GMR Airports Limited returned to profitability, reporting its first positive Profit After Tax (PAT) in over a decade at ₹472 crore for FY26. The company delivered a strong financial performance for the year ended March 31, 2026, with Total Income increasing by 40% year-on-year to ₹15,201 crore. EBITDA surged 47% to a record ₹6,150 crore, supported by robust operational scale and efficiency across its airport platform. For the quarter ended March 31, 2026, the company reported a net profit of ₹4 billion against a net loss of ₹2.53 billion in the same period last year, with revenue rising to ₹39.4 billion from ₹28.63 billion year-on-year.

Quarterly Financial Performance

GMR Airports delivered a sharp improvement in its quarterly metrics, with Q4 EBITDA expanding significantly to ₹28.46 billion from ₹11.22 billion in the corresponding period of the previous year. The EBITDA margin widened substantially to 72.28% from 39.21% year-on-year, reflecting strong operating leverage and improved cost efficiency across the airport network. The quarterly turnaround underscores the momentum built through the year, with profitability returning at both the quarterly and annual levels.

Consolidated Annual Financial Performance

The full-year turnaround was driven by significant improvements in operational metrics and cost management. Interest and finance costs for the year stood at ₹3,859 crore, while depreciation was recorded at ₹1,837 crore. Profit Before Tax (PBT) reached ₹586 crore for FY26, a sharp reversal from the loss of ₹635 crore in the previous year. The company's share of profit from joint ventures and associates contributed ₹240 crore to the bottom line.

Operational Highlights

GMR Airports handled a record 121.6 million passengers in FY26 across its network. Delhi Airport led the growth with 78.7 million passengers, while Hyderabad Airport achieved its highest annual traffic of 30.5 million passengers. Mopa (Goa) Airport handled 5.4 million passengers, up 15% year-on-year. The company also commissioned Cargo Terminal 2 at Hyderabad Airport with an initial capacity of 50,000 metric tonnes per annum and converted Pier C at Delhi Airport's Terminal 3 to an international pier, boosting annual capacity by 50%.

Strategic Developments

The board approved the audited financial results for the quarter and year ended March 31, 2026. Key strategic initiatives include the award of a concession to upgrade and operate Cargo Terminal 1 at Delhi Airport and the signing of an MRO agreement with Boeing Defence India for the Indian Navy's P-8I aircraft fleet. Additionally, GHIAL raised ₹21 billion via 15-year Non-Convertible Debentures carrying a coupon of 7.6% to refinance dollar-denominated debt, resulting in expected interest cost savings of over 150 basis points.

Analyst Commentary

Citigroup noted that GMR Airports' Q4 FY26 core profit came in at ₹1.3 billion compared to a loss in the same period last year, though it was 18% below consensus estimates. Despite FY26 earnings beating Street estimates by 125%, with ₹3 billion NPAT aided by one-offs, revenue and EBITDA missed estimates. Citigroup observed that passenger traffic remained largely flat, non-aero revenue grew 6% year-on-year across airports, Delhi profits weakened, Hyderabad profits surged, and Goa losses narrowed. Net debt declined to ₹340 billion from ₹345 billion on a quarter-on-quarter basis.

Jefferies Financial Group maintained its Buy rating on GMR Airports with a target price of ₹125. The brokerage noted that Q4 EBITDA came in slightly below estimates at ₹14.8 billion but rose 47% year-on-year, while FY26 EBITDA jumped 60% year-on-year to ₹60 billion despite flat passenger growth. Jefferies highlighted that weakness in international traffic and higher Hyderabad airport costs impacted quarterly performance, while the GAL platform EBITDA nearly doubled year-on-year. PAT turned positive for the full year after several years, and net debt declined on a quarter-on-quarter basis.

Conference Call Transcript

Pursuant to Regulation 30(6) and 46 read with clause 15 of Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transcript of the conference call held on May 28, 2026, regarding the audited financial results for the quarter and year ended March 31, 2026, is available on the company's website.

GMR Airports Limited has appointed M/s. Narasimha Murthy & Co. as its Cost Auditor for the Financial Year 2026-27 to conduct the audit of the company's cost records. The Board of Directors approved the appointment during its meeting held on May 27, 2026, subject to the ratification of the remuneration by members at the ensuing General Meeting.

The decision was taken pursuant to Regulations 30 and 51 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The firm brings over 42 years of experience in cost audit and related fields, with specialization covering more than 50 industries, including airports, aircraft MRO, construction, and other infrastructure-related businesses.

Appointment Details

The following table outlines the key particulars of the appointment:

The company has requested the stock exchanges to take the information on record.