GMR Airports Limited announced the outcome of its Board Meeting held on February 13, 2026, approving the Un-audited Financial Results (Standalone and Consolidated) for the quarter ended December 31, 2025. The company also provided a required disclosure on the utilization of proceeds from its Non-Convertible Bonds. The standalone results show a Profit After Tax of ₹50.46 crore for the quarter, compared to a loss in previous periods. Furthermore, the review reports highlight ongoing complexities related to tariff and fee litigations at DIAL and GHIAL.
Board Approves Q3 FY2026 Financial Results
GMR Airports Limited (formerly GMR Airports Infrastructure Limited) informed stock exchanges about the outcome of its Board Meeting on February 13, 2026. The Board has formally approved the Un-audited Financial Results for both Standalone and Consolidated operations for the quarter ended December 31, 2025.
Standalone Financial Highlights (Q3 FY2025-26 vs. Q3 FY2024-25)
The key performance indicators from the standalone results reveal a significant improvement:
- Total Income for the quarter ended December 31, 2025, stood at ₹1,254.78 crore, up from ₹271.11 crore in the corresponding period last year.
- The company registered a Profit After Tax (PAT) of ₹50.46 crore for the quarter, a notable turnaround from the loss of (₹133.38 crore) reported for the quarter ended September 30, 2025, and a loss of (₹49.43 crore) for the year-ago quarter.
- Total comprehensive income for the quarter was ₹51.06 crore.
Status of Non-Convertible Bond Proceeds
As mandated by Regulation 52(7) and 52(7A), the company certified the status of funds raised via Non-Convertible Bonds issued through Private Placement on April 03, 2025, amounting to ₹4,00,00,00,000/-.
The utilization table indicates that ₹2,86,80,12,000/- was utilized towards the original object of placing a security deposit for meeting duty-free business concession requirements. The remaining proceeds are yet to be utilized as per the end-use mentioned in the offer document.
The report confirms that proceeds from three specific ISINs (totaling ₹110,00,00,00,000/-, ₹44,00,00,00,000/-, and ₹15,00,22,50,000/-) issued previously were fully utilized without deviation.
Key Notes and Litigation Updates
The financial statements, particularly the consolidated results, carry significant notes regarding operational uncertainties:
Litigation Impact on DIAL Investments: The carrying value of investments in subsidiaries like DIAL is impacted by ongoing litigations concerning Monthly Annual Fees (MAF) with the Airports Authority of India (AAI). Although an Arbitral Tribunal ruled in DIAL’s favour excusing MAF payments from March 2020 to February 2022, AAI has appealed this decision, with the next hearing scheduled for February 26, 2026.
GHIAL Tariff Matters: The subsidiary GHIAL is involved in appeals challenging tariff disallowances for pre-control periods (FCP, SCP) by AERA. While TDSAT ruled partially in GHIAL’s favour in 2024, AERA has appealed to the Supreme Court, where the matter remains sub-judice.
Change in Asset Useful Life: The Group adjusted the estimated useful life of Terminal & associated Buildings from 30 years to 50 years or the end of the concession period, effective April 01, 2025. This estimate change resulted in a depreciation charge reduction of ₹111.69 crore for the current period.
Impact of New Labour Codes: An exceptional provision of ₹69.65 crore was recorded for gratuity and long-term compensated absences due to the consolidation of 29 Labour legislations into four new Labour Codes, effective November 21, 2025.
Consolidated Results Overview
The consolidated results for the nine-month period ended December 31, 2025, showed a Total Comprehensive Income of ₹100.38 crore, reflecting improved operating performance despite negative equity primarily caused by unrealized foreign exchange losses.
Source: BSE
