GMR Airports Limited (GAL) reported robust consolidated results for Q3FY26, driven by strong traffic recovery and significant growth in profitability metrics across its portfolio. Consolidated Revenue from Operations reached INR 39.94 billion, marking a 51% YoY increase. EBITDA saw an exceptional 65% YoY jump to INR 17.9 billion, reflecting improved operational efficiencies and higher tariff realization, particularly at Delhi Airport.
Q3FY26 Consolidated Performance Snapshot
GMR Airports Limited (GAL) delivered strong performance in the third quarter of FY26 (ending December 31, 2025), showcasing sustained value creation across its airport assets. Key consolidated highlights for Q3FY26 include:
- Pax Traffic: Reached 31.9 million (up 3% YoY).
- ATMs: Increased 4% YoY to 195.9 thousand.
- Gross Income: Stood at INR 40.8 billion (up 49% YoY).
- EBITDA: Hit INR 17.9 billion, growing 65% YoY, with margins expanding to 55%.
- Profit After Tax (PAT): Consolidated PAT was INR 1.74 billion, a significant turnaround from losses in prior periods, even after adjusting for exceptional items.
Operational Highlights and Growth Levers
The presentation underscored several key areas driving growth:
Domestic Airport Performance
Delhi Airport (DIAL) demonstrated excellent results:
- Total Income grew by 41.2% YoY to INR 20.2 billion.
- EBITDA reached INR 8.2 billion with margins at a high of 68%.
- Aero Revenue saw a substantial 173% YoY increase, driven by revised tariffs effective from mid-April 2025.
- Traffic reached a record quarterly high of 20.8 million passengers.
Hyderabad Airport (GHIAL) also showed strength:
- EBITDA grew 10.9% YoY to INR 4.3 billion, with margins at 68%.
- Non-aero revenue increased by 23.7% YoY.
- GHIAL declared an interim dividend of INR 7.5/share, aggregating to INR 2.8 billion.
Mopa (Goa) Airport experienced record quarterly traffic, growing 21.6% YoY to 1.5 million pax, pushing its EBITDA margin to 53%.
Infrastructure and Development Progress
Capital expenditure projects are advancing across the portfolio:
- DIAL: Construction continues on a ~1 million sq.ft. Commercial Office Building and a ~0.6 million sq.ft. Build-to-Suit Luxury Hotel (T3).
- GHIAL: Safran’s MRO facility was completed and inaugurated. The Interchange Retail project is underway, targeting ~0.77 million sq.ft. built-up area.
- Greenfield Projects: Overall progress at Bhogapuram Airport reached ~95.8% as of December 31, 2025, aiming for operationalization by Q2FY27. Crete Airport construction is progressing, achieving ~65% completion.
ESG and Operational Excellence
GAL emphasized significant strides in sustainability and operational efficiency:
- Both Delhi and Hyderabad Airports operate on 100% clean electricity.
- Delhi Airport became the 1st Indian Airport to receive IGBC Net Zero Waste to Landfill Platinum Certification and was awarded Water Positive status.
- DIAL was recognized as the “Best Airport of the Year” at Wings India 2026.
- Hyderabad Cargo won the Gold Award for ‘Time Critical Logistics Solution Provider of the Year’.
Focus Areas for Future Growth
The management outlined future focus areas:
- Improve Profitability: Rationalize costs and optimize the cost of debt.
- Develop & Operationalize: Accelerate progress at Crete and Bhogapuram greenfield projects.
- Monetize Real Estate: Harness prime commercial land through self-development.
- Airport Opportunities: Judiciously participate in capex light opportunities, particularly in services, across India and South-East Asia.
Source: BSE
