GMR Airports Limited announced robust financial results for the quarter ended December 31, 2025 (Q3FY26). Total Income surged 49% YoY to INR 4,083 Crores, while consolidated EBITDA hit a new high, increasing 65% YoY to INR 1,789 Crores. The performance was driven by record traffic handling at Delhi and Mopa airports, alongside significant progress in land development and adjacency businesses.
Q3FY26 Consolidated Financial Performance Highlights
GMR Airports Limited (GAL) released its Un-audited Financial Results for the quarter ended December 31, 2025, showcasing significant year-over-year growth across key metrics.
Total Income for the quarter increased by 49% YoY to INR 4,083 Crs, compared to INR 2,748 Crs in Q3FY25. Consolidated EBITDA reached a record high of INR 1,789 Crs, marking a 65% YoY increase from INR 1,087 Crs in the prior year period.
Net Income for Q3FY26 stood at INR 3,230 Crs, substantially up from INR 2,081 Crs in Q3FY25. The 9-Month period results also reflected strong performance, with Total Income reaching INR 11,158 Crs and EBITDA growing to INR 4,601 Crs.
Record Passenger Traffic Handling
GAL-owned airports collectively handled a record 31.9 million passengers (mn pax) in Q3FY26. The operational performance was led by:
- Delhi Airport: Handled a record 20.8 mn passengers.
- Hyderabad Airport: Handled 7.8 mn passengers.
- Mopa (Goa) Airport: Handled a record 1.46 mn passengers.
Key Developments Across Key Assets
Delhi Airport (DIAL)
Traffic at DIAL reached 20.8 mn pax in Q3FY26 (up 2.7% YoY), driven by a 3% rise in domestic traffic. Financially, Q3FY26 Total Income increased 41% YoY to INR 2,019 Crs, fueled by aero revenues rising 173% YoY post-tariff implementation.
EBITDA for the quarter soared 89% YoY to INR 825 Crs, reaching record highs. PAT reported INR 231 Crs versus a loss in the previous corresponding quarter. Key operational milestones included Terminal 2 commencing operation and resuming direct connectivity to China.
Hyderabad Airport (GHIAL)
GHIAL managed 7.8 mn pax in Q3FY26, remaining almost flat YoY, with international traffic growing 12% YoY. The airport declared an interim dividend of INR 7.5/share.
Financially, Q3FY26 EBITDA increased 10.9% YoY to INR 429 Crs. GHIAL successfully raised INR 21bn 15-year NCDs, refinancing dollar debt and leading to expected interest cost savings of over 150bps. CRISIL revised the outlook to ‘Positive’.
Mopa (Goa) Airport
Mopa Airport recorded its highest-ever quarterly traffic at 1.46 mn pax in Q3FY26, up 22% YoY. Domestic traffic saw a 24% increase. The airport captured approximately 47% market share of the total Goa system traffic.
Airport Adjacency and Land Development Progress
Steady progress was noted across GAL Platform businesses:
- Duty Free: Both Delhi and Hyderabad Duty Free achieved their highest ever monthly sales in Dec’25.
- Cargo: Delhi Cargo Terminal achieved its highest ever monthly tonnage in Dec’25.
- Land Development (DIAL): Construction is underway on a ~1mn sq.ft. commercial office building and a Luxury Hotel (~380 keys).
- Land Development (GHIAL): Safran’s MRO facility was inaugurated, and construction is proceeding on the GMR Interchange retail project.
ESG and Operational Excellence
GAL published its sustainability report for FY25, highlighting 100% clean electricity sourcing at Delhi and Hyderabad. DIAL achieved the IGBC Net Zero Waste to Landfill Platinum Certification and was recognized as the “Best Airport of the Year” at Wings India 2026.
Bhogapuram Airport (Visakhapatnam) achieved physical progress of ~95.8% by December 2025, aiming for operationalization by Q2FY27, earlier than the initial target.
Source: BSE
