GMR Airports recorded passenger traffic of 9.2 million in September, a 0.9% rise YoY, contributing to a record H1FY27 cumulative total exceeding 58.2 million passengers.

Traffic performance highlights

The September figure marks a steady year-on-year improvement, while the first-half cumulative number represents the highest half-year passenger volume in the company's history. The H1FY27 tally of over 58.2 million passengers underscores sustained throughput across GMR Airports' network during the period. This record was primarily driven by domestic traffic growth at Delhi Airport, which offset declines in other key airports.

The combination of monthly growth and a record first-half total reflects consistent passenger volumes across the airport network in H1FY27.

Airport-wise performance

Delhi Airport (DEL) continued its strong momentum, serving 6.0 million passengers in September, up 2.7% YoY. For H1FY27, Delhi handled 38.5 million passengers, a 5.0% increase, marking the highest-ever H1 volumes for the airport across total, domestic, and international segments. Aircraft movements at Delhi also reached record levels, rising 6.9% YoY in H1FY27.

In contrast, Hyderabad Airport (HYD) witnessed a decline, with September traffic falling 12.7% YoY to 2.1 million. H1FY27 traffic stood at 13.6 million, down 11.7% YoY. However, Hyderabad achieved a new milestone in cargo handling, recording its highest-ever YTD cargo volumes of 1.02 lakh metric tonnes in H1FY27, up 5.8% YoY.

Mopa (Goa) Airport saw significant contraction, with September traffic dropping 26.9% YoY to 0.29 million. H1FY27 traffic declined 14.4% YoY to 2.0 million. Nagpur Airport, under GMR's operational control since June 2026, recorded 1.45 million passengers in H1FY27, while the newly inaugurated Bhogapuram Airport contributed 0.28 million passengers since commencing commercial operations in August 2026.

International airports also showed mixed results. Medan (Indonesia) traffic fell 10.6% YoY in September due to supply-side constraints affecting the broader Indonesian aviation market. Cebu (Philippines) traffic remained relatively stable, with a marginal 0.8% YoY rise in September.

What the numbers show

The divergence between Delhi's robust 5.0% H1 growth and Hyderabad's 11.7% decline highlights a concentration of growth in the capital region hub. While Delhi drove the record H1 aggregate through both domestic (+6.2%) and international (+2.0%) segments, Hyderabad's domestic traffic fell 12.8% YoY. The company attributes muted international traffic growth to West Asian geopolitical instability and subdued domestic growth to airline route rationalization. Despite these headwinds, the portfolio maintained an average monthly traffic of ~10 million passengers in H1FY27, with a 4-year Total Pax CAGR of ~9.7%.

GMR Airports Limited has incorporated GMR Aero Realty Limited (GARL) as a wholly owned subsidiary in India. The new entity, established on October 13, 2026, is tasked with exploring real estate and land development opportunities.

The company subscribed to the Memorandum of Association of GARL, marking its entry into the property sector through this dedicated vehicle. The incorporation was disclosed in a filing to stock exchanges on October 14, 2026, under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Subsidiary structure and capital

GARL was incorporated with an initial subscribed and paid-up share capital of ₹1 crore. This capital is divided into 10 lakh equity shares of ₹10 each. GMR Airports stated that it will remit the subscription amount within applicable statutory timelines.

The subsidiary is yet to commence business operations. Its primary mandate is to carry out any real estate, land development, and other related opportunities that may arise from time to time.

Regulatory and transaction details

The filing clarified several key aspects of the incorporation:

• Related Party Status: The subscription to the Memorandum of Association is not a related party transaction.
• Promoter Interest: Promoter group companies do not hold any interest in the transaction other than direct or indirect shareholding in the parent company.
• Approvals: No governmental or regulatory approvals were required for this subscription.

What the Numbers Show

The initial capitalization of ₹1 crore represents a nominal seed investment typical for newly formed special purpose vehicles (SPVs). This minimal entry cost allows GMR Airports to establish a legal framework for future asset monetization or development projects without immediate significant balance sheet impact. The move signals a strategic intent to leverage airport-adjacent land assets, although no specific projects or additional funding commitments were disclosed in the current filing.