 15.4mn, up by 11.3% YoY. Total Income increased to ₹1,299 Crs, up by 12.7% YoY. EBITDA increased to ₹820 Crs, up by 12.3% YoY. Reported PAT of ₹162 Crs.
Mopa (Goa) Airport
Q2 FY26: Pax traffic at 1.13mn, up by 9.0% YoY. Total Income decreased to ₹84 Crs, down by 14.5% YoY. EBITDA decreased to ₹12 Crs, down by 70.2% YoY.
H1 FY26: Pax traffic at 2.36mn, up by 8.1% YoY. Total Income decreased to ₹186 Crs, down by 3.4% YoY. EBITDA decreased to ₹35 Crs, down by 56.0% YoY.
Medan Airport (Indonesia)
Q2 FY26: Pax traffic at 1.77mn, down by 3.4% YoY. Total Income increased to ₹144 Crs, up by 10.6% YoY. EBITDA increased to ₹35 Crs, up by 26.9% YoY.
H1 FY26: Pax traffic at 3.54mn. Total Income increased to ₹279 Crs, up by 9.9% YoY. EBITDA increased to ₹65 Crs, up by 31.8% YoY.
Consolidated Financial Highlights
Total Income: ₹3,754 (Q2 FY26) vs ₹2,598 (Q2 FY25) and ₹7,075 (H1 FY26) vs ₹5,120 (H1 FY25).
Net Income: ₹2,903 (Q2 FY26) vs ₹1,961 (Q2 FY25) and ₹5,413 (H1 FY26) vs ₹3,927 (H1 FY25).
EBITDA: ₹1,531 (Q2 FY26) vs ₹962 (Q2 FY25) and ₹2,812 (H1 FY26) vs ₹1,978 (H1 FY25).
Source: BSE
