GMR Airports Limited (GAL) reported a significant 23% year-over-year increase in total income, reaching INR 4,085 crore for the first quarter of FY27. EBITDA also saw a healthy 22% rise to INR 1,568 crore. The company achieved a positive PAT of INR 148 crore, marking its fourth consecutive quarter of profitability. Key developments include the operationalization of the Bhogapuram Airport and the takeover of Nagpur Airport, alongside strong performance in airport adjacency businesses.
GMR Airports Reports Robust Q1 FY27 Financials
GMR Airports Limited (GAL) announced a substantial financial performance for the first quarter ended June 30, 2026 (Q1 FY27). The company’s total income surged by 23% year-over-year (YoY) to INR 4,085 crore. This growth was supported by a 22% YoY increase in EBITDA, reaching INR 1,568 crore.
GAL achieved a positive Profit After Tax (PAT) of INR 148 crore in Q1 FY27, marking the fourth consecutive quarter of profitability. The company highlighted improvements in both Aero and Non-Aero performance, even amidst a muted traffic environment. GAL-owned airports handled a total of 30.5 million passengers during the quarter, with the company securing the highest quarterly share of India’s international passengers in four years.
Key Developments and Expansion
Operational Portfolio Growth
GAL has expanded its operational portfolio with the addition of two new airports:
- Nagpur Airport: Takeover of operations was completed on June 25, 2026. The immediate focus is on modernizing infrastructure to enhance passenger convenience and safety.
- Bhogapuram Airport: Inaugurated on August 1, 2026, by the Hon. Prime Minister of India. Commercial operations are expected to commence shortly.
Airport Adjacency Businesses
The company’s airport adjacency businesses, referred to as the “GAL Platform,” demonstrated steady progress:
- Duty Free (DF): Delhi reported Q1 FY27 revenue of INR 5.8 billion, stable despite international traffic softness, with an achieved highest monthly SPP in June 2026. Hyderabad reported revenue of INR 1.1 billion, also stable, and achieved its highest-ever quarterly SPP of INR 956, with a new larger store set to enhance offerings.
- Cargo: At Mopa (Goa), a packhouse is being established to support incremental perishable food export volumes.
Credit Rating Upgrade
CARE upgraded GAL’s credit ratings to CARE A+ (Positive) from CARE A (Stable) for its INR 15 billion NCBs and Long-Term Bank Facilities, and to CARE A1+ from CARE A1 for its Short-Term Bank Facilities.
Strategic MRO Agreement
GMR Aero Technic signed a license agreement with Honeywell Aerospace for the maintenance, repair, and overhaul of Honeywell aerospace LRUs installed on LEAP engines powering Airbus A320neo and Boeing 737 MAX aircraft. This includes full disassembly, inspection, repair, reassembly, and functional testing of critical engine control systems.
Performance Highlights by Airport
Delhi Airport (DIAL)
Q1 FY27 saw passenger traffic at 20.4 million, a 6.9% YoY increase. Domestic traffic rose by 9.5%, while international traffic remained largely unchanged. Total income increased by 17.1% to INR 2,068 crore, with Aero revenues up 24% YoY and non-aero revenues up 13% YoY. EBITDA grew by 10.8% to INR 703 crore. PAT was reported at INR 70 crore, marking the 5th consecutive quarter of positive PAT. The airport achieved its highest-ever monthly SPP in June 2026 and featured prominently in top domestic and international routes.
Hyderabad Airport (GHIAL)
Passenger traffic was 7.1 million, down 12.1% YoY, with domestic traffic decreasing by 12.5% and international traffic by 10.1%. Total income was almost unchanged YoY at INR 627 crore. EBITDA was also stable at INR 390 crore. PAT increased to INR 85 crore. The airport handled its highest-ever cargo volumes of 49.8 kilotons. Hyderabad Duty Free reported revenue of INR 1.1 billion, and a new larger store is ready for opening.
Mopa (Goa) Airport
Passenger traffic reached 1.16 million, down 5.6% YoY. Domestic traffic decreased by 3%, while international traffic saw a significant drop of 43%. The airport captured approximately 44% market share of Goa’s system traffic. Total income increased by 23.4% to INR 126 crore, driven by higher Aero revenues. EBITDA saw a substantial increase of 74% to INR 40 crore.
Source: BSE
